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Retirement Systems of Alabama

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

Q4 2025 · Filed 2026-01-15
Market Value
$30.7B
+2.5%
Holdings
951
-3
New Purchases
16
Added To
111
Closed
18
Reduced
779
Top 10 Concentration
27.8%
Turnover
3.6%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
GOOGL 2.02% 1.61% +0.41% $619M
GOOG 1.61% 1.29% +0.32% $495M
AAPL 4.62% 4.46% +0.17% $1.4B
LLY 0.59% 0.43% +0.16% $182M
CVS 0.23% 0.07% +0.16% $70M
WDAY 0.17% 0.04% +0.13% $53M
ISRG 0.38% 0.26% +0.12% $118M
AMZN 2.81% 2.71% +0.10% $864M
MT 0.10% 0.00% +0.10% $31M
PINS 0.09% 0.00% +0.09% $28M
REGN 0.32% 0.24% +0.08% $99M
MU 0.41% 0.33% +0.08% $126M
VGIT 0.25% 0.17% +0.08% $76M
AMAT 0.39% 0.32% +0.07% $120M
AVY 0.14% 0.07% +0.07% $42M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
MSFT 4.14% 4.55% -0.41% $1.3B
UNH 0.21% 0.47% -0.27% $64M
META 1.51% 1.72% -0.21% $464M
FIX 0.03% 0.21% -0.18% $9M
NVDA 5.38% 5.54% -0.16% $1.7B
NFLX 0.41% 0.54% -0.13% $125M
ORCL 0.23% 0.33% -0.10% $70M
DD 0.01% 0.10% -0.09% $4M
HD 0.36% 0.44% -0.08% $111M
HPE 0.32% 0.39% -0.07% $98M
HOLX 0.09% 0.16% -0.07% $27M
UBER 0.29% 0.35% -0.07% $88M
CAG 0.01% 0.07% -0.06% $2M
JBHT 0.01% 0.06% -0.05% $3M
PG 0.47% 0.52% -0.05% $144M

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 $14.3B 46.5%
Large Cap 587 $13.2B 43.1%
Mid Cap 291 $3.1B 10.2%
Small Cap 11 $52M 0.2%
Micro Cap 2 $1M 0.0%

Portfolio Analytics

Avg Market Cap
$85.7B
Median Market Cap
$16.9B
Avg P/E
32.5
Median P/E
23.0
Avg Dividend Yield
0.02%
Avg Beta
0.99
# Stocks
934
# ETFs / Funds
17

Top Holdings (951 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 NVDA 5.38% 8,858,792 $1.7B $186.50 -$7M -35,505 -0.4%
2 AAPL 4.62% 5,220,255 $1.4B $271.86 $84M -22,278 -0.4%
3 MSFT 4.14% 2,627,257 $1.3B $483.62 -$93M -4,503 -0.2%
4 AMZN 2.81% 3,742,266 $864M $230.82 $51M +42,040 +1.1%
5 AVGO 2.38% 2,106,386 $729M $346.10 $35M +1,275 +0.1%
6 GOOGL 2.02% 1,978,633 $619M $313.00 $138M -3,180 -0.2%
7 IEMG 1.66% 7,584,431 $510M $67.22 $10M
8 EEM 1.63% 9,131,302 $500M $54.71 $12M
9 GOOG 1.61% 1,578,396 $495M $313.80 $109M -6,932 -0.4%
10 META 1.51% 702,820 $464M $660.09 -$52M +634 +0.1%
11 DFAE 1.34% 12,668,769 $413M $32.57 $13M
12 BRK-B 1.22% 741,989 $373M $502.65 -$605K -1,070 -0.1%
13 TSLA 1.10% 752,197 $338M $449.72 $3M -828 -0.1%
14 JPM 0.99% 942,236 $304M $322.22 $4M -7,451 -0.8%
15 V 0.84% 738,004 $259M $350.71 $6M -3,343 -0.5%
16 JNJ 0.82% 1,213,592 $251M $206.95 $26M -1,202 -0.1%
17 BND 0.72% 3,001,761 $222M $74.07 -$2M -15,577 -0.5%
18 CSCO 0.69% 2,743,070 $211M $77.03 $23M -6,409 -0.2%
19 VOO 0.68% 332,799 $209M $627.13 -$5M -16,365 -4.7%
20 MA 0.68% 364,052 $208M $570.88 -$189K -1,657 -0.5%
21 IBM 0.65% 669,449 $198M $296.21 $206K -32,604 -4.6%
22 WMT 0.64% 1,757,950 $196M $111.41 $827K -134,403 -7.1%
23 BAC 0.61% 3,404,952 $187M $55.00 $10M -24,417 -0.7%
24 CRM 0.59% 688,061 $182M $264.91 $19M -1,407 -0.2%
25 ABBV 0.59% 795,237 $182M $228.49 -$3M -855 -0.1%
26 LLY 0.59% 168,938 $182M $1,074.68 $52M -655 -0.4%
27 CVX 0.57% 1,150,385 $175M $152.41 -$5M -7,897 -0.7%
28 XOM 0.55% 1,410,701 $170M $120.34 $9M -12,290 -0.9%
29 GE 0.53% 530,879 $164M $308.03 $3M -1,815 -0.3%
30 WFC 0.53% 1,752,666 $163M $93.20 $15M -15,560 -0.9%
31 GS 0.49% 172,741 $152M $879.00 $14M -771 -0.4%
32 PG 0.47% 1,003,924 $144M $143.31 -$11M -2,565 -0.2%
33 MS 0.47% 809,145 $144M $177.53 $15M -1,842 -0.2%
34 COST 0.46% 162,443 $140M $862.34 $8M +19,942 +14.0%
35 PLD 0.45% 1,092,611 $139M $127.66 $13M -9,444 -0.9%
36 AXP 0.45% 373,033 $138M $369.95 $14M -1,482 -0.4%
37 PM 0.44% 837,203 $134M $160.40 $12M +84,957 +11.3%
38 CAT 0.44% 233,677 $134M $572.87 $22M -378 -0.2%
39 C 0.42% 1,096,053 $128M $116.69 $15M -12,051 -1.1%
40 KO 0.42% 1,823,283 $127M $69.91 $6M -2,652 -0.1%
41 MU 0.41% 440,664 $126M $285.41 $27M -149,943 -25.4%
42 NFLX 0.41% 1,337,436 $125M $93.76 -$36M +1,203,190 +896.3%
43 AMAT 0.39% 467,833 $120M $256.99 $24M -1,714 -0.4%
44 ISRG 0.38% 207,942 $118M $566.36 $40M +34,236 +19.7%
45 TMO 0.38% 201,496 $117M $579.45 $19M -624 -0.3%
46 ADBE 0.37% 328,678 $115M $349.99 -$1M -1,440 -0.4%
47 SCHW 0.37% 1,132,110 $113M $99.91 $4M -8,651 -0.8%
48 AMGN 0.37% 344,470 $113M $327.31 $15M -288 -0.1%
49 HD 0.36% 323,234 $111M $344.10 -$20M -484 -0.1%
50 QCOM 0.36% 649,447 $111M $171.05 $3M -2,229 -0.3%
51 EQIX 0.36% 144,303 $111M $766.16 -$3M -793 -0.6%
52 CTSH 0.36% 1,322,732 $110M $83.00 $21M -1,507 -0.1%
53 BKNG 0.33% 19,078 $102M $5,355.33 $4M +927 +5.1%
54 AKAM 0.33% 1,165,309 $102M $87.25 $13M +18
55 REGN 0.32% 128,317 $99M $771.87 $27M -292 -0.2%
56 WELL 0.32% 529,557 $98M $185.61 $10M +33,271 +6.7%
57 HPE 0.32% 4,070,702 $98M $24.02 -$20M -726,113 -15.1%
58 TJX 0.30% 607,740 $93M $153.61 $5M -1,221 -0.2%
59 UBER 0.29% 1,075,087 $88M $81.71 -$18M -2,832 -0.3%
60 HWM 0.28% 422,763 $87M $205.02 $4M -462 -0.1%
61 PFE 0.28% 3,477,110 $87M $24.90 $8M +379,870 +12.3%
62 PLTR 0.28% 485,957 $86M $177.75 -$2M +817 +0.2%
63 VZ 0.28% 2,113,216 $86M $40.73 -$7M -2,436 -0.1%
64 EBAY 0.28% 972,054 $85M $87.10 -$4M -1,329 -0.1%
65 NTAP 0.27% 783,359 $84M $107.09 -$9M -220 -0.0%
66 KLAC 0.27% 68,503 $83M $1,215.08 $9M -198 -0.3%
67 HCA 0.27% 175,977 $82M $466.86 $7M -958 -0.5%
68 VBR 0.26% 382,480 $81M $211.79 $1M
69 CB 0.26% 257,253 $80M $312.12 $7M -1,233 -0.5%
70 GM 0.26% 977,581 $79M $81.32 $20M -4,643 -0.5%
71 CAH 0.25% 377,896 $78M $205.50 $18M -395 -0.1%
72 VGIT 0.25% 1,269,160 $76M $59.93 $25M +422,445 +49.9%
73 BMY 0.25% 1,408,599 $76M $53.94 $17M +106,893 +8.2%
74 LOW 0.24% 310,188 $75M $241.16 -$3M -244 -0.1%
75 CMCSA 0.24% 2,489,780 $74M $29.89 $4M +255,398 +11.4%
76 AMD 0.24% 346,341 $74M $214.16 $18M +159 +0.1%
77 NOC 0.24% 129,102 $74M $570.21 -$5M -170 -0.1%
78 UNP 0.24% 317,400 $73M $231.32 -$2M -318 -0.1%
79 NKE 0.23% 1,130,383 $72M $63.71 $3M +146,681 +14.9%
80 PH 0.23% 81,567 $72M $878.96 $10M -413 -0.5%
81 ORCL 0.23% 357,813 $70M $194.91 -$30M +4,300 +1.2%
82 CVS 0.23% 876,611 $70M $79.36 $49M +606,054 +224.0%
83 SBUX 0.23% 820,752 $69M $84.21 -$373K -620 -0.1%
84 COP 0.22% 733,356 $69M $93.61 -$1M -3,542 -0.5%
85 KDP 0.22% 2,378,821 $67M $28.01 $6M -761 -0.0%
86 VTR 0.21% 849,738 $66M $77.38 $7M +8,617 +1.0%
87 MTCH 0.21% 2,020,425 $65M $32.29 -$6M -1,109 -0.1%
88 WBD 0.21% 2,259,890 $65M $28.82 $9M -596,816 -20.9%
89 UNH 0.21% 192,704 $64M $330.11 -$78M -217,419 -53.0%
90 AMT 0.21% 361,213 $63M $175.57 -$7M -5,133 -1.4%
91 CCI 0.20% 700,967 $62M $88.87 -$6M -4,745 -0.7%
92 TDG 0.20% 46,196 $61M $1,329.85 $494K -40 -0.1%
93 JCI 0.20% 509,245 $61M $119.75 $4M -9,584 -1.9%
94 ZM 0.20% 704,563 $61M $86.29 $3M
95 TXN 0.19% 343,103 $60M $173.49 -$4M -639 -0.2%
96 PEP 0.19% 404,280 $58M $143.52 $1M -1,171 -0.3%
97 ADP 0.19% 225,077 $58M $257.23 -$8M -362 -0.2%
98 RCL 0.19% 207,555 $58M $278.92 $4M +40,619 +24.3%
99 MMM 0.19% 358,234 $57M $160.10 $2M -609 -0.2%
100 T 0.18% 2,239,369 $56M $24.84 -$8M -17,132 -0.8%

New Positions

SymbolValue% Port
MT $31M 0.10%
PINS $28M 0.09%
BAH $18M 0.06%
CRH.L $18M 0.06%
SPXC $17M 0.06%
HL $15M 0.05%
CVNA $13M 0.04%
DY $12M 0.04%
BWA $12M 0.04%
STRL $11M 0.04%
ULS $11M 0.03%
PATH $8M 0.03%
ARES $7M 0.02%
SNDK $7M 0.02%
BSY $7M 0.02%

Sold Out Positions

SymbolValue% Port
EMN —%
UAA —%
WU —%
TDC —%
NSP —%
VAC —%
MHK —%
PRGO —%
KMX —%
UA —%
RAMP —%
LKQ —%
PODD —%
JCOM —%
K —%
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