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Arizona State Retirement System

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

Q3 2025 · Filed 2025-11-03
Market Value
$18.7B
+8.1%
Holdings
2,077
-2
New Purchases
75
Added To
1,548
Closed
51
Reduced
402
Top 10 Concentration
34.3%
Turnover
6.1%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
AAPL 5.94% 5.21% +0.73% $1.1B
NVDA 7.12% 6.52% +0.59% $1.3B
GOOGL 2.21% 1.74% +0.47% $413M
TSLA 2.02% 1.56% +0.46% $376M
GOOG 1.87% 1.48% +0.39% $349M
AVGO 2.30% 2.08% +0.22% $430M
PLTR 0.65% 0.49% +0.15% $121M
ORCL 0.74% 0.62% +0.12% $139M
APP 0.26% 0.14% +0.12% $48M
ABBV 0.64% 0.56% +0.08% $119M
JNJ 0.70% 0.62% +0.07% $130M
CVX 0.48% 0.40% +0.07% $89M
INTC 0.23% 0.17% +0.06% $43M
MU 0.29% 0.23% +0.06% $55M
ANET 0.24% 0.19% +0.06% $45M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
AMZN 3.28% 3.54% -0.26% $613M
META 2.49% 2.73% -0.24% $466M
MSFT 5.72% 5.94% -0.22% $1.1B
NFLX 0.80% 0.97% -0.17% $149M
V 0.91% 1.04% -0.12% $171M
LLY 0.96% 1.06% -0.10% $179M
COST 0.64% 0.74% -0.10% $120M
CRM 0.35% 0.44% -0.09% $66M
PM 0.39% 0.48% -0.08% $74M
ISRG 0.25% 0.33% -0.08% $47M
ACN 0.24% 0.32% -0.08% $45M
INTU 0.30% 0.37% -0.07% $56M
HES 0.00% 0.07% -0.07% $0
PG 0.56% 0.63% -0.07% $105M
KO 0.42% 0.49% -0.07% $79M

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 $10.3B 55.2%
Large Cap 663 $7.2B 38.5%
Mid Cap 851 $1.0B 5.4%
Small Cap 492 $160M 0.9%
Micro Cap 16 $3M 0.0%

Portfolio Analytics

Avg Market Cap
$39.5B
Median Market Cap
$5.3B
Avg P/E
34.4
Median P/E
21.9
Avg Dividend Yield
0.02%
Avg Beta
1.11
# Stocks
2,077
# ETFs / Funds
0

Top Holdings (2,077 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 NVDA 7.12% 7,125,637 $1.3B $186.58 $202M -8,176 -0.1%
2 AAPL 5.94% 4,361,774 $1.1B $254.63 $210M -29,821 -0.7%
3 MSFT 5.72% 2,062,030 $1.1B $517.95 $41M -1,980 -0.1%
4 AMZN 3.28% 2,790,306 $613M $219.57 $271K -1,056 -0.0%
5 META 2.49% 634,050 $466M $734.38 -$7M -5,993 -0.9%
6 AVGO 2.30% 1,304,897 $430M $329.91 $71M -756 -0.1%
7 GOOGL 2.21% 1,699,640 $413M $243.10 $113M -4,821 -0.3%
8 TSLA 2.02% 846,567 $376M $444.72 $108M +422 +0.1%
9 GOOG 1.87% 1,434,794 $349M $243.55 $93M -11,079 -0.8%
10 JPM 1.37% 811,386 $256M $315.43 $19M -6,036 -0.7%
11 BRK-B 1.07% 395,780 $199M $502.74 $9M +4,069 +1.0%
12 LLY 0.96% 235,237 $179M $763.00 -$4M -330 -0.1%
13 V 0.91% 499,815 $171M $341.38 -$8M -3,998 -0.8%
14 NFLX 0.80% 124,282 $149M $1,198.92 -$18M -628 -0.5%
15 MA 0.76% 250,248 $142M $568.81 $9M +12,164 +5.1%
16 XOM 0.76% 1,258,563 $142M $112.75 $6M -5,780 -0.5%
17 ORCL 0.74% 494,758 $139M $281.24 $32M +3,003 +0.6%
18 WMT 0.71% 1,281,931 $132M $103.06 $6M -7,087 -0.6%
19 JNJ 0.70% 702,656 $130M $185.42 $23M -1,845 -0.3%
20 PLTR 0.65% 661,241 $121M $182.42 $35M +35,229 +5.6%
21 COST 0.64% 129,511 $120M $925.63 -$8M -172 -0.1%
22 ABBV 0.64% 515,874 $119M $231.54 $23M -1,274 -0.2%
23 HD 0.63% 290,511 $118M $405.19 $11M -57 -0.0%
24 BAC 0.58% 2,090,389 $108M $51.59 $8M -21,626 -1.0%
25 PG 0.56% 684,777 $105M $153.65 -$4M -724 -0.1%
26 GE 0.50% 311,506 $94M $300.82 $13M -328 -0.1%
27 UNH 0.49% 264,963 $91M $345.30 $8M -2,446 -0.9%
28 CVX 0.48% 572,608 $89M $155.29 $19M +87,535 +18.1%
29 CSCO 0.43% 1,161,798 $79M $68.42 -$1M -1,037 -0.1%
30 KO 0.42% 1,194,690 $79M $66.32 -$5M -522 -0.0%
31 WFC 0.42% 940,468 $79M $83.82 $2M -13,066 -1.4%
32 AMD 0.41% 473,506 $77M $161.79 $9M -1,399 -0.3%
33 IBM 0.41% 271,225 $77M $282.16 -$3M +146 +0.1%
34 PM 0.39% 454,612 $74M $162.20 -$9M -416 -0.1%
35 GS 0.38% 89,603 $71M $796.35 $7M -1,258 -1.4%
36 ABT 0.36% 508,054 $68M $133.94 -$911K +1,037 +0.2%
37 CRM 0.35% 279,071 $66M $237.00 -$10M -1,870 -0.7%
38 CAT 0.35% 137,328 $66M $477.15 $11M -2,391 -1.7%
39 LIN 0.35% 137,468 $65M $475.00 $465K -715 -0.5%
40 RTX 0.35% 390,193 $65M $167.33 $8M -82 -0.0%
41 MCD 0.34% 208,835 $63M $303.89 $2M -211 -0.1%
42 MRK 0.33% 733,588 $62M $83.93 $3M -2,061 -0.3%
43 DIS 0.32% 525,004 $60M $114.50 -$5M -3,490 -0.7%
44 T 0.32% 2,101,363 $59M $28.24 -$1M +2,872 +0.1%
45 UBER 0.30% 580,218 $57M $97.97 $6M +29,990 +5.5%
46 PEP 0.30% 400,403 $56M $140.44 $3M -459 -0.1%
47 NOW 0.30% 60,467 $56M $920.28 -$7M -49 -0.1%
48 MS 0.30% 350,004 $56M $158.96 $6M -3,626 -1.0%
49 INTU 0.30% 81,463 $56M $682.91 -$9M -220 -0.3%
50 MU 0.29% 326,823 $55M $167.32 $14M +323 +0.1%
51 C 0.29% 537,658 $55M $101.50 $8M -12,503 -2.3%
52 AXP 0.29% 163,672 $54M $332.16 $2M -299 -0.2%
53 VZ 0.29% 1,231,292 $54M $43.95 $734K -2,395 -0.2%
54 TMO 0.29% 110,268 $53M $485.02 $9M -90 -0.1%
55 QCOM 0.28% 315,900 $53M $166.36 $1M -7,294 -2.3%
56 BKNG 0.27% 9,503 $51M $5,399.27 -$4M -61 -0.6%
57 BLK 0.27% 42,995 $50M $1,165.87 $5M -58 -0.1%
58 LRCX 0.27% 373,547 $50M $133.90 $14M -1,532 -0.4%
59 GEV 0.26% 79,717 $49M $614.90 $7M -193 -0.2%
60 TXN 0.26% 265,306 $49M $183.73 -$6M -627 -0.2%
61 APP 0.26% 67,394 $48M $718.54 $25M -332 -0.5%
62 SCHW 0.26% 504,034 $48M $95.47 $2M +360 +0.1%
63 AMAT 0.26% 234,358 $48M $204.74 $5M -3,083 -1.3%
64 BA 0.25% 220,216 $48M $215.83 $1M +255 +0.1%
65 TJX 0.25% 325,753 $47M $144.54 $7M -823 -0.2%
66 ISRG 0.25% 104,671 $47M $447.23 -$10M -8 -0.0%
67 ANET 0.24% 311,801 $45M $145.71 $13M -1,539 -0.5%
68 NEE 0.24% 601,509 $45M $75.49 $4M -302 -0.1%
69 ACN 0.24% 181,880 $45M $246.60 -$10M -1,134 -0.6%
70 SPGI 0.24% 91,693 $45M $486.71 -$4M -56 -0.1%
71 AMGN 0.24% 157,029 $44M $282.20 $452K -62 -0.0%
72 APH 0.23% 353,274 $44M $123.75 $9M -982 -0.3%
73 ADBE 0.23% 123,881 $44M $352.75 -$4M -672 -0.5%
74 ETN 0.23% 114,314 $43M $374.25 $2M -216 -0.2%
75 INTC 0.23% 1,273,854 $43M $33.55 $14M -267 -0.0%
76 PFE 0.23% 1,661,021 $42M $25.48 $2M +3,011 +0.2%
77 PGR 0.23% 171,226 $42M $246.95 -$3M -156 -0.1%
78 BSX 0.23% 432,094 $42M $97.63 -$4M -301 -0.1%
79 KLAC 0.22% 38,619 $42M $1,078.60 $7M -192 -0.5%
80 UNP 0.22% 174,484 $41M $236.37 $931K -722 -0.4%
81 LOW 0.22% 163,610 $41M $251.31 $5M -15 -0.0%
82 GILD 0.22% 363,270 $40M $111.00 -$68K -1,039 -0.3%
83 COF 0.21% 186,951 $40M $212.58 -$27K +29 +0.0%
84 PANW 0.21% 194,729 $40M $203.62 $64K +1,284 +0.7%
85 HON 0.21% 187,686 $40M $210.50 -$5M -1,885 -1.0%
86 DHR 0.20% 188,131 $37M $198.26 $114K -110 -0.1%
87 SYK 0.20% 100,475 $37M $369.67 -$3M +50 +0.1%
88 BX 0.19% 213,083 $36M $170.85 $5M -156 -0.1%
89 TMUS 0.19% 149,216 $36M $239.38 $4M +15,776 +11.8%
90 CRWD 0.19% 72,790 $36M $490.38 -$1M +327 +0.5%
91 MDT 0.19% 374,174 $36M $95.24 $3M -768 -0.2%
92 ADI 0.19% 144,922 $36M $245.70 $1M +25 +0.0%
93 COP 0.19% 368,668 $35M $94.59 $2M -902 -0.2%
94 ADP 0.19% 118,544 $35M $293.50 -$2M -336 -0.3%
95 DE 0.18% 75,174 $34M $457.26 -$4M -204 -0.3%
96 CMCSA 0.18% 1,087,612 $34M $31.42 -$5M -14,656 -1.3%
97 WELL 0.18% 191,042 $34M $178.14 $5M +1,483 +0.8%
98 MO 0.17% 491,993 $33M $66.06 $4M -997 -0.2%
99 CB 0.17% 111,211 $31M $282.25 -$851K -69 -0.1%
100 MELI 0.17% 13,324 $31M $2,336.94 -$4M +7 +0.1%

New Positions

SymbolValue% Port
VNOM $2M 0.01%
PSKY $2M 0.01%
GLXY $2M 0.01%
AEM $2M 0.01%
B $999K 0.01%
WPM $900K —%
LCID $857K —%
LINE $783K —%
FNV $758K —%
GFI $666K —%
KGC $537K —%
LASR $412K —%
MLYS $402K —%
WLDN $393K —%
PENG $387K —%

Sold Out Positions

SymbolValue% Port
WNC —%
ZIP —%
BGS —%
KFRC —%
JELD —%
RKT —%
SLQT —%
BFLY —%
BVS —%
SSB —%
CTKB —%
BJRI —%
FTRE —%
CAPR —%
GRPN —%
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