California State Teachers Retirement System

CalSTRS employs a large-cap growth-oriented strategy with a very low turnover active/passive blend, prioritizing long-term compounding over tactical shifts. The portfolio is heavily concentrated in mega-cap technology leaders, with NVIDIA, Apple, Microsoft, and Amazon alone representing 20.2% of assets, while the top five holdings exceed 22%. Sector allocations underscore this conviction, with Technology at 30.7% dominating, followed by Financial Services at 11.1% and Communication Services at 9.8%. The inclusion of passive vehicles like the iShares Core S&P 500 ETF alongside active stock picks reflects a disciplined core-satellite approach, while the narrow, high-conviction top holdings indicate a bet on innovation-driven secular growth over broad diversification.