ARIZONA STATE RETIREMENT SYSTEM
Long book
$17.10B
Q1 2026
Positions
2051
Top-10 weight
32%
concentration
Last quarter
+15.2%
SPY +14.8%
Turnover
6%
of book per quarter
Strategy in plain words
auto-generated from filingsARIZONA STATE RETIREMENT SYSTEM is a mechanically diversified allocator, running a $17.10B US long book across 2051 positions.
The portfolio is moderately concentrated (top 10 ≈ 32% of the book). The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: NVIDIA CORP, APPLE INC, MICROSOFT CORP, AMAZON.COM INC, ALPHABET INC-CL A.
Over the last 9 quarters its long book ran on average 0pp per quarter ahead of the S&P 500, beating the index in 6 of 9 quarters. Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+3.7%
Q2 2024
+6.2%
Q3 2024
+2.6%
Q4 2024
-4.8%
Q1 2025
+11.1%
Q2 2025
+8.2%
Q3 2025
+2.4%
Q4 2025
-3.9%
Q1 2026
+15.2%
Sector allocation
Technology 39%
Financials 12%
Industrials 11%
Consumer discretionary 9%
Healthcare 8%
Services media 5%
Utilities 3%
Energy 3%
Long book by quarter
What does ARIZONA STATE own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NVDA NVIDIA CORP | Technology | 6.7M | $1.16B | 6.8% | -3.6% |
| AAPL APPLE INC | Technology | 4.0M | $1.02B | 6.0% | -4.0% |
| MSFT MICROSOFT CORP | Technology | 1.9M | $716.1M | 4.2% | -3.0% |
| AMZN AMAZON.COM INC | Consumer discretionary | 2.6M | $549.0M | 3.2% | -2.7% |
| GOOGL ALPHABET INC-CL A | Technology | 1.6M | $458.5M | 2.7% | -3.2% |
| GOOG ALPHABET INC-CL C | Technology | 1.3M | $382.5M | 2.2% | -3.1% |
| AVGO BROADCOM INC | Technology | 1.2M | $382.0M | 2.2% | -2.5% |
| META META PLATFORMS INC-CLASS A | Technology | 596.8K | $341.4M | 2.0% | -3.0% |
| TSLA TESLA INC | Industrials | 774.5K | $287.9M | 1.7% | -2.6% |
| JPM JPMORGAN CHASE & CO | Financials | 745.9K | $219.4M | 1.3% | -3.0% |
| LLY ELI LILLY & CO | Healthcare | 220.2K | $202.5M | 1.2% | -3.8% |
| XOM EXXON MOBIL CORP | Energy | 1.2M | $196.0M | 1.1% | -4.3% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 376.9K | $180.6M | 1.1% | -3.1% |
| JNJ JOHNSON & JOHNSON | Healthcare | 660.1K | $161.4M | 0.9% | -2.8% |
| WMT WALMART INC | Consumer discretionary | 1.2M | $149.3M | 0.9% | -2.2% |
| V VISA INC-CLASS A SHARES | Services media | 461.9K | $139.6M | 0.8% | -4.8% |
| COST COSTCO WHOLESALE CORP | Consumer discretionary | 121.6K | $121.2M | 0.7% | -3.8% |
| MA MASTERCARD INC - A | Services media | 232.1K | $116.0M | 0.7% | -4.7% |
| NFLX NETFLIX INC | Services media | 1.2M | $111.6M | 0.7% | -2.3% |
| CVX CHEVRON CORP | Energy | 524.2K | $108.5M | 0.6% | -4.7% |
| ABBV ABBVIE INC | Healthcare | 484.3K | $105.3M | 0.6% | -2.4% |
| MU MICRON TECHNOLOGY INC | Technology | 308.4K | $104.2M | 0.6% | -3.0% |
| PG PROCTER & GAMBLE CO/THE | Other | 640.3K | $92.5M | 0.5% | -4.0% |
| PLTR PALANTIR TECHNOLOGIES INC-A | Technology | 625.9K | $91.6M | 0.5% | -2.3% |
| BAC BANK OF AMERICA CORP | Financials | 1.9M | $91.5M | 0.5% | -5.1% |
| CAT CATERPILLAR INC | Industrials | 128.3K | $90.9M | 0.5% | -3.1% |
| AMD ADVANCED MICRO DEVICES | Technology | 446.1K | $90.7M | 0.5% | -3.1% |
| HD HOME DEPOT INC | Consumer discretionary | 272.8K | $89.7M | 0.5% | -3.6% |
| KO COCA-COLA CO/THE | Consumer staples | 1.1M | $85.2M | 0.5% | -4.0% |
| CSCO CISCO SYSTEMS INC | Technology | 1.1M | $84.0M | 0.5% | -4.1% |
| GE GENERAL ELECTRIC | Industrials | 289.1K | $82.0M | 0.5% | -3.1% |
| MRK MERCK & CO. INC. | Healthcare | 679.7K | $81.8M | 0.5% | -3.2% |
| AMAT APPLIED MATERIALS INC | Technology | 217.3K | $74.3M | 0.4% | -4.1% |
| LRCX LAM RESEARCH CORP | Industrials | 344.1K | $73.5M | 0.4% | -3.8% |
| RTX RTX CORP | Industrials | 367.4K | $70.9M | 0.4% | -3.4% |
| PM PHILIP MORRIS INTERNATIONAL | Consumer staples | 426.5K | $70.5M | 0.4% | -3.0% |
| GS GOLDMAN SACHS GROUP INC | Financials | 82.2K | $69.5M | 0.4% | -2.9% |
| ORCL ORACLE CORP | Technology | 472.4K | $69.5M | 0.4% | -1.6% |
| WFC WELLS FARGO & CO | Financials | 860.1K | $68.5M | 0.4% | -4.5% |
| UNH UNITEDHEALTH GROUP INC | Financials | 248.2K | $67.2M | 0.4% | -2.8% |
| GEV GE VERNOVA INC | Industrials | 74.4K | $64.9M | 0.4% | -3.3% |
| LIN LINDE PLC | Materials | 127.9K | $63.4M | 0.4% | -4.3% |
| IBM INTL BUSINESS MACHINES CORP | Technology | 256.1K | $62.1M | 0.4% | -2.6% |
| MCD MCDONALD'S CORP | Consumer discretionary | 195.1K | $60.6M | 0.4% | -2.6% |
| PEP PEPSICO INC | Consumer staples | 374.6K | $58.2M | 0.3% | -2.5% |
| VZ VERIZON COMMUNICATIONS INC | Communications | 1.2M | $58.0M | 0.3% | -3.0% |
| T AT&T INC | Communications | 1.9M | $56.4M | 0.3% | -4.7% |
| C CITIGROUP INC | Financials | 490.1K | $55.6M | 0.3% | -5.8% |
| INTC INTEL CORP | Technology | 1.2M | $54.6M | 0.3% | -2.8% |
| MS MORGAN STANLEY | Financials | 325.3K | $53.5M | 0.3% | -3.3% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 1, 2026 | 2051 | $17.10B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Jan 28, 2026 | 2048 | $18.38B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 3, 2025 | 2081 | $18.76B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 13, 2025 | 2053 | $17.36B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 1, 2025 | 2086 | $15.71B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 6, 2025 | 2130 | $16.36B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 12, 2024 | 2151 | $15.86B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 5, 2024 | 2101 | $14.98B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 7, 2024 | 2124 | $14.45B | canonical | SEC ↗ |
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