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CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM

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

Q4 2025 · Filed 2026-02-12
Market Value
$174.5B
+4.8%
Holdings
1,075
-55
New Purchases
4
Added To
444
Closed
6
Reduced
618
Top 10 Concentration
44.9%
Turnover
0.9%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
VOO 11.35% 9.54% +1.81% $19.8B
NVDA 8.16% 7.40% +0.76% $14.2B
GOOGL 2.76% 2.06% +0.70% $4.8B
GOOG 2.22% 1.66% +0.56% $3.9B
AVGO 2.70% 2.30% +0.40% $4.7B
AAPL 5.67% 5.40% +0.27% $9.9B
LLY 1.14% 0.88% +0.26% $2.0B
MRK 0.52% 0.38% +0.14% $902M
ISRG 0.29% 0.17% +0.12% $504M
AMZN 2.65% 2.54% +0.11% $4.6B
AMAT 0.30% 0.20% +0.10% $529M
PEP 0.44% 0.35% +0.09% $771M
CRM 0.44% 0.36% +0.08% $766M
AMD 0.36% 0.28% +0.08% $628M
PCAR 0.13% 0.06% +0.07% $227M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
META 2.20% 2.61% -0.41% $3.8B
MSFT 5.85% 6.03% -0.18% $10.2B
RTX 0.31% 0.48% -0.17% $542M
ORCL 0.36% 0.51% -0.15% $635M
ABBV 0.55% 0.69% -0.14% $959M
EA 0.08% 0.21% -0.14% $136M
BRK-B 0.98% 1.10% -0.12% $1.7B
NFLX 0.44% 0.56% -0.12% $776M
ADP 0.18% 0.29% -0.12% $310M
T 0.30% 0.41% -0.12% $521M
COST 0.55% 0.65% -0.10% $957M
AJG 0.08% 0.15% -0.07% $139M
IBM 0.49% 0.56% -0.07% $856M
ZTS 0.07% 0.15% -0.07% $130M
PG 0.43% 0.50% -0.07% $756M

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 $112.3B 64.3%
Large Cap 619 $55.7B 31.9%
Mid Cap 379 $6.5B 3.7%
Small Cap 20 $49M 0.0%
Micro Cap 2 $1M 0.0%

Portfolio Analytics

Avg Market Cap
$74.5B
Median Market Cap
$14.4B
Avg P/E
32.8
Median P/E
22.4
Avg Dividend Yield
0.02%
Avg Beta
1.02
# Stocks
1,073
# ETFs / Funds
2

Top Holdings (1,075 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 VOO 11.35% 31,586,839 $19.8B $627.13 $3.9B +5,627,587 +21.7%
2 NVDA 8.16% 76,375,762 $14.2B $186.50 $1.9B +10,313,384 +15.6%
3 MSFT 5.85% 21,124,113 $10.2B $483.62 $171M +1,730,802 +8.9%
4 AAPL 5.67% 36,375,266 $9.9B $271.86 $902M +1,080,095 +3.1%
5 GOOGL 2.76% 15,378,439 $4.8B $313.00 $1.4B +1,297,986 +9.2%
6 AVGO 2.70% 13,616,185 $4.7B $346.10 $886M +2,016,804 +17.4%
7 AMZN 2.65% 20,049,877 $4.6B $230.82 $401M +800,831 +4.2%
8 GOOG 2.22% 12,344,566 $3.9B $313.80 $1.1B +1,004,952 +8.9%
9 META 2.20% 5,824,493 $3.8B $660.09 -$507M -100,911 -1.7%
10 TSLA 1.35% 5,231,555 $2.4B $449.72 $35M +18,982 +0.4%
11 JPM 1.25% 6,761,319 $2.2B $322.22 $92M +145,570 +2.2%
12 JPHY 1.16% 39,896,037 $2.0B $50.59 -$17M
13 LLY 1.14% 1,854,587 $2.0B $1,074.68 $523M -72,077 -3.7%
14 BRK-B 0.98% 3,392,297 $1.7B $502.65 -$122M -242,126 -6.7%
15 JNJ 0.88% 7,439,241 $1.5B $206.95 $116M -240,250 -3.1%
16 V 0.67% 3,319,433 $1.2B $350.71 -$44M -218,440 -6.2%
17 BAC 0.62% 19,614,554 $1.1B $55.00 $84M +334,198 +1.7%
18 MA 0.60% 1,835,410 $1.0B $570.88 -$14M -30,686 -1.6%
19 ABBV 0.55% 4,198,609 $959M $228.49 -$189M -761,091 -15.3%
20 WMT 0.55% 8,605,706 $959M $111.41 -$16M -854,673 -9.0%
21 COST 0.55% 1,110,190 $957M $862.34 -$117M -50,512 -4.3%
22 XOM 0.55% 7,950,685 $957M $120.34 $24M -324,040 -3.9%
23 MRK 0.52% 8,568,406 $902M $105.26 $267M +1,002,100 +13.2%
24 CSCO 0.51% 11,561,485 $891M $77.03 $39M -878,736 -7.1%
25 IBM 0.49% 2,888,811 $856M $296.21 -$83M -438,385 -13.2%
26 HD 0.48% 2,417,002 $832M $344.10 -$17M +321,978 +15.4%
27 UNH 0.46% 2,438,995 $805M $330.11 -$39M -4,775 -0.2%
28 NFLX 0.44% 8,272,385 $776M $93.76 -$163M +7,489,355 +956.5%
29 PEP 0.44% 5,373,358 $771M $143.52 $181M +1,174,030 +28.0%
30 CRM 0.44% 2,890,012 $766M $264.91 $173M +387,776 +15.5%
31 PG 0.43% 5,274,517 $756M $143.31 -$81M -170,118 -3.1%
32 KLAC 0.42% 608,091 $739M $1,215.08 $92M +8,575 +1.4%
33 PLTR 0.42% 4,128,273 $734M $177.75 $47M +363,926 +9.7%
34 KO 0.40% 10,040,077 $702M $69.91 $29M -105,075 -1.0%
35 VZ 0.40% 17,136,868 $698M $40.73 -$77M -501,405 -2.8%
36 AMGN 0.39% 2,087,589 $683M $327.31 $93M -4,666 -0.2%
37 MCD 0.38% 2,195,059 $671M $305.63 $16M +40,969 +1.9%
38 LRCX 0.38% 3,898,622 $667M $171.18 $61M -627,477 -13.9%
39 ABT 0.37% 5,206,580 $652M $125.29 $115M +1,193,410 +29.7%
40 ORCL 0.36% 3,256,777 $635M $194.91 -$215M +235,323 +7.8%
41 GE 0.36% 2,059,655 $634M $308.03 -$58M -241,363 -10.5%
42 AMD 0.36% 2,934,021 $628M $214.16 $158M +27,141 +0.9%
43 MU 0.36% 2,180,492 $622M $285.41 $116M -843,307 -27.9%
44 WFC 0.35% 6,636,432 $619M $93.20 $55M -89,655 -1.3%
45 APH 0.32% 4,137,018 $559M $135.14 $68M +168,437 +4.2%
46 INTU 0.31% 819,871 $543M $662.42 $8M +36,817 +4.7%
47 RTX 0.31% 2,952,873 $542M $183.40 -$261M -1,843,873 -38.4%
48 GS 0.30% 602,908 $530M $879.00 $63M +16,101 +2.7%
49 AMAT 0.30% 2,058,801 $529M $256.99 $194M +422,453 +25.8%
50 T 0.30% 20,987,402 $521M $24.84 -$170M -3,485,378 -14.2%
51 CVX 0.30% 3,404,794 $519M $152.41 -$38M -182,930 -5.1%
52 ISRG 0.29% 889,727 $504M $566.36 $225M +266,380 +42.7%
53 CAT 0.29% 876,488 $502M $572.87 $72M -24,023 -2.7%
54 BRK-A 0.28% 644 $486M $754,800.00 -$23M -31 -4.6%
55 QCOM 0.28% 2,805,951 $480M $171.05 -$41M -328,526 -10.5%
56 MDT 0.26% 4,789,699 $460M $96.06 -$26M -311,648 -6.1%
57 GILD 0.26% 3,701,656 $454M $122.74 $7M -332,534 -8.2%
58 ACN 0.25% 1,650,563 $443M $268.30 -$42M -317,418 -16.1%
59 C 0.25% 3,672,648 $429M $116.69 $65M +94,213 +2.6%
60 TMO 0.24% 726,894 $421M $579.45 $55M -28,755 -3.8%
61 PGR 0.24% 1,808,897 $412M $227.72 -$66M -124,444 -6.4%
62 INTC 0.24% 11,139,222 $411M $36.90 -$36M -2,190,513 -16.4%
63 LIN 0.23% 939,479 $401M $426.39 -$55M -18,596 -1.9%
64 LOW 0.23% 1,660,750 $401M $241.16 $60M +305,855 +22.6%
65 DE 0.22% 838,213 $390M $465.57 -$26M -72,281 -7.9%
66 ADBE 0.22% 1,113,273 $390M $349.99 $42M +128,303 +13.0%
67 DIS 0.22% 3,356,088 $382M $113.77 -$7M -39,898 -1.2%
68 NEE 0.22% 4,728,836 $380M $80.28 $13M -131,757 -2.7%
69 MS 0.22% 2,135,228 $379M $177.53 $51M +69,910 +3.4%
70 SCHW 0.21% 3,630,062 $363M $99.91 $56M +415,453 +12.9%
71 AXP 0.21% 974,952 $361M $369.95 $28M -25,604 -2.6%
72 CB 0.20% 1,128,748 $352M $312.12 $30M -12,459 -1.1%
73 PFE 0.20% 13,973,991 $348M $24.90 -$78M -2,749,456 -16.4%
74 BKNG 0.19% 63,451 $340M $5,355.33 -$7M -805 -1.2%
75 DHR 0.19% 1,483,106 $340M $228.92 -$12M -288,745 -16.3%
76 SPGI 0.19% 636,131 $332M $522.59 $20M -4,923 -0.8%
77 TJX 0.19% 2,159,905 $332M $153.61 $6M -95,938 -4.2%
78 UBER 0.19% 4,051,835 $331M $81.71 -$66M -1,564 -0.0%
79 NOW 0.18% 2,068,217 $317M $153.19 -$61M +1,657,523 +403.6%
80 PANW 0.18% 1,707,142 $314M $184.20 -$68M -170,786 -9.1%
81 UNP 0.18% 1,355,841 $314M $231.32 -$7M +1,407 +0.1%
82 APP 0.18% 464,570 $313M $673.82 -$6M +20,550 +4.6%
83 PLD 0.18% 2,432,266 $311M $127.66 $108M +668,127 +37.9%
84 ADP 0.18% 1,206,806 $310M $257.23 -$180M -465,157 -27.8%
85 GEV 0.18% 472,818 $309M $653.57 $19M +999 +0.2%
86 WELL 0.18% 1,662,173 $309M $185.61 $11M -9,072 -0.5%
87 TRV 0.18% 1,055,282 $306M $290.06 $85M +264,551 +33.5%
88 BLK 0.17% 283,210 $303M $1,070.34 -$13M +11,783 +4.3%
89 ANET 0.17% 2,260,136 $296M $131.03 -$19M +94,632 +4.4%
90 MCK 0.17% 359,089 $295M $820.29 -$42M -76,865 -17.6%
91 BSX 0.16% 3,012,013 $287M $95.35 -$31M -248,010 -7.6%
92 COF 0.16% 1,178,872 $286M $242.36 $33M -10,773 -0.9%
93 TXN 0.16% 1,639,562 $284M $173.49 -$72M -301,937 -15.6%
94 SBUX 0.16% 3,356,091 $283M $84.21 $79M +944,679 +39.2%
95 BMY 0.16% 5,112,135 $276M $53.94 $21M -533,821 -9.4%
96 CMCSA 0.15% 8,850,175 $265M $29.89 -$18M -154,990 -1.7%
97 ADI 0.15% 966,708 $262M $271.20 $24M -3,831 -0.4%
98 TMUS 0.15% 1,250,881 $254M $203.04 -$88M -177,864 -12.4%
99 ICE 0.14% 1,561,196 $253M $161.96 -$12M -10,926 -0.7%
100 VRTX 0.14% 556,064 $252M $453.36 $12M -56,443 -9.2%

New Positions

SymbolValue% Port
Q $29M 0.02%
SOLS $13M 0.01%
RKT $4M —%
FG $897K —%

Sold Out Positions

SymbolValue% Port
COOP —%
K —%
ALE —%
IPG —%
LNW —%
SPR —%
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