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Pension ← All Institutions

STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM

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

Q4 2025 · Filed 2026-02-12
Market Value
$56.3B
-1.1%
Holdings
2,066
-74
New Purchases
38
Added To
193
Closed
49
Reduced
756
Top 10 Concentration
35.7%
Turnover
4.2%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
GOOGL 2.87% 2.27% +0.61% $1.6B
GOOG 2.34% 1.85% +0.49% $1.3B
LLY 1.36% 0.98% +0.38% $765M
AAPL 6.26% 5.98% +0.28% $3.5B
MU 0.50% 0.30% +0.20% $282M
AMD 0.54% 0.42% +0.13% $306M
AMZN 3.49% 3.38% +0.11% $2.0B
MRK 0.42% 0.34% +0.08% $235M
AVGO 2.52% 2.44% +0.08% $1.4B
JNJ 0.78% 0.71% +0.07% $441M
CAT 0.42% 0.35% +0.07% $236M
LRCX 0.35% 0.28% +0.07% $195M
ISRG 0.32% 0.25% +0.06% $178M
AMAT 0.32% 0.26% +0.06% $180M
TMO 0.34% 0.29% +0.05% $194M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
MSFT 5.64% 6.15% -0.51% $3.2B
META 2.27% 2.57% -0.30% $1.3B
ORCL 0.52% 0.75% -0.23% $291M
EFA 0.21% 0.42% -0.20% $120M
NFLX 0.63% 0.82% -0.19% $355M
NVDA 6.90% 7.02% -0.12% $3.9B
HD 0.54% 0.64% -0.10% $303M
MSTR 0.06% 0.14% -0.07% $36M
UBER 0.26% 0.32% -0.06% $146M
NOW 0.25% 0.31% -0.06% $143M
FI 0.06% 0.11% -0.06% $32M
COST 0.61% 0.66% -0.05% $341M
RBLX 0.08% 0.13% -0.05% $44M
T 0.28% 0.33% -0.05% $156M
PG 0.53% 0.57% -0.04% $298M

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 $32.6B 58.0%
Large Cap 678 $21.5B 38.2%
Mid Cap 813 $1.9B 3.4%
Small Cap 488 $220M 0.4%
Micro Cap 32 $6M 0.0%

Portfolio Analytics

Avg Market Cap
$39.9B
Median Market Cap
$5.3B
Avg P/E
34.6
Median P/E
22.0
Avg Dividend Yield
0.02%
Avg Beta
1.10
# Stocks
2,063
# ETFs / Funds
3

Top Holdings (2,066 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 NVDA 6.90% 20,827,392 $3.9B $186.50 -$113M -596,426 -2.8%
2 AAPL 6.26% 12,952,636 $3.5B $271.86 $120M -404,737 -3.0%
3 MSFT 5.64% 6,560,549 $3.2B $483.62 -$325M -192,480 -2.9%
4 AMZN 3.49% 8,502,697 $2.0B $230.82 $41M -250,153 -2.9%
5 GOOGL 2.87% 5,166,938 $1.6B $313.00 $326M -146,265 -2.8%
6 AVGO 2.52% 4,091,467 $1.4B $346.10 $27M -118,854 -2.8%
7 GOOG 2.34% 4,199,734 $1.3B $313.80 $266M -119,204 -2.8%
8 META 2.27% 1,938,610 $1.3B $660.09 -$184M -54,082 -2.7%
9 TSLA 2.00% 2,504,601 $1.1B $449.72 -$18M -68,815 -2.7%
10 BRK-B 1.44% 1,609,510 $809M $502.65 -$21M -41,533 -2.5%
11 JPM 1.39% 2,428,507 $783M $322.22 -$17M -106,344 -4.2%
12 LLY 1.36% 711,590 $765M $1,074.68 $205M -21,858 -3.0%
13 V 0.94% 1,507,510 $529M $350.71 -$1M -45,199 -2.9%
14 XOM 0.82% 3,816,838 $459M $120.34 $13M -139,172 -3.5%
15 JNJ 0.78% 2,132,224 $441M $206.95 $37M -47,307 -2.2%
16 WMT 0.77% 3,879,471 $432M $111.41 $19M -134,608 -3.4%
17 MA 0.73% 724,237 $413M $570.88 -$10M -20,838 -2.8%
18 ABBV 0.64% 1,573,255 $359M $228.49 -$15M -44,567 -2.8%
19 NFLX 0.63% 3,790,652 $355M $93.76 -$110M +3,402,350 +876.2%
20 PLTR 0.61% 1,944,036 $346M $177.75 -$20M -57,564 -2.9%
21 COST 0.61% 395,544 $341M $862.34 -$34M -10,160 -2.5%
22 BAC 0.59% 5,999,043 $330M $55.00 $8M -249,194 -4.0%
23 AMD 0.54% 1,426,841 $306M $214.16 $68M -41,534 -2.8%
24 HD 0.54% 880,286 $303M $344.10 -$62M -20,323 -2.3%
25 PG 0.53% 2,079,563 $298M $143.31 -$28M -39,763 -1.9%
26 ORCL 0.52% 1,492,691 $291M $194.91 -$135M -20,540 -1.4%
27 GE 0.52% 940,631 $290M $308.03 -$2M -28,794 -3.0%
28 MU 0.50% 988,162 $282M $285.41 $113M -21,109 -2.1%
29 CSCO 0.48% 3,521,932 $271M $77.03 $21M -136,540 -3.7%
30 WFC 0.47% 2,854,678 $266M $93.20 $15M -142,360 -4.8%
31 UNH 0.47% 803,603 $265M $330.11 -$20M -22,624 -2.7%
32 CVX 0.46% 1,708,281 $260M $152.41 -$13M -54,567 -3.1%
33 IBM 0.43% 823,403 $244M $296.21 $6M -18,476 -2.2%
34 KO 0.43% 3,445,689 $241M $69.91 $3M -134,708 -3.8%
35 CAT 0.42% 411,912 $236M $572.87 $36M -8,077 -1.9%
36 MRK 0.42% 2,231,755 $235M $105.26 $43M -59,545 -2.6%
37 GS 0.42% 265,602 $233M $879.00 $13M -10,880 -3.9%
38 PM 0.39% 1,385,018 $222M $160.40 -$8M -32,881 -2.3%
39 CRM 0.39% 826,913 $219M $264.91 $18M -22,102 -2.6%
40 RTX 0.39% 1,193,672 $219M $183.40 $12M -40,658 -3.3%
41 LRCX 0.35% 1,140,083 $195M $171.18 $36M -50,634 -4.2%
42 MCD 0.35% 635,090 $194M $305.63 -$4M -15,943 -2.5%
43 TMO 0.34% 334,359 $194M $579.45 $27M -10,158 -3.0%
44 ABT 0.34% 1,533,671 $192M $125.29 -$20M -49,090 -3.1%
45 C 0.33% 1,610,242 $188M $116.69 $16M -80,987 -4.8%
46 MS 0.33% 1,034,738 $184M $177.53 $15M -27,271 -2.6%
47 DIS 0.32% 1,602,249 $182M $113.77 -$6M -42,241 -2.6%
48 AMAT 0.32% 698,516 $180M $256.99 $33M -17,891 -2.5%
49 AXP 0.32% 483,695 $179M $369.95 $14M -14,012 -2.8%
50 ISRG 0.32% 314,214 $178M $566.36 $33M -8,856 -2.7%
51 LIN 0.31% 411,850 $176M $426.39 -$24M -9,354 -2.2%
52 PEP 0.31% 1,207,924 $173M $143.52 -$152K -27,572 -2.2%
53 QCOM 0.29% 951,333 $163M $171.05 -$309K -28,680 -2.9%
54 INTU 0.29% 242,911 $161M $662.42 -$10M -7,081 -2.8%
55 GEV 0.28% 242,893 $159M $653.57 $4M -8,590 -3.4%
56 BKNG 0.28% 29,361 $157M $5,355.33 -$7M -1,015 -3.3%
57 T 0.28% 6,269,701 $156M $24.84 -$31M -339,958 -5.1%
58 AMGN 0.28% 473,538 $155M $327.31 $18M -11,484 -2.4%
59 VZ 0.27% 3,691,881 $150M $40.73 -$16M -86,488 -2.3%
60 SCHW 0.26% 1,489,519 $149M $99.91 $2M -47,703 -3.1%
61 TJX 0.26% 968,237 $149M $153.61 $3M -38,886 -3.9%
62 ACN 0.26% 553,744 $149M $268.30 $9M -11,792 -2.1%
63 NEE 0.26% 1,833,849 $147M $80.28 $4M -60,114 -3.2%
64 UBER 0.26% 1,783,065 $146M $81.71 -$35M -63,229 -3.4%
65 BLK 0.26% 134,863 $144M $1,070.34 -$17M -3,809 -2.8%
66 BA 0.26% 664,286 $144M $217.12 $1M +1,573 +0.2%
67 APH 0.26% 1,063,500 $144M $135.14 $7M -44,172 -4.0%
68 KLAC 0.26% 118,274 $144M $1,215.08 $12M -3,428 -2.8%
69 SPGI 0.26% 274,761 $144M $522.59 $6M -7,810 -2.8%
70 INTC 0.25% 3,885,885 $143M $36.90 $9M -108,490 -2.7%
71 APP 0.25% 212,483 $143M $673.82 -$15M -7,083 -3.2%
72 NOW 0.25% 932,075 $143M $153.19 -$34M +739,618 +384.3%
73 TXN 0.25% 800,670 $139M $173.49 -$13M -25,038 -3.0%
74 COF 0.24% 565,341 $137M $242.36 $14M -14,580 -2.5%
75 GILD 0.24% 1,095,139 $134M $122.74 $8M -43,108 -3.8%
76 ADBE 0.23% 377,378 $132M $349.99 -$5M -10,864 -2.8%
77 DHR 0.23% 565,286 $129M $228.92 $14M -18,791 -3.2%
78 PFE 0.22% 5,011,598 $125M $24.90 -$10M -262,189 -5.0%
79 BSX 0.22% 1,288,698 $123M $95.35 -$9M -58,527 -4.3%
80 EFA 0.21% 1,252,285 $120M $96.03 -$116M -1,278,548 -50.5%
81 ANET 0.21% 916,851 $120M $131.03 -$18M -28,311 -3.0%
82 UNP 0.21% 517,780 $120M $231.32 -$5M -10,326 -2.0%
83 LOW 0.21% 493,998 $119M $241.16 -$9M -15,089 -3.0%
84 PGR 0.21% 517,111 $118M $227.72 -$14M -17,280 -3.2%
85 ADI 0.21% 433,295 $118M $271.20 $8M -10,545 -2.4%
86 ETN 0.20% 346,259 $110M $318.51 -$23M -8,973 -2.5%
87 WELL 0.20% 591,681 $110M $185.61 $6M +10,048 +1.7%
88 HON 0.19% 561,458 $110M $195.09 -$12M -16,836 -2.9%
89 COP 0.19% 1,163,535 $109M $93.61 -$5M -38,845 -3.2%
90 PANW 0.19% 586,948 $108M $184.20 -$14M -13,674 -2.3%
91 MDT 0.19% 1,118,475 $107M $96.06 -$2M -34,224 -3.0%
92 SYK 0.19% 302,205 $106M $351.47 -$8M -6,561 -2.1%
93 PLD 0.19% 822,082 $105M $127.66 $9M -19,985 -2.4%
94 CRWD 0.18% 218,736 $103M $468.76 -$8M -5,868 -2.6%
95 VRTX 0.18% 226,000 $102M $453.36 $11M -7,612 -3.3%
96 CB 0.18% 327,796 $102M $312.12 $8M -6,360 -1.9%
97 DE 0.18% 218,727 $102M $465.57 -$1M -6,585 -2.9%
98 PH 0.18% 114,537 $101M $878.96 $12M -2,726 -2.3%
99 CEG 0.18% 280,503 $99M $353.27 $4M -8,062 -2.8%
100 BX 0.18% 642,750 $99M $154.14 -$14M -21,742 -3.3%

New Positions

SymbolValue% Port
Q $17M 0.03%
SOLS $6M 0.01%
LLYVA $1M —%
KRMN $1M —%
YNDX $1M —%
CRWV $699K —%
TERN $675K —%
FG $620K —%
NESR $532K —%
GHC $494K —%
TE $449K —%
SYRE $296K —%
CSTL $278K —%
LYTS $276K —%
KOD $272K —%

Sold Out Positions

SymbolValue% Port
NXRT —%
MMI —%
LXP —%
FHI —%
HPP —%
MTH —%
PKE —%
EBF —%
RGR —%
PRSU —%
KNTK —%
CTEV —%
AMWD —%
LIF —%
AEHR —%
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