Style
GrowthTurnover
Orientation
Diversified activeThe California Public Employees’ Retirement System exhibits a passive core–satellite approach, anchored by its largest holding, the Vanguard S&P 500 ETF (VOO) at 12.4% of assets. Portfolio composition is heavily tilted toward mega-cap technology, with its top five names—NVIDIA, Apple, Microsoft, Amazon, and Alphabet—collectively representing 23.6% of the portfolio and the sector at 30.9%, reflecting a structural growth bias. The 30.9% technology allocation, coupled with concentrated positions in Broadcom, Meta, and Tesla, reveals a conviction weighting toward dominant, high-momentum firms while maintaining broad diversification across 1,064 positions and $162.5 billion in assets. This positioning demonstrates a strategy that balances passive market exposure with active overweights to key secular drivers, emphasizing long-term compounding through liquidity and scale.
| # | Security | Shares | Value | % of Portfolio |
|---|---|---|---|---|
| 1 | Vanguard Index FDS(VOO) | 30,713,968 | $21.1B | 11.89% |
| 2 | Ishares TR(IVV) | 15,179,345 | $11.4B | 6.41% |
| 3 | Nvidia Corporation(NVDA) | 46,071,341 | $9.2B | 5.20% |
| 4 | Apple Inc(AAPL) | 29,642,254 | $8.6B | 4.84% |
Latest filing, equity positions only
| 5 |
| Microsoft Corp(MSFT) |
| 15,795,039 |
| $5.9B |
| 3.32% |
| 6 | Broadcom Inc(AVGO) | 12,483,106 | $4.7B | 2.66% |
| 7 | Amazon COM Inc(AMZN) | 18,696,461 | $4.5B | 2.51% |
| 8 | Alphabet Inc(GOOGL) | 12,083,544 | $4.3B | 2.43% |
| 9 | Alphabet Inc(GOOG) | 9,358,074 | $3.3B | 1.86% |
| 10 | Micron Technology Inc(MU) | 2,531,035 | $2.9B | 1.65% |
Quarter-over-quarter weight changes
| Sector | Prev % | Curr % | Change |
|---|---|---|---|
| Unclassified | 16.31% | 22.09% | +5.78% |
| Healthcare | 7.92% | 6.82% | -1.1% |
| Communication Services | 8.7% | 7.6% | -1.1% |
| Technology | 31.16% | 30.33% | -0.83% |
| Consumer Cyclical | 7.89% | 7.1% | -0.79% |
| Financial Services | 9.74% | 9.13% | -0.61% |
| Energy | 2.98% | 2.39% | -0.59% |
| Consumer Defensive | 3.57% | 3.11% | -0.46% |
| Utilities | 2.06% | 1.69% | -0.37% |
| Industrials | 6.75% | 6.94% | +0.19% |
| Basic Materials | 1.18% | 1.06% | -0.12% |
| Real Estate | 1.73% | 1.73% | 0% |
Quarter-over-quarter weight changes by market cap
| Cap Size | Prev % | Curr % | Change |
|---|---|---|---|
| Mega Cap | 50.54% | 46% | -4.54% |
| Large Cap | 30.7% | 29.48% | -1.22% |
| Unclassified | 16.31% | 22.09% | +5.78% |
| Mid Cap | 2.45% | 2.42% | -0.03% |
| Small Cap | 0.01% | 0% | -0.01% |
Quarter-over-quarter position changes