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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

Q4 2025 · Filed 2026-01-30
Market Value
$27.6B
+1.8%
Holdings
1,511
+14
New Purchases
79
Added To
459
Closed
73
Reduced
764
Top 10 Concentration
33.7%
Turnover
10.1%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
REET 1.07% 0.00% +1.07% $294M
VSS 0.79% 0.00% +0.79% $217M
GOOGL 2.26% 1.82% +0.43% $622M
GOOG 1.90% 1.54% +0.36% $524M
LLY 1.07% 0.79% +0.28% $296M
MU 0.40% 0.24% +0.16% $110M
PYLD 0.15% 0.00% +0.15% $40M
AAPL 5.00% 4.90% +0.10% $1.4B
AMD 0.43% 0.34% +0.09% $119M
USHY 0.26% 0.17% +0.09% $71M
QLTA 0.13% 0.04% +0.09% $36M
PHYL 0.22% 0.14% +0.08% $61M
MRK 0.33% 0.27% +0.06% $91M
JNJ 0.62% 0.58% +0.05% $171M
LRCX 0.27% 0.22% +0.05% $74M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
MSFT 4.23% 4.71% -0.48% $1.2B
META 1.78% 2.05% -0.28% $489M
NVDA 5.62% 5.86% -0.25% $1.5B
ORCL 0.41% 0.62% -0.20% $114M
SJNK 0.18% 0.35% -0.17% $51M
NFLX 0.49% 0.66% -0.16% $136M
SHYG 0.16% 0.30% -0.15% $43M
VNQ 2.76% 2.90% -0.14% $761M
HD 0.43% 0.52% -0.10% $118M
CMBS 0.00% 0.09% -0.09% $0
TSLA 1.58% 1.66% -0.09% $434M
MSTR 0.05% 0.11% -0.06% $13M
COST 0.48% 0.53% -0.06% $131M
MELI 0.21% 0.27% -0.06% $59M
PG 0.42% 0.47% -0.05% $115M

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 55 $12.5B 45.5%
Large Cap 693 $12.5B 45.3%
Mid Cap 619 $2.1B 7.5%
Small Cap 133 $420M 1.5%
Micro Cap 11 $13M 0.0%

Portfolio Analytics

Avg Market Cap
$54.6B
Median Market Cap
$9.9B
Avg P/E
34.5
Median P/E
22.7
Avg Dividend Yield
0.02%
Avg Beta
1.04
# Stocks
1,482
# ETFs / Funds
29

Top Holdings (1,511 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 NVDA 5.62% 8,296,406 $1.5B $186.50 -$40M -209,831 -2.5%
2 IEMG 5.50% 22,561,008 $1.5B $67.22 $29M
3 AAPL 5.00% 5,067,641 $1.4B $271.86 $52M -140,186 -2.7%
4 MSFT 4.23% 2,410,221 $1.2B $483.62 -$109M -51,615 -2.1%
5 VNQ 2.76% 8,598,869 $761M $88.49 -$25M
6 AMZN 2.75% 3,279,462 $757M $230.82 $25M -54,746 -1.6%
7 GOOGL 2.26% 1,986,061 $622M $313.00 $128M -42,896 -2.1%
8 AVGO 1.92% 1,531,848 $530M $346.10 $16M -26,297 -1.7%
9 GOOG 1.90% 1,669,504 $524M $313.80 $107M -43,922 -2.6%
10 META 1.78% 741,084 $489M $660.09 -$67M -16,158 -2.1%
11 TSLA 1.58% 965,773 $434M $449.72 -$15M -45,367 -4.5%
12 JPM 1.10% 941,727 $303M $322.22 -$3M -29,819 -3.1%
13 LLY 1.07% 275,082 $296M $1,074.68 $81M -6,183 -2.2%
14 REET 1.07% 11,787,000 $294M $24.95 +11,787,000 NEW
15 SCZ 1.04% 3,702,826 $287M $77.53 $3M
16 INDA 0.97% 4,965,995 $268M $54.05 $6M -77,377 -1.5%
17 BRK-B 0.86% 473,358 $238M $502.65 -$403K -716 -0.1%
18 VSS 0.79% 1,512,875 $217M $143.33 +1,512,875 NEW
19 V 0.74% 583,905 $205M $350.71 $235K -15,269 -2.5%
20 XOM 0.64% 1,460,549 $176M $120.34 $6M -49,309 -3.3%
21 JNJ 0.62% 828,302 $171M $206.95 $16M -12,530 -1.5%
22 WMT 0.61% 1,514,608 $169M $111.41 $9M -32,024 -2.1%
23 MA 0.61% 293,760 $168M $570.88 -$3M -6,681 -2.2%
24 PLTR 0.50% 777,067 $138M $177.75 -$6M -13,035 -1.6%
25 ABBV 0.50% 603,918 $138M $228.49 -$5M -13,133 -2.1%
26 NFLX 0.49% 1,453,983 $136M $93.76 -$42M +1,305,120 +876.7%
27 BAC 0.48% 2,412,943 $133M $55.00 $4M -90,241 -3.6%
28 COST 0.48% 152,180 $131M $862.34 -$13M -3,282 -2.1%
29 AMD 0.43% 554,607 $119M $214.16 $27M -11,491 -2.0%
30 HD 0.43% 342,032 $118M $344.10 -$24M -7,872 -2.2%
31 PG 0.42% 802,302 $115M $143.31 -$12M -24,396 -3.0%
32 ORCL 0.41% 584,900 $114M $194.91 -$53M -7,463 -1.3%
33 GE 0.41% 362,463 $112M $308.03 -$221K -9,421 -2.5%
34 MU 0.40% 383,851 $110M $285.41 $44M -6,541 -1.7%
35 CSCO 0.38% 1,352,454 $104M $77.03 $9M -39,847 -2.9%
36 WFC 0.37% 1,095,481 $102M $93.20 $8M -27,687 -2.5%
37 UNH 0.37% 309,110 $102M $330.11 -$8M -8,417 -2.6%
38 CVX 0.37% 661,983 $101M $152.41 -$6M -26,130 -3.8%
39 IWM 0.36% 402,418 $99M $246.16 $2M
40 KO 0.36% 1,408,819 $98M $69.91 $2M -38,771 -2.7%
41 PLD 0.35% 745,910 $95M $127.66 $9M -8,150 -1.1%
42 IBM 0.34% 318,545 $94M $296.21 $3M -5,577 -1.7%
43 WELL 0.34% 503,325 $93M $185.61 $7M +18,417 +3.8%
44 CAT 0.33% 160,968 $92M $572.87 $13M -4,709 -2.8%
45 GS 0.33% 104,048 $91M $879.00 $6M -3,744 -3.5%
46 MRK 0.33% 860,235 $91M $105.26 $17M -18,294 -2.1%
47 IGEB 0.32% 1,921,932 $88M $45.66 $13M +300,000 +18.5%
48 HDB 0.32% 2,384,413 $87M $36.54 $6M +15,106 +0.6%
49 CRM 0.31% 324,879 $86M $264.91 $7M -9,837 -2.9%
50 PM 0.31% 534,456 $86M $160.40 -$3M -11,600 -2.1%
51 SPHY 0.31% 3,566,858 $84M $23.67 $3M +150,000 +4.4%
52 RTX 0.30% 458,026 $84M $183.40 $6M -8,798 -1.9%
53 TMO 0.27% 129,235 $75M $579.45 $11M -3,013 -2.3%
54 ABT 0.27% 597,499 $75M $125.29 -$7M -10,240 -1.7%
55 MCD 0.27% 244,307 $75M $305.63 -$1M -5,473 -2.2%
56 LRCX 0.27% 432,873 $74M $171.18 $14M -17,989 -4.0%
57 MS 0.27% 413,716 $73M $177.53 $6M -8,914 -2.1%
58 C 0.27% 628,915 $73M $116.69 $8M -14,970 -2.3%
59 USHY 0.26% 1,900,000 $71M $37.40 $26M +700,000 +58.3%
60 AXP 0.26% 191,205 $71M $369.95 $6M -4,902 -2.5%
61 AMAT 0.25% 272,185 $70M $256.99 $12M -9,198 -3.3%
62 DIS 0.25% 614,804 $70M $113.77 -$2M -13,843 -2.2%
63 ISRG 0.25% 122,727 $70M $566.36 $14M -2,404 -1.9%
64 LIN 0.25% 161,758 $69M $426.39 -$9M -3,173 -1.9%
65 PEP 0.25% 471,068 $68M $143.52 -$261K -12,188 -2.5%
66 INTU 0.23% 94,999 $63M $662.42 -$4M -2,770 -2.8%
67 QCOM 0.23% 366,695 $63M $171.05 $158K -9,388 -2.5%
68 PHYL 0.22% 1,725,000 $61M $35.48 $24M +675,000 +64.3%
69 GEV 0.22% 93,459 $61M $653.57 $2M -2,706 -2.8%
70 EQIX 0.22% 79,449 $61M $766.16 -$2M -626 -0.8%
71 T 0.22% 2,447,155 $61M $24.84 -$10M -57,667 -2.3%
72 AMGN 0.22% 183,994 $60M $327.31 $7M -4,371 -2.3%
73 SCHW 0.22% 593,645 $59M $99.91 $2M -10,874 -1.8%
74 BKNG 0.21% 11,040 $59M $5,355.33 -$2M -353 -3.1%
75 BA 0.21% 271,629 $59M $217.12 $2M +7,952 +3.0%
76 MELI 0.21% 29,057 $59M $2,014.26 -$14M -1,958 -6.3%
77 VZ 0.21% 1,434,953 $58M $40.73 -$6M -23,831 -1.6%
78 TJX 0.21% 378,981 $58M $153.61 $2M -10,772 -2.8%
79 INTC 0.21% 1,546,539 $57M $36.90 $6M +23,282 +1.5%
80 ACN 0.21% 212,321 $57M $268.30 $3M -4,990 -2.3%
81 APH 0.21% 420,734 $57M $135.14 $4M -6,755 -1.6%
82 NEE 0.21% 708,215 $57M $80.28 $2M -12,656 -1.8%
83 LQD 0.20% 510,991 $56M $110.19 -$654K
84 SPGI 0.20% 107,236 $56M $522.59 $2M -3,355 -3.0%
85 SPIB 0.20% 1,655,766 $56M $33.81 -$132K
86 UBER 0.20% 679,722 $56M $81.71 -$13M -15,413 -2.2%
87 KLAC 0.20% 44,996 $55M $1,215.08 $5M -1,230 -2.7%
88 NOW 0.20% 354,005 $54M $153.19 -$13M +281,311 +387.0%
89 BLK 0.20% 50,662 $54M $1,070.34 -$6M -852 -1.6%
90 TXN 0.20% 310,567 $54M $173.49 -$4M -6,541 -2.1%
91 APP 0.19% 78,900 $53M $673.82 -$5M -1,951 -2.4%
92 COF 0.19% 218,663 $53M $242.36 $5M -5,125 -2.3%
93 GILD 0.19% 423,967 $52M $122.74 $4M -11,041 -2.5%
94 INFY 0.19% 2,883,342 $51M $17.82 $1M -192,847 -6.3%
95 SJNK 0.18% 2,000,000 $51M $25.32 -$44M -1,689,415 -45.8%
96 DHR 0.18% 220,571 $50M $228.92 $6M -5,346 -2.4%
97 ADBE 0.18% 142,738 $50M $349.99 -$3M -5,971 -4.0%
98 PFE 0.18% 1,965,417 $49M $24.90 -$1M -10,906 -0.6%
99 BSX 0.17% 504,452 $48M $95.35 -$2M -13,020 -2.5%
100 ANET 0.17% 366,357 $48M $131.03 -$7M -8,533 -2.3%

New Positions

SymbolValue% Port
REET $294M 1.07%
VSS $217M 0.79%
PYLD $40M 0.15%
PBR-A $11M 0.04%
FALN $10M 0.03%
YNDX $8M 0.03%
RKT $6M 0.02%
XCCC $6M 0.02%
Q $5M 0.02%
PDD $5M 0.02%
CRWV $4M 0.02%
PL $4M 0.01%
AEO $3M 0.01%
SOLS $3M 0.01%
ARWR $3M 0.01%

Sold Out Positions

SymbolValue% Port
RH —%
FPI —%
USPH —%
WD —%
INSP —%
BBT —%
DXC —%
ADNT —%
DHT —%
LXP —%
GFF —%
VIRT —%
PRGO —%
NOMD —%
UHT —%
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