California Public Employees Retirement Sys2026-Q1
VOO remains CalPERS' largest holding at 12.37% of portfolio value after an add, while NVDA was trimmed to 7.33%. Holdings fell from 1086 to 1064 and turnover rose from 0.154641 to 0.172051.
| Ticker | Action | Value ($) | % of Portfolio |
|---|---|---|---|
| IVV | new_buy | $828.0M | 0.51% |
No full exits were recorded in the quarter.
| Ticker | Action | Value Change | Weight Change (pts) |
|---|---|---|---|
| NVDA | trim | -$2.33B | -0.81pts |
| MSFT | add | -$2.11B | -0.85pts |
| GOOG | trim | -$917.2M | -0.39pts |
| META | trim | -$631.9M | -0.22pts |
| GOOGL | trim | -$604.2M | -0.16pts |
| AVGO | trim | -$598.7M | -0.16pts |
| LRCX | add | +$587.0M | +0.39pts |
| MU | add | +$454.9M | +0.30pts |
| TSLA | trim | -$427.5M | -0.17pts |
| BRK-B | trim | -$371.9M | -0.15pts |
| XOM | trim | +$370.5M | +0.27pts |
| CRM | trim | -$365.2M | -0.19pts |
| LLY | trim | -$324.0M | -0.11pts |
| JPM | trim | -$323.0M | -0.11pts |
| AAPL | add | -$317.6M | +0.24pts |
| VOO | add | +$290.1M | +1.04pts |
| PEP | trim | -$267.9M | -0.13pts |
| IBM | trim | -$255.0M | -0.12pts |
| MDT | trim | -$252.1M | -0.13pts |
| INTU | trim | -$243.7M | -0.13pts |
| ORCL | trim | -$226.3M | -0.11pts |
| ISRG | trim | -$217.7M | -0.11pts |
| UNH | trim | -$213.5M | -0.10pts |
| V | trim | -$204.0M | -0.08pts |
| CVX | add | +$197.2M | +0.14pts |
| ABT | trim | -$193.6M | -0.09pts |
| BAC | trim | -$190.5M | -0.07pts |
| MA | trim | -$182.7M | -0.07pts |
| PLTR | trim | -$169.7M | -0.07pts |
| APH | trim | -$165.0M | -0.08pts |
| ABBV | trim | -$150.3M | -0.05pts |
| BSX | trim | -$145.3M | -0.07pts |
| COP | add | +$140.6M | +0.10pts |
| KLAC | trim | +$136.7M | +0.12pts |
| INTC | add | +$135.6M | +0.10pts |
| HD | trim | -$135.0M | -0.05pts |
| WMT | add | +$131.9M | +0.12pts |
| PGR | trim | -$129.5M | -0.07pts |
| ADBE | trim | -$122.8M | -0.06pts |
| ACN | trim | -$121.9M | -0.05pts |
| CAT | add | +$121.2M | +0.09pts |
| TRV | trim | -$120.1M | -0.07pts |
| APP | add | -$118.6M | -0.06pts |
| ELV | trim | -$111.0M | -0.06pts |
| TT | add | +$110.2M | +0.08pts |
| AMAT | trim | +$104.2M | +0.09pts |
| NOW | trim | -$102.3M | -0.05pts |
| MRVL | add | +$101.6M | +0.07pts |
| MPWR | add | +$97.7M | +0.07pts |
Six rows have an action/value offset: MSFT, AAPL and APP were added but their dollar values fell (price loss exceeded the buys — not sells), while XOM, KLAC and AMAT were trimmed but their dollar values rose (price gain exceeded the sells — not buys).
| Metric | This Quarter | Prior Quarter |
|---|---|---|
| Holding count | 1064 | 1086 |
| Turnover ratio | 0.172051 | 0.154641 |
| HHI | 0.031302 | 0.031037 |
| Mapped value ratio | 0.8535669127484349 | 0.8690565386376735 |
| Momentum tilt (pct pts) | 0.06636 | 0.120175 |
| Coefficient of variation | 5.686419 | 5.721606 |
| Sector: Information Technology | 0.3691 | 0.3791 |
| Sector: Financials | 0.1139 | 0.1204 |
| Sector: Communication Services | 0.1014 | 0.1094 |
| Sector: Health Care | 0.0958 | 0.1009 |
| Sector: Consumer Discretionary | 0.0952 | 0.0943 |
| Sector: Industrials | 0.0868 | 0.0738 |
| Sector: Energy | 0.0356 | 0.0231 |
| Sector: Consumer Staples | 0.041 | 0.04 |
| Sector: Utilities | 0.0241 | 0.0239 |
| Sector: Real Estate | 0.0203 | 0.0205 |
| Sector: Materials | 0.0167 | 0.0144 |
Bottom line: CalPERS used the quarter to add broad index exposure while trimming single-name tech: VOO's value change was +$290.1M and the fund opened IVV, while NVDA, GOOG, META and GOOGL were all trimmed. The six offsetting rows in the table — MSFT/AAPL/APP adds with lower dollar values, XOM/KLAC/AMAT trims with higher dollar values — are price effects, not reversals of the disclosed trades. Holdings fell and turnover rose, while the IT sector weight dropped from 0.3791 to 0.3691. Momentum tilt also fell from 0.120175 to 0.06636 pct pts, reducing the fund's tilt toward recent strength.