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Arizona State Retirement System

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

Q2 2025 · Filed 2025-08-13
Market Value
$17.3B
+10.5%
Holdings
2,079
-41
New Purchases
44
Added To
1,534
Closed
77
Reduced
423
Top 10 Concentration
32.2%
Turnover
5.8%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
NVDA 6.52% 5.00% +1.52% $1.1B
MSFT 5.94% 4.99% +0.95% $1.0B
AVGO 2.08% 1.40% +0.68% $360M
META 2.73% 2.37% +0.36% $472M
NFLX 0.97% 0.75% +0.22% $167M
ORCL 0.62% 0.44% +0.18% $108M
PLTR 0.49% 0.33% +0.16% $85M
AMZN 3.54% 3.39% +0.15% $612M
TSLA 1.56% 1.40% +0.15% $269M
COF 0.23% 0.13% +0.10% $40M
GEV 0.24% 0.16% +0.09% $42M
JPM 1.37% 1.29% +0.08% $237M
AMD 0.39% 0.31% +0.08% $67M
HOOD 0.12% 0.05% +0.07% $20M
GE 0.46% 0.40% +0.07% $80M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
AAPL 5.21% 6.28% -1.07% $901M
UNH 0.48% 0.92% -0.44% $83M
BRK-B 1.10% 1.33% -0.23% $190M
LLY 1.06% 1.26% -0.20% $184M
XOM 0.79% 0.98% -0.19% $136M
ABBV 0.56% 0.69% -0.14% $96M
CVX 0.40% 0.54% -0.13% $69M
JNJ 0.62% 0.75% -0.13% $108M
PG 0.63% 0.75% -0.12% $109M
V 1.04% 1.15% -0.12% $179M
TMO 0.26% 0.37% -0.11% $45M
MRK 0.34% 0.43% -0.09% $58M
PEP 0.31% 0.39% -0.08% $53M
DFS 0.00% 0.08% -0.08% $0
TMUS 0.18% 0.26% -0.08% $32M

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 $9.2B 53.3%
Large Cap 657 $7.0B 40.3%
Mid Cap 847 $961M 5.6%
Small Cap 496 $153M 0.9%
Micro Cap 24 $2M 0.0%

Portfolio Analytics

Avg Market Cap
$39.3B
Median Market Cap
$5.1B
Avg P/E
34.7
Median P/E
21.9
Avg Dividend Yield
0.02%
Avg Beta
1.10
# Stocks
2,079
# ETFs / Funds
0

Top Holdings (2,079 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 NVDA 6.52% 7,133,813 $1.1B $157.99 $344M -87,434 -1.2%
2 MSFT 5.94% 2,064,010 $1.0B $497.41 $247M -14,228 -0.7%
3 AAPL 5.21% 4,391,595 $901M $205.17 -$82M -31,926 -0.7%
4 AMZN 3.54% 2,791,362 $612M $219.39 $82M +2,760 +0.1%
5 META 2.73% 640,043 $472M $738.09 $101M -3,503 -0.5%
6 AVGO 2.08% 1,305,653 $360M $275.65 $141M -585 -0.0%
7 GOOGL 1.74% 1,704,461 $300M $176.23 $33M -27,659 -1.6%
8 TSLA 1.56% 846,145 $269M $317.66 $49M -1,713 -0.2%
9 GOOG 1.48% 1,445,873 $256M $177.39 $26M -30,113 -2.0%
10 JPM 1.37% 817,422 $237M $289.91 $36M -2,937 -0.4%
11 BRK-B 1.10% 391,711 $190M $485.77 -$18M +1,141 +0.3%
12 LLY 1.06% 235,567 $184M $779.53 -$14M -3,994 -1.7%
13 V 1.04% 503,813 $179M $355.05 -$1M -10,286 -2.0%
14 NFLX 0.97% 124,910 $167M $1,339.13 $51M -295 -0.2%
15 XOM 0.79% 1,264,343 $136M $107.80 -$17M -25,499 -2.0%
16 MA 0.77% 238,084 $134M $561.94 $2M -2,473 -1.0%
17 COST 0.74% 129,683 $128M $989.94 $3M -2,919 -2.2%
18 WMT 0.73% 1,289,018 $126M $97.78 $12M -7,651 -0.6%
19 PG 0.63% 685,501 $109M $159.32 -$9M -5,639 -0.8%
20 JNJ 0.62% 704,501 $108M $152.75 -$10M -2,071 -0.3%
21 ORCL 0.62% 491,755 $108M $218.63 $38M -4,096 -0.8%
22 HD 0.62% 290,568 $107M $366.64 $682K +1,741 +0.6%
23 BAC 0.58% 2,112,015 $100M $47.32 $17M +136,356 +6.9%
24 ABBV 0.56% 517,148 $96M $185.62 -$13M -1,459 -0.3%
25 PLTR 0.49% 626,012 $85M $136.32 $33M +8,359 +1.4%
26 KO 0.49% 1,195,212 $85M $70.75 -$1M -5,798 -0.5%
27 UNH 0.48% 267,409 $83M $311.97 -$60M -7,029 -2.6%
28 PM 0.48% 455,028 $83M $182.13 $10M -1,273 -0.3%
29 CSCO 0.47% 1,162,835 $81M $69.38 $8M -13,449 -1.1%
30 GE 0.46% 311,834 $80M $257.39 $18M +1,302 +0.4%
31 IBM 0.46% 271,079 $80M $294.78 $12M -2,161 -0.8%
32 CRM 0.44% 280,941 $77M $272.69 $1M +87 +0.0%
33 WFC 0.44% 953,534 $76M $80.12 $9M +8,492 +0.9%
34 CVX 0.40% 485,073 $69M $143.19 -$14M -15,955 -3.2%
35 ABT 0.40% 507,017 $69M $136.01 $1M -1,998 -0.4%
36 AMD 0.39% 474,905 $67M $141.90 $18M -1,274 -0.3%
37 DIS 0.38% 528,494 $66M $124.01 $13M -2,967 -0.6%
38 LIN 0.38% 138,183 $65M $469.18 -$172K -1,420 -1.0%
39 INTU 0.37% 81,683 $64M $787.63 $14M -373 -0.5%
40 GS 0.37% 90,861 $64M $707.75 $14M -1,262 -1.4%
41 NOW 0.36% 60,516 $62M $1,028.08 $14M +61 +0.1%
42 MCD 0.35% 209,046 $61M $292.17 -$5M -1,262 -0.6%
43 T 0.35% 2,098,491 $61M $28.94 $1M -7,262 -0.3%
44 MRK 0.34% 735,649 $58M $79.16 -$8M -6,731 -0.9%
45 RTX 0.33% 390,275 $57M $146.02 $5M -342 -0.1%
46 ISRG 0.33% 104,679 $57M $543.41 $5M +229 +0.2%
47 BKNG 0.32% 9,564 $55M $5,789.24 $11M -118 -1.2%
48 TXN 0.32% 265,933 $55M $207.62 $9M +6,248 +2.4%
49 ACN 0.32% 183,014 $55M $298.89 -$5M -9,547 -5.0%
50 CAT 0.31% 139,719 $54M $388.21 $8M -1,970 -1.4%
51 VZ 0.31% 1,233,687 $53M $43.27 -$3M -1,724 -0.1%
52 PEP 0.31% 400,862 $53M $132.04 -$8M -4,831 -1.2%
53 AXP 0.30% 163,971 $52M $318.98 $9M +3,944 +2.5%
54 QCOM 0.30% 323,194 $51M $159.26 $3M +6,539 +2.1%
55 UBER 0.30% 550,228 $51M $93.30 $11M -5,943 -1.1%
56 MS 0.29% 353,630 $50M $140.86 $10M +11,364 +3.3%
57 SPGI 0.28% 91,749 $48M $527.29 -$2M -6,819 -6.9%
58 ADBE 0.28% 124,553 $48M $386.88 -$792K -3,152 -2.5%
59 C 0.27% 550,161 $47M $85.12 $7M -4,873 -0.9%
60 BSX 0.27% 432,395 $46M $107.41 $513K -22,905 -5.0%
61 BA 0.27% 219,961 $46M $209.53 $9M +392 +0.2%
62 SCHW 0.27% 503,674 $46M $91.24 $4M -30,814 -5.8%
63 PGR 0.26% 171,382 $46M $266.86 -$3M -537 -0.3%
64 BLK 0.26% 43,053 $45M $1,049.25 $4M -126 -0.3%
65 TMO 0.26% 110,358 $45M $405.46 -$13M -6,390 -5.5%
66 HON 0.26% 189,571 $44M $232.88 $4M -1,181 -0.6%
67 AMGN 0.25% 157,091 $44M $279.21 -$5M -514 -0.3%
68 AMAT 0.25% 237,441 $43M $183.07 $9M -1,216 -0.5%
69 GEV 0.24% 79,910 $42M $529.15 $18M -986 -1.2%
70 NEE 0.24% 601,811 $42M $69.42 -$1M -1,688 -0.3%
71 ETN 0.24% 114,530 $41M $356.99 $9M -1,450 -1.2%
72 GILD 0.23% 364,309 $40M $110.87 -$3M -21,523 -5.6%
73 TJX 0.23% 326,576 $40M $123.49 $146K -3,333 -1.0%
74 UNP 0.23% 175,206 $40M $230.08 -$2M -2,714 -1.5%
75 MU 0.23% 326,500 $40M $123.25 $12M -426 -0.1%
76 PFE 0.23% 1,658,010 $40M $24.24 -$2M -5,098 -0.3%
77 COF 0.23% 186,922 $40M $212.76 $20M +75,042 +67.1%
78 SYK 0.23% 100,425 $40M $395.63 $2M -263 -0.3%
79 PANW 0.23% 193,445 $40M $204.64 $7M +965 +0.5%
80 CMCSA 0.23% 1,102,268 $39M $35.69 -$2M -30,216 -2.7%
81 DE 0.22% 75,378 $38M $508.49 $3M -553 -0.7%
82 DHR 0.22% 188,241 $37M $197.54 -$2M -2,530 -1.3%
83 CRWD 0.21% 72,463 $37M $509.31 $11M +246 +0.3%
84 ADP 0.21% 118,880 $37M $308.40 $151K -624 -0.5%
85 LRCX 0.21% 375,079 $37M $97.34 $9M -2,454 -0.7%
86 LOW 0.21% 163,625 $36M $221.87 -$895K +4,133 +2.6%
87 APH 0.20% 354,256 $35M $98.75 $11M -6,599 -1.8%
88 MELI 0.20% 13,317 $35M $2,613.63 $9M -44 -0.3%
89 KLAC 0.20% 38,811 $35M $895.74 $8M -432 -1.1%
90 ADI 0.20% 144,897 $34M $238.02 $5M -588 -0.4%
91 VRTX 0.19% 75,094 $33M $445.20 -$3M -443 -0.6%
92 COP 0.19% 369,570 $33M $89.74 -$7M -10,056 -2.6%
93 MDT 0.19% 374,942 $33M $87.17 -$1M -1,374 -0.4%
94 CB 0.19% 111,280 $32M $289.72 -$2M -1,103 -1.0%
95 ANET 0.19% 313,340 $32M $102.31 $8M -909 -0.3%
96 BX 0.18% 213,239 $32M $149.58 $4M +11,599 +5.8%
97 TMUS 0.18% 133,440 $32M $238.26 -$9M -19,764 -12.9%
98 MMC 0.18% 144,045 $31M $218.64 -$4M -1,989 -1.4%
99 ICE 0.18% 167,950 $31M $183.47 $2M -555 -0.3%
100 SBUX 0.18% 331,991 $30M $91.63 -$2M -661 -0.2%

New Positions

SymbolValue% Port
RKLB $4M 0.02%
ALAB $3M 0.02%
RAL $2M 0.01%
TEM $1M 0.01%
OKLO $1M 0.01%
SEZL $884K 0.01%
BUR $823K —%
MBLY $526K —%
CSTM $499K —%
TMC $449K —%
KRMN $388K —%
NNE $292K —%
DEA $266K —%
PAY $262K —%
SPTN $261K —%

Sold Out Positions

SymbolValue% Port
GDOT —%
PACK —%
EGY —%
TTI —%
HPP —%
WLK —%
LUV —%
ACCO —%
CABO —%
LXU —%
CHPT —%
MAX —%
PRSU —%
AMTB —%
CMTG —%
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