STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM
Long book
$53.40B
Q1 2026
Positions
2063
Top-10 weight
33%
concentration
Last quarter
+14.9%
SPY +14.8%
Turnover
6%
of book per quarter
Strategy in plain words
auto-generated from filingsSTATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM is a mechanically diversified allocator, running a $53.40B US long book across 2063 positions.
The portfolio is moderately concentrated (top 10 ≈ 33% 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 0.2pp per quarter behind the S&P 500, beating the index in 5 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
+2.2%
Q2 2024
+6.2%
Q3 2024
+2.6%
Q4 2024
-4.5%
Q1 2025
+11.1%
Q2 2025
+8.0%
Q3 2025
+2.4%
Q4 2025
-4.1%
Q1 2026
+14.9%
Sector allocation
Technology 39%
Financials 12%
Industrials 11%
Consumer discretionary 9%
Healthcare 8%
Services media 5%
Energy 3%
Utilities 3%
Long book by quarter
What does STATE BOARD own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NVDA NVIDIA CORP | Technology | 20.6M | $3.59B | 6.7% | -1.1% |
| AAPL APPLE INC | Technology | 12.7M | $3.22B | 6.0% | -1.9% |
| MSFT MICROSOFT CORP | Technology | 6.5M | $2.40B | 4.5% | -1.1% |
| AMZN AMAZON.COM INC | Consumer discretionary | 8.4M | $1.75B | 3.3% | -1.0% |
| GOOGL ALPHABET INC-CL A | Technology | 5.1M | $1.47B | 2.8% | -1.2% |
| AVGO BROADCOM INC | Technology | 4.0M | $1.25B | 2.3% | -1.1% |
| GOOG ALPHABET INC-CL C | Technology | 4.2M | $1.19B | 2.2% | -1.1% |
| META META PLATFORMS INC-CLASS A | Technology | 1.9M | $1.10B | 2.1% | -1.2% |
| TSLA TESLA INC | Industrials | 2.5M | $921.2M | 1.7% | -1.1% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 1.6M | $760.4M | 1.4% | -1.4% |
| JPM JPMORGAN CHASE & CO | Financials | 2.4M | $701.4M | 1.3% | -1.8% |
| LLY ELI LILLY & CO | Healthcare | 703.8K | $647.3M | 1.2% | -1.1% |
| XOM EXXON MOBIL CORP | Energy | 3.7M | $632.6M | 1.2% | -2.3% |
| JNJ JOHNSON & JOHNSON | Healthcare | 2.1M | $514.5M | 1.0% | -1.3% |
| WMT WALMART INC | Consumer discretionary | 3.8M | $474.9M | 0.9% | -1.5% |
| V VISA INC-CLASS A SHARES | Services media | 1.5M | $447.0M | 0.8% | -1.9% |
| COST COSTCO WHOLESALE CORP | Consumer discretionary | 390.5K | $389.1M | 0.7% | -1.3% |
| NFLX NETFLIX INC | Services media | 3.7M | $357.7M | 0.7% | -1.9% |
| MA MASTERCARD INC - A | Services media | 709.0K | $354.2M | 0.7% | -2.1% |
| CVX CHEVRON CORP | Energy | 1.7M | $343.2M | 0.6% | -2.9% |
| ABBV ABBVIE INC | Healthcare | 1.6M | $337.1M | 0.6% | -1.5% |
| MU MICRON TECHNOLOGY INC | Technology | 980.9K | $331.4M | 0.6% | -0.7% |
| PG PROCTER & GAMBLE CO/THE | Other | 2.1M | $296.1M | 0.6% | -1.4% |
| CAT CATERPILLAR INC | Industrials | 407.9K | $289.0M | 0.5% | -1.0% |
| AMD ADVANCED MICRO DEVICES | Technology | 1.4M | $287.6M | 0.5% | -0.9% |
| HD HOME DEPOT INC | Consumer discretionary | 869.7K | $286.0M | 0.5% | -1.2% |
| BAC BANK OF AMERICA CORP | Financials | 5.9M | $285.6M | 0.5% | -2.4% |
| PLTR PALANTIR TECHNOLOGIES INC-A | Technology | 1.9M | $281.6M | 0.5% | -1.0% |
| CSCO CISCO SYSTEMS INC | Technology | 3.5M | $269.7M | 0.5% | -1.3% |
| MRK MERCK & CO. INC. | Healthcare | 2.2M | $265.1M | 0.5% | -1.2% |
| GE GENERAL ELECTRIC | Industrials | 919.6K | $261.0M | 0.5% | -2.2% |
| KO COCA-COLA CO/THE | Consumer staples | 3.4M | $258.9M | 0.5% | -1.2% |
| AMAT APPLIED MATERIALS INC | Technology | 696.8K | $238.1M | 0.4% | -0.3% |
| LRCX LAM RESEARCH CORP | Industrials | 1.1M | $236.5M | 0.4% | -2.9% |
| RTX RTX CORP | Industrials | 1.2M | $228.1M | 0.4% | -0.9% |
| PM PHILIP MORRIS INTERNATIONAL | Consumer staples | 1.4M | $226.6M | 0.4% | -1.0% |
| WFC WELLS FARGO & CO | Financials | 2.8M | $219.9M | 0.4% | -3.2% |
| GS GOLDMAN SACHS GROUP INC | Financials | 259.0K | $219.1M | 0.4% | -2.5% |
| ORCL ORACLE CORP | Technology | 1.5M | $217.7M | 0.4% | -0.9% |
| UNH UNITEDHEALTH GROUP INC | Financials | 797.3K | $215.7M | 0.4% | -0.8% |
| GEV GE VERNOVA INC | Industrials | 239.5K | $209.0M | 0.4% | -1.4% |
| LIN LINDE PLC | Materials | 408.3K | $202.4M | 0.4% | -0.9% |
| IBM INTL BUSINESS MACHINES CORP | Technology | 815.4K | $197.6M | 0.4% | -1.0% |
| MCD MCDONALD'S CORP | Consumer discretionary | 627.9K | $195.2M | 0.4% | -1.1% |
| PEP PEPSICO INC | Consumer staples | 1.2M | $186.7M | 0.3% | -0.5% |
| VZ VERIZON COMMUNICATIONS INC | Communications | 3.7M | $185.2M | 0.3% | 0.0% |
| T AT&T INC | Communications | 6.1M | $177.4M | 0.3% | -2.4% |
| C CITIGROUP INC | Financials | 1.6M | $176.0M | 0.3% | -3.6% |
| INTC INTEL CORP | Technology | 3.9M | $170.3M | 0.3% | -0.7% |
| KLAC KLA CORP | Other | 115.2K | $169.6M | 0.3% | -2.6% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 8, 2026 | 2063 | $53.40B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 12, 2026 | 2073 | $565.15B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 2084 | $57.16B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 13, 2025 | 2148 | $56.35B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 12, 2025 | 2169 | $50.40B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 10, 2025 | 2198 | $52.56B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 8, 2024 | 2223 | $52.42B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 8, 2024 | 2188 | $50.78B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 8, 2024 | 2136 | $42.72B | canonical | SEC ↗ |
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