ARIZONA STATE RETIREMENT SYSTEM

Pension

CIK

1558481

Location

PHOENIX, AZ

Portfolio Value

Large $16,688,305,586

Diversification

Diversified

Filing Date

Global Rank

#206 / 8,232 ▲ 8

Top Industry

Semiconductors 12.1%

3Y Alpha vs SPY

-2.9%

Period ended 2 months ago

Filed May 1, 2026 · 44d

25 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

+63.7%

SPY

+76.3%

Annualised alpha

-2.9%

Max drawdown

−19.3%

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

2,028 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

7.0%

−0.2 pts

Top 5

23.4%

−1.9 pts

Top 10

32.0%

−2.8 pts

HHI

157

Diversified−21

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Technology	32.4%	$5,415,011,564	312
Financial Services	12.7%	$2,115,874,937	314
Consumer Cyclical	10.4%	$1,735,931,876	234
Healthcare	10.2%	$1,697,427,257	312
Industrials	9.8%	$1,631,578,629	307
Communication Services	7.7%	$1,278,987,884	70
Consumer Defensive	5.2%	$862,055,068	90
Energy	4.3%	$725,841,876	93
Utilities	2.5%	$424,815,460	61
Real Estate	2.5%	$416,572,023	144
Basic Materials	2.2%	$375,336,219	88
Unclassified	0.1%	$8,872,793	3

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
HBAN	Huntington Bancshares Inc /Md/	+119,476	550,804	$8,620,082
FITB	Fifth Third Bancorp	+62,666	244,323	$11,351,246
PLUG	Plug Power Inc	+49,673	363,138	$820,691
COMP	Compass, Inc.	+39,821	176,550	$1,290,580
GPGI	GPGI, Inc.	+35,754	51,320	$877,572
RYN	Rayonier Inc	+34,113	78,798	$1,624,814
PANW	Palo Alto Networks Inc	+30,694	221,398	$35,494,527
SM	SM Energy Co	+27,214	58,929	$1,837,406
RXRX	Recursion Pharmaceuticals, Inc.	+20,383	121,706	$373,637
AUR	Aurora Innovation, Inc.	+16,319	328,909	$1,355,105
CRWV	CoreWeave, Inc.	+16,194	64,274	$4,979,306
ONDS	Ondas Inc.	+14,802	111,180	$1,005,067
SOFI	SoFi Technologies, Inc.	+14,522	343,363	$5,452,604
CCL	Carnival Corp Ltd.	+13,719	302,488	$7,828,389
SF	Stifel Financial Corp	+13,428	41,955	$3,101,313
SARO	StandardAero, Inc.	+12,922	54,166	$1,399,107
TEX	Terex Corp	+12,840	31,163	$1,841,733
BTSG	BrightSpring Health Services, Inc.	+12,368	39,553	$1,685,353
RKLB	Rocket Lab Corp	+10,451	130,627	$8,388,865
WAT	Waters Corp /De/	+10,372	26,733	$7,961,087
ORC	Orchid Island Capital, Inc.	+9,531	50,361	$354,037
EVLV	Evolv Technologies Holdings, Inc.	+9,519	43,167	$261,160
NLY	Annaly Capital Management Inc	+9,334	185,594	$3,925,313
TTAN	ServiceTitan, Inc.	+8,963	15,576	$988,452
NB	Niocorp Developments Ltd	+8,796	39,918	$178,034
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
NVDA	Nvidia Corp	−247,968	6,657,774	$1,161,115,785
AAPL	Apple Inc.	−167,619	4,026,974	$1,022,005,731
BAC	Bank Of America Corp /De/	−99,891	1,877,644	$91,535,145
T	At&T Inc.	−96,354	1,943,801	$56,350,790
AMZN	Amazon Com Inc	−72,266	2,636,038	$549,007,634
MSFT	Microsoft Corp	−59,108	1,934,523	$716,102,378
GOOGL	Alphabet Inc.	−51,996	1,594,517	$458,519,308
XOM	Exxon Mobil Corp	−51,872	1,155,274	$196,003,786
KO	Coca Cola Co	−46,688	1,119,915	$85,169,535
CSCO	Cisco Systems, Inc.	−46,629	1,082,530	$83,993,502
PFE	Pfizer Inc	−42,519	1,557,209	$43,726,428
CMCSA	Comcast Corp	−42,223	995,776	$28,588,728
WFC	Wells Fargo & Company/Mn	−40,904	860,055	$68,468,978
VRRM	VERRA MOBILITY Corp	−40,520	43,828	$626,302
VZ	Verizon Communications Inc	−36,065	1,155,226	$57,992,345
INTC	Intel Corp	−35,651	1,238,224	$54,642,825
AVGO	Broadcom Inc.	−31,577	1,234,074	$381,958,243
C	Citigroup Inc	−30,323	490,144	$55,587,231
SCHW	Schwab Charles Corp	−29,558	462,555	$43,470,918
F	Ford Motor Co	−29,313	1,072,270	$12,373,995
WMT	Walmart Inc.	−27,180	1,201,027	$149,263,635
NFLX	Netflix Inc	−26,968	1,160,952	$111,625,534
PG	PROCTER & GAMBLE Co	−26,721	640,302	$92,485,220
CVX	Chevron Corp	−25,884	524,172	$108,451,186
NEE	Nextera Energy Inc	−24,424	564,210	$52,403,824
No positions match the current search.

New Positions

Positions the filer opened this quarter

25 positions

Ticker	Company	Shares	Value
AMCR	Amcor plc	125,556	$4,990,851
PNFP	Pinnacle Financial Partners, Inc.	41,063	$3,537,166
IREN	IREN Ltd	89,217	$3,058,358
VSNT	Versant Media Group, Inc.	39,595	$1,465,806
INDV	Indivior Pharmaceuticals, Inc.	29,150	$888,492
TERN	Terns Pharmaceuticals, Inc.	15,624	$823,697
AXTI	Axt Inc	14,423	$821,822
DNTH	Dianthus Therapeutics, Inc. /DE/	9,595	$805,212
ERAS	Erasca, Inc.	46,757	$756,528
LGN	Legence Corp.	11,073	$625,181
NKTR	Nektar Therapeutics	6,661	$479,258
HYMC	Hycroft Mining Holding Corp	13,248	$466,329
ICHR	Ichor Holdings, Ltd.	9,444	$440,184
DFTX	Definium Therapeutics, Inc.	22,054	$416,820
CAPR	Capricor Therapeutics, Inc.	13,448	$408,819
ALMS	Alumis Inc.	17,751	$391,054
DCH	Dauch Corp	64,561	$382,846
BF-A	Brown Forman Corp	13,894	$372,220
ELVN	Enliven Therapeutics, Inc.	8,965	$351,428
DEC	Diversified Energy Co	18,222	$317,791
KOD	Kodiak Sciences Inc.	7,979	$304,159
AEHR	Aehr Test Systems	7,992	$296,343
ORKA	Oruka Therapeutics, Inc.	5,980	$293,319
RYZ	Ryerson Holding Corp	12,724	$286,035
ALH	Alliance Laundry Holdings Inc.	13,555	$281,130
No positions match the current search.

Sold Out

Positions the filer fully exited

25 positions

Ticker	Company	Shares	Value
EXAS	EXACT SCIENCES CORP	52,752	$5,357,493
FUBO	FuboTV Inc.	95,613	$2,891,337
TGNA	TEGNA INC	44,877	$871,062
ELME	Elme Communities	24,545	$427,083
PIPR	Piper Sandler Companies	4,943	$419,796
VITL	Vital Farms, Inc.	9,894	$316,014
CSTL	Castle Biosciences Inc	8,071	$313,961
GLDD	Great Lakes Dredge & Dock CORP	18,834	$247,102
EVER	EverQuote, Inc.	8,194	$221,238
APOG	Apogee Enterprises, Inc.	6,001	$218,496
ROOT	Root, Inc.	3,020	$218,134
AMWD	American Woodmark Corp	4,031	$217,270
HNGE	Hinge Health, Inc.	4,562	$211,904
STAA	Staar Surgical Co	9,106	$210,257
SMP	Standard Motor Products, Inc.	5,512	$203,117
AMSF	Amerisafe Inc	5,283	$202,920
HRTG	Heritage Insurance Holdings, Inc.	6,883	$201,396
MIAX	Miami International Holdings, Inc.	4,536	$201,307
AQST	Aquestive Therapeutics, Inc.	28,458	$183,838
INN	Summit Hotel Properties, Inc.	30,407	$148,082
SABR	Sabre Corp	104,051	$141,509
WEAV	Weave Communications, Inc.	17,234	$130,806
OSPN	OneSpan Inc.	10,070	$129,298
EVH	Evolent Health, Inc.	27,789	$111,156
AKBA	Akebia Therapeutics, Inc.	68,845	$110,840
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

2,028 positions · $16,688,305,586 total · as of Mar 31, 2026

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

Showing 1–50 of 2,028 positions by value · page 1 of 41

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
NVDA	Nvidia Corp Technology	Reduced	6,657,774	-247,968	$1,161,115,785	−9.8%	6.96%
AAPL	Apple Inc. Technology	Reduced	4,026,974	-167,619	$1,022,005,731	−10.4%	6.12%
MSFT	Microsoft Corp Technology	Reduced	1,934,523	-59,108	$716,102,378	−25.7%	4.29%
AMZN	Amazon Com Inc Consumer Cyclical	Reduced	2,636,038	-72,266	$549,007,634	−12.2%	3.29%
GOOGL	Alphabet Inc. Communication Services	Reduced	1,594,517	-51,996	$458,519,308	−11.0%	2.75%
AVGO	Broadcom Inc. Technology	Reduced	1,234,074	-31,577	$381,958,243	−12.8%	2.29%
META	Meta Platforms, Inc. Communication Services	Reduced	596,801	-18,437	$341,447,756	−15.9%	2.05%
TSLA	Tesla, Inc. Consumer Cyclical	Reduced	774,533	-20,908	$287,932,642	−19.5%	1.73%
JPM	Jpmorgan Chase & Co Financial Services	Reduced	745,877	-23,221	$219,407,178	−11.5%	1.31%
LLY	ELI LILLY & Co Healthcare	Reduced	220,180	-8,689	$202,514,958	−17.7%	1.21%
XOM	Exxon Mobil Corp Energy	Reduced	1,155,274	-51,872	$196,003,786	+34.9%	1.17%
BRK-B	Berkshire Hathaway Inc Financial Services	Reduced	376,936	-11,905	$180,627,731	−7.6%	1.08%
JNJ	Johnson & Johnson Healthcare	Reduced	660,131	-19,169	$161,362,421	+14.8%	0.97%
WMT	Walmart Inc. Consumer Defensive	Reduced	1,201,027	-27,180	$149,263,635	+9.1%	0.89%
V	Visa Inc. Financial Services	Reduced	461,887	-23,349	$139,600,726	−18.0%	0.84%
COST	Costco Wholesale Corp /New Consumer Defensive	Reduced	121,612	-4,805	$121,177,845	+11.2%	0.73%
MA	Mastercard Inc Financial Services	Reduced	232,088	-11,376	$115,965,090	−16.6%	0.69%
NFLX	Netflix Inc Communication Services	Reduced	1,160,952	-26,968	$111,625,534	+0.2%	0.67%
CVX	Chevron Corp Energy	Reduced	524,172	-25,884	$108,451,186	+29.4%	0.65%
ABBV	AbbVie Inc. Healthcare	Reduced	484,297	-12,120	$105,329,754	−7.1%	0.63%
MU	Micron Technology Inc Technology	Reduced	308,369	-9,635	$104,179,382	+14.8%	0.62%
PG	PROCTER & GAMBLE Co Consumer Defensive	Reduced	640,302	-26,721	$92,485,220	−3.2%	0.55%
PLTR	Palantir Technologies Inc. Technology	Reduced	625,867	-14,508	$91,551,824	−19.6%	0.55%
BAC	Bank Of America Corp /De/ Financial Services	Reduced	1,877,644	-99,891	$91,535,145	−15.8%	0.55%
CAT	Caterpillar Inc Industrials	Reduced	128,252	-4,171	$90,861,411	+19.8%	0.54%
AMD	Advanced Micro Devices Inc Technology	Reduced	446,054	-14,477	$90,740,765	−8.0%	0.54%
HD	Home Depot, Inc. Consumer Cyclical	Reduced	272,752	-10,250	$89,705,405	−7.9%	0.54%
KO	Coca Cola Co Consumer Defensive	Reduced	1,119,915	-46,688	$85,169,535	+4.4%	0.51%
CSCO	Cisco Systems, Inc. Technology	Reduced	1,082,530	-46,629	$83,993,502	−3.4%	0.50%
GE	General Electric Co Industrials	Reduced	289,052	-9,112	$82,024,286	−10.7%	0.49%
MRK	Merck & Co., Inc. Healthcare	Reduced	679,746	-22,536	$81,766,646	+10.6%	0.49%
AMAT	Applied Materials Inc /De Technology	Reduced	217,253	-9,185	$74,254,902	+27.6%	0.44%
LRCX	Lam Research Corp Technology	Reduced	344,131	-13,432	$73,527,029	+20.1%	0.44%
RTX	RTX Corp Industrials	Reduced	367,440	-12,954	$70,879,176	+1.6%	0.42%
PM	Philip Morris International Inc. Consumer Defensive	Reduced	426,514	-13,352	$70,519,824	−0.0%	0.42%
GS	Goldman Sachs Group Inc Financial Services	Reduced	82,193	-2,485	$69,534,456	−6.6%	0.42%
ORCL	Oracle Corp Technology	Reduced	472,406	-7,447	$69,495,646	−25.7%	0.42%
WFC	Wells Fargo & Company/Mn Financial Services	Reduced	860,055	-40,904	$68,468,978	−18.5%	0.41%
UNH	Unitedhealth Group Inc Healthcare	Reduced	248,183	-7,041	$67,155,837	−20.3%	0.40%
GEV	GE Vernova Inc. Industrials	Reduced	74,363	-2,517	$64,911,462	+29.2%	0.39%
LIN	Linde PLC Basic Materials	Reduced	127,936	-5,764	$63,425,551	+11.3%	0.38%
IBM	International Business Machines Corp Technology	Reduced	256,101	-6,831	$62,076,321	−20.3%	0.37%
MCD	Mcdonalds Corp Consumer Cyclical	Reduced	195,117	-5,151	$60,640,412	−0.9%	0.36%
PEP	Pepsico Inc Consumer Defensive	Reduced	374,627	-9,575	$58,175,826	+5.5%	0.35%
VZ	Verizon Communications Inc Communication Services	Reduced	1,155,226	-36,065	$57,992,345	+19.5%	0.35%
T	At&T Inc. Communication Services	Reduced	1,943,801	-96,354	$56,350,790	+11.2%	0.34%
C	Citigroup Inc Financial Services	Reduced	490,144	-30,323	$55,587,231	−8.5%	0.33%
INTC	Intel Corp Technology	Reduced	1,238,224	-35,651	$54,642,825	+16.2%	0.33%
MS	Morgan Stanley Financial Services	Reduced	325,286	-10,946	$53,532,317	−10.3%	0.32%
KLAC	Kla Corp Technology	Reduced	36,000	-848	$53,006,760	+18.4%	0.32%