COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS
Long book
$19.63B
Q1 2026
Positions
1755
Top-10 weight
25%
concentration
Last quarter
+12.5%
SPY +14.8%
Turnover
11%
of book per quarter
Strategy in plain words
auto-generated from filingsCOMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS is a mechanically diversified allocator, running a $19.63B US long book across 1755 positions.
The portfolio is moderately concentrated (top 10 ≈ 25% of the book). Turnover is modest: positions are typically held for years. 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 0.3pp per quarter behind the S&P 500, beating the index in 3 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
+3.2%
Q2 2024
+7.9%
Q3 2024
+0.7%
Q4 2024
-2.0%
Q1 2025
+8.1%
Q2 2025
+7.0%
Q3 2025
+1.5%
Q4 2025
-1.1%
Q1 2026
+12.5%
Sector allocation
Technology 31%
Utilities 18%
Industrials 11%
Financials 11%
Consumer discretionary 8%
Healthcare 6%
Services media 5%
Other 3%
Long book by quarter
What does COMMONWEALTH OF own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NVDA NVIDIA CORP | Technology | 5.7M | $987.2M | 5.0% | +0.1% |
| AAPL APPLE INC | Technology | 3.4M | $867.9M | 4.4% | -0.5% |
| MSFT MICROSOFT CORP | Technology | 1.7M | $640.3M | 3.3% | +0.1% |
| AMZN AMAZON.COM INC | Consumer discretionary | 2.3M | $473.9M | 2.4% | +0.6% |
| GOOGL ALPHABET INC-CL A | Technology | 1.4M | $390.0M | 2.0% | +0.2% |
| AVGO BROADCOM INC | Technology | 1.1M | $341.8M | 1.7% | +0.5% |
| NEE NEXTERA ENERGY INC | Utilities | 3.6M | $337.3M | 1.7% | -11.7% |
| GOOG ALPHABET INC-CL C | Technology | 1.1M | $312.5M | 1.6% | +0.7% |
| META META PLATFORMS INC-CLASS A | Technology | 509.5K | $291.5M | 1.5% | +0.6% |
| TSLA TESLA INC | Industrials | 655.1K | $243.5M | 1.2% | +0.2% |
| UNP UNION PACIFIC CORP | Industrials | 931.6K | $226.0M | 1.2% | -2.1% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 427.2K | $204.7M | 1.0% | +0.1% |
| SO SOUTHERN CO/THE | Utilities | 2.0M | $188.7M | 1.0% | -5.5% |
| JPM JPMORGAN CHASE & CO | Financials | 628.1K | $184.8M | 0.9% | -0.8% |
| DUK DUKE ENERGY CORP | Utilities | 1.4M | $180.7M | 0.9% | -5.5% |
| LLY ELI LILLY & CO | Healthcare | 184.6K | $169.8M | 0.9% | -0.1% |
| XOM EXXON MOBIL CORP | Energy | 973.5K | $165.2M | 0.8% | -0.8% |
| WMB WILLIAMS COS INC | Utilities | 2.0M | $142.3M | 0.7% | -6.6% |
| JNJ JOHNSON & JOHNSON | Healthcare | 561.4K | $137.2M | 0.7% | +0.2% |
| WMT WALMART INC | Consumer discretionary | 1.0M | $126.9M | 0.6% | +0.1% |
| AEP AMERICAN ELECTRIC POWER | Utilities | 950.7K | $124.6M | 0.6% | -10.0% |
| CSX CSX CORP | Industrials | 2.9M | $120.6M | 0.6% | -2.1% |
| V VISA INC-CLASS A SHARES | Services media | 391.6K | $118.4M | 0.6% | -0.2% |
| SRE SEMPRA | Utilities | 1.2M | $112.5M | 0.6% | -5.5% |
| COST COSTCO WHOLESALE CORP | Consumer discretionary | 103.4K | $103.0M | 0.5% | +0.3% |
| KMI KINDER MORGAN INC | Utilities | 3.1M | $102.3M | 0.5% | -6.8% |
| NSC NORFOLK SOUTHERN CORP | Industrials | 353.7K | $101.5M | 0.5% | -1.9% |
| LNG CHENIERE ENERGY INC | Utilities | 340.7K | $96.7M | 0.5% | -16.4% |
| MA MASTERCARD INC - A | Services media | 189.7K | $94.8M | 0.5% | -0.5% |
| NFLX NETFLIX INC | Services media | 983.5K | $94.6M | 0.5% | -0.2% |
| D DOMINION ENERGY INC | Utilities | 1.5M | $93.6M | 0.5% | -5.5% |
| OKE ONEOK INC | Utilities | 1.0M | $90.8M | 0.5% | -7.0% |
| CVX CHEVRON CORP | Energy | 436.7K | $90.3M | 0.5% | -0.8% |
| ABBV ABBVIE INC | Healthcare | 411.7K | $89.5M | 0.5% | +0.1% |
| ETR ENTERGY CORP | Utilities | 793.7K | $89.2M | 0.5% | -5.4% |
| MU MICRON TECHNOLOGY INC | Technology | 262.2K | $88.6M | 0.5% | +0.4% |
| EXC EXELON CORP | Utilities | 1.8M | $88.1M | 0.4% | -8.0% |
| TRGP TARGA RESOURCES CORP | Utilities | 340.9K | $85.5M | 0.4% | -6.9% |
| XEL XCEL ENERGY INC | Utilities | 1.1M | $83.4M | 0.4% | -5.5% |
| PCG P G & E CORP | Utilities | 4.6M | $80.0M | 0.4% | -4.8% |
| PG PROCTER & GAMBLE CO/THE | Other | 541.4K | $78.2M | 0.4% | -0.4% |
| PLTR PALANTIR TECHNOLOGIES INC-A | Technology | 532.1K | $77.8M | 0.4% | +0.1% |
| AMD ADVANCED MICRO DEVICES | Technology | 379.8K | $77.3M | 0.4% | +0.3% |
| CAT CATERPILLAR INC | Industrials | 108.4K | $76.8M | 0.4% | -0.4% |
| HD HOME DEPOT INC | Consumer discretionary | 231.9K | $76.3M | 0.4% | +0.2% |
| PEG PUBLIC SERVICE ENTERPRISE GP | Utilities | 941.1K | $76.2M | 0.4% | -4.4% |
| BAC BANK OF AMERICA CORP | Financials | 1.5M | $75.4M | 0.4% | -1.1% |
| ED CONSOLIDATED EDISON INC | Utilities | 639.7K | $72.4M | 0.4% | -5.5% |
| CSCO CISCO SYSTEMS INC | Technology | 920.4K | $71.4M | 0.4% | +0.4% |
| MRK MERCK & CO. INC. | Healthcare | 578.2K | $69.5M | 0.4% | +0.1% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 1, 2026 | 1755 | $19.63B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 10, 2026 | 1719 | $19.74B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 12, 2025 | 1700 | $19.94B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 8, 2025 | 1658 | $18.91B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 13, 2025 | 1621 | $16.94B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 11, 2025 | 1607 | $16.07B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 7, 2024 | 1585 | $15.83B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 12, 2024 | 1552 | $15.13B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 8, 2024 | 1535 | $14.60B | canonical | SEC ↗ |
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