REGENTS OF THE UNIVERSITY OF CALIFORNIA
Long book
$3.01B
Q1 2026
Positions
12
Top-10 weight
100%
concentration
Last quarter
+19.3%
SPY +14.8%
Turnover
31%
of book per quarter
Strategy in plain words
auto-generated from filingsREGENTS OF THE UNIVERSITY OF CALIFORNIA is a concentrated fundamental stock-picker, specialised in financials (64% of the long book), running a $3.01B US long book across 12 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: STATE STREET CORP, BLUE OWL TECHNOLOGY FINANCE, ASML HOLDING NV-NY REG SHS, BROOKFIELD CORP, SPDR GOLD MINISHARES TRUST.
Over the last 9 quarters its long book ran on average 1.6pp per quarter ahead of the S&P 500, beating the index in 6 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-1.8%
Q2 2024
+7.5%
Q3 2024
+21.1%
Q4 2024
-10.7%
Q1 2025
+12.9%
Q2 2025
+1.1%
Q3 2025
+6.4%
Q4 2025
-1.4%
Q1 2026
+19.3%
Sector allocation
Financials 50%
Other 19%
Industrials 16%
Real estate 13%
Technology 2%
Healthcare 0%
Long book by quarter
What does REGENTS OF own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| STT STATE STREET CORP | Financials | 10.1M | $1.27B | 42.4% | -42.2% |
| OTF BLUE OWL TECHNOLOGY FINANCE | — | 43.6M | $540.5M | 18.0% | Held |
| ASML ASML HOLDING NV-NY REG SHS | Industrials | 351.3K | $464.0M | 15.4% | -58.9% |
| BN BROOKFIELD CORP | Real estate | 9.0M | $363.4M | 12.1% | -50.0% |
| BX BLACKSTONE INC | Financials | 645.1K | $74.2M | 2.5% | New |
| CG CARLYLE GROUP INC/THE | Financials | 1.5M | $73.4M | 2.4% | New |
| FDS FACTSET RESEARCH SYSTEMS INC | Technology | 226.4K | $49.1M | 1.6% | +9.1% |
| SRZN SURROZEN INC | Healthcare | 133.2K | $3.9M | 0.1% | -50.0% |
| OWL BLUE OWL CAPITAL INC | Financials | 66.3K | $606K | 0.0% | -99.4% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR/ARESTATEMENT | May 28, 2026 | 12 | $3.01B | canonical | SEC ↗ |
| Q1 2026 | 13F-HR | May 8, 2026 | 12 | $2.84B | SEC ↗ | |
| Q4 2025 | 13F-HR/ANEW HOLDINGS | May 28, 2026 | 10 | $2.81B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 11, 2026 | 9 | $2.17B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR/ANEW HOLDINGS | May 28, 2026 | 8 | $1.84B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 6, 2025 | 7 | $1.28B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR/ANEW HOLDINGS | May 28, 2026 | 6 | $1.18B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 12, 2025 | 5 | $514.9M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 13, 2025 | 7 | $468.4M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 5, 2025 | 5 | $322.8M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 12, 2024 | 2 | $156.2M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 13, 2024 | 7 | $182.9M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 6, 2024 | 26 | $344.0M | canonical | SEC ↗ |