State of New Jersey Common Pension Fund A

State of New Jersey Common Pension Fund A is a diversified fundamental manager, running a $225.9M US long book across 3 positions.

The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: BLUE OWL CAPITAL CORP, BLUE OWL CAPITAL INC, TPG RE FINANCE TRUST INC.

Over the last 8 quarters its long book ran on average 5.4pp per quarter behind the S&P 500, beating the index in 2 of 8 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.