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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
UNFI icon
1476
United Natural Foods
UNFI
$2.9B
$569K ﹤0.01%
16,895
– –
ACLS icon
1477
Axcelis
ACLS
$4.39B
$569K ﹤0.01%
7,080
– –
FRSH icon
1478
Freshworks
FRSH
$3.22B
$567K ﹤0.01%
46,260
– –
HNI icon
1479
HNI Corp
HNI
$3.55B
$566K ﹤0.01%
13,455
+271
+2% +$11.4K
CFFN icon
1480
Capitol Federal Financial
CFFN
$1.1B
$565K ﹤0.01%
83,017
– –
FBK icon
1481
FB Financial Corp
FBK
$3.1B
$565K ﹤0.01%
10,129
– –
GLDD
1482
DELISTED
Great Lakes Dredge & Dock
GLDD
$565K ﹤0.01%
43,029
– –
DNLI icon
1483
Denali Therapeutics
DNLI
$4.04B
$564K ﹤0.01%
34,168
– –
PRDO icon
1484
Perdoceo Education
PRDO
$1.96B
$564K ﹤0.01%
19,218
– –
SYNA icon
1485
Synaptics
SYNA
$4.3B
$561K ﹤0.01%
7,577
– –
NVRI icon
1486
Enviri
NVRI
$583M
$558K ﹤0.01%
31,148
-2,708
-8% -$40.4K
MTX icon
1487
Minerals Technologies
MTX
$2.25B
$556K ﹤0.01%
9,128
– –
TNET icon
1488
TriNet
TNET
$3.07B
$556K ﹤0.01%
9,406
– –
BUSE icon
1489
First Busey Corp
BUSE
$2.58B
$555K ﹤0.01%
23,326
– –
EFSC icon
1490
Enterprise Financial Services Corp
EFSC
$2.41B
$555K ﹤0.01%
10,275
– –
PARR icon
1491
Par Pacific Holdings
PARR
$3.9B
$555K ﹤0.01%
15,781
– –
ARI
1492
Apollo Commercial Real Estate
ARI
$885M
$554K ﹤0.01%
57,264
– –
AXGN icon
1493
Axogen
AXGN
$2.67B
$554K ﹤0.01%
16,933
– –
CUBI icon
1494
Customers Bancorp
CUBI
$2.8B
$554K ﹤0.01%
7,576
– –
DK icon
1495
Delek US
DK
$4.12B
$553K ﹤0.01%
18,641
– –
RAMP icon
1496
LiveRamp
RAMP
$2.3B
$552K ﹤0.01%
18,789
– –
REVG
1497
DELISTED
REV Group
REVG
$551K ﹤0.01%
9,054
– –
PBI icon
1498
Pitney Bowes
PBI
$2.28B
$549K ﹤0.01%
51,972
-19,695
-27% -$204K
ITIC
1499
Investors Title Co
ITIC
$530M
$549K ﹤0.01%
2,199
– –
AKR icon
1500
Acadia Realty Trust
AKR
$2.84B
$548K ﹤0.01%
26,691
– –
58 59
60
61 62

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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.