SEC 13F Intelligence

Managers / Q4 2025 · view latest →

CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM

CIK 0000919079 · 400 Q ST, SUITE 4800, SACRAMENTO, CA, 95811 · 9167953400

Reported Value
$174.9B
Q4 2025
Positions
1,086
Filings on Record
31
2019–present window
Filed
Feb 12, 2026
original filing

Summary

California Public Employees Retirement System reported $174.9B in U.S.-listed holdings across 1,086 positions for Q4 2025.

Its largest position, Vanguard Index Fds, represents 11.3% of the portfolio.

Compared with Q3 2025, the fund opened 4 new positions and exited 7.

Portfolio Metrics

Turnover
+5.4%
vs prior filed quarter
Top-10 Concentration
+44.8%
share of reported value
Largest Position
+11.3%
Vanguard Index Fds
New / Exited
4 / 7
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $71.3BQ4 ’18Q1 ’19: $81.2BQ2 ’19: $84.7BQ3 ’19: $100.7BQ4 ’19: $110.4BQ4 ’19Q1 ’20: $82.6BQ2 ’20: $101.4BQ3 ’20: $112.4BQ4 ’20: $129.7BQ4 ’20Q1 ’21: $131.4BQ2 ’21: $133.3BQ3 ’21: $134.0BQ4 ’21: $149.4BQ4 ’21Q1 ’22: $128.7BQ2 ’22: $106.9BQ3 ’22: $108.7BQ4 ’22: $117.3BQ4 ’22Q1 ’23: $112.7BQ2 ’23: $116.5BQ3 ’23: $116.2BQ4 ’23: $131.7BQ4 ’23Q1 ’24: $142.2BQ2 ’24: $136.3BQ3 ’24: $142.9BQ4 ’24: $149.5BQ4 ’24Q1 ’25: $143.1BQ2 ’25: $157.0BQ3 ’25: $167.0BQ4 ’25: $174.9BQ4 ’25Q1 ’26: $162.5Bfilingsflow.com

Portfolio Composition

By security type
Common Stock: 82.8%ETP: 12.5%Other: 2.9%REIT: 1.7%ADR: 0.1%Other: 0.0%
  • Common Stock · 82.8% · $144.8B
  • ETP · 12.5% · $21.8B
  • Other · 2.9% · $5.1B
  • REIT · 1.7% · $2.9B
  • ADR · 0.1% · $227M
  • Other · 0.0% · $37M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
QQNITY ELECTRONICS INCNEW+358.6K358.6K+$29M$29M
SOLSSOLSTICE ADVANCED MATLS INCNEW+276.9K276.9K+$13M$13M
RKTROCKET COS INCNEW+200.0K200.0K+$4M$4M
FGF&G ANNUITIES & LIFE INCNEW+29.1K29.1K+$896,779$896,779
NFLXNETFLIX INCADDED+7.49M8.27M−$163M$776M
NOWSERVICENOW INCADDED+1.66M2.07M−$61M$317M
TPLTEXAS PACIFIC LAND CORPORATIADDED+67.0K99.9K−$2M$29M
TTDTHE TRADE DESK INCADDED+1.66M2.76M+$51M$105M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q4 2025

49 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1VANGUARD INDEX FDSS&P 500 ETF SHS11.33%$19.8B31.59M
2NVDANVIDIA CORPORATIONhistory →COM8.14%$14.2B76.38M
3MSFTMICROSOFT CORPhistory →COM5.84%$10.2B21.12M
4AAPLAPPLE INChistory →COM5.65%$9.9B36.38M
5GOOGLALPHABET INCCAP STK CL A · CAP STK CL C4.97%$8.7B27.72M
6AVGOBROADCOM INChistory →COM2.69%$4.7B13.62M
7AMZNAMAZON COM INChistory →COM2.65%$4.6B20.05M
8METAMETA PLATFORMS INChistory →CL A2.20%$3.8B5.82M
9TSLATESLA INChistory →COM1.35%$2.4B5.23M
10JPMJPMORGAN CHASE & CO.history →COM1.25%$2.2B6.76M
11J P MORGAN EXCHANGE TRADED FACTIVE HIGH YIEL1.15%$2.0B39.90M
12LLYELI LILLY & COhistory →COM1.14%$2.0B1.85M
13BRK/BBERKSHIRE HATHAWAY INC DELhistory →CL B NEW0.97%$1.7B3.39M
14JNJJOHNSON & JOHNSONhistory →COM0.88%$1.5B7.44M
15VVISA INChistory →COM CL A0.67%$1.2B3.32M
16BACBANK AMERICA CORPhistory →COM0.62%$1.1B19.61M
17MAMASTERCARD INCORPORATEDhistory →CL A0.60%$1.0B1.84M
18ABBVABBVIE INChistory →COM0.55%$959M4.20M
19WMTWALMART INChistory →COM0.55%$959M8.61M
20COSTCOSTCO WHSL CORP NEWhistory →COM0.55%$957M1.11M
21EXMOCEXXON MOBIL CORPhistory →COM0.55%$957M7.95M
22MRKMERCK & CO INChistory →COM0.52%$902M8.57M
23CSCOCISCO SYS INChistory →COM0.51%$891M11.56M
24IBMINTERNATIONAL BUSINESS MACHShistory →COM0.49%$856M2.89M
25HDHOME DEPOT INChistory →COM0.48%$832M2.42M
26UNHUNITEDHEALTH GROUP INChistory →COM0.46%$805M2.44M
27NFLXNETFLIX INChistory →COM0.44%$776M8.27M
28PEPPEPSICO INChistory →COM0.44%$771M5.37M
29CRMSALESFORCE INChistory →COM0.44%$766M2.89M
30PGPROCTER AND GAMBLE COhistory →COM0.43%$756M5.27M
31KLACKLA CORPhistory →COM NEW0.42%$739M608.1K
32PLTRPALANTIR TECHNOLOGIES INChistory →CL A0.42%$734M4.13M
33KOCOCA COLA COhistory →COM0.40%$702M10.04M
34BACVERIZON COMMUNICATIONS INChistory →COM0.40%$698M17.14M
35AMGNAMGEN INChistory →COM0.39%$683M2.09M
36MCDMCDONALDS CORPhistory →COM0.38%$671M2.20M
37LRCXLAM RESEARCH CORPhistory →COM NEW0.38%$667M3.90M
38ABTABBOTT LABShistory →COM0.37%$652M5.21M
39ORCLORACLE CORPhistory →COM0.36%$635M3.26M
40GE AEROSPACECOM NEW0.36%$634M2.06M
41AMDADVANCED MICRO DEVICES INChistory →COM0.36%$628M2.93M
42MUMICRON TECHNOLOGY INChistory →COM0.36%$622M2.18M
43WFCWELLS FARGO CO NEWhistory →COM0.35%$619M6.64M
44APHAMPHENOL CORP NEWhistory →CL A0.32%$559M4.14M
45INTUINTUIThistory →COM0.31%$543M819.9K
46RTXRTX CORPORATIONhistory →COM0.31%$542M2.95M
47GSGOLDMAN SACHS GROUP INChistory →COM0.30%$530M602.9K
48AMATAPPLIED MATLS INChistory →COM0.30%$529M2.06M
49TAT&T INChistory →COM0.30%$521M20.99M

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$162.5B1,064May 6, 202613F-HRchanges · EDGAR ↗
Q4 2025$174.9B1,086Feb 12, 202613F-HRchanges · EDGAR ↗
Q3 2025$167.0B1,089Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$157.0B1,114Aug 13, 202513F-HRchanges · EDGAR ↗
Q1 2025$143.1B1,118May 13, 202513F-HRchanges · EDGAR ↗
Q4 2024$149.5B1,142Feb 12, 202513F-HRchanges · EDGAR ↗
Q3 2024$142.9B1,146Nov 13, 202413F-HRchanges · EDGAR ↗
Q2 2024$136.3B1,167Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$142.2B1,169Apr 30, 202413F-HRchanges · EDGAR ↗
Q4 2023$131.7B1,187Feb 1, 202413F-HRchanges · EDGAR ↗
Q3 2023$116.2B1,190Nov 2, 202313F-HRchanges · EDGAR ↗
Q2 2023$116.5B1,210Aug 9, 202313F-HRchanges · EDGAR ↗
Q1 2023$112.7B1,215May 12, 202313F-HRchanges · EDGAR ↗
Q4 2022$117.3B1,217Feb 8, 202313F-HRchanges · EDGAR ↗
Q3 2022$108.7B1,222Nov 9, 202213F-HRchanges · EDGAR ↗
Q2 2022$106.9B1,221Aug 10, 202213F-HRchanges · EDGAR ↗
Q1 2022$128.7B1,227May 4, 202213F-HRchanges · EDGAR ↗
Q4 2021$149.4B1,237Feb 10, 202213F-HRchanges · EDGAR ↗
Q3 2021$134.0B1,239Nov 10, 202113F-HRchanges · EDGAR ↗
Q2 2021$133.3B1,529Aug 13, 202113F-HRchanges · EDGAR ↗
Q1 2021$131.4B3,528May 14, 202113F-HRchanges · EDGAR ↗
Q4 2020$129.7B3,563Feb 2, 202113F-HRchanges · EDGAR ↗
Q3 2020$112.4B3,559Nov 5, 202013F-HRchanges · EDGAR ↗
Q2 2020$101.4B3,507Aug 12, 202013F-HRchanges · EDGAR ↗
Q1 2020$82.6B3,381May 12, 202013F-HRchanges · EDGAR ↗
Q4 2019$110.4B3,436Jan 27, 202013F-HRchanges · EDGAR ↗
Q3 2019$100.7B3,259Oct 31, 201913F-HRchanges · EDGAR ↗
Q2 2019$84.7B3,264Aug 15, 201913F-HRchanges · EDGAR ↗
Q1 2019$81.2B3,210May 3, 201913F-HRchanges · EDGAR ↗
Q4 2018$71.3B3,252Feb 8, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.