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Retirement Systems of Alabama

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

Q3 2025 · Filed 2025-10-31
Market Value
$29.9B
+7.6%
Holdings
954
+12
New Purchases
29
Added To
187
Closed
19
Reduced
705
Top 10 Concentration
27.5%
Turnover
5.0%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
AAPL 4.46% 3.84% +0.62% $1.3B
NVDA 5.54% 5.07% +0.47% $1.7B
GOOGL 1.61% 1.26% +0.35% $482M
GOOG 1.29% 1.02% +0.27% $386M
ADBE 0.39% 0.13% +0.26% $116M
AVGO 2.32% 2.09% +0.23% $694M
TSLA 1.12% 0.91% +0.21% $335M
CVX 0.60% 0.44% +0.16% $180M
RTX 0.16% 0.00% +0.16% $48M
TTD 0.15% 0.00% +0.15% $45M
APP 0.14% 0.00% +0.14% $41M
CTVA 0.17% 0.04% +0.13% $51M
TWLO 0.12% 0.00% +0.12% $37M
LVS 0.11% 0.01% +0.10% $34M
JNJ 0.75% 0.67% +0.08% $225M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
EA 0.03% 0.34% -0.30% $10M
ORCL 0.33% 0.60% -0.27% $99M
IBKR 0.02% 0.21% -0.19% $7M
CMG 0.04% 0.22% -0.18% $11M
AMZN 2.71% 2.88% -0.17% $812M
MSFT 4.55% 4.72% -0.17% $1.4B
META 1.72% 1.87% -0.15% $516M
HES 0.00% 0.15% -0.15% $0
NFLX 0.54% 0.68% -0.15% $161M
EME 0.02% 0.14% -0.12% $6M
TRGP 0.03% 0.14% -0.11% $8M
CNC 0.01% 0.12% -0.10% $4M
KEY 0.01% 0.11% -0.10% $4M
ACGL 0.02% 0.11% -0.09% $7M
PM 0.41% 0.49% -0.09% $122M

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 59 $13.9B 46.3%
Large Cap 580 $12.7B 42.5%
Mid Cap 299 $3.3B 11.0%
Small Cap 14 $62M 0.2%
Micro Cap 2 $2M 0.0%

Portfolio Analytics

Avg Market Cap
$85.0B
Median Market Cap
$16.6B
Avg P/E
32.5
Median P/E
22.9
Avg Dividend Yield
0.02%
Avg Beta
0.98
# Stocks
937
# ETFs / Funds
17

Top Holdings (954 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 NVDA 5.54% 8,894,297 $1.7B $186.58 $250M -28,117 -0.3%
2 MSFT 4.55% 2,631,760 $1.4B $517.95 $49M -9,244 -0.3%
3 AAPL 4.46% 5,242,533 $1.3B $254.63 $266M +34,216 +0.7%
4 AMZN 2.71% 3,700,226 $812M $219.57 $10M +42,798 +1.2%
5 AVGO 2.32% 2,105,111 $694M $329.91 $113M -5,609 -0.3%
6 META 1.72% 702,186 $516M $734.38 -$5M -3,206 -0.5%
7 IEMG 1.67% 7,584,431 $500M $65.92 $45M
8 EEM 1.63% 9,131,302 $488M $53.40 $47M -11,123 -0.1%
9 GOOGL 1.61% 1,981,813 $482M $243.10 $131M -7,984 -0.4%
10 DFAE 1.33% 12,668,769 $399M $31.53 $33M
11 GOOG 1.29% 1,585,328 $386M $243.55 $103M -11,243 -0.7%
12 BRK-B 1.25% 743,059 $374M $502.74 $17M +8,787 +1.2%
13 TSLA 1.12% 753,025 $335M $444.72 $82M -44,399 -5.6%
14 JPM 1.00% 949,687 $300M $315.43 $35M +37,107 +4.1%
15 V 0.85% 741,347 $253M $341.38 -$6M +12,530 +1.7%
16 JNJ 0.75% 1,214,794 $225M $185.42 $39M -2,552 -0.2%
17 BND 0.75% 3,017,338 $224M $74.37 $872K -18,484 -0.6%
18 VOO 0.71% 349,164 $214M $612.38 $4M -20,310 -5.5%
19 MA 0.69% 365,709 $208M $568.81 $12M +16,128 +4.6%
20 IBM 0.66% 702,053 $198M $282.16 $24M +111,922 +19.0%
21 WMT 0.65% 1,892,353 $195M $103.06 $4M -63,073 -3.2%
22 CSCO 0.63% 2,749,479 $188M $68.42 $2M +63,213 +2.4%
23 ABBV 0.62% 796,092 $184M $231.54 $36M -2,194 -0.3%
24 CVX 0.60% 1,158,282 $180M $155.29 $57M +301,439 +35.2%
25 BAC 0.59% 3,429,369 $177M $51.59 $17M +47,548 +1.4%
26 CRM 0.55% 689,468 $163M $237.00 $20M +161,920 +30.7%
27 NFLX 0.54% 134,246 $161M $1,198.92 -$29M -7,643 -5.4%
28 XOM 0.54% 1,422,991 $160M $112.75 $5M -15,410 -1.1%
29 GE 0.54% 532,694 $160M $300.82 $22M -2,616 -0.5%
30 PG 0.52% 1,006,489 $155M $153.65 -$6M -3,422 -0.3%
31 WFC 0.49% 1,768,226 $148M $83.82 $5M -14,929 -0.8%
32 UNH 0.47% 410,123 $142M $345.30 $29M +49,174 +13.6%
33 GS 0.46% 173,512 $138M $796.35 $14M -1,266 -0.7%
34 COST 0.44% 142,501 $132M $925.63 $262K +9,522 +7.2%
35 HD 0.44% 323,718 $131M $405.19 $12M -1,040 -0.3%
36 LLY 0.43% 169,593 $129M $763.00 -$2M +800 +0.5%
37 MS 0.43% 810,987 $129M $158.96 $14M -6,277 -0.8%
38 PLD 0.42% 1,102,055 $126M $114.52 $10M -1,141 -0.1%
39 AXP 0.42% 374,515 $124M $332.16 $4M -2,976 -0.8%
40 PM 0.41% 752,246 $122M $162.20 -$15M -1,948 -0.3%
41 KO 0.40% 1,825,935 $121M $66.32 -$8M -4,953 -0.3%
42 HPE 0.39% 4,796,815 $118M $24.56 $20M -1,949 -0.0%
43 ADBE 0.39% 330,118 $116M $352.75 $81M +238,664 +261.0%
44 EQIX 0.38% 145,096 $114M $783.24 $4M +6,985 +5.1%
45 C 0.38% 1,108,104 $112M $101.50 $17M -8,081 -0.7%
46 CAT 0.37% 234,055 $112M $477.15 $20M -985 -0.4%
47 SCHW 0.36% 1,140,761 $109M $95.47 $5M -2,505 -0.2%
48 QCOM 0.36% 651,676 $108M $166.36 $4M -5,367 -0.8%
49 UBER 0.35% 1,077,919 $106M $97.97 $5M -3,865 -0.4%
50 ORCL 0.33% 353,513 $99M $281.24 -$69M -415,564 -54.0%
51 MU 0.33% 590,607 $99M $167.32 $15M -85,560 -12.7%
52 TMO 0.33% 202,120 $98M $485.02 $16M -452 -0.2%
53 BKNG 0.33% 18,151 $98M $5,399.27 -$7M -68 -0.4%
54 AMGN 0.32% 344,758 $97M $282.20 $881K -538 -0.2%
55 AMAT 0.32% 469,547 $96M $204.74 $10M -3,147 -0.7%
56 VZ 0.31% 2,115,652 $93M $43.95 $1M -5,252 -0.2%
57 NTAP 0.31% 783,579 $93M $118.46 $18M +83,522 +11.9%
58 CTSH 0.30% 1,324,239 $89M $67.07 -$4M +138,191 +11.7%
59 EBAY 0.30% 973,383 $89M $90.95 $12M -50,008 -4.9%
60 PLTR 0.30% 485,140 $88M $182.42 $26M +28,701 +6.3%
61 WELL 0.30% 496,286 $88M $178.14 $14M +9,365 +1.9%
62 AKAM 0.29% 1,165,291 $88M $75.76 $5M +122,846 +11.8%
63 TJX 0.29% 608,961 $88M $144.54 $13M -1,596 -0.3%
64 HWM 0.28% 423,225 $83M $196.23 $4M -627 -0.1%
65 VBR 0.27% 382,480 $80M $208.71 $5M
66 PFE 0.26% 3,097,240 $79M $25.48 $4M -7,138 -0.2%
67 NOC 0.26% 129,272 $79M $609.32 $14M -320 -0.2%
68 LOW 0.26% 310,432 $78M $251.31 $9M -550 -0.2%
69 ISRG 0.26% 173,706 $78M $447.23 -$17M -439 -0.2%
70 HCA 0.25% 176,935 $75M $426.20 $7M -2,227 -1.2%
71 UNP 0.25% 317,718 $75M $236.37 $2M -1,701 -0.5%
72 KLAC 0.25% 68,701 $74M $1,078.60 $12M -226 -0.3%
73 CB 0.24% 258,486 $73M $282.25 $10M +41,026 +18.9%
74 REGN 0.24% 128,609 $72M $562.27 $5M -554 -0.4%
75 MTCH 0.24% 2,021,534 $71M $35.32 $9M -1,292 -0.1%
76 AMT 0.24% 366,346 $70M $192.32 -$11M -567 -0.1%
77 CMCSA 0.23% 2,234,382 $70M $31.42 -$10M -13,550 -0.6%
78 COP 0.23% 736,898 $70M $94.59 -$8M -125,267 -14.5%
79 SBUX 0.23% 821,372 $69M $84.60 -$1M +51,423 +6.7%
80 NKE 0.23% 983,702 $69M $69.73 -$1M +626 +0.1%
81 CCI 0.23% 705,712 $68M $96.49 $2M +58,652 +9.1%
82 ADP 0.22% 225,439 $66M $293.50 -$4M -699 -0.3%
83 FIX 0.21% 77,369 $64M $825.18 $22M -456 -0.6%
84 T 0.21% 2,256,501 $64M $28.24 -$2M -18,724 -0.8%
85 URI 0.21% 66,712 $64M $954.66 $13M -223 -0.3%
86 TXN 0.21% 343,742 $63M $183.73 -$8M -1,004 -0.3%
87 AJG 0.21% 201,076 $62M $309.74 $5M +23,433 +13.2%
88 PH 0.21% 81,980 $62M $758.15 $5M -161 -0.2%
89 TDG 0.20% 46,236 $61M $1,318.02 -$9M -31 -0.1%
90 KDP 0.20% 2,379,582 $61M $25.51 -$18M -1,661 -0.1%
91 GM 0.20% 982,224 $60M $60.97 $11M -3,208 -0.3%
92 CAH 0.20% 378,291 $59M $156.96 -$4M -277 -0.1%
93 SHW 0.20% 170,411 $59M $346.26 -$17M -50,109 -22.7%
94 VTR 0.20% 841,121 $59M $69.99 $6M +107 +0.0%
95 BMY 0.20% 1,301,706 $59M $45.10 -$2M -2,491 -0.2%
96 ZM 0.19% 704,563 $58M $82.50 $3M
97 JCI 0.19% 518,829 $57M $109.95 $2M -1,611 -0.3%
98 PEP 0.19% 405,451 $57M $140.44 $3M -2,156 -0.5%
99 AMD 0.19% 346,182 $56M $161.79 $7M -1,740 -0.5%
100 WBD 0.19% 2,856,706 $56M $19.53 $16M -646,498 -18.4%

New Positions

SymbolValue% Port
RTX $48M 0.16%
TTD $45M 0.15%
APP $41M 0.14%
TWLO $37M 0.12%
TRU $25M 0.08%
NTNX $24M 0.08%
HOOD $24M 0.08%
TLN $23M 0.08%
FTI $20M 0.07%
KTOS $19M 0.06%
EQH $18M 0.06%
VNOM $16M 0.05%
TRV $13M 0.04%
NXT $13M 0.04%
PWR $13M 0.04%

Sold Out Positions

SymbolValue% Port
WEN —%
MAN —%
SSB —%
ENPH —%
ACHC —%
GLBE —%
CZR —%
MKTX —%
QRVO —%
CE —%
SRPT —%
HES —%
JNPR —%
VIAC —%
AMED —%
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