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State of New Jersey Common Pension Fund D

50 WEST STATE STREET 9TH FLOOR PO BOX 290, TRENTON, NJ 08625 • 609 292 5106

Q2 2025 · Filed 2025-07-31
Market Value
$25.7B
+16.1%
Holdings
1,502
-59
New Purchases
31
Added To
525
Closed
55
Reduced
457
Top 10 Concentration
33.7%
Turnover
5.7%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
IEMG 4.89% 0.00% +4.89% $1.3B
VTI 4.16% 2.13% +2.03% $1.1B
INDA 1.50% 0.07% +1.43% $386M
NVDA 5.05% 4.04% +1.01% $1.3B
MSFT 4.60% 4.03% +0.57% $1.2B
AVGO 1.61% 1.13% +0.48% $414M
META 2.12% 1.91% +0.21% $544M
NFLX 0.75% 0.61% +0.15% $193M
ORCL 0.48% 0.36% +0.13% $124M
PLTR 0.38% 0.27% +0.11% $98M
COF 0.18% 0.10% +0.07% $46M
TSLA 1.21% 1.14% +0.07% $310M
GEV 0.19% 0.13% +0.06% $49M
USHY 0.06% 0.00% +0.06% $15M
HOOD 0.09% 0.04% +0.05% $23M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
IEFA 0.00% 2.20% -2.20% $0
AAPL 4.04% 5.08% -1.04% $1.0B
VNQ 2.98% 3.52% -0.54% $766M
UNH 0.38% 0.74% -0.36% $96M
IEUR 0.00% 0.30% -0.30% $0
SRLN 0.06% 0.35% -0.29% $17M
BRK-B 0.85% 1.08% -0.23% $219M
LLY 0.82% 1.01% -0.19% $212M
XOM 0.62% 0.80% -0.18% $158M
ABBV 0.43% 0.56% -0.13% $110M
JNJ 0.48% 0.61% -0.13% $124M
CVX 0.31% 0.44% -0.12% $81M
PG 0.50% 0.62% -0.12% $127M
V 0.81% 0.93% -0.12% $207M
SPHY 0.31% 0.41% -0.11% $79M

Sector Allocation Over Time

Industry Breakdown

IndustryWeight
Technology 26.5%
Financial Services 24.1%
Consumer Cyclical 8.6%
Healthcare 8.2%
Communication Services 8.2%

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 57 $11.7B 45.5%
Large Cap 688 $11.5B 44.8%
Mid Cap 603 $2.0B 7.7%
Small Cap 145 $513M 2.0%
Micro Cap 9 $13M 0.0%

Portfolio Analytics

Avg Market Cap
$55.7B
Median Market Cap
$9.9B
Avg P/E
33.8
Median P/E
22.4
Avg Dividend Yield
0.02%
Avg Beta
1.01
# Stocks
1,474
# ETFs / Funds
28

Top Holdings (1,502 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 NVDA 5.05% 8,209,521 $1.3B $157.99 $404M -29,450 -0.4%
2 IEMG 4.89% 20,923,000 $1.3B $60.03 +20,923,000 NEW
3 MSFT 4.60% 2,375,938 $1.2B $497.41 $290M
4 VTI 4.16% 3,514,970 $1.1B $303.93 $597M +1,800,000 +105.0%
5 AAPL 4.04% 5,054,806 $1.0B $205.17 -$87M -4,605 -0.1%
6 VNQ 2.98% 8,598,869 $766M $89.06 -$13M
7 AMZN 2.75% 3,214,520 $705M $219.39 $99M +29,460 +0.9%
8 META 2.12% 737,038 $544M $738.09 $121M +3,276 +0.5%
9 AVGO 1.61% 1,502,835 $414M $275.65 $163M +4,428 +0.3%
10 INDA 1.50% 6,929,746 $386M $55.68 $369M +6,610,000 +2067.3%
11 GOOGL 1.35% 1,963,042 $346M $176.23 $42M -3,269 -0.2%
12 TSLA 1.21% 974,412 $310M $317.66 $58M +2,063 +0.2%
13 GOOG 1.15% 1,665,537 $295M $177.39 $34M -10,768 -0.6%
14 JPM 1.07% 943,981 $274M $289.91 $41M -5,961 -0.6%
15 SCZ 1.01% 3,560,557 $259M $72.68 $33M
16 BRK-B 0.85% 450,677 $219M $485.77 -$21M +35 +0.0%
17 LLY 0.82% 271,721 $212M $779.53 -$13M -38 -0.0%
18 V 0.81% 583,475 $207M $355.05 $2M -904 -0.1%
19 NFLX 0.75% 144,223 $193M $1,339.13 $59M +291 +0.2%
20 XOM 0.62% 1,466,849 $158M $107.80 -$19M -21,291 -1.4%
21 MA 0.61% 276,862 $156M $561.94 $4M -213 -0.1%
22 COST 0.58% 150,161 $149M $989.94 $7M
23 WMT 0.57% 1,494,513 $146M $97.78 $15M -1,832 -0.1%
24 PG 0.50% 798,006 $127M $159.32 -$9M -1,845 -0.2%
25 JNJ 0.48% 814,731 $124M $152.75 -$11M -39
26 ORCL 0.48% 566,768 $124M $218.63 $45M +1,239 +0.2%
27 HD 0.48% 335,449 $123M $366.64 -$63K -310 -0.1%
28 BAC 0.45% 2,419,732 $115M $47.32 $18M +105,971 +4.6%
29 ABBV 0.43% 595,241 $110M $185.62 -$14M +999 +0.2%
30 SHYG 0.40% 2,403,519 $104M $43.14 $1M
31 PLTR 0.38% 721,389 $98M $136.32 $38M +11,883 +1.7%
32 KO 0.38% 1,382,967 $98M $70.75 -$1M
33 UNH 0.38% 309,162 $96M $311.97 -$66M -1,525 -0.5%
34 PM 0.37% 525,439 $96M $182.13 $12M +404 +0.1%
35 SJNK 0.37% 3,689,415 $94M $25.48 -$9M -400,000 -9.8%
36 CSCO 0.36% 1,342,745 $93M $69.38 $10M -8,153 -0.6%
37 GE 0.36% 360,396 $93M $257.39 $19M -5,772 -1.6%
38 IBM 0.36% 311,761 $92M $294.78 $14M +123 +0.0%
39 HDB 0.35% 1,170,223 $90M $76.67 $13M +13,825 +1.2%
40 WFC 0.34% 1,102,749 $88M $80.12 $9M -5,242 -0.5%
41 CRM 0.34% 323,225 $88M $272.69 $1M
42 IWM 0.34% 402,418 $87M $215.79 $7M
43 CVX 0.31% 563,411 $81M $143.19 -$16M -14,525 -2.5%
44 ABT 0.31% 586,953 $80M $136.01 $2M -154 -0.0%
45 MELI 0.31% 30,403 $79M $2,613.63 $20M
46 SPHY 0.31% 3,316,858 $79M $23.80 -$13M -600,000 -15.3%
47 PLD 0.30% 739,742 $78M $105.12 -$7M -18,500 -2.4%
48 AMD 0.30% 545,509 $77M $141.90 $21M -236 -0.0%
49 DIS 0.29% 610,040 $76M $124.01 $15M -3,282 -0.5%
50 LIN 0.29% 159,955 $75M $469.18 $566K
51 GS 0.29% 105,146 $74M $707.75 $17M
52 INTU 0.29% 94,402 $74M $787.63 $16M -19 -0.0%
53 IGEB 0.29% 1,621,932 $74M $45.44 $697K
54 WELL 0.28% 468,752 $72M $153.73 $3M +15,456 +3.4%
55 NOW 0.28% 69,617 $72M $1,028.08 $16M +192 +0.3%
56 MCD 0.27% 241,495 $71M $292.17 -$5M
57 T 0.27% 2,389,613 $69M $28.94 $1M -9,632 -0.4%
58 MRK 0.26% 850,055 $67M $79.16 -$9M -4,014 -0.5%
59 RTX 0.26% 450,635 $66M $146.02 $6M
60 ISRG 0.26% 120,616 $66M $543.41 $6M +356 +0.3%
61 BKNG 0.25% 11,123 $64M $5,789.24 $13M -33 -0.3%
62 TXN 0.25% 304,909 $63M $207.62 $8M -1,938 -0.6%
63 ACN 0.25% 211,448 $63M $298.89 -$3M -194 -0.1%
64 CAT 0.24% 161,667 $63M $388.21 $9M -1,640 -1.0%
65 EQIX 0.24% 78,458 $62M $795.47 -$2M
66 PEP 0.24% 464,661 $61M $132.04 -$8M
67 AXP 0.24% 190,342 $61M $318.98 $10M
68 VZ 0.24% 1,395,033 $60M $43.27 -$3M -2,816 -0.2%
69 UBER 0.23% 636,202 $59M $93.30 $13M -5,232 -0.8%
70 QCOM 0.23% 370,234 $59M $159.26 $2M -2,374 -0.6%
71 MS 0.22% 406,318 $57M $140.86 $10M +1,625 +0.4%
72 SPGI 0.22% 106,532 $56M $527.29 $2M -553 -0.5%
73 LQD 0.22% 510,991 $56M $109.61 $470K
74 ADBE 0.22% 143,748 $56M $386.88 -$721K -3,136 -2.1%
75 SPIB 0.22% 1,655,766 $56M $33.58 $563K
76 INFY 0.21% 2,972,657 $55M $18.53 -$1M -121,720 -3.9%
77 SPOT 0.21% 70,286 $54M $767.34 $15M -700 -1.0%
78 C 0.21% 631,843 $54M $85.12 $9M
79 BSX 0.21% 496,086 $53M $107.41 $3M +555 +0.1%
80 PGR 0.21% 199,599 $53M $266.86 -$3M
81 BA 0.21% 253,552 $53M $209.53 $10M
82 SCHW 0.21% 581,976 $53M $91.24 $8M
83 TMO 0.20% 127,924 $52M $405.46 -$12M -620 -0.5%
84 BLK 0.20% 49,351 $52M $1,049.25 $5M
85 MBB 0.20% 550,000 $52M $93.89 $60K
86 HON 0.20% 218,627 $51M $232.88 $5M -557 -0.2%
87 AMGN 0.20% 180,502 $50M $279.21 -$6M +1,025 +0.6%
88 AMAT 0.20% 273,587 $50M $183.07 $10M -4,540 -1.6%
89 GEV 0.19% 92,890 $49M $529.15 $20M -1,368 -1.4%
90 NEE 0.19% 699,255 $49M $69.42 -$1M
91 ETN 0.18% 133,055 $47M $356.99 $11M -1,660 -1.2%
92 UNP 0.18% 202,897 $47M $230.08 -$2M -2,345 -1.1%
93 TJX 0.18% 377,069 $47M $123.49 $238K -3,274 -0.9%
94 GILD 0.18% 418,848 $46M $110.87 -$370K +1,111 +0.3%
95 MU 0.18% 375,664 $46M $123.25 $14M -389 -0.1%
96 PFE 0.18% 1,908,030 $46M $24.24 -$2M -2,274 -0.1%
97 DLR 0.18% 262,387 $46M $174.33 $9M +3,468 +1.3%
98 SYK 0.18% 115,340 $46M $395.63 $3M
99 COF 0.18% 214,000 $46M $212.76 $23M +86,587 +68.0%
100 CMCSA 0.18% 1,273,274 $45M $35.69 -$2M -9,042 -0.7%

New Positions

SymbolValue% Port
IEMG $1.3B 4.89%
USHY $15M 0.06%
ARCO $6M 0.02%
MBSF $5M 0.02%
RKLB $5M 0.02%
ALAB $4M 0.02%
CORZ $3M 0.01%
SMR $3M 0.01%
DRS $2M 0.01%
CALX $2M 0.01%
AGX $2M 0.01%
CLSK $2M 0.01%
OI $2M 0.01%
AGYS $2M 0.01%
ECG $2M 0.01%

Sold Out Positions

SymbolValue% Port
SLVM —%
INN —%
ABR —%
CPRI —%
VAC —%
ENR —%
PMT —%
WLK —%
LBRT —%
LUV —%
LCII —%
OSCR —%
CRGY —%
CC —%
PRG —%
View SEC EDGAR Filings for State of New Jersey Common Pension Fund D →

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