VRS

Virginia Retirement Systems Portfolio holdings

AUM $15.4B

2025 Q3 2025 Q2 2025 Q1 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1 2013 Q4 2013 Q3 2013 Q2

This Quarter Est. Return

1 Year Est. Return

–

3 Year Est. Return

5 Year Est. Return

10 Year Est. Return

AUM

$14.5B

AUM Growth

+$1.02B (+7.6%)

Cap. Flow

Cap. Flow % of AUM

Top 10 Holdings % Top 10 Hldgs %

Holding

1,108

New

Increased

Reduced

Closed

Top Buys

1		+$60.9M
2		+$58.8M
3		+$56M
4	Dollar General DG	+$51.6M
5	Albertsons Companies ACI	+$41.1M

Top Sells

1		+$82.9M
2		+$80.5M
3		+$61.5M
4	Cisco CSCO	+$52.9M
5	NVIDIA NVDA	+$50.9M

Sector Composition

1	Technology	29.96%
2	Financials	13.07%
3	Healthcare	10.98%
4	Consumer Discretionary	10.17%
5	Communication Services	9.68%

Communication Services

Advertising Agencies

Broadcasting

Electronic Gaming & Multimedia

Entertainment

Internet Content & Information

Publishing

Telecom Services

Consumer Discretionary

Apparel Manufacturing

Apparel Retail

Auto Manufacturers

Auto Parts

Auto & Truck Dealerships

Department Stores

Footwear & Accessories

Furnishings, Fixtures & Appliances

Gambling

Home Improvement Retail

Internet Retail

Leisure

Lodging

Luxury Goods

Packaging & Containers

Personal Services

Recreational Vehicles

Residential Construction

Resorts & Casinos

Restaurants

Specialty Retail

Textile Manufacturing

Travel Services

Consumer Staples

Beverages - Brewers

Beverages - Non-Alcoholic

Beverages - Wineries & Distilleries

Confectioners

Discount Stores

Education & Training Services

Farm Products

Food Distribution

Grocery Stores

Household & Personal Products

Packaged Foods

Tobacco

Energy

Oil & Gas Drilling

Oil & Gas Equipment & Services

Oil & Gas Exploration & Production

Oil & Gas Integrated

Oil & Gas Midstream

Oil & Gas Refining & Marketing

Thermal Coal

Uranium

Financials

Asset Management

Banks - Diversified

Banks - Regional

Capital Markets

Credit Services

Diversified Insurance

Financial Conglomerates

Financial Data & Stock Exchanges

Insurance Brokers

Life Insurance

Mortgage Finance

Property & Casualty Insurance

Reinsurance

Shell Companies

Specialty - Insurance

Healthcare

Biotechnology

Diagnostics & Research

Drug Manufacturers - General

Drug Manufacturers - Specialty & Generic

Healthcare Plans

Health Information Services

Medical Care Facilities

Medical Devices

Medical Distribution

Medical Instruments & Supplies

Pharmaceutical Retailers

Industrials

Aerospace & Defense

Airlines

Airports & Air Services

Building Products & Equipment

Business Equipment & Supplies

Conglomerates

Consulting Services

Electrical Equipment & Parts

Engineering & Construction

Farm & Heavy Construction Machinery

Industrial Distribution

Infrastructure Operations

Integrated Freight & Logistics

Marine Shipping

Metal Fabrication

Pollution & Treatment Controls

Railroads

Rental & Leasing Services

Security & Protection Services

Specialty Business Services

Specialty Industrial Machinery

Staffing & Employment Services

Tools & Accessories

Trucking

Waste Management

Materials

Agricultural Inputs

Aluminum

Building Materials

Chemicals

Coking Coal

Copper

Gold

Lumber & Wood Production

Other Industrial Metals & Mining

Other Precious Metals & Mining

Paper & Paper Products

Silver

Specialty Chemicals

Steel

Real Estate

Diversified REIT

Healthcare Facilities REIT

Hotel & Motel REIT

Industrial REIT

Mortgage REIT

Office REIT

Real Estate Development

Real Estate Diversified

Real Estate Services

Residential REIT

Retail REIT

Specialty REIT

Technology

Communication Equipment

Computer Hardware

Consumer Electronics

Electronic Components

Electronics & Computer Distribution

Information Technology Services

Scientific & Technical Instruments

Semiconductor Equipment & Materials

Semiconductors

Software - Application

Software - Infrastructure

Solar

Utilities

Diversified Utilities

Electric Utilities

Gas Utilities

Independent Power Producers

Renewable Electricity

Water Utilities

#	Name	Market Value	Portfolio Weight	Shares or Principal
626	626 Alcoa AA $10.2B	$812K	0.01%	27,500 +2,200
627	627 Impinj PI $6.86B	$811K	0.01%	7,300 +4,300
628	628 Teladoc Health TDOC $1.67B	$808K	0.01%	92,775 +24,400
629	629 Yum China YUMC $16.2B	$805K	0.01%	18,000 -1,700
630	630 Norwegian Cruise Line NCLH $10.7B	$805K	0.01%	39,670 -54,800
631	631 Alarm.com ALRM $2.58B	$804K	0.01%	14,204 -4,300
632	632 Enova International ENVA $3.1B	$803K	0.01%	+7,200
633	OLP 633 One Liberty Properties OLP $447M	$803K	0.01%	33,642
634	634 GitLab GTLB $8.09B	$801K	0.01%	17,750 +4,400
635	635 Franklin Resources BEN $11.9B	$799K	0.01%	+33,500
636	636 NCR Atleos NATL $2.81B	$793K	0.01%	27,792 -700
637	637 Ziff Davis ZD $1.55B	$790K	0.01%	26,100 +5,400
638	638 Ennis EBF $434M	$788K	0.01%	43,457 +7,700
639	639 XP XP $9.26B	$788K	0.01%	39,000 +12,800
640	640 Axalta AXTA $6.29B	$781K	0.01%	26,321 -2,400
641	CNR 641 Core Natural Resources Inc CNR $4.28B	$781K	0.01%	11,202 -6,700
642	642 Rocket Lab Corp RKLB $31.2B	$780K	0.01%	21,800 -11,000
643	643 Timken Company TKR $5.44B	$776K	0.01%	10,700 -800
644	644 Packaging Corp of America PKG $18.4B	$773K	0.01%	4,100
645	645 Box BOX $4.8B	$772K	0.01%	22,579 -8,200
646	646 Ameren AEE $28.2B	$768K	0.01%	8,000
647	647 Confluent CFLT $7.86B	$768K	0.01%	30,800 +4,900
648	648 SL Green Realty SLG $3.68B	$761K	0.01%	12,300 -32,500
649	649 Hyster-Yale Materials Handling HY $668M	$752K	0.01%	18,900 +2,300
650	650 Steelcase SCS $1.93B	$751K	0.01%	71,999 -2,700