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Arizona State Retirement System

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

Q4 2025 · Filed 2026-01-28
Market Value
$18.3B
-2.1%
Holdings
2,073
-4
New Purchases
47
Added To
147
Closed
81
Reduced
1,798
Top 10 Concentration
35.1%
Turnover
6.2%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
GOOGL 2.82% 2.21% +0.60% $515M
GOOG 2.36% 1.87% +0.49% $432M
LLY 1.34% 0.96% +0.38% $246M
AAPL 6.23% 5.94% +0.29% $1.1B
MU 0.50% 0.29% +0.20% $91M
AMZN 3.42% 3.28% +0.14% $625M
AMD 0.54% 0.41% +0.13% $99M
AVGO 2.39% 2.30% +0.09% $438M
MRK 0.40% 0.33% +0.07% $74M
JNJ 0.77% 0.70% +0.07% $141M
LRCX 0.33% 0.27% +0.07% $61M
ISRG 0.32% 0.25% +0.06% $58M
CAT 0.41% 0.35% +0.06% $76M
AMAT 0.32% 0.26% +0.06% $58M
TMO 0.34% 0.29% +0.05% $62M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
MSFT 5.27% 5.72% -0.45% $964M
META 2.22% 2.49% -0.27% $406M
ORCL 0.51% 0.74% -0.23% $94M
NFLX 0.61% 0.80% -0.19% $111M
HD 0.53% 0.63% -0.10% $97M
NVDA 7.04% 7.12% -0.08% $1.3B
MSTR 0.06% 0.13% -0.07% $11M
TSLA 1.95% 2.02% -0.06% $358M
FI 0.06% 0.11% -0.06% $10M
UBER 0.25% 0.30% -0.05% $46M
NOW 0.25% 0.30% -0.05% $45M
RBLX 0.07% 0.12% -0.05% $13M
COST 0.60% 0.64% -0.05% $109M
PG 0.52% 0.56% -0.04% $96M
T 0.28% 0.32% -0.04% $51M

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 $10.4B 56.7%
Large Cap 663 $6.9B 37.5%
Mid Cap 849 $920M 5.0%
Small Cap 494 $143M 0.8%
Micro Cap 12 $1M 0.0%

Portfolio Analytics

Avg Market Cap
$39.6B
Median Market Cap
$5.3B
Avg P/E
34.2
Median P/E
21.7
Avg Dividend Yield
0.02%
Avg Beta
1.11
# Stocks
2,072
# ETFs / Funds
1

Top Holdings (2,073 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 NVDA 7.04% 6,905,742 $1.3B $186.50 -$42M -219,895 -3.1%
2 AAPL 6.23% 4,194,593 $1.1B $271.86 $30M -167,181 -3.8%
3 MSFT 5.27% 1,993,631 $964M $483.62 -$104M -68,399 -3.3%
4 AMZN 3.42% 2,708,304 $625M $230.82 $12M -82,002 -2.9%
5 GOOGL 2.82% 1,646,513 $515M $313.00 $102M -53,127 -3.1%
6 AVGO 2.39% 1,265,651 $438M $346.10 $8M -39,246 -3.0%
7 GOOG 2.36% 1,375,984 $432M $313.80 $82M -58,810 -4.1%
8 META 2.22% 615,238 $406M $660.09 -$60M -18,812 -3.0%
9 TSLA 1.95% 795,441 $358M $449.72 -$19M -51,126 -6.0%
10 JPM 1.35% 769,098 $248M $322.22 -$8M -42,288 -5.2%
11 LLY 1.34% 228,869 $246M $1,074.68 $66M -6,368 -2.7%
12 BRK-B 1.07% 388,841 $195M $502.65 -$4M -6,939 -1.8%
13 V 0.93% 485,236 $170M $350.71 -$450K -14,579 -2.9%
14 XOM 0.79% 1,207,146 $145M $120.34 $3M -51,417 -4.1%
15 JNJ 0.77% 679,300 $141M $206.95 $10M -23,356 -3.3%
16 MA 0.76% 243,464 $139M $570.88 -$3M -6,784 -2.7%
17 WMT 0.75% 1,228,207 $137M $111.41 $5M -53,724 -4.2%
18 PLTR 0.62% 640,375 $114M $177.75 -$7M -20,866 -3.2%
19 ABBV 0.62% 496,417 $113M $228.49 -$6M -19,457 -3.8%
20 NFLX 0.61% 1,187,920 $111M $93.76 -$38M +1,063,638 +855.8%
21 COST 0.60% 126,417 $109M $862.34 -$11M -3,094 -2.4%
22 BAC 0.59% 1,977,535 $109M $55.00 $921K -112,854 -5.4%
23 AMD 0.54% 460,531 $99M $214.16 $22M -12,975 -2.7%
24 HD 0.53% 283,002 $97M $344.10 -$20M -7,509 -2.6%
25 PG 0.52% 667,023 $96M $143.31 -$10M -17,754 -2.6%
26 ORCL 0.51% 479,853 $94M $194.91 -$46M -14,905 -3.0%
27 GE 0.50% 298,164 $92M $308.03 -$2M -13,342 -4.3%
28 MU 0.50% 318,004 $91M $285.41 $36M -8,819 -2.7%
29 CSCO 0.48% 1,129,159 $87M $77.03 $7M -32,639 -2.8%
30 UNH 0.46% 255,224 $84M $330.11 -$7M -9,739 -3.7%
31 WFC 0.46% 900,959 $84M $93.20 $5M -39,509 -4.2%
32 CVX 0.46% 550,056 $84M $152.41 -$5M -22,552 -3.9%
33 KO 0.45% 1,166,603 $82M $69.91 $2M -28,087 -2.4%
34 IBM 0.43% 262,932 $78M $296.21 $1M -8,293 -3.1%
35 CAT 0.41% 132,423 $76M $572.87 $10M -4,905 -3.6%
36 GS 0.41% 84,678 $74M $879.00 $3M -4,925 -5.5%
37 MRK 0.40% 702,282 $74M $105.26 $12M -31,306 -4.3%
38 CRM 0.39% 268,679 $71M $264.91 $5M -10,392 -3.7%
39 PM 0.39% 439,866 $71M $160.40 -$3M -14,746 -3.2%
40 RTX 0.38% 380,394 $70M $183.40 $4M -9,799 -2.5%
41 ABT 0.34% 494,902 $62M $125.29 -$6M -13,152 -2.6%
42 TMO 0.34% 106,998 $62M $579.45 $9M -3,270 -3.0%
43 MCD 0.33% 200,268 $61M $305.63 -$2M -8,567 -4.1%
44 LRCX 0.33% 357,563 $61M $171.18 $11M -15,984 -4.3%
45 C 0.33% 520,467 $61M $116.69 $6M -17,191 -3.2%
46 MS 0.33% 336,232 $60M $177.53 $4M -13,772 -3.9%
47 AMAT 0.32% 226,438 $58M $256.99 $10M -7,920 -3.4%
48 AXP 0.32% 156,070 $58M $369.95 $3M -7,602 -4.6%
49 DIS 0.32% 507,136 $58M $113.77 -$2M -17,868 -3.4%
50 ISRG 0.32% 101,868 $58M $566.36 $11M -2,803 -2.7%
51 LIN 0.31% 133,700 $57M $426.39 -$8M -3,768 -2.7%
52 PEP 0.30% 384,202 $55M $143.52 -$1M -16,201 -4.0%
53 INTU 0.29% 78,730 $52M $662.42 -$3M -2,733 -3.4%
54 QCOM 0.28% 300,937 $51M $171.05 -$1M -14,963 -4.7%
55 T 0.28% 2,040,155 $51M $24.84 -$9M -61,208 -2.9%
56 GEV 0.27% 76,880 $50M $653.57 $1M -2,837 -3.6%
57 AMGN 0.27% 151,395 $50M $327.31 $5M -5,634 -3.6%
58 SCHW 0.27% 492,113 $49M $99.91 $1M -11,921 -2.4%
59 TJX 0.27% 319,560 $49M $153.61 $2M -6,193 -1.9%
60 BKNG 0.27% 9,118 $49M $5,355.33 -$2M -385 -4.0%
61 VZ 0.27% 1,191,291 $49M $40.73 -$6M -40,001 -3.2%
62 BA 0.26% 219,577 $48M $217.12 $145K -639 -0.3%
63 NEE 0.26% 588,634 $47M $80.28 $2M -12,875 -2.1%
64 ACN 0.26% 175,311 $47M $268.30 $2M -6,569 -3.6%
65 INTC 0.26% 1,273,875 $47M $36.90 $4M +21
66 APH 0.26% 347,038 $47M $135.14 $3M -6,236 -1.8%
67 SPGI 0.25% 88,703 $46M $522.59 $2M -2,990 -3.3%
68 UBER 0.25% 562,268 $46M $81.71 -$11M -17,950 -3.1%
69 NOW 0.25% 292,807 $45M $153.19 -$11M +232,340 +384.2%
70 KLAC 0.24% 36,848 $45M $1,215.08 $3M -1,771 -4.6%
71 TXN 0.24% 256,584 $45M $173.49 -$4M -8,722 -3.3%
72 BLK 0.24% 41,588 $45M $1,070.34 -$6M -1,407 -3.3%
73 APP 0.24% 65,104 $44M $673.82 -$5M -2,290 -3.4%
74 COF 0.24% 180,862 $44M $242.36 $4M -6,089 -3.3%
75 GILD 0.24% 351,709 $43M $122.74 $3M -11,561 -3.2%
76 DHR 0.23% 181,341 $42M $228.92 $4M -6,790 -3.6%
77 ADBE 0.23% 118,419 $41M $349.99 -$2M -5,462 -4.4%
78 BSX 0.22% 420,931 $40M $95.35 -$2M -11,163 -2.6%
79 PFE 0.22% 1,599,728 $40M $24.90 -$2M -61,293 -3.7%
80 ANET 0.22% 303,115 $40M $131.03 -$6M -8,686 -2.8%
81 UNP 0.21% 169,921 $39M $231.32 -$2M -4,563 -2.6%
82 LOW 0.21% 157,973 $38M $241.16 -$3M -5,637 -3.5%
83 ADI 0.21% 138,965 $38M $271.20 $2M -5,957 -4.1%
84 PGR 0.20% 164,244 $37M $227.72 -$5M -6,982 -4.1%
85 WELL 0.20% 192,892 $36M $185.61 $2M +1,850 +1.0%
86 HON 0.19% 181,609 $35M $195.09 -$4M -6,077 -3.2%
87 PANW 0.19% 190,704 $35M $184.20 -$5M -4,025 -2.1%
88 ETN 0.19% 110,034 $35M $318.51 -$8M -4,280 -3.7%
89 MDT 0.19% 361,379 $35M $96.06 -$922K -12,795 -3.4%
90 SYK 0.19% 97,835 $34M $351.47 -$3M -2,640 -2.6%
91 DE 0.18% 72,230 $34M $465.57 -$746K -2,944 -3.9%
92 CB 0.18% 107,071 $33M $312.12 $2M -4,140 -3.7%
93 PLD 0.18% 261,441 $33M $127.66 $2M -9,546 -3.5%
94 CRWD 0.18% 70,826 $33M $468.76 -$2M -1,964 -2.7%
95 COP 0.18% 351,399 $33M $93.61 -$2M -17,269 -4.7%
96 VRTX 0.18% 72,293 $33M $453.36 $3M -2,701 -3.6%
97 BX 0.17% 206,393 $32M $154.14 -$5M -6,690 -3.1%
98 PH 0.17% 35,863 $32M $878.96 $3M -1,454 -3.9%
99 CEG 0.17% 88,233 $31M $353.27 $1M -3,296 -3.6%
100 CMCSA 0.17% 1,037,999 $31M $29.89 -$3M -49,613 -4.6%

New Positions

SymbolValue% Port
RKT $5M 0.03%
Q $5M 0.03%
RSP $5M 0.03%
CRWV $3M 0.02%
SOLS $2M 0.01%
ONDS $941K 0.01%
WLK $798K —%
TTAN $704K —%
SUNC $571K —%
FTRE $438K —%
LLYVA $405K —%
HOUS $375K —%
CELC $359K —%
TTI $329K —%
CSTL $314K —%

Sold Out Positions

SymbolValue% Port
GNK —%
ETD —%
AEM —%
OEC —%
FPI —%
NXRT —%
MMI —%
B —%
FNV —%
MCB —%
CMP —%
LXP —%
HPP —%
ACH —%
IVR —%
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