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CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM

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

Q3 2025 · Filed 2025-11-14
Market Value
$166.5B
+6.3%
Holdings
1,130
+23
New Purchases
30
Added To
658
Closed
59
Reduced
382
Top 10 Concentration
40.9%
Turnover
7.9%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
NVDA 7.40% 6.53% +0.87% $12.3B
AAPL 5.40% 4.80% +0.60% $9.0B
GOOGL 2.06% 1.64% +0.41% $3.4B
TSLA 1.39% 1.03% +0.36% $2.3B
AVGO 2.30% 1.97% +0.33% $3.8B
GOOG 1.66% 1.35% +0.31% $2.8B
LRCX 0.36% 0.13% +0.23% $606M
JPM 1.25% 1.02% +0.23% $2.1B
MU 0.30% 0.14% +0.16% $506M
VOO 9.54% 9.39% +0.16% $15.9B
KLAC 0.39% 0.26% +0.13% $647M
RTX 0.48% 0.35% +0.13% $803M
ORCL 0.51% 0.39% +0.12% $850M
MDT 0.29% 0.18% +0.11% $486M
ABBV 0.69% 0.58% +0.11% $1.1B

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
MSFT 6.03% 6.93% -0.89% $10.0B
BRK-B 1.10% 1.32% -0.23% $1.8B
PG 0.50% 0.70% -0.20% $837M
IBM 0.56% 0.70% -0.14% $939M
ACN 0.29% 0.42% -0.13% $485M
VZ 0.47% 0.58% -0.12% $775M
LLY 0.88% 1.00% -0.12% $1.5B
INTU 0.32% 0.43% -0.11% $535M
PEP 0.35% 0.46% -0.11% $590M
WMT 0.59% 0.69% -0.10% $975M
TXN 0.21% 0.32% -0.10% $357M
NEE 0.22% 0.32% -0.10% $367M
KO 0.40% 0.50% -0.10% $673M
NFLX 0.56% 0.66% -0.09% $939M
V 0.73% 0.81% -0.09% $1.2B

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 $101.3B 60.8%
Large Cap 621 $58.3B 35.0%
Mid Cap 413 $6.8B 4.1%
Small Cap 38 $77M 0.0%
Micro Cap 3 $1M 0.0%

Portfolio Analytics

Avg Market Cap
$71.0B
Median Market Cap
$13.3B
Avg P/E
32.9
Median P/E
22.6
Avg Dividend Yield
0.02%
Avg Beta
1.02
# Stocks
1,128
# ETFs / Funds
2

Top Holdings (1,130 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 VOO 9.54% 25,959,252 $15.9B $612.38 $1.2B +75,400 +0.3%
2 NVDA 7.40% 66,062,378 $12.3B $186.58 $2.1B +1,333,522 +2.1%
3 MSFT 6.03% 19,393,311 $10.0B $517.95 -$802M -2,414,155 -11.1%
4 AAPL 5.40% 35,295,171 $9.0B $254.63 $1.5B -1,347,868 -3.7%
5 META 2.61% 5,925,404 $4.4B $734.38 $365M +524,592 +9.7%
6 AMZN 2.54% 19,249,046 $4.2B $219.57 $167M +744,425 +4.0%
7 AVGO 2.30% 11,599,381 $3.8B $329.91 $746M +422,317 +3.8%
8 GOOGL 2.06% 14,080,453 $3.4B $243.10 $851M -515,206 -3.5%
9 GOOG 1.66% 11,339,614 $2.8B $243.55 $647M -581,827 -4.9%
10 TSLA 1.39% 5,212,573 $2.3B $444.72 $708M +143,827 +2.8%
11 JPM 1.25% 6,615,749 $2.1B $315.43 $483M +1,082,913 +19.6%
12 JPHY 1.22% 39,896,037 $2.0B $51.02 $18M
13 BRK-B 1.10% 3,634,423 $1.8B $502.74 -$245M -631,075 -14.8%
14 LLY 0.88% 1,926,664 $1.5B $763.00 -$97M -83,310 -4.1%
15 JNJ 0.85% 7,679,491 $1.4B $185.42 $256M +35,544 +0.5%
16 V 0.73% 3,537,873 $1.2B $341.38 -$68M -54,577 -1.5%
17 ABBV 0.69% 4,959,700 $1.1B $231.54 $241M +68,948 +1.4%
18 COST 0.65% 1,160,702 $1.1B $925.63 $60M +136,072 +13.3%
19 MA 0.64% 1,866,096 $1.1B $568.81 $21M +15,297 +0.8%
20 BAC 0.60% 19,280,356 $995M $51.59 $173M +1,917,725 +11.1%
21 WMT 0.59% 9,460,379 $975M $103.06 -$105M -1,588,311 -14.4%
22 IBM 0.56% 3,327,196 $939M $282.16 -$162M -408,550 -10.9%
23 NFLX 0.56% 783,030 $939M $1,198.92 -$88M +16,252 +2.1%
24 XOM 0.56% 8,274,725 $933M $112.75 $72M +291,628 +3.6%
25 CSCO 0.51% 12,440,221 $851M $68.42 $6M +260,967 +2.1%
26 ORCL 0.51% 3,021,454 $850M $281.24 $245M +253,663 +9.2%
27 HD 0.51% 2,095,024 $849M $405.19 $62M -51,872 -2.4%
28 UNH 0.51% 2,443,770 $844M $345.30 $169M +281,520 +13.0%
29 PG 0.50% 5,444,635 $837M $153.65 -$257M -1,422,155 -20.7%
30 RTX 0.48% 4,796,746 $803M $167.33 $253M +1,034,456 +27.5%
31 VZ 0.47% 17,638,273 $775M $43.95 -$140M -3,520,767 -16.6%
32 GE 0.42% 2,301,018 $692M $300.82 $201M +391,296 +20.5%
33 T 0.41% 24,472,780 $691M $28.24 $116M +4,613,259 +23.2%
34 PLTR 0.41% 3,764,347 $687M $182.42 $197M +169,854 +4.7%
35 KO 0.40% 10,145,152 $673M $66.32 -$112M -952,164 -8.6%
36 MCD 0.39% 2,154,090 $655M $303.89 -$69M -323,169 -13.1%
37 KLAC 0.39% 599,516 $647M $1,078.60 $247M +152,988 +34.3%
38 MRK 0.38% 7,566,306 $635M $83.93 $27M -110,704 -1.4%
39 LRCX 0.36% 4,526,099 $606M $133.90 $395M +2,356,897 +108.7%
40 CRM 0.36% 2,502,236 $593M $237.00 $54M +524,345 +26.5%
41 AMGN 0.35% 2,092,255 $590M $282.20 -$50M -202,929 -8.8%
42 PEP 0.35% 4,199,328 $590M $140.44 -$135M -1,291,631 -23.5%
43 WFC 0.34% 6,726,087 $564M $83.82 $67M +529,305 +8.5%
44 CVX 0.33% 3,587,724 $557M $155.29 $148M +731,934 +25.6%
45 ABT 0.32% 4,013,170 $538M $133.94 -$90M -599,666 -13.0%
46 INTU 0.32% 783,054 $535M $682.91 -$143M -77,644 -9.0%
47 QCOM 0.31% 3,134,477 $521M $166.36 $50M +172,771 +5.8%
48 BRK-A 0.31% 675 $509M $754,200.00 $13M -6 -0.9%
49 MU 0.30% 3,023,799 $506M $167.32 $287M +1,246,773 +70.2%
50 APH 0.29% 3,968,581 $491M $123.75 $30M -700,500 -15.0%
51 ADP 0.29% 1,671,963 $491M $293.50 $55M +259,937 +18.4%
52 MDT 0.29% 5,101,347 $486M $95.24 $204M +1,870,495 +57.9%
53 ACN 0.29% 1,967,981 $485M $246.60 -$178M -251,042 -11.3%
54 PGR 0.29% 1,933,341 $477M $246.95 -$91M -196,435 -9.2%
55 AMD 0.28% 2,906,880 $470M $161.79 $40M -126,004 -4.2%
56 GS 0.28% 586,807 $467M $796.35 $64M +17,421 +3.1%
57 LIN 0.27% 958,075 $455M $475.00 $9M +8,299 +0.9%
58 GILD 0.27% 4,034,190 $448M $111.00 -$15M -141,382 -3.4%
59 INTC 0.27% 13,329,735 $447M $33.55 $156M +316,892 +2.4%
60 CAT 0.26% 900,511 $430M $477.15 $103M +60,080 +7.2%
61 PFE 0.26% 16,723,447 $426M $25.48 $57M +1,509,909 +9.9%
62 DE 0.25% 910,494 $416M $457.26 -$6M +79,193 +9.5%
63 UBER 0.24% 4,053,399 $397M $97.97 $32M +142,915 +3.6%
64 DIS 0.23% 3,395,986 $389M $114.50 -$391K +257,273 +8.2%
65 PANW 0.23% 1,877,928 $382M $203.62 -$48M -227,011 -10.8%
66 NOW 0.23% 410,694 $378M $920.28 $20M +62,346 +17.9%
67 NEE 0.22% 4,860,593 $367M $75.49 -$132M -2,328,061 -32.4%
68 TMO 0.22% 755,649 $367M $485.02 $57M -7,783 -1.0%
69 C 0.22% 3,578,435 $363M $101.50 $66M +85,928 +2.5%
70 TXN 0.21% 1,941,499 $357M $183.73 -$138M -443,467 -18.6%
71 EA 0.21% 1,761,912 $355M $201.70 $76M +13,533 +0.8%
72 DHR 0.21% 1,771,851 $351M $198.26 $81M +404,719 +29.6%
73 ADBE 0.21% 984,970 $347M $352.75 $62M +246,493 +33.4%
74 BKNG 0.21% 64,256 $347M $5,399.27 -$15M +1,777 +2.8%
75 TMUS 0.21% 1,428,745 $342M $239.38 -$66M -285,480 -16.6%
76 LOW 0.20% 1,354,895 $340M $251.31 $87M +210,310 +18.4%
77 MCK 0.20% 435,954 $337M $772.54 -$38M -76,103 -14.9%
78 AMAT 0.20% 1,636,348 $335M $204.74 -$101M -744,137 -31.3%
79 AXP 0.20% 1,000,556 $332M $332.16 $24M +33,022 +3.4%
80 MS 0.20% 2,065,318 $328M $158.96 $40M +17,436 +0.8%
81 SO 0.20% 3,447,036 $327M $94.77 -$59M -750,307 -17.9%
82 TJX 0.20% 2,255,843 $326M $144.54 $46M -11,228 -0.5%
83 CB 0.19% 1,141,207 $322M $282.25 -$34M -86,385 -7.0%
84 UNP 0.19% 1,354,434 $320M $236.37 $19M +44,204 +3.4%
85 APP 0.19% 444,020 $319M $718.54 $173M +27,354 +6.6%
86 BSX 0.19% 3,260,023 $318M $97.63 -$48M -151,051 -4.4%
87 BLK 0.19% 271,427 $316M $1,165.87 $47M +14,490 +5.6%
88 ANET 0.19% 2,165,504 $316M $145.71 $96M +21,855 +1.0%
89 SYK 0.19% 848,186 $314M $369.67 $24M +116,733 +16.0%
90 SPGI 0.19% 641,054 $312M $486.71 -$21M +8,610 +1.4%
91 SCHW 0.18% 3,214,609 $307M $95.47 $38M +267,647 +9.1%
92 MMC 0.18% 1,514,767 $305M $201.53 -$93M -307,485 -16.9%
93 DUK 0.18% 2,460,757 $305M $123.75 -$43M -485,655 -16.5%
94 CME 0.18% 1,114,380 $301M $270.19 -$65M -214,807 -16.2%
95 WELL 0.18% 1,671,245 $298M $178.14 $29M -78,733 -4.5%
96 HON 0.18% 1,402,214 $295M $210.50 $6M +162,218 +13.1%
97 ETN 0.18% 783,095 $293M $374.25 -$33M -131,545 -14.4%
98 GEV 0.17% 471,819 $290M $614.90 $47M +12,803 +2.8%
99 ORLY 0.17% 2,671,146 $288M $107.81 $5M -466,967 -14.9%
100 CMCSA 0.17% 9,005,165 $283M $31.42 -$10M +795,886 +9.7%

New Positions

SymbolValue% Port
RDDT $46M 0.03%
TLN $31M 0.02%
BE $31M 0.02%
KTOS $24M 0.01%
OKLO $20M 0.01%
CDE $20M 0.01%
STRL $17M 0.01%
AVAV $16M 0.01%
ASTS $16M 0.01%
RBRK $16M 0.01%
QXO $15M 0.01%
MP $15M 0.01%
CHWY $14M 0.01%
IDCC $13M 0.01%
BBIO $13M 0.01%

Sold Out Positions

SymbolValue% Port
NSP —%
INSP —%
DEI —%
WD —%
WU —%
VAC —%
SSB —%
SMG —%
UNF —%
HAE —%
NSA —%
NOMD —%
PK —%
DXC —%
HGV —%
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