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State Board of Administration of Florida Retirement System

State Board of Administration of Florida Retirement System Portfolio holdings

AUM $60.3B
1-Year Est. Return 42.74%
This Fund
S&P 500
This Quarter Est. Return
+4.01%
1 Year Est. Return
+42.74%
3 Year Est. Return
+123.7%
5 Year Est. Return
+164.12%
10 Year Est. Return
+631.09%
AUM
$56.5B
AUM Growth
-$642M
Cap. Flow
-$1.82B
Cap. Flow %
-3.23%
Top 10 Hldgs %
35.58%
Holding
2,124
New
40
Increased
197
Reduced
771
Closed
51

Top Buys

Rank Stock Value
1
Q
Qnity Electronics Inc
Q
+$17.3M
2
RKT icon
Rocket Companies
RKT
+$10.8M
3
OMC icon
Omnicom Group
OMC
+$8.89M
4
INSM icon
Insmed
INSM
+$8.26M
5
FLEX icon
Flex
FLEX
+$7.84M

Top Sells

Rank Stock Value
1
EFA icon
iShares MSCI EAFE ETF
EFA
+$121M
2
NVDA icon
NVIDIA
NVDA
+$111M
3
AAPL icon
Apple
AAPL
+$109M
4
MSFT icon
Microsoft
MSFT
+$96.5M
5
AMZN icon
Amazon
AMZN
+$57.2M

Sector Composition

Rank Sector Weight
1 Technology 33.27%
2 Financials 13.38%
3 Consumer Discretionary 10.64%
4 Communication Services 10.5%
5 Healthcare 9.85%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NEM icon
101
Newmont
NEM
$124B
$98.9M 0.18%
990,966
-35,951
-4% -$3.25M
BMY icon
102
Bristol-Myers Squibb
BMY
$130B
$97.1M 0.17%
1,800,164
-73,627
-4% -$3.54M
CMCSA icon
103
Comcast
CMCSA
$90.4B
$95.4M 0.17%
3,190,358
-170,660
-5% -$4.87M
ADP icon
104
Automatic Data Processing
ADP
$107B
$93.7M 0.17%
364,334
-4,780
-1% -$1.27M
MCK icon
105
McKesson
MCK
$102B
$91.4M 0.16%
111,392
-3,531
-3% -$2.88M
LMT icon
106
Lockheed Martin
LMT
$140B
$89.2M 0.16%
184,329
-6,186
-3% -$2.96M
CME icon
107
CME Group
CME
$94.3B
$89M 0.16%
325,834
-9,992
-3% -$2.72M
CVS icon
108
CVS Health
CVS
$121B
$88.1M 0.16%
1,110,193
-45,698
-4% -$3.6M
MO icon
109
Altria Group
MO
$107B
$87M 0.15%
1,508,572
-61,004
-4% -$3.68M
TMUS icon
110
T-Mobile US
TMUS
$190B
$86.3M 0.15%
424,966
-11,693
-3% -$2.48M
SBUX icon
111
Starbucks
SBUX
$124B
$84.9M 0.15%
1,008,456
-43,863
-4% -$3.7M
SO icon
112
Southern Company
SO
$106B
$84.1M 0.15%
964,856
-35,470
-4% -$3.24M
ICE icon
113
Intercontinental Exchange
ICE
$85B
$81.1M 0.14%
500,569
-21,714
-4% -$3.4M
DUK icon
114
Duke Energy
DUK
$96.3B
$80.9M 0.14%
690,461
-16,389
-2% -$2M
MRSH
115
Marsh
MRSH
$90.1B
$80.9M 0.14%
435,864
-10,594
-2% -$1.98M
SPOT icon
116
Spotify
SPOT
$101B
$80.1M 0.14%
137,859
-4,640
-3% -$2.9M
SNPS icon
117
Synopsys
SNPS
$79B
$77.1M 0.14%
164,140
-6,605
-4% -$2.93M
TT icon
118
Trane Technologies
TT
$105B
$76.2M 0.13%
195,727
-5,450
-3% -$2.25M
MMM icon
119
3M
MMM
$94.8B
$75.8M 0.13%
473,518
-17,880
-4% -$2.92M
KKR icon
120
KKR & Co
KKR
$99.5B
$75.4M 0.13%
591,342
-27,042
-4% -$3.36M
CDNS icon
121
Cadence Design Systems
CDNS
$89B
$75.1M 0.13%
240,297
-6,846
-3% -$2.23M
HOOD icon
122
Robinhood
HOOD
$85.3B
$74.5M 0.13%
658,363
-26,866
-4% -$3.49M
GD icon
123
General Dynamics
GD
$107B
$74M 0.13%
219,938
-6,659
-3% -$2.27M
BNY
124
Bank of New York Mellon
BNY
$111B
$73.4M 0.13%
632,415
-40,030
-6% -$4.43M
USB icon
125
US Bancorp
USB
$101B
$73.4M 0.13%
1,374,652
-86,589
-6% -$4.26M
3 4
5
6 7

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NAMI
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State Board of Administration of Florida Retirement System's Q4 2025 Portfolio in Review

As of Q4 2025, State Board of Administration of Florida Retirement System held 2,124 positions worth $56.5B, down 1.1% from $57.2B the previous quarter. Its ten largest holdings account for 36% of the portfolio.

State Board of Administration of Florida Retirement System withdrew a net $1.82B in Q4 2025, closing 51 positions and reducing 771 holdings. Its most notable exit was Kellanova, an estimated $17.1M position sold in full.

By sector, the portfolio is most concentrated in Technology at 33% of assets, down from 34% a quarter earlier, followed by Financials and Consumer Discretionary.

Against the trend, State Board of Administration of Florida Retirement System opened a new position in Qnity Electronics Inc worth $16.7M.

  • State Board of Administration of Florida Retirement System's largest Q4 2025 buy was Qnity Electronics Inc: 204,055 shares worth $16.7M.
  • State Board of Administration of Florida Retirement System added most to Rocket Companies in Q4 2025, an estimated $10.8M increase.
  • State Board of Administration of Florida Retirement System's biggest Q4 2025 reduction was iShares MSCI EAFE ETF, cutting an estimated $121M.
  • State Board of Administration of Florida Retirement System fully exited Kellanova in Q4 2025, selling an estimated $17.1M.
  • State Board of Administration of Florida Retirement System's ten largest holdings make up 36% of its $56.5B portfolio in Q4 2025.
  • State Board of Administration of Florida Retirement System opened 40 new positions and closed 51 in Q4 2025.
  • State Board of Administration of Florida Retirement System's portfolio value fell 1.1% quarter-over-quarter to $56.5B.

Based on State Board of Administration of Florida Retirement System's 13F filing for Q4 2025, filed 12 Feb 2026.