California Public Employees Retirement System Portfolio holdings
The California Public Employees’ Retirement System (CalPERS), established in 1932 and headquartered in Sacramento, California, is the largest public pension fund in the U.S., managing over $510 billion in assets as of late 2024 to provide retirement and health benefits to more than 2 million state and local government employees, retirees, and their families. Operating as a defined benefit plan, CalPERS invests globally across equities, fixed income, real estate, private equity, and infrastructure, guided by a 13-member board and a commitment to sustainable investing and ESG (environmental, social, governance) principles under Chief Investment Officer Ben Meng since 2024. Known for its influential shareholder activism—pushing for corporate governance reforms—CalPERS serves over 3,000 employers, including state agencies and school districts, balancing long-term funding needs with a $100 billion unfunded liability challenge. As a cornerstone of California’s public sector, it blends financial stewardship with a mission to secure retiree livelihoods.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Vanguard S&P 500 ETF
VOO
|
+$3.5B |
| 2 |
NVIDIA
NVDA
|
+$1.92B |
| 3 |
Microsoft
MSFT
|
+$867M |
| 4 |
Broadcom
AVGO
|
+$721M |
| 5 |
Alphabet (Google) Class A
GOOGL
|
+$371M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
RTX Corp
RTX
|
+$320M |
| 2 |
EA
Electronic Arts
EA
|
+$222M |
| 3 |
Micron Technology
MU
|
+$193M |
| 4 |
AbbVie
ABBV
|
+$173M |
| 5 |
IBM
IBM
|
+$131M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 33.1% |
| 2 | Financials | 10.76% |
| 3 | Communication Services | 9.7% |
| 4 | Healthcare | 8.75% |
| 5 | Consumer Discretionary | 8.17% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
201
Xcel Energy
XEL
$48B
| $113M | 0.06% |
1,525,892
-275,678
| -15% | -$21.7M |
|
202
Truist Financial
TFC
$63.4B
| $113M | 0.06% |
2,289,958
+63,811
| +3% | +$2.94M |
|
203
DoorDash
DASH
$90.9B
| $112M | 0.06% |
495,733
-140,054
| -22% | -$32.9M |
|
204
Apollo Global Management
APO
$76B
| $112M | 0.06% |
775,399
+5,615
| +0.7% | +$746K |
|
205
Public Service Enterprise Group
PEG
$37.2B
| $112M | 0.06% |
1,393,953
-243,292
| -15% | -$19.8M |
|
206
MSCI
MSCI
$40.9B
| $112M | 0.06% |
194,920
-3,934
| -2% | -$2.21M |
|
207
Airbnb
ABNB
$111B
| $111M | 0.06% |
818,514
-274,065
| -25% | -$34.1M |
|
208
Public Storage
PSA
$60.8B
| $111M | 0.06% |
426,558
-81,301
| -16% | -$22.7M |
|
209
Idexx Laboratories
IDXX
$46.9B
| $110M | 0.06% |
162,589
+5,019
| +3% | +$3.42M |
|
210
Cognizant
CTSH
$26.3B
| $110M | 0.06% |
1,322,479
-257,838
| -16% | -$19.3M |
|
211
Republic Services
RSG
$65.7B
| $110M | 0.06% |
517,922
-121,087
| -19% | -$26.1M |
|
212
Nasdaq
NDAQ
$53.4B
| $110M | 0.06% |
1,127,685
-101,882
| -8% | -$9.16M |
|
213
Hartford Financial Services
HIG
$38.7B
| $108M | 0.06% |
785,573
-154,871
| -16% | -$20.4M |
|
214
Ross Stores
ROST
$81.7B
| $108M | 0.06% |
597,905
+27,279
| +5% | +$4.55M |
|
215
Arch Capital
ACGL
$33.5B
| $108M | 0.06% |
1,121,121
-183,370
| -14% | -$16.8M |
|
216
Simon Property Group
SPG
$71.5B
| $107M | 0.06% |
579,103
-355
| -0.1% | -$64.5K |
|
217
Entergy
ETR
$49.3B
| $107M | 0.06% |
1,158,714
-230,147
| -17% | -$21.8M |
|
218
Yum! Brands
YUM
$39.7B
| $107M | 0.06% |
706,613
-103,905
| -13% | -$15.4M |
|
219
Trade Desk
TTD
$6.29B
| $105M | 0.06% |
2,762,928
+1,655,434
| +149% | +$73.4M |
|
220
Cloudflare
NET
$111B
| $104M | 0.06% |
528,947
+8,077
| +2% | +$1.71M |
|
221
Monster Beverage
MNST
$89.6B
| $104M | 0.06% |
1,355,470
-7,496
| -0.5% | -$537K |
|
222
PayPal
PYPL
$50.5B
| $103M | 0.06% |
1,769,868
+36,285
| +2% | +$2.36M |
|
223
Kroger
KR
$34.6B
| $102M | 0.06% |
1,635,362
-370,920
| -18% | -$24.3M |
|
224
Vistra
VST
$48.2B
| $101M | 0.06% |
624,513
-5,991
| -1% | -$1.09M |
|
225
Carvana
CVNA
$81.5B
| $101M | 0.06% |
1,193,480
+31,505
| +3% | +$2.34M |
|
Similar funds
California Public Employees Retirement System's Q4 2025 Portfolio in Review
As of Q4 2025, California Public Employees Retirement System held 1,093 positions worth $175B, up 4.7% from $167B the previous quarter. Its ten largest holdings account for 45% of the portfolio.
Trading was light in Q4 2025: portfolio turnover was 1%. California Public Employees Retirement System opened 4 new positions and exited 7, leaving the 1,093-position portfolio largely intact.
By sector, the portfolio is most concentrated in Technology at 33% of assets, up from 33% a quarter earlier, followed by Financials and Communication Services.
- California Public Employees Retirement System's largest Q4 2025 buy was Qnity Electronics Inc: 358,569 shares worth $29.3M.
- California Public Employees Retirement System added most to Vanguard S&P 500 ETF in Q4 2025, an estimated $3.5B increase.
- California Public Employees Retirement System's biggest Q4 2025 reduction was RTX Corp, cutting an estimated $320M.
- California Public Employees Retirement System fully exited Mr. Cooper in Q4 2025, selling an estimated $79M.
- California Public Employees Retirement System's ten largest holdings make up 45% of its $175B portfolio in Q4 2025.
- California Public Employees Retirement System opened 4 new positions and closed 7 in Q4 2025.
- California Public Employees Retirement System's portfolio value rose 4.7% quarter-over-quarter to $175B.
Based on California Public Employees Retirement System's 13F filing for Q4 2025, filed 12 Feb 2026.