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Retirement Systems of Alabama

201 SOUTH UNION STREET, MONTGOMERY, AL 36104 • 334-517-7108

Q2 2025 · Filed 2025-08-04
Market Value
$27.8B
+8.8%
Holdings
942
-12
New Purchases
7
Added To
362
Closed
17
Reduced
527
Top 10 Concentration
26.3%
Turnover
2.5%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
NVDA 5.07% 3.72% +1.35% $1.4B
MSFT 4.72% 3.91% +0.82% $1.3B
VOO 0.75% 0.05% +0.70% $210M
AVGO 2.09% 1.41% +0.69% $582M
CRM 0.52% 0.22% +0.30% $144M
META 1.87% 1.61% +0.26% $521M
CMCSA 0.29% 0.12% +0.17% $80M
VGIT 0.15% 0.00% +0.15% $43M
PFE 0.27% 0.12% +0.15% $75M
CL 0.21% 0.06% +0.15% $59M
AMZN 2.88% 2.74% +0.14% $802M
YUM 0.15% 0.04% +0.12% $43M
VTR 0.19% 0.09% +0.10% $53M
KEY 0.11% 0.01% +0.09% $30M
IJH 0.09% 0.00% +0.09% $26M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
AAPL 3.84% 4.57% -0.73% $1.1B
SPY 0.00% 0.64% -0.64% $0
BRK-B 1.28% 1.54% -0.26% $357M
UNH 0.40% 0.63% -0.22% $113M
RTX 0.00% 0.15% -0.15% $0
PSA 0.13% 0.27% -0.14% $36M
MTD 0.02% 0.15% -0.13% $5M
CVX 0.44% 0.57% -0.13% $123M
JNJ 0.67% 0.80% -0.13% $186M
ABBV 0.53% 0.66% -0.13% $148M
KMB 0.03% 0.16% -0.13% $9M
XOM 0.56% 0.68% -0.12% $155M
TMO 0.30% 0.40% -0.11% $82M
RF 0.02% 0.12% -0.10% $5M
PG 0.58% 0.68% -0.10% $161M

Sector Allocation Over Time

Industry Breakdown

IndustryWeight
Technology 26.4%
Financial Services 19.2%
Industrials 10.8%
Consumer Cyclical 9.5%
Healthcare 8.6%

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 60 $12.4B 44.7%
Large Cap 563 $12.0B 43.2%
Mid Cap 302 $3.3B 11.7%
Small Cap 15 $85M 0.3%
Micro Cap 2 $2M 0.0%

Portfolio Analytics

Avg Market Cap
$86.0B
Median Market Cap
$16.4B
Avg P/E
31.7
Median P/E
22.7
Avg Dividend Yield
0.02%
Avg Beta
0.98
# Stocks
921
# ETFs / Funds
21

Top Holdings (942 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 NVDA 5.07% 8,922,414 $1.4B $157.99 $459M +154,999 +1.8%
2 MSFT 4.72% 2,641,004 $1.3B $497.41 $314M -21,092 -0.8%
3 AAPL 3.84% 5,208,317 $1.1B $205.17 -$101M -58,610 -1.1%
4 AMZN 2.88% 3,657,428 $802M $219.39 $101M -28,246 -0.8%
5 AVGO 2.09% 2,110,720 $582M $275.65 $222M -37,700 -1.8%
6 META 1.87% 705,392 $521M $738.09 $109M -8,950 -1.2%
7 IEMG 1.64% 7,584,431 $455M $60.03 $46M
8 EEM 1.59% 9,142,425 $441M $48.24 $42M
9 DFAE 1.32% 12,668,769 $367M $28.95 $39M
10 BRK-B 1.28% 734,272 $357M $485.77 -$38M -6,447 -0.9%
11 GOOGL 1.26% 1,989,797 $351M $176.23 $40M -17,970 -0.9%
12 GOOG 1.02% 1,596,571 $283M $177.39 $31M -18,916 -1.2%
13 JPM 0.95% 912,580 $265M $289.91 $38M -10,106 -1.1%
14 V 0.93% 728,817 $259M $355.05 -$19K -9,601 -1.3%
15 TSLA 0.91% 797,424 $253M $317.66 $34M -48,115 -5.7%
16 BND 0.80% 3,035,822 $224M $73.63 $21M +279,046 +10.1%
17 VOO 0.75% 369,474 $210M $568.03 $196M +343,342 +1313.9%
18 MA 0.71% 349,581 $196M $561.94 $3M -4,068 -1.1%
19 WMT 0.69% 1,955,426 $191M $97.78 $25M +63,703 +3.4%
20 NFLX 0.68% 141,889 $190M $1,339.13 $5M -56,108 -28.3%
21 CSCO 0.67% 2,686,266 $186M $69.38 $11M -163,440 -5.7%
22 JNJ 0.67% 1,217,346 $186M $152.75 -$18M -13,517 -1.1%
23 IBM 0.63% 590,131 $174M $294.78 $7M -83,032 -12.3%
24 ORCL 0.60% 769,077 $168M $218.63 $15M -325,148 -29.7%
25 PG 0.58% 1,009,911 $161M $159.32 -$13M -9,791 -1.0%
26 BAC 0.58% 3,381,821 $160M $47.32 $17M -51,849 -1.5%
27 XOM 0.56% 1,438,401 $155M $107.80 -$18M -19,666 -1.4%
28 ABBV 0.53% 798,286 $148M $185.62 -$21M -7,761 -1.0%
29 CRM 0.52% 527,548 $144M $272.69 $89M +321,899 +156.5%
30 WFC 0.51% 1,783,155 $143M $80.12 $10M -72,354 -3.9%
31 GE 0.50% 535,310 $138M $257.39 $29M -7,255 -1.3%
32 PM 0.49% 754,194 $137M $182.13 $16M -7,595 -1.0%
33 COST 0.47% 132,979 $132M $989.94 $5M -859 -0.6%
34 LLY 0.47% 168,793 $132M $779.53 -$8M -526 -0.3%
35 KO 0.47% 1,830,888 $130M $70.75 -$3M -18,555 -1.0%
36 GS 0.44% 174,778 $124M $707.75 $22M -12,125 -6.5%
37 CVX 0.44% 856,843 $123M $143.19 -$24M -19,656 -2.2%
38 AXP 0.43% 377,491 $120M $318.98 $17M -5,067 -1.3%
39 HD 0.43% 324,758 $119M $366.64 -$746K -2,169 -0.7%
40 PLD 0.42% 1,103,196 $116M $105.12 -$9M -11,566 -1.0%
41 MS 0.41% 817,264 $115M $140.86 $13M -54,714 -6.3%
42 UNH 0.40% 360,949 $113M $311.97 -$48M +54,228 +17.7%
43 EQIX 0.39% 138,111 $110M $795.47 $6M +10,938 +8.6%
44 BKNG 0.38% 18,219 $105M $5,789.24 $20M -265 -1.4%
45 QCOM 0.38% 657,043 $105M $159.26 $2M -9,726 -1.5%
46 SCHW 0.37% 1,143,266 $104M $91.24 $10M -62,773 -5.2%
47 UBER 0.36% 1,081,784 $101M $93.30 $21M -11,418 -1.0%
48 HPE 0.35% 4,798,764 $98M $20.45 $27M +189,268 +4.1%
49 AMGN 0.35% 345,296 $96M $279.21 -$12M -4,138 -1.2%
50 C 0.34% 1,116,185 $95M $85.12 $15M -15,282 -1.4%
51 ISRG 0.34% 174,145 $95M $543.41 $8M -1,457 -0.8%
52 EA 0.34% 586,340 $94M $159.70 -$422K -64,511 -9.9%
53 CTSH 0.33% 1,186,048 $93M $78.03 $307K -19,703 -1.6%
54 VZ 0.33% 2,120,904 $92M $43.27 -$5M -21,552 -1.0%
55 CAT 0.33% 235,040 $91M $388.21 $12M -4,164 -1.7%
56 AMAT 0.31% 472,694 $87M $183.07 $17M -5,610 -1.2%
57 MU 0.30% 676,167 $83M $123.25 $24M -7,366 -1.1%
58 AKAM 0.30% 1,042,445 $83M $79.76 -$2M -18,845 -1.8%
59 TMO 0.30% 202,572 $82M $405.46 -$20M -3,349 -1.6%
60 AMT 0.29% 366,913 $81M $221.02 $729K -2,417 -0.7%
61 CMCSA 0.29% 2,247,932 $80M $35.69 $50M +1,437,460 +177.4%
62 HWM 0.28% 423,852 $79M $186.13 $23M -6,398 -1.5%
63 KDP 0.28% 2,381,243 $79M $33.06 -$2M +34,875 +1.5%
64 COP 0.28% 862,165 $77M $89.74 -$15M -13,775 -1.6%
65 EBAY 0.27% 1,023,391 $76M $74.46 -$10M -244,326 -19.3%
66 SHW 0.27% 220,520 $76M $343.36 -$2M -3,353 -1.5%
67 TJX 0.27% 610,557 $75M $123.49 -$12K -8,573 -1.4%
68 PFE 0.27% 3,104,378 $75M $24.24 $44M +1,886,600 +154.9%
69 WELL 0.27% 486,921 $75M $153.73 $3M +15,570 +3.3%
70 NTAP 0.27% 700,057 $75M $106.55 $29M +180,442 +34.7%
71 VBR 0.27% 382,480 $75M $195.01 $3M
72 UNP 0.26% 319,419 $73M $230.08 -$3M -5,039 -1.6%
73 TXN 0.26% 344,746 $72M $207.62 $9M -3,343 -1.0%
74 SBUX 0.25% 769,949 $71M $91.63 $469K +55,493 +7.8%
75 TDG 0.25% 46,267 $70M $1,520.64 $6M -608 -1.3%
76 NKE 0.25% 983,076 $70M $71.04 $7M -13,995 -1.4%
77 ADP 0.25% 226,138 $70M $308.40 -$206K -2,799 -1.2%
78 LOW 0.25% 310,982 $69M $221.87 -$5M -4,622 -1.5%
79 HCA 0.25% 179,162 $69M $383.10 $8M +3,314 +1.9%
80 REGN 0.24% 129,163 $68M $525.00 -$16M -2,219 -1.7%
81 CCI 0.24% 647,060 $66M $102.73 -$2M -7,623 -1.2%
82 T 0.24% 2,275,225 $66M $28.94 $1M -11,485 -0.5%
83 NOC 0.23% 129,592 $65M $499.98 -$3M -1,993 -1.5%
84 CAH 0.23% 378,568 $64M $168.00 -$578K -87,264 -18.7%
85 CB 0.23% 217,460 $63M $289.72 -$3M -2,555 -1.2%
86 MTCH 0.22% 2,022,826 $62M $30.89 $3M +105,093 +5.5%
87 PLTR 0.22% 456,439 $62M $136.32 $25M +15,955 +3.6%
88 KLAC 0.22% 68,927 $62M $895.74 $14M -902 -1.3%
89 CMG 0.22% 1,081,107 $61M $56.15 $5M -23,502 -2.1%
90 BMY 0.22% 1,304,197 $60M $46.29 -$20M -14,781 -1.1%
91 RCL 0.22% 192,134 $60M $313.14 $14M -32,797 -14.6%
92 MDLZ 0.21% 878,647 $59M $67.44 -$1M -10,785 -1.2%
93 CL 0.21% 646,166 $59M $90.90 $42M +471,775 +270.5%
94 IBKR 0.21% 1,057,199 $59M $55.41 $15M +793,553 +301.0%
95 PH 0.21% 82,141 $57M $698.47 $7M -1,221 -1.5%
96 VCSH 0.21% 720,835 $57M $79.50 -$5K -5,180 -0.7%
97 AJG 0.20% 177,643 $57M $320.12 -$5M -1,884 -1.1%
98 JCI 0.20% 520,440 $55M $105.62 $13M -7,379 -1.4%
99 ZM 0.20% 704,563 $55M $77.98 $2M -12,510 -1.7%
100 MMM 0.20% 360,707 $55M $152.24 $1M -5,529 -1.5%

New Positions

SymbolValue% Port
VGIT $43M 0.15%
IJH $26M 0.09%
OKTA $20M 0.07%
COIN $16M 0.06%
APG $15M 0.05%
VGSH $7M 0.03%
PEGA $6M 0.02%

Sold Out Positions

SymbolValue% Port
SHY —%
CNO —%
EQH —%
RTX —%
IEF —%
SEDG —%
SPY —%
VRSN —%
CBZ —%
MDY —%
DFS —%
NCR —%
0I4Q.L —%
BERY —%
ABC —%
View SEC EDGAR Filings for Retirement Systems of Alabama →

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