California Public Employees Retirement System
Long book
$162.49B
Q1 2026
Positions
1064
Top-10 weight
44%
concentration
Last quarter
+15.4%
SPY +14.8%
Turnover
7%
of book per quarter
Strategy in plain words
auto-generated from filingsCalifornia Public Employees Retirement System is a pension / sovereign wealth manager, running a $162.49B US long book across 1064 positions.
The portfolio is moderately concentrated (top 10 ≈ 44% of the book). The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: VANGUARD S&P 500 ETF, NVIDIA CORP, APPLE INC, MICROSOFT CORP, AMAZON.COM INC.
Over the last 9 quarters its long book ran on average 0.1pp per quarter behind the S&P 500, beating the index in 4 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
+6.8%
Q3 2024
+1.4%
Q4 2024
-3.1%
Q1 2025
+9.5%
Q2 2025
+7.7%
Q3 2025
+2.4%
Q4 2025
-4.3%
Q1 2026
+15.4%
Sector allocation
Technology 44%
Financials 11%
Industrials 10%
Consumer discretionary 9%
Healthcare 8%
Services media 4%
Utilities 3%
Other 3%
Long book by quarter
What does California Public own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NVDA NVIDIA CORP | Technology | 68.3M | $11.92B | 7.3% | -10.5% |
| AAPL APPLE INC | Technology | 37.7M | $9.57B | 5.9% | +3.7% |
| MSFT MICROSOFT CORP | Technology | 21.9M | $8.11B | 5.0% | +3.7% |
| AMZN AMAZON.COM INC | Consumer discretionary | 21.8M | $4.54B | 2.8% | +8.7% |
| GOOGL ALPHABET INC-CL A | Technology | 14.6M | $4.21B | 2.6% | -4.8% |
| AVGO BROADCOM INC | Technology | 13.3M | $4.11B | 2.5% | -2.4% |
| META META PLATFORMS INC-CLASS A | Technology | 5.6M | $3.21B | 2.0% | -3.6% |
| GOOG ALPHABET INC-CL C | Technology | 10.3M | $2.96B | 1.8% | -16.5% |
| TSLA TESLA INC | Industrials | 5.2M | $1.93B | 1.2% | -1.0% |
| JPM JPMORGAN CHASE & CO | Financials | 6.3M | $1.86B | 1.1% | -6.7% |
| LLY ELI LILLY & CO | Healthcare | 1.8M | $1.67B | 1.0% | -2.2% |
| JNJ JOHNSON & JOHNSON | Healthcare | 6.0M | $1.47B | 0.9% | -19.4% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 2.8M | $1.33B | 0.8% | -18.0% |
| XOM EXXON MOBIL CORP | Energy | 7.8M | $1.33B | 0.8% | -1.6% |
| LRCX LAM RESEARCH CORP | Industrials | 5.9M | $1.25B | 0.8% | +50.6% |
| WMT WALMART INC | Consumer discretionary | 8.8M | $1.09B | 0.7% | +2.0% |
| MU MICRON TECHNOLOGY INC | Technology | 3.2M | $1.08B | 0.7% | +46.2% |
| V VISA INC-CLASS A SHARES | Services media | 3.2M | $960.1M | 0.6% | -4.3% |
| COST COSTCO WHOLESALE CORP | Consumer discretionary | 941.7K | $938.3M | 0.6% | -15.2% |
| CSCO CISCO SYSTEMS INC | Technology | 12.1M | $935.3M | 0.6% | +4.3% |
| BAC BANK OF AMERICA CORP | Financials | 18.2M | $888.3M | 0.5% | -7.1% |
| MRK MERCK & CO. INC. | Healthcare | 7.4M | $888.1M | 0.5% | -13.8% |
| KLAC KLA CORP | Other | 594.6K | $875.5M | 0.5% | -2.2% |
| MA MASTERCARD INC - A | Services media | 1.7M | $865.1M | 0.5% | -5.7% |
| ABBV ABBVIE INC | Healthcare | 3.7M | $809.1M | 0.5% | -11.4% |
| KO COCA-COLA CO/THE | Consumer staples | 10.0M | $757.3M | 0.5% | -0.8% |
| NFLX NETFLIX INC | Services media | 7.8M | $745.3M | 0.5% | -6.3% |
| VZ VERIZON COMMUNICATIONS INC | Communications | 14.4M | $723.7M | 0.4% | -15.9% |
| CVX CHEVRON CORP | Energy | 3.5M | $716.1M | 0.4% | +1.7% |
| PG PROCTER & GAMBLE CO/THE | Other | 4.9M | $714.5M | 0.4% | -6.2% |
| HD HOME DEPOT INC | Consumer discretionary | 2.1M | $696.7M | 0.4% | -12.4% |
| AMGN AMGEN INC | Healthcare | 2.0M | $693.4M | 0.4% | -5.6% |
| MCD MCDONALD'S CORP | Consumer discretionary | 2.0M | $636.0M | 0.4% | -6.8% |
| AMAT APPLIED MATERIALS INC | Technology | 1.9M | $633.3M | 0.4% | -10.0% |
| CAT CATERPILLAR INC | Industrials | 879.8K | $623.3M | 0.4% | +0.4% |
| IBM INTL BUSINESS MACHINES CORP | Technology | 2.5M | $600.7M | 0.4% | -14.2% |
| UNH UNITEDHEALTH GROUP INC | Financials | 2.2M | $591.7M | 0.4% | -10.4% |
| GS GOLDMAN SACHS GROUP INC | Financials | 698.1K | $590.6M | 0.4% | +15.8% |
| PLTR PALANTIR TECHNOLOGIES INC-A | Technology | 3.9M | $564.1M | 0.3% | -6.6% |
| GE GENERAL ELECTRIC | Industrials | 2.0M | $564.0M | 0.3% | -3.5% |
| AMD ADVANCED MICRO DEVICES | Technology | 2.8M | $561.5M | 0.3% | -5.9% |
| INTC INTEL CORP | Technology | 12.4M | $546.6M | 0.3% | +11.2% |
| WFC WELLS FARGO & CO | Financials | 6.9M | $545.5M | 0.3% | +3.2% |
| RTX RTX CORP | Industrials | 2.8M | $544.0M | 0.3% | -4.5% |
| PEP PEPSICO INC | Consumer staples | 3.2M | $503.3M | 0.3% | -39.7% |
| GILD GILEAD SCIENCES INC | Healthcare | 3.6M | $499.6M | 0.3% | -3.2% |
| DE DEERE & CO | Industrials | 851.6K | $479.7M | 0.3% | +1.6% |
| T AT&T INC | Communications | 16.3M | $471.8M | 0.3% | -22.5% |
| C CITIGROUP INC | Financials | 4.1M | $467.7M | 0.3% | +12.3% |
| ABT ABBOTT LABORATORIES | Healthcare | 4.5M | $458.7M | 0.3% | -14.2% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 6, 2026 | 1064 | $162.49B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 12, 2026 | 1086 | $174.90B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 1089 | $167.04B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 13, 2025 | 1114 | $156.97B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 13, 2025 | 1118 | $143.11B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR/ARESTATEMENT | Apr 23, 2025 | 1142 | $149.52B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 12, 2025 | 1142 | $149.52B | confidential | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 13, 2024 | 1146 | $142.95B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 0 | $136.35B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Apr 30, 2024 | 1169 | $142.20B | canonical | SEC ↗ |