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CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM

400 Q ST SUITE 4800, SACRAMENTO, CA 95811 • 9167953400

Q2 2025 · Filed 2025-08-13
Market Value
$156.6B
+9.7%
Holdings
1,107
-31
New Purchases
4
Added To
681
Closed
7
Reduced
415
Top 10 Concentration
39.1%
Turnover
1.0%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
NVDA 6.53% 4.44% +2.09% $10.2B
MSFT 6.93% 5.03% +1.89% $10.8B
VOO 9.39% 7.90% +1.49% $14.7B
JPHY 1.29% 0.00% +1.29% $2.0B
AMZN 2.59% 2.14% +0.45% $4.1B
AVGO 1.97% 1.53% +0.44% $3.1B
META 2.54% 2.23% +0.32% $4.0B
GOOGL 1.64% 1.44% +0.21% $2.6B
NFLX 0.66% 0.48% +0.18% $1.0B
TSLA 1.03% 0.85% +0.17% $1.6B
PANW 0.27% 0.13% +0.15% $431M
ORCL 0.39% 0.25% +0.14% $605M
AMAT 0.28% 0.16% +0.12% $436M
PLTR 0.31% 0.19% +0.12% $490M
GOOG 1.35% 1.24% +0.11% $2.1B

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
AAPL 4.80% 5.39% -0.59% $7.5B
UNH 0.43% 0.93% -0.50% $675M
BRK-B 1.32% 1.78% -0.46% $2.1B
MCD 0.46% 0.76% -0.29% $724M
PEP 0.46% 0.75% -0.29% $725M
PG 0.70% 0.97% -0.27% $1.1B
JNJ 0.75% 1.01% -0.27% $1.2B
ABBV 0.58% 0.83% -0.25% $908M
HD 0.50% 0.74% -0.23% $787M
FI 0.16% 0.35% -0.19% $255M
COST 0.65% 0.83% -0.18% $1.0B
TXN 0.32% 0.48% -0.16% $495M
ABT 0.40% 0.54% -0.14% $627M
TMUS 0.26% 0.40% -0.14% $408M
SYK 0.18% 0.32% -0.13% $289M

Sector Allocation Over Time

Industry Breakdown

IndustryWeight
Technology 31.6%
Financial Services 24.2%
Communication Services 8.7%
Healthcare 8.2%
Consumer Cyclical 7.9%

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 55 $91.3B 58.3%
Large Cap 611 $58.3B 37.2%
Mid Cap 400 $6.9B 4.4%
Small Cap 38 $181M 0.1%
Micro Cap 3 $1M 0.0%

Portfolio Analytics

Avg Market Cap
$72.2B
Median Market Cap
$13.5B
Avg P/E
32.5
Median P/E
22.5
Avg Dividend Yield
0.02%
Avg Beta
1.01
# Stocks
1,105
# ETFs / Funds
2

Top Holdings (1,107 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 VOO 9.39% 25,883,852 $14.7B $568.03 $3.4B +3,931,698 +17.9%
2 MSFT 6.93% 21,807,466 $10.8B $497.41 $3.7B +2,670,474 +13.9%
3 NVDA 6.53% 64,728,856 $10.2B $157.99 $3.9B +6,235,074 +10.7%
4 AAPL 4.80% 36,643,039 $7.5B $205.17 -$181M +1,984,053 +5.7%
5 AMZN 2.59% 18,504,621 $4.1B $219.39 $1.0B +2,456,314 +15.3%
6 META 2.54% 5,400,812 $4.0B $738.09 $807M -115,959 -2.1%
7 AVGO 1.97% 11,177,064 $3.1B $275.65 $902M -1,837,027 -14.1%
8 GOOGL 1.64% 14,595,659 $2.6B $176.23 $522M +1,339,480 +10.1%
9 GOOG 1.35% 11,921,441 $2.1B $177.39 $341M +570,600 +5.0%
10 BRK-B 1.32% 4,265,498 $2.1B $485.77 -$471M -509,214 -10.7%
11 JPHY 1.29% 39,896,037 $2.0B $50.56 +39,896,037 NEW
12 TSLA 1.03% 5,068,746 $1.6B $317.66 $390M +361,135 +7.7%
13 JPM 1.02% 5,532,836 $1.6B $289.91 $147M -405,978 -6.8%
14 LLY 1.00% 2,009,974 $1.6B $779.53 $140M +281,862 +16.3%
15 V 0.81% 3,592,450 $1.3B $355.05 -$20M -103,813 -2.8%
16 JNJ 0.75% 7,643,947 $1.2B $152.75 -$282M -1,095,480 -12.5%
17 IBM 0.70% 3,735,746 $1.1B $294.78 $47M -502,469 -11.9%
18 PG 0.70% 6,866,790 $1.1B $159.32 -$294M -1,276,570 -15.7%
19 WMT 0.69% 11,048,690 $1.1B $97.78 -$10M -1,374,312 -11.1%
20 MA 0.66% 1,850,799 $1.0B $561.94 $2M -42,945 -2.3%
21 NFLX 0.66% 766,778 $1.0B $1,339.13 $344M +34,627 +4.7%
22 COST 0.65% 1,024,630 $1.0B $989.94 -$166M -223,689 -17.9%
23 VZ 0.58% 21,159,040 $916M $43.27 $126M +3,743,892 +21.5%
24 ABBV 0.58% 4,890,752 $908M $185.62 -$280M -778,732 -13.7%
25 XOM 0.55% 7,983,097 $861M $107.80 -$101M -106,263 -1.3%
26 CSCO 0.54% 12,179,254 $845M $69.38 $12M -1,311,877 -9.7%
27 BAC 0.52% 17,362,631 $822M $47.32 $139M +997,323 +6.1%
28 HD 0.50% 2,146,896 $787M $366.64 -$264M -719,898 -25.1%
29 KO 0.50% 11,097,316 $785M $70.75 -$74M -898,730 -7.5%
30 PEP 0.46% 5,490,959 $725M $132.04 -$348M -1,664,276 -23.3%
31 MCD 0.46% 2,477,259 $724M $292.17 -$356M -978,802 -28.3%
32 INTU 0.43% 860,698 $678M $787.63 $189M +63,660 +8.0%
33 UNH 0.43% 2,162,250 $675M $311.97 -$653M -373,367 -14.7%
34 ACN 0.42% 2,219,023 $663M $298.89 $157M +595,970 +36.7%
35 AMGN 0.41% 2,295,184 $641M $279.21 -$77M -9,206 -0.4%
36 ABT 0.40% 4,612,836 $627M $136.01 -$147M -1,224,614 -21.0%
37 MRK 0.39% 7,677,010 $608M $79.16 -$137M -615,782 -7.4%
38 ORCL 0.39% 2,767,791 $605M $218.63 $252M +244,947 +9.7%
39 T 0.37% 19,859,521 $575M $28.94 -$53M -2,330,877 -10.5%
40 PGR 0.36% 2,129,776 $568M $266.86 -$123M -311,864 -12.8%
41 RTX 0.35% 3,762,290 $549M $146.02 $94M +327,213 +9.5%
42 CRM 0.34% 1,977,891 $539M $272.69 $61M +197,065 +11.1%
43 NEE 0.32% 7,188,654 $499M $69.42 -$79M -969,329 -11.9%
44 WFC 0.32% 6,196,782 $496M $80.12 $26M -355,346 -5.4%
45 BRK-A 0.32% 681 $496M $728,800.00 -$65M -22 -3.1%
46 TXN 0.32% 2,384,966 $495M $207.62 -$187M -1,413,466 -37.2%
47 GE 0.31% 1,909,722 $492M $257.39 $123M +68,161 +3.7%
48 PLTR 0.31% 3,594,493 $490M $136.32 $213M +310,428 +9.4%
49 QCOM 0.30% 2,961,706 $472M $159.26 -$4M -132,997 -4.3%
50 GILD 0.30% 4,175,572 $463M $110.87 -$62M -512,416 -10.9%
51 APH 0.29% 4,669,081 $461M $98.75 $103M -791,164 -14.5%
52 LIN 0.28% 949,776 $446M $469.18 -$24M -58,027 -5.8%
53 AMAT 0.28% 2,380,485 $436M $183.07 $214M +850,552 +55.6%
54 ADP 0.28% 1,412,026 $435M $308.40 -$69M -237,796 -14.4%
55 PANW 0.27% 2,104,939 $431M $204.64 $249M +1,041,145 +97.9%
56 AMD 0.27% 3,032,884 $430M $141.90 $95M -231,469 -7.1%
57 DE 0.27% 831,301 $423M $508.49 $39M +14,053 +1.7%
58 CVX 0.26% 2,855,790 $409M $143.19 -$58M +64,328 +2.3%
59 TMUS 0.26% 1,714,225 $408M $238.26 -$159M -413,800 -19.4%
60 GS 0.26% 569,386 $403M $707.75 $113M +38,870 +7.3%
61 KLAC 0.26% 446,528 $400M $895.74 $99M +3,671 +0.8%
62 MMC 0.25% 1,822,252 $398M $218.64 -$132M -349,494 -16.1%
63 DIS 0.25% 3,138,713 $389M $124.01 -$52M -1,336,271 -29.9%
64 SO 0.25% 4,197,343 $385M $91.83 -$67M -720,825 -14.7%
65 MCK 0.24% 512,057 $375M $732.78 -$34M -96,231 -15.8%
66 PFE 0.24% 15,213,538 $369M $24.24 -$27M -397,845 -2.5%
67 BSX 0.23% 3,411,074 $366M $107.41 $7M -151,279 -4.2%
68 CME 0.23% 1,329,187 $366M $275.62 -$53M -252,850 -16.0%
69 UBER 0.23% 3,910,484 $365M $93.30 $94M +193,599 +5.2%
70 BKNG 0.23% 62,479 $362M $5,789.24 $81M +1,490 +2.4%
71 NOW 0.23% 348,348 $358M $1,028.08 -$23M -130,535 -27.3%
72 CB 0.23% 1,227,592 $356M $289.72 -$94M -262,186 -17.6%
73 DUK 0.22% 2,946,412 $348M $118.00 -$74M -507,514 -14.7%
74 LMT 0.21% 725,902 $336M $463.14 -$42M -121,199 -14.3%
75 SPGI 0.21% 632,444 $333M $527.29 $20M +15,587 +2.5%
76 ISRG 0.21% 602,140 $327M $543.41 $48M +39,382 +7.0%
77 ICE 0.21% 1,780,406 $327M $183.47 -$54M -426,854 -19.3%
78 ETN 0.21% 914,640 $327M $356.99 $145M +246,291 +36.9%
79 CAT 0.21% 840,431 $326M $388.21 $56M +20,800 +2.5%
80 VRTX 0.21% 725,055 $323M $445.20 -$70M -84,179 -10.4%
81 CL 0.21% 3,536,836 $321M $90.90 -$25M -162,754 -4.4%
82 AMT 0.20% 1,426,963 $315M $221.02 -$6M -49,579 -3.4%
83 TMO 0.20% 763,432 $310M $405.46 -$81M -22,189 -2.8%
84 AXP 0.20% 967,534 $309M $318.98 $4M -165,937 -14.6%
85 UNP 0.19% 1,310,230 $301M $230.08 $2M +43,079 +3.4%
86 C 0.19% 3,492,507 $297M $85.12 $58M +121,392 +3.6%
87 CMCSA 0.19% 8,209,279 $293M $35.69 -$25M -405,083 -4.7%
88 INTC 0.19% 13,012,843 $291M $22.40 $7M +483,260 +3.9%
89 SYK 0.18% 731,453 $289M $395.63 -$165M -489,932 -40.1%
90 HON 0.18% 1,239,996 $289M $232.88 $16M -49,414 -3.8%
91 MS 0.18% 2,047,882 $288M $140.86 -$28M -660,607 -24.4%
92 WM 0.18% 1,260,051 $288M $228.82 -$73M -301,098 -19.3%
93 BMY 0.18% 6,184,260 $286M $46.29 -$102M -185,879 -2.9%
94 ADBE 0.18% 738,477 $286M $386.88 $14M +30,847 +4.4%
95 ORLY 0.18% 3,138,113 $283M $90.13 -$81M +2,884,044 +1135.1%
96 MDT 0.18% 3,230,852 $282M $87.17 $42M +563,779 +21.1%
97 TJX 0.18% 2,267,071 $280M $123.49 -$721K -37,372 -1.6%
98 EA 0.18% 1,748,379 $279M $159.70 $107M +553,639 +46.3%
99 SBUX 0.18% 3,027,814 $277M $91.63 $101M +1,225,447 +68.0%
100 AJG 0.18% 858,170 $275M $320.12 -$68M -134,509 -13.6%

New Positions

SymbolValue% Port
JPHY $2.0B 1.29%
RKLB $25M 0.02%
RAL $10M 0.01%
ANGIV $1M —%

Sold Out Positions

SymbolValue% Port
LXP —%
DFS —%
BECN —%
BERY —%
X —%
DADA —%
ITCI —%
View SEC EDGAR Filings for CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms