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STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM

1801 HERMITAGE BLVD, SUITE 100 P.O. BOX 13300, TALLAHASSEE, FL 32317-3300 • 8504884406

Q3 2025 · Filed 2025-11-14
Market Value
$56.9B
+1.4%
Holdings
2,140
-23
New Purchases
47
Added To
178
Closed
112
Reduced
1,135
Top 10 Concentration
35.1%
Turnover
7.4%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
AAPL 5.98% 5.23% +0.74% $3.4B
NVDA 7.02% 6.41% +0.61% $4.0B
GOOGL 2.27% 1.77% +0.50% $1.3B
TSLA 2.01% 1.55% +0.46% $1.1B
GOOG 1.85% 1.45% +0.40% $1.1B
AVGO 2.44% 2.20% +0.24% $1.4B
ORCL 0.75% 0.61% +0.14% $426M
PLTR 0.64% 0.51% +0.13% $365M
APP 0.28% 0.15% +0.13% $158M
ABBV 0.66% 0.57% +0.09% $375M
JNJ 0.71% 0.63% +0.08% $404M
CVX 0.48% 0.41% +0.07% $274M
INTC 0.24% 0.17% +0.07% $134M
IWB 0.10% 0.04% +0.06% $55M
ANET 0.24% 0.18% +0.06% $138M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
AMZN 3.38% 3.61% -0.23% $1.9B
META 2.57% 2.79% -0.22% $1.5B
MSFT 6.15% 6.36% -0.21% $3.5B
NFLX 0.82% 0.99% -0.17% $466M
V 0.93% 1.04% -0.11% $530M
COST 0.66% 0.76% -0.10% $376M
LLY 0.98% 1.08% -0.10% $560M
CRM 0.35% 0.44% -0.09% $201M
PM 0.40% 0.49% -0.08% $230M
ISRG 0.25% 0.33% -0.08% $144M
ACN 0.25% 0.32% -0.08% $139M
INTU 0.30% 0.37% -0.07% $171M
HES 0.00% 0.07% -0.07% $0
KO 0.42% 0.48% -0.07% $237M
PG 0.57% 0.64% -0.06% $326M

Sector Allocation Over Time

Industry Breakdown

IndustryWeight
Technology 31.6%
Financial Services 13.0%
Communication Services 10.0%
Consumer Cyclical 9.9%
Healthcare 9.8%

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 55 $32.3B 56.7%
Large Cap 678 $22.4B 39.3%
Mid Cap 818 $2.0B 3.6%
Small Cap 530 $236M 0.4%
Micro Cap 59 $8M 0.0%

Portfolio Analytics

Avg Market Cap
$38.5B
Median Market Cap
$4.9B
Avg P/E
34.4
Median P/E
21.9
Avg Dividend Yield
0.02%
Avg Beta
1.10
# Stocks
2,137
# ETFs / Funds
3

Top Holdings (2,140 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 NVDA 7.02% 21,423,818 $4.0B $186.58 $400M -1,346,266 -5.9%
2 MSFT 6.15% 6,753,029 $3.5B $517.95 -$71M -421,100 -5.9%
3 AAPL 5.98% 13,357,373 $3.4B $254.63 $465M -951,801 -6.7%
4 AMZN 3.38% 8,752,850 $1.9B $219.57 -$104M -480,307 -5.2%
5 META 2.57% 1,992,692 $1.5B $734.38 -$102M -127,805 -6.0%
6 AVGO 2.44% 4,210,321 $1.4B $329.91 $155M -265,852 -5.9%
7 GOOGL 2.27% 5,313,203 $1.3B $243.10 $296M -337,056 -6.0%
8 TSLA 2.01% 2,573,416 $1.1B $444.72 $276M -160,246 -5.9%
9 GOOG 1.85% 4,318,938 $1.1B $243.55 $238M -268,428 -5.8%
10 BRK-B 1.46% 1,651,043 $830M $502.74 -$20M -99,070 -5.7%
11 JPM 1.40% 2,534,851 $800M $315.43 $19M -158,896 -5.9%
12 LLY 0.98% 733,448 $560M $763.00 -$48M -46,193 -5.9%
13 V 0.93% 1,552,709 $530M $341.38 -$56M -98,372 -6.0%
14 NFLX 0.82% 388,302 $466M $1,198.92 -$89M -25,615 -6.2%
15 XOM 0.78% 3,956,010 $446M $112.75 -$7M -245,782 -5.8%
16 ORCL 0.75% 1,513,231 $426M $281.24 $82M -58,281 -3.7%
17 MA 0.74% 745,075 $424M $568.81 -$20M -44,078 -5.6%
18 WMT 0.73% 4,014,079 $414M $103.06 -$5M -263,972 -6.2%
19 JNJ 0.71% 2,179,531 $404M $185.42 $52M -128,539 -5.6%
20 COST 0.66% 405,704 $376M $925.63 -$52M -25,807 -6.0%
21 ABBV 0.66% 1,617,822 $375M $231.54 $55M -104,684 -6.1%
22 PLTR 0.64% 2,001,600 $365M $182.42 $78M -105,517 -5.0%
23 HD 0.64% 900,609 $365M $405.19 $14M -56,594 -5.9%
24 PG 0.57% 2,119,326 $326M $153.65 -$31M -120,971 -5.4%
25 BAC 0.57% 6,248,237 $322M $51.59 $7M -416,663 -6.2%
26 GE 0.51% 969,425 $292M $300.82 $25M -67,361 -6.5%
27 UNH 0.50% 826,227 $285M $345.30 $12M -50,970 -5.8%
28 CVX 0.48% 1,762,848 $274M $155.29 $46M +169,906 +10.7%
29 WFC 0.44% 2,997,038 $251M $83.82 -$9M -251,523 -7.7%
30 CSCO 0.44% 3,658,472 $250M $68.42 -$22M -267,295 -6.8%
31 AMD 0.42% 1,468,375 $238M $161.79 $16M -94,808 -6.1%
32 IBM 0.42% 841,879 $238M $282.16 -$26M -50,543 -5.7%
33 KO 0.42% 3,580,397 $237M $66.32 -$34M -253,303 -6.6%
34 EFA 0.42% 2,530,833 $236M $93.37 $27M +188,814 +8.1%
35 PM 0.40% 1,417,899 $230M $162.20 -$43M -83,448 -5.6%
36 GS 0.39% 276,482 $220M $796.35 $11M -19,710 -6.7%
37 ABT 0.37% 1,582,761 $212M $133.94 -$17M -102,775 -6.1%
38 RTX 0.36% 1,234,330 $207M $167.33 $14M -82,836 -6.3%
39 CRM 0.35% 849,015 $201M $237.00 -$46M -59,086 -6.5%
40 CAT 0.35% 419,989 $200M $477.15 $27M -27,214 -6.1%
41 LIN 0.35% 421,204 $200M $475.00 -$10M -25,778 -5.8%
42 MCD 0.35% 651,033 $198M $303.89 -$5M -43,617 -6.3%
43 MRK 0.34% 2,291,300 $192M $83.93 -$761K -147,683 -6.1%
44 DIS 0.33% 1,644,490 $188M $114.50 -$30M -116,898 -6.6%
45 T 0.33% 6,609,659 $187M $28.24 -$18M -470,139 -6.6%
46 UBER 0.32% 1,846,294 $181M $97.97 -$4M -130,366 -6.6%
47 NOW 0.31% 192,457 $177M $920.28 -$33M -11,499 -5.6%
48 PEP 0.30% 1,235,496 $174M $140.44 $3M -56,114 -4.3%
49 C 0.30% 1,691,229 $172M $101.50 $15M -146,477 -8.0%
50 INTU 0.30% 249,992 $171M $682.91 -$40M -17,029 -6.4%
51 MU 0.30% 1,009,271 $169M $167.32 $36M -65,269 -6.1%
52 MS 0.30% 1,062,009 $169M $158.96 $9M -74,140 -6.5%
53 TMO 0.29% 344,517 $167M $485.02 $19M -20,132 -5.5%
54 VZ 0.29% 3,778,369 $166M $43.95 -$8M -254,991 -6.3%
55 AXP 0.29% 497,707 $165M $332.16 -$7M -41,090 -7.6%
56 BKNG 0.29% 30,376 $164M $5,399.27 -$24M -2,028 -6.3%
57 QCOM 0.29% 980,013 $163M $166.36 -$5M -76,977 -7.3%
58 BLK 0.28% 138,672 $162M $1,165.87 $10M -6,257 -4.3%
59 LRCX 0.28% 1,190,717 $159M $133.90 $36M -81,099 -6.4%
60 APP 0.28% 219,566 $158M $718.54 $73M -23,714 -9.8%
61 GEV 0.27% 251,483 $155M $614.90 $14M -14,888 -5.6%
62 TXN 0.27% 825,708 $152M $183.73 -$31M -54,875 -6.2%
63 SCHW 0.26% 1,537,222 $147M $95.47 $3M -43,800 -2.8%
64 AMAT 0.26% 716,407 $147M $204.74 $4M -60,869 -7.8%
65 TJX 0.26% 1,007,123 $146M $144.54 $12M -75,868 -7.0%
66 ISRG 0.25% 323,070 $144M $447.23 -$43M -22,174 -6.4%
67 BA 0.25% 662,713 $143M $215.83 -$5M -45,406 -6.4%
68 NEE 0.25% 1,893,963 $143M $75.49 $3M -121,836 -6.0%
69 ACN 0.25% 565,536 $139M $246.60 -$41M -38,785 -6.4%
70 ANET 0.24% 945,162 $138M $145.71 $36M -48,698 -4.9%
71 SPGI 0.24% 282,571 $138M $486.71 -$23M -21,231 -7.0%
72 APH 0.24% 1,107,672 $137M $123.75 $17M -104,596 -8.6%
73 ADBE 0.24% 388,242 $137M $352.75 -$25M -30,839 -7.4%
74 AMGN 0.24% 485,022 $137M $282.20 -$7M -30,913 -6.0%
75 PFE 0.24% 5,273,787 $134M $25.48 $303K -257,262 -4.7%
76 INTC 0.24% 3,994,375 $134M $33.55 $39M -231,380 -5.5%
77 ETN 0.23% 355,232 $133M $374.25 -$4M -28,550 -7.4%
78 PGR 0.23% 534,391 $132M $246.95 -$21M -39,862 -6.9%
79 BSX 0.23% 1,347,225 $132M $97.63 -$26M -115,871 -7.9%
80 KLAC 0.23% 121,702 $131M $1,078.60 $14M -8,693 -6.7%
81 LOW 0.22% 509,087 $128M $251.31 $6M -39,189 -7.2%
82 GILD 0.22% 1,138,247 $126M $111.00 -$9M -81,984 -6.7%
83 UNP 0.22% 528,106 $125M $236.37 -$5M -36,811 -6.5%
84 COF 0.22% 579,921 $123M $212.58 -$6M -26,712 -4.4%
85 PANW 0.21% 600,622 $122M $203.62 -$6M -28,234 -4.5%
86 HON 0.21% 578,294 $122M $210.50 -$23M -43,112 -6.9%
87 DHR 0.20% 584,077 $116M $198.26 -$7M -38,649 -6.2%
88 SYK 0.20% 308,766 $114M $369.67 -$16M -21,321 -6.5%
89 COP 0.20% 1,202,380 $114M $94.59 -$4M -106,387 -8.1%
90 BX 0.20% 664,492 $114M $170.85 $9M -34,514 -4.9%
91 CRWD 0.19% 224,604 $110M $490.38 -$8M -7,052 -3.0%
92 MDT 0.19% 1,152,699 $110M $95.24 $3M -66,936 -5.5%
93 ADI 0.19% 443,840 $109M $245.70 -$4M -31,728 -6.7%
94 ADP 0.19% 369,114 $108M $293.50 -$14M -26,807 -6.8%
95 CMCSA 0.19% 3,361,018 $106M $31.42 -$20M -158,564 -4.5%
96 TMUS 0.18% 436,659 $105M $239.38 -$7M -31,636 -6.8%
97 MO 0.18% 1,569,576 $104M $66.06 $3M -140,943 -8.2%
98 WELL 0.18% 581,633 $104M $178.14 $12M -12,079 -2.0%
99 DE 0.18% 225,312 $103M $457.26 -$20M -17,009 -7.0%
100 SPOT 0.17% 142,499 $99M $698.00 -$13M -3,881 -2.6%

New Positions

SymbolValue% Port
IWM $3M 0.01%
VNOM $3M —%
LCID $2M —%
CRCL $1M —%
RUSHB $843K —%
GLBKV $760K —%
TIGO $648K —%
CWCO $619K —%
SXI $531K —%
IIIV $492K —%
MTSR $488K —%
GPI $418K —%
TR $401K —%
CGON $370K —%
PENG $362K —%

Sold Out Positions

SymbolValue% Port
ALG —%
SPB —%
WTI —%
CRI —%
VAC —%
HLLY —%
GEF —%
KFRC —%
ALX —%
MEI —%
UVE —%
DBI —%
SSB —%
IHRT —%
ADV —%
View SEC EDGAR Filings for STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM →

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