VIRGINIA RETIREMENT SYSTEMS ET Al

Pension

CIK

1005354

Location

RICHMOND, VA

Portfolio Value

Large $16,146,764,722

Diversification

Diversified

Filing Date

Global Rank

#235 / 8,420 ▲ 97

Top Industry

Semiconductors 9.4%

3Y Alpha vs SPY

-3.9%

Period ended 6 months ago

Filed Feb 4, 2026 · 4mo

18 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+60.7%

SPY

+76.3%

Annualised alpha

-3.7%

Max drawdown

−16.8%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

933 positions · as of Dec 31, 2025 · Δ vs Sep 30, 2025

Top Position

6.5%

−0.1 pts

Top 5

24.8%

+1.1 pts

Top 10

32.9%

+2.3 pts

HHI

170

Diversified+7

Portfolio Trend

18 quarters · across all stocks

Sector Breakdown

As of Dec 31, 2025

Sector	% Portfolio	Value	Positions
Technology	31.6%	$5,098,264,123	161
Consumer Cyclical	11.6%	$1,876,027,524	114
Healthcare	11.5%	$1,861,207,950	151
Financial Services	11.2%	$1,814,202,466	122
Communication Services	9.4%	$1,513,204,398	32
Industrials	7.9%	$1,275,317,336	147
Consumer Defensive	6.4%	$1,029,800,616	40
Real Estate	6.1%	$989,890,162	80
Utilities	1.9%	$306,159,509	24
Energy	1.5%	$240,871,189	30
Basic Materials	0.9%	$139,917,354	30
Unclassified	0.0%	$1,902,095	2

Last Quarter's Activity

Export CSV

Dec 31, 2025 vs Sep 30, 2025

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
AMZN	Amazon Com Inc	+959,300	2,782,900	$642,348,978
WMT	Walmart Inc.	+929,400	1,306,726	$145,582,343
NFLX	Netflix Inc	+710,967	802,380	$75,231,148
CCL	Carnival Corp Ltd.	+630,200	1,385,600	$42,316,224
DVN	Devon Energy Corp/De	+538,300	635,800	$23,289,354
AAPL	Apple Inc.	+442,100	3,880,040	$1,054,827,674
GOOGL	Alphabet Inc.	+439,800	1,681,072	$526,175,536
DUK	Duke Energy CORP	+420,005	513,905	$60,234,805
FE	Firstenergy Corp	+400,800	522,600	$23,396,802
ZM	Zoom Communications, Inc.	+387,824	751,624	$64,857,634
KIM	Kimco Realty Corp	+358,300	1,499,653	$30,397,966
LVS	Las Vegas Sands Corp	+337,900	349,200	$22,729,428
XHR	Xenia Hotels & Resorts, Inc.	+276,450	310,850	$4,395,419
CSCO	Cisco Systems, Inc.	+271,600	372,111	$28,663,710
BAC	Bank Of America Corp /De/	+254,200	754,469	$41,495,795
BKD	Brookdale Senior Living Inc.	+237,150	249,785	$2,695,180
AVGO	Broadcom Inc.	+236,600	966,310	$334,439,891
OGN	Organon & Co.	+232,600	254,500	$1,824,765
DT	Dynatrace, Inc.	+232,100	847,400	$36,726,316
IBM	International Business Machines Corp	+211,040	260,740	$77,233,795
DOC	Healthpeak Properties, Inc.	+204,100	320,040	$5,146,243
AEP	American Electric Power Co Inc	+187,100	253,800	$29,265,678
KRG	Kite Realty Group Trust	+182,350	365,777	$8,767,674
NTST	NETSTREIT Corp.	+180,600	342,800	$6,046,992
PFG	Principal Financial Group Inc	+174,100	397,100	$35,028,191
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
F	Ford Motor Co	−1,482,200	1,515,700	$19,885,984
VICI	Vici Properties Inc.	−1,312,117	2,154,640	$60,588,476
ACI	Albertsons Companies, Inc.	−1,031,200	2,887,200	$49,573,224
DBX	Dropbox, Inc.	−642,450	1,351,550	$37,573,090
C	Citigroup Inc	−418,400	677,960	$79,111,152
SYF	Synchrony Financial	−387,400	577,970	$48,220,037
AKAM	Akamai Technologies Inc	−373,264	509,800	$44,480,050
UDR	UDR, Inc.	−330,900	14,210	$521,222
NVDA	Nvidia Corp	−282,000	5,030,390	$938,167,735
SBRA	Sabra Health Care REIT, Inc.	−267,650	310,150	$5,874,241
CRBG	Corebridge Financial, Inc.	−263,600	441,900	$13,332,123
TAP	Molson Coors Beverage Co	−261,926	340,800	$15,908,544
AFL	Aflac Inc	−248,878	302,100	$33,312,567
EW	Edwards Lifesciences Corp	−247,600	675,711	$57,604,362
MS	Morgan Stanley	−222,400	432,000	$76,692,960
KR	Kroger Co	−217,100	1,397,900	$87,340,792
FAST	Fastenal Co	−207,800	683,484	$27,428,212
DIS	Walt Disney Co	−184,800	173,200	$19,704,964
MLI	Mueller Industries Inc	−175,500	514,755	$59,093,874
ALIT	Alight, Inc. / Delaware	−174,700	285,500	$556,725
EBAY	Ebay Inc	−171,300	908,608	$79,139,756
MAC	Macerich Co	−162,450	561,783	$10,370,514
ABNB	Airbnb, Inc.	−157,300	163,199	$22,149,368
MRK	Merck & Co., Inc.	−151,000	1,356,338	$142,768,137
VRSN	Verisign Inc/Ca	−146,260	300,931	$73,111,186
No positions match the current search.

New Positions

Positions the filer opened this quarter

25 positions

Ticker	Company	Shares	Value
TMO	Thermo Fisher Scientific Inc.	25,440	$14,741,208
PCG	PG&E Corp	800,700	$12,867,249
SPOT	Spotify Technology S.A.	8,560	$4,970,877
TRNO	Terreno Realty Corp	67,500	$3,962,925
IIPR	Innovative Industrial Properties Inc	72,550	$3,435,968
AOS	Smith A O Corp	47,240	$3,159,411
RRR	Red Rock Resorts, Inc.	43,700	$2,707,215
LXP	LXP Industrial Trust	50,720	$2,514,697
HHH	Howard Hughes Holdings Inc.	30,810	$2,457,713
JEF	Jefferies Financial Group Inc.	37,750	$2,339,367
PBI	Pitney Bowes Inc /De/	198,720	$2,100,470
CNM	Core & Main, Inc.	39,250	$2,039,822
HL	Hecla Mining Co/De/	105,850	$2,031,261
FNB	Fnb Corp/Pa/	118,600	$2,028,060
CDE	Coeur Mining, Inc.	108,650	$1,937,229
BYD	Boyd Gaming Corp	22,550	$1,922,162
OTIS	Otis Worldwide Corp	19,600	$1,712,060
DY	Dycom Industries Inc	5,010	$1,692,879
FDS	Factset Research Systems Inc	5,520	$1,601,848
TDS	Telephone & Data Systems Inc /De/	37,400	$1,533,400
FND	Floor & Decor Holdings, Inc.	24,800	$1,510,072
CE	Celanese Corp	35,043	$1,481,618
ALB	Albemarle Corp	10,200	$1,442,688
LLYVA	Liberty Live Holdings, Inc.	17,000	$1,385,500
KBH	Kb Home	22,900	$1,291,789
No positions match the current search.

Sold Out

Positions the filer fully exited

25 positions

Ticker	Company	Shares	Value
CTAS	Cintas Corp	147,064	$30,186,356
UTHR	UNITED THERAPEUTICS Corp	56,100	$23,517,681
FFIV	F5, Inc.	45,800	$14,802,102
ELV	Elevance Health, Inc.	40,400	$13,054,048
WBD	Warner Bros. Discovery, Inc.	640,500	$12,508,965
BMRN	Biomarin Pharmaceutical Inc	224,700	$12,169,752
BSX	Boston Scientific Corp	113,600	$11,090,768
PFE	Pfizer Inc	410,100	$10,449,348
CMCSA	Comcast Corp	334,496	$9,849,903
MELI	Mercadolibre Inc	3,600	$8,412,983
CVNA	Carvana Co.	18,200	$6,865,768
HPQ	Hp Inc	154,400	$4,204,312
LIN	Linde PLC	8,800	$4,180,000
CRDO	Credo Technology Group Holding Ltd	28,400	$4,135,324
CIEN	Ciena Corp	28,135	$4,098,425
CHTR	Charter Communications, Inc. /Mo/	13,500	$3,713,985
FCPT	Four Corners Property Trust, Inc.	146,669	$3,578,723
ALAB	Astera Labs, Inc.	17,900	$3,504,820
INSM	INSMED Inc	21,265	$3,062,372
VIRT	Virtu Financial, Inc.	65,338	$2,319,499
FLEX	Flex Ltd.	38,563	$2,235,497
SATS	EchoStar CORP	27,270	$2,082,337
BE	Bloom Energy Corp	22,900	$1,936,653
SE	Sea Ltd	9,900	$1,769,427
AVAV	AeroVironment Inc	5,300	$1,668,917
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

933 positions · $16,146,764,722 total · as of Dec 31, 2025

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Showing 1–50 of 933 positions by value · page 1 of 19

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
AAPL	Apple Inc. Technology	Added	3,880,040	+442,100	$1,054,827,674	+20.5%	6.53%
NVDA	Nvidia Corp Technology	Reduced	5,030,390	-282,000	$938,167,735	−5.3%	5.81%
MSFT	Microsoft Corp Technology	Added	1,747,280	+36,980	$845,019,553	−4.6%	5.23%
AMZN	Amazon Com Inc Consumer Cyclical	Added	2,782,900	+959,300	$642,348,978	+60.4%	3.98%
GOOGL	Alphabet Inc. Communication Services	Added	1,681,072	+439,800	$526,175,536	+74.4%	3.26%
META	Meta Platforms, Inc. Communication Services	Added	658,974	+93,178	$434,982,147	+4.7%	2.69%
AVGO	Broadcom Inc. Technology	Added	966,310	+236,600	$334,439,891	+38.9%	2.07%
JNJ	Johnson & Johnson Healthcare	Held	1,158,903	0	$239,834,975	+11.6%	1.49%
TSLA	Tesla, Inc. Consumer Cyclical	Added	351,931	+17,000	$158,270,409	+6.3%	0.98%
WMT	Walmart Inc. Consumer Defensive	Added	1,306,726	+929,400	$145,582,343	+274.4%	0.90%
MRK	Merck & Co., Inc. Healthcare	Reduced	1,356,338	-151,000	$142,768,137	+12.9%	0.88%
GILD	Gilead Sciences, Inc. Healthcare	Reduced	1,156,695	-124,700	$141,972,744	−0.2%	0.88%
JPM	Jpmorgan Chase & Co Financial Services	Added	434,698	+21,160	$140,068,389	+7.4%	0.87%
V	Visa Inc. Financial Services	Added	391,641	+51,520	$137,352,415	+18.3%	0.85%
HCA	HCA Healthcare, Inc. Healthcare	Reduced	288,820	-8,480	$134,838,505	+6.4%	0.84%
BMY	Bristol Myers Squibb Co Healthcare	Held	2,234,496	0	$120,528,714	+19.6%	0.75%
DG	Dollar General Corp Consumer Defensive	Reduced	905,400	-1,300	$120,209,958	+28.3%	0.74%
VZ	Verizon Communications Inc Communication Services	Added	2,887,805	+125,100	$117,620,297	−3.1%	0.73%
MO	Altria Group, Inc. Consumer Defensive	Reduced	1,992,500	-126,200	$114,887,550	−17.9%	0.71%
YUM	Yum Brands Inc Consumer Cyclical	Added	752,000	+143,300	$113,762,560	+23.0%	0.70%
MU	Micron Technology Inc Technology	Added	398,586	+161,386	$113,760,430	+186.6%	0.70%
ABT	Abbott Laboratories Healthcare	Added	903,768	+77,500	$113,233,092	+2.3%	0.70%
T	At&T Inc. Communication Services	Held	4,494,203	0	$111,636,002	−12.0%	0.69%
UHS	Universal Health Services Inc Healthcare	Added	473,822	+71,200	$103,302,672	+25.5%	0.64%
LLY	ELI LILLY & Co Healthcare	Added	95,204	+16,640	$102,313,844	+70.7%	0.63%
GS	Goldman Sachs Group Inc Financial Services	Reduced	115,836	-16,240	$101,819,844	−3.2%	0.63%
CL	Colgate Palmolive Co Consumer Defensive	Reduced	1,268,600	-64,100	$100,244,772	−5.9%	0.62%
LRCX	Lam Research Corp Technology	Reduced	581,805	-16,370	$99,593,379	+24.3%	0.62%
BRK-B	Berkshire Hathaway Inc Financial Services	Reduced	195,887	-15,920	$98,462,600	−7.5%	0.61%
PCAR	Paccar Inc Industrials	Reduced	813,750	-138,400	$89,113,762	−4.8%	0.55%
KR	Kroger Co Consumer Defensive	Reduced	1,397,900	-217,100	$87,340,792	−19.8%	0.54%
TXT	Textron Inc Industrials	Held	937,700	0	$81,739,309	+3.2%	0.51%
CBOE	Cboe Global Markets, Inc. Financial Services	Held	322,990	0	$81,070,490	+2.3%	0.50%
CTSH	Cognizant Technology Solutions Corp Technology	Added	961,375	+148,275	$79,794,125	+46.3%	0.49%
GE	General Electric Co Industrials	Reduced	258,380	-15,520	$79,588,791	−3.4%	0.49%
FOXA	Fox Corp Communication Services	Added	1,086,300	+114,800	$79,375,941	+29.6%	0.49%
EBAY	Ebay Inc Consumer Cyclical	Reduced	908,608	-171,300	$79,139,756	−19.4%	0.49%
C	Citigroup Inc Financial Services	Reduced	677,960	-418,400	$79,111,152	−28.9%	0.49%
SPG	Simon Property Group Inc. Real Estate	Reduced	424,830	-9,800	$78,640,281	−3.6%	0.49%
IBM	International Business Machines Corp Technology	Added	260,740	+211,040	$77,233,795	+450.8%	0.48%
MS	Morgan Stanley Financial Services	Reduced	432,000	-222,400	$76,692,960	−26.3%	0.47%
INCY	Incyte Corp Healthcare	Held	768,325	0	$75,887,460	+16.5%	0.47%
NFLX	Netflix Inc Communication Services	Added	802,380	+710,967	$75,231,148	+586.4%	0.47%
BKNG	Booking Holdings Inc. Consumer Cyclical	Added	13,961	+710	$74,765,763	+4.5%	0.46%
ABBV	AbbVie Inc. Healthcare	Added	325,111	+32,000	$74,284,612	+9.5%	0.46%
VRSN	Verisign Inc/Ca Technology	Reduced	300,931	-146,260	$73,111,186	−41.5%	0.45%
SNA	Snap-on Inc Industrials	Added	211,732	+29,860	$72,962,847	+15.8%	0.45%
WELL	Welltower Inc. Real Estate	Added	389,160	+54,000	$72,231,987	+21.0%	0.45%
PSA	Public Storage Real Estate	Reduced	272,171	-49,200	$70,628,374	−23.9%	0.44%
QCOM	Qualcomm Inc/De Technology	Reduced	412,429	-8,200	$70,545,980	+0.8%	0.44%