State of New Jersey Common Pension Fund D
Long book
$25.93B
Q1 2026
Positions
1549
Top-10 weight
30%
concentration
Last quarter
+14.2%
SPY +14.8%
Turnover
11%
of book per quarter
Strategy in plain words
auto-generated from filingsState of New Jersey Common Pension Fund D is a mechanically diversified allocator, running a $25.93B US long book across 1549 positions.
The portfolio is moderately concentrated (top 10 ≈ 30% of the book). Turnover is modest: positions are typically held for years. Current anchor positions: NVIDIA CORP, APPLE INC, MICROSOFT CORP, ISHARES CORE MSCI EMERGING, VANGUARD REAL ESTATE ETF.
Over the last 9 quarters its long book ran on average 0.2pp 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
+6.5%
Q3 2024
+1.6%
Q4 2024
-3.9%
Q1 2025
+10.1%
Q2 2025
+7.4%
Q3 2025
+2.2%
Q4 2025
-3.1%
Q1 2026
+14.2%
Sector allocation
Technology 38%
Financials 12%
Industrials 11%
Consumer discretionary 9%
Healthcare 8%
Services media 6%
Utilities 3%
Energy 3%
Long book by quarter
What does State of own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NVDA NVIDIA CORP | Technology | 8.3M | $1.45B | 5.6% | +0.1% |
| AAPL APPLE INC | Technology | 5.0M | $1.28B | 4.9% | -0.8% |
| MSFT MICROSOFT CORP | Technology | 2.4M | $893.1M | 3.4% | +0.1% |
| AMZN AMAZON.COM INC | Consumer discretionary | 3.3M | $685.3M | 2.6% | +0.3% |
| GOOGL ALPHABET INC-CL A | Technology | 2.0M | $571.1M | 2.2% | Held |
| GOOG ALPHABET INC-CL C | Technology | 1.7M | $478.6M | 1.8% | -0.1% |
| AVGO BROADCOM INC | Technology | 1.5M | $476.6M | 1.8% | +0.5% |
| META META PLATFORMS INC-CLASS A | Technology | 744.6K | $426.0M | 1.6% | +0.5% |
| TSLA TESLA INC | Industrials | 966.6K | $359.3M | 1.4% | +0.1% |
| JPM JPMORGAN CHASE & CO | Financials | 934.7K | $274.9M | 1.1% | -0.7% |
| LLY ELI LILLY & CO | Healthcare | 274.6K | $252.6M | 1.0% | -0.2% |
| XOM EXXON MOBIL CORP | Energy | 1.4M | $245.6M | 0.9% | -0.9% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 473.4K | $226.8M | 0.9% | Held |
| JNJ JOHNSON & JOHNSON | Healthcare | 823.4K | $201.3M | 0.8% | -0.6% |
| WMT WALMART INC | Consumer discretionary | 1.5M | $188.0M | 0.7% | -0.1% |
| V VISA INC-CLASS A SHARES | Services media | 578.6K | $174.9M | 0.7% | -0.9% |
| COST COSTCO WHOLESALE CORP | Consumer discretionary | 152.3K | $151.7M | 0.6% | +0.1% |
| MA MASTERCARD INC - A | Services media | 291.1K | $145.4M | 0.6% | -0.9% |
| NFLX NETFLIX INC | Services media | 1.5M | $139.6M | 0.5% | -0.1% |
| CVX CHEVRON CORP | Energy | 656.8K | $135.9M | 0.5% | -0.8% |
| ABBV ABBVIE INC | Healthcare | 604.0K | $131.4M | 0.5% | 0.0% |
| MU MICRON TECHNOLOGY INC | Technology | 385.0K | $130.1M | 0.5% | +0.3% |
| PG PROCTER & GAMBLE CO/THE | Other | 805.9K | $116.4M | 0.4% | +0.4% |
| BAC BANK OF AMERICA CORP | Financials | 2.4M | $114.9M | 0.4% | -2.3% |
| PLTR PALANTIR TECHNOLOGIES INC-A | Technology | 781.3K | $114.3M | 0.4% | +0.5% |
| CAT CATERPILLAR INC | Industrials | 161.0K | $114.0M | 0.4% | Held |
| AMD ADVANCED MICRO DEVICES | Technology | 557.0K | $113.3M | 0.4% | +0.4% |
| HD HOME DEPOT INC | Consumer discretionary | 342.0K | $112.5M | 0.4% | Held |
| KO COCA-COLA CO/THE | Consumer staples | 1.4M | $107.1M | 0.4% | Held |
| CSCO CISCO SYSTEMS INC | Technology | 1.4M | $105.0M | 0.4% | 0.0% |
| GE GENERAL ELECTRIC | Industrials | 362.5K | $102.9M | 0.4% | 0.0% |
| MRK MERCK & CO. INC. | Healthcare | 848.2K | $102.0M | 0.4% | -1.4% |
| AMAT APPLIED MATERIALS INC | Technology | 272.7K | $93.2M | 0.4% | +0.2% |
| LRCX LAM RESEARCH CORP | Industrials | 433.1K | $92.5M | 0.4% | +0.1% |
| PM PHILIP MORRIS INTERNATIONAL | Consumer staples | 534.5K | $88.4M | 0.3% | Held |
| RTX RTX CORP | Industrials | 458.1K | $88.4M | 0.3% | 0.0% |
| GS GOLDMAN SACHS GROUP INC | Financials | 103.3K | $87.4M | 0.3% | -0.7% |
| ORCL ORACLE CORP | Technology | 589.4K | $86.7M | 0.3% | +0.8% |
| WFC WELLS FARGO & CO | Financials | 1.1M | $85.9M | 0.3% | -1.5% |
| UNH UNITEDHEALTH GROUP INC | Financials | 309.1K | $83.6M | 0.3% | Held |
| GEV GE VERNOVA INC | Industrials | 93.2K | $81.3M | 0.3% | -0.3% |
| LIN LINDE PLC | Materials | 159.5K | $79.1M | 0.3% | -1.4% |
| IBM INTL BUSINESS MACHINES CORP | Technology | 319.5K | $77.4M | 0.3% | +0.3% |
| MCD MCDONALD'S CORP | Consumer discretionary | 244.0K | $75.8M | 0.3% | -0.1% |
| PEP PEPSICO INC | Consumer staples | 471.1K | $73.2M | 0.3% | Held |
| VZ VERIZON COMMUNICATIONS INC | Communications | 1.4M | $72.0M | 0.3% | Held |
| T AT&T INC | Communications | 2.4M | $70.5M | 0.3% | -0.7% |
| C CITIGROUP INC | Financials | 615.9K | $69.9M | 0.3% | -2.1% |
| INTC INTEL CORP | Technology | 1.5M | $68.2M | 0.3% | Held |
| MS MORGAN STANLEY | Financials | 411.3K | $67.7M | 0.3% | -0.6% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 5, 2026 | 1549 | $25.93B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Jan 30, 2026 | 1472 | $27.67B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 7, 2025 | 1460 | $27.18B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 31, 2025 | 1473 | $25.79B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 13, 2025 | 1499 | $22.22B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Jan 31, 2025 | 1540 | $24.77B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 4, 2024 | 1529 | $24.26B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 7, 2024 | 1515 | $22.92B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 2, 2024 | 1548 | $33.09B | canonical | SEC ↗ |
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