Arizona PSPRS Trust

Arizona PSPRS Trust is a concentrated fundamental stock-picker, running a $2.72B US long book across 10 positions.

The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is high — positions rotate quickly, so individual names matter less than the process. Current anchor positions: ISHARES CORE U.S. AGGREGATE, VANGUARD TOTAL BOND MARKET, SS BLACKSTONE SR LOAN ETF, SPDR GOLD SHARES, INVESCO RUSSELL 1000 DYN M/F.

Over the last 7 quarters its long book ran on average 0.8pp per quarter behind the S&P 500, beating the index in 2 of 7 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.