2026-Q2 CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 13F Filing: CalSTRS adds +$28.62B of NVDA amid surging turnover

California State Teachers' Retirement System filed a 2026-Q2 13F that reads like a full-scale portfolio rebuild, not routine housekeeping. Turnover ran at 1.573004 versus 0.15829 last quarter, the holding count rose to 3002 from 2925, and the HHI concentration score collapsed to 0.006206 from 0.015751. Every notable position change in this filing is an add — there is not a single trim or exit anywhere in the dataset.

The mega-cap technology adds

• NVDA — add. Position value grew by +$28.62B to $35.02B; weight settled at 4.48% against 6.77% last quarter.
• AAPL — add. Value grew by +$16.63B to $22.28B; weight now 2.85% versus 5.98%.
• MSFT — add. Value grew by +$6.74B to $10.71B; weight now 1.37% versus 4.20%.
• AMZN — add. Value grew by +$11.66B to $14.70B; weight now 1.88% versus 3.21%.
• AVGO — add. Value grew by +$4.72B to $6.83B; weight now 0.87% versus 2.23%.
• GOOGL — add. Value grew by +$6.29B to $8.84B; weight now 1.13% versus 2.70%.
• GOOG — add. Value grew by +$27.3M to $27.8M; weight now 0.00% versus 0.00%.
• INTC — add. Value grew by +$6.37B to $6.67B; weight now 0.85% versus 0.32%.

Deep-dive inference: read the action column next to the weight column and the real story surfaces. CalSTRS bought more shares of every mega-cap listed above, yet each position's weight fell — a combination that occurs only when the total disclosed book expands faster than any individual line inside it. Stack that against a turnover ratio of 1.573004 (up from 0.15829), a holding count of 3002 (up from 2925), and a coefficient of variation tightening to 4.199729 from 6.71473, and the picture sharpens: the fund spent the quarter reconstructing its equity stack from the ground up. The plunge in HHI to 0.006206 is the signature of that work — a conscious exchange of concentration for breadth.

The income and real-asset build-out

• OBDC — add, and the loudest line in the file. Value grew by +$16.26B to $16.45B, lifting weight from 0.19% to 2.10%.
• T — add. Value grew by +$10.37B to $10.68B; weight now 1.37% versus 0.34%.
• VZ — add. Value grew by +$6.08B to $6.41B; weight now 0.82% versus 0.35%.
• BAC — add. Value grew by +$9.78B to $10.29B; weight now 1.32% versus 0.54%.
• PFE — add. Value grew by +$8.80B to $9.05B; weight now 1.16% versus 0.27%.
• F — add. Value grew by +$5.97B to $6.04B; weight now 0.77% versus 0.07%.
• WFC — add. Value grew by +$4.27B to $4.65B; weight now 0.59% versus 0.40%.
• XOM — add. Value grew by +$4.26B to $5.09B; weight now 0.65% versus 0.88%.
• SLB — add. Value grew by +$2.87B to $3.12B; weight now 0.40% versus 0.26%.
• KMI — add. Value grew by +$3.32B to $3.39B; weight now 0.43% versus 0.08%.
• PCG — add. Value grew by +$3.60B to $3.66B; weight now 0.47% versus 0.06%.
• KO — add. Value grew by +$153.6M to $171.3M; weight now 0.02% versus 0.02%.
• PG — add. Value grew by +$3.01B to $3.53B; weight now 0.45% versus 0.55%.
• KVUE — add. Value grew by +$2.90B to $2.95B; weight now 0.38% versus 0.06%.
• MRK — add. Value grew by +$3.31B to $3.77B; weight now 0.48% versus 0.49%.
• BMY — add. Value grew by +$3.01B to $3.22B; weight now 0.41% versus 0.21%.
• WMT — add. Value grew by +$5.84B to $6.67B; weight now 0.85% versus 0.88%.
• NFLX — add. Value grew by +$5.81B to $6.43B; weight now 0.82% versus 0.66%.
• CSCO — add. Value grew by +$5.54B to $6.01B; weight now 0.77% versus 0.49%.
• CMCSA — add. Value grew by +$5.52B to $5.69B; weight now 0.73% versus 0.18%.
• WBD — add. Value grew by +$3.52B to $3.62B; weight now 0.46% versus 0.10%.
• GRAB — add. Value grew by +$3.57B to $3.58B; weight now 0.46% versus 0.01%.

Deep-dive inference: sort this second list by business model and the design intent becomes blunt. Telecom carriers (T, VZ), a business-development lender (OBDC), midstream gas (KMI), oilfield services (SLB), an integrated oil major (XOM), regulated power (PCG), consumer staples (KO, PG, KVUE), pharma (PFE, MRK, BMY) and money-center banks (BAC, WFC) assemble into a textbook cash-yield and hard-asset sleeve. Set beneath fresh buying in NVDA, MSFT and AAPL, that is a barbell: maximum exposure to the strongest large-cap franchises on one end, contracted cash flows on the other. The sector ledger confirms the rotation is already embedded in the book — Financials at 15.45% from 11.45%, Energy at 5.83% from 2.69%, Utilities at 4.05% from 0.39%, Real Estate at 4.84% from 0.05%, Materials at 2.75% from 0.47%, Consumer Staples at 5.99% from 4.73%, Industrials at 7.57% from 5.29% — while Information Technology recedes to 24.1% from 39.68%, Communication Services to 9.73% from 13.64%, and Consumer Discretionary to 10.12% from 11.17%. Even Health Care, despite active adds to PFE, MRK and BMY, thinned to 9.58% from 10.45% — the aggregate diluted because everything around it grew faster.

Momentum discipline rounds out the portrait: the portfolio's momentum tilt flipped from -0.01006 percentage points to 0.031662 percentage points, meaning the widened net is being cast with the trend rather than against it.

Key Takeaways

• CalSTRS operated at full throttle in 2026-Q2: turnover of 1.573004 versus 0.15829, holdings up to 3002, and all 30 notable changes were adds — zero trims, zero exits.
• This was a deliberate trade of concentration for breadth: HHI down to 0.006206 from 0.015751, with weight rotating into Financials (15.45% from 11.45%), Energy (5.83% from 2.69%), Utilities (4.05% from 0.39%) and Real Estate (4.84% from 0.05%).
• The resulting book is a barbell — mega-cap tech adds (NVDA, AAPL, MSFT, AMZN) balanced against a yield basket of telecom, banks, pipelines and staples (T, VZ, OBDC, KMI, KO) — with the momentum tilt now positive at 0.031662 percentage points.