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Arizona State Retirement System

3300 NORTH CENTRAL AVENUE 14TH FLOOR, PHOENIX, AZ 85012 • 602-240-2000

Q1 2026 · Filed 2026-05-01
Market Value
$17.0B
-7.0%
Holdings
2,051
-22
New Purchases
59
Added To
226
Closed
51
Reduced
1,713
Top 10 Concentration
32.4%
Turnover
5.4%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
XOM 1.15% 0.79% +0.36% $196M
JNJ 0.95% 0.77% +0.18% $161M
CVX 0.64% 0.46% +0.18% $108M
WMT 0.88% 0.75% +0.13% $149M
CAT 0.53% 0.41% +0.12% $91M
AMAT 0.44% 0.32% +0.12% $74M
COST 0.71% 0.60% +0.12% $121M
MU 0.61% 0.50% +0.12% $104M
GEV 0.38% 0.27% +0.11% $65M
LRCX 0.43% 0.33% +0.10% $74M
SNDK 0.14% 0.05% +0.09% $24M
COP 0.26% 0.18% +0.08% $45M
MRK 0.48% 0.40% +0.08% $82M
VZ 0.34% 0.27% +0.08% $58M
GLW 0.18% 0.11% +0.07% $30M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
MSFT 4.21% 5.27% -1.06% $716M
TSLA 1.69% 1.95% -0.26% $288M
AAPL 6.00% 6.23% -0.23% $1.0B
NVDA 6.82% 7.04% -0.22% $1.2B
META 2.01% 2.22% -0.21% $341M
AMZN 3.23% 3.42% -0.19% $549M
LLY 1.19% 1.34% -0.15% $203M
AVGO 2.24% 2.39% -0.15% $382M
GOOGL 2.69% 2.82% -0.12% $459M
GOOG 2.25% 2.36% -0.11% $382M
V 0.82% 0.93% -0.11% $140M
CRM 0.28% 0.39% -0.11% $48M
ORCL 0.41% 0.51% -0.10% $69M
APP 0.15% 0.24% -0.09% $25M
INTU 0.19% 0.29% -0.09% $33M

Sector Allocation Over Time

Industry Breakdown

IndustryWeight
Technology 31.7%
Financial Services 12.4%
Consumer Cyclical 10.0%
Healthcare 9.9%
Communication Services 9.7%

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 55 $9.4B 55.4%
Large Cap 654 $6.6B 38.6%
Mid Cap 853 $889M 5.2%
Small Cap 480 $127M 0.7%
Micro Cap 9 $930K 0.0%

Portfolio Analytics

Avg Market Cap
$39.8B
Median Market Cap
$5.2B
Avg P/E
34.2
Median P/E
21.8
Avg Dividend Yield
0.02%
Avg Beta
1.11
# Stocks
2,050
# ETFs / Funds
1

Top Holdings (2,051 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 NVDA 6.82% 6,657,774 $1.2B $174.40 -$127M -247,968 -3.6%
2 AAPL 6.00% 4,026,974 $1.0B $253.79 -$118M -167,619 -4.0%
3 MSFT 4.21% 1,934,523 $716M $370.17 -$248M -59,108 -3.0%
4 AMZN 3.23% 2,636,038 $549M $208.27 -$76M -72,266 -2.7%
5 GOOGL 2.69% 1,594,517 $459M $287.56 -$57M -51,996 -3.2%
6 GOOG 2.25% 1,333,281 $382M $286.86 -$49M -42,703 -3.1%
7 AVGO 2.24% 1,234,074 $382M $309.51 -$56M -31,577 -2.5%
8 META 2.01% 596,801 $341M $572.13 -$65M -18,437 -3.0%
9 TSLA 1.69% 774,533 $288M $371.75 -$70M -20,908 -2.6%
10 JPM 1.29% 745,877 $219M $294.16 -$28M -23,221 -3.0%
11 LLY 1.19% 220,180 $203M $919.77 -$43M -8,689 -3.8%
12 XOM 1.15% 1,155,274 $196M $169.66 $51M -51,872 -4.3%
13 BRK-B 1.06% 376,936 $181M $479.20 -$15M -11,905 -3.1%
14 JNJ 0.95% 660,131 $161M $244.44 $21M -19,169 -2.8%
15 WMT 0.88% 1,201,027 $149M $124.28 $12M -27,180 -2.2%
16 V 0.82% 461,887 $140M $302.24 -$31M -23,349 -4.8%
17 COST 0.71% 121,612 $121M $996.43 $12M -4,805 -3.8%
18 MA 0.68% 232,088 $116M $499.66 -$23M -11,376 -4.7%
19 NFLX 0.66% 1,160,952 $112M $96.15 $246K -26,968 -2.3%
20 CVX 0.64% 524,172 $108M $206.90 $25M -25,884 -4.7%
21 ABBV 0.62% 484,297 $105M $217.49 -$8M -12,120 -2.4%
22 MU 0.61% 308,369 $104M $337.84 $13M -9,635 -3.0%
23 PG 0.54% 640,302 $92M $144.44 -$3M -26,721 -4.0%
24 PLTR 0.54% 625,867 $92M $146.28 -$22M -14,508 -2.3%
25 BAC 0.54% 1,877,644 $92M $48.75 -$17M -99,891 -5.0%
26 CAT 0.53% 128,252 $91M $708.46 $15M -4,171 -3.1%
27 AMD 0.53% 446,054 $91M $203.43 -$8M -14,477 -3.1%
28 HD 0.53% 272,752 $90M $328.89 -$8M -10,250 -3.6%
29 KO 0.50% 1,119,915 $85M $76.05 $4M -46,688 -4.0%
30 CSCO 0.49% 1,082,530 $84M $77.59 -$3M -46,629 -4.1%
31 GE 0.48% 289,052 $82M $283.77 -$10M -9,112 -3.1%
32 MRK 0.48% 679,746 $82M $120.29 $8M -22,536 -3.2%
33 AMAT 0.44% 217,253 $74M $341.79 $16M -9,185 -4.1%
34 LRCX 0.43% 344,131 $74M $213.66 $12M -13,432 -3.8%
35 RTX 0.42% 367,440 $71M $192.90 $1M -12,954 -3.4%
36 PM 0.41% 426,514 $71M $165.34 -$35K -13,352 -3.0%
37 GS 0.41% 82,193 $70M $845.99 -$5M -2,485 -2.9%
38 ORCL 0.41% 472,406 $69M $147.11 -$24M -7,447 -1.6%
39 WFC 0.40% 860,055 $68M $79.61 -$16M -40,904 -4.5%
40 UNH 0.39% 248,183 $67M $270.59 -$17M -7,041 -2.8%
41 GEV 0.38% 74,363 $65M $872.90 $15M -2,517 -3.3%
42 LIN 0.37% 127,936 $63M $495.76 $6M -5,764 -4.3%
43 IBM 0.36% 256,101 $62M $242.39 -$16M -6,831 -2.6%
44 MCD 0.36% 195,117 $61M $310.79 -$567K -5,151 -2.6%
45 PEP 0.34% 374,627 $58M $155.29 $3M -9,575 -2.5%
46 VZ 0.34% 1,155,226 $58M $50.20 $9M -36,065 -3.0%
47 T 0.33% 1,943,801 $56M $28.99 $6M -96,354 -4.7%
48 C 0.33% 490,144 $56M $113.41 -$5M -30,323 -5.8%
49 INTC 0.32% 1,238,224 $55M $44.13 $8M -35,651 -2.8%
50 MS 0.31% 325,286 $54M $164.57 -$6M -10,946 -3.3%
51 KLAC 0.31% 36,000 $53M $1,472.41 $8M -848 -2.3%
52 NEE 0.31% 564,210 $52M $92.88 $5M -24,424 -4.2%
53 AMGN 0.30% 147,534 $52M $351.85 $2M -3,861 -2.5%
54 TMO 0.30% 102,966 $51M $491.53 -$11M -4,032 -3.8%
55 ABT 0.29% 476,502 $49M $102.67 -$13M -18,400 -3.7%
56 TJX 0.29% 304,286 $49M $159.70 -$493K -15,274 -4.8%
57 TXN 0.28% 248,946 $48M $194.14 $4M -7,638 -3.0%
58 CRM 0.28% 256,722 $48M $186.67 -$23M -11,957 -4.5%
59 GILD 0.28% 339,924 $47M $139.37 $4M -11,785 -3.4%
60 DIS 0.28% 489,092 $47M $96.38 -$11M -18,044 -3.6%
61 AXP 0.27% 151,001 $46M $302.48 -$12M -5,069 -3.2%
62 ISRG 0.26% 97,126 $45M $460.99 -$13M -4,742 -4.7%
63 COP 0.26% 338,504 $45M $132.00 $12M -12,895 -3.7%
64 PFE 0.26% 1,557,209 $44M $28.08 $4M -42,519 -2.7%
65 SCHW 0.26% 462,555 $43M $93.98 -$6M -29,558 -6.0%
66 BA 0.25% 214,585 $43M $199.03 -$5M -4,992 -2.3%
67 ADI 0.25% 134,157 $43M $318.14 $5M -4,808 -3.5%
68 APH 0.25% 335,550 $42M $126.35 -$5M -11,488 -3.3%
69 DE 0.23% 70,392 $40M $563.30 $6M -1,838 -2.5%
70 UNP 0.23% 162,497 $39M $242.62 $119K -7,424 -4.4%
71 HON 0.23% 173,947 $39M $226.03 $4M -7,662 -4.2%
72 UBER 0.23% 540,753 $39M $71.93 -$7M -21,515 -3.8%
73 BLK 0.23% 40,383 $39M $961.71 -$6M -1,205 -2.9%
74 ETN 0.22% 106,417 $38M $357.67 $3M -3,617 -3.3%
75 QCOM 0.22% 291,250 $38M $128.78 -$14M -9,687 -3.2%
76 BKNG 0.22% 8,832 $37M $4,210.32 -$12M -286 -3.1%
77 WELL 0.22% 187,978 $37M $197.71 $1M -4,914 -2.5%
78 LOW 0.21% 153,714 $36M $236.28 -$2M -4,259 -2.7%
79 SPGI 0.21% 84,943 $36M $425.34 -$10M -3,760 -4.2%
80 ANET 0.21% 293,381 $36M $122.78 -$4M -9,734 -3.2%
81 PANW 0.21% 221,398 $35M $160.32 $367K +30,694 +16.1%
82 LMT 0.20% 57,070 $34M $604.39 $6M -2,239 -3.8%
83 BMY 0.20% 557,851 $34M $60.65 $3M -14,511 -2.5%
84 PLD 0.20% 254,546 $34M $132.18 $270K -6,895 -2.6%
85 ACN 0.20% 168,649 $33M $198.29 -$14M -6,662 -3.8%
86 CB 0.20% 102,432 $33M $325.93 -$33K -4,639 -4.3%
87 DHR 0.19% 174,217 $33M $189.60 -$8M -7,124 -3.9%
88 INTU 0.19% 76,242 $33M $432.38 -$19M -2,488 -3.2%
89 NEM 0.19% 298,987 $32M $108.25 $2M -8,295 -2.7%
90 PGR 0.19% 160,616 $32M $198.24 -$6M -3,628 -2.2%
91 COF 0.19% 174,189 $32M $182.43 -$12M -6,673 -3.7%
92 VRTX 0.18% 69,515 $31M $446.54 -$2M -2,778 -3.8%
93 SYK 0.18% 94,311 $31M $328.59 -$3M -3,524 -3.6%
94 PH 0.18% 34,585 $31M $895.24 -$560K -1,278 -3.6%
95 MDT 0.18% 351,358 $30M $86.65 -$4M -10,021 -2.8%
96 MO 0.18% 459,992 $30M $65.99 $3M -14,634 -3.1%
97 GLW 0.18% 223,156 $30M $135.97 $10M -6,192 -2.7%
98 NOW 0.17% 284,205 $30M $104.55 -$15M -8,602 -2.9%
99 MCK 0.17% 33,831 $29M $865.36 $325K -1,462 -4.1%
100 CME 0.17% 98,797 $29M $295.35 $2M -2,441 -2.4%

New Positions

SymbolValue% Port
IREN $3M 0.02%
PIPR $1M 0.01%
VSNTV $1M 0.01%
INDV $888K 0.01%
TERN $824K —%
AXTI $822K —%
DNTH $805K —%
ERAS $757K —%
LGN $625K —%
NKTR $479K —%
ICHR $440K —%
DFTX $417K —%
CAPR $409K —%
ALMS $391K —%
AXL $383K —%

Sold Out Positions

SymbolValue% Port
HRTG —%
CODI —%
INN —%
RC —%
ASPN —%
MIAX —%
EVH —%
WEAV —%
SMP —%
PNFP —%
HNGE —%
AMWD —%
BMBL —%
AMSF —%
AQST —%
View SEC EDGAR Filings for Arizona State Retirement System →

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