CIK: 0001396318
Total reported value
$32.1B
Reporting period: 2026-03-31 · Number of holdings: 1325
Public Sector Pension Investment Board disclosed 1325 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $32.1B and a quarterly turnover rate of 31.7%.
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Public Sector Pension Investment Board's disclosed holdings carry a Herfindahl concentration index of 0.011 — mathematically equivalent to about 88 equally-sized positions, well below its 1325 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 3.76), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Trim MSFT
+19.9% -$139.2M
Trim GOOGL
-9.1% -$173.9M
Add RY
+218.7% $259.3M
Trim BKNG
-65.7% -$173.5M
Trim NVDA
+3.1% -$59.9M
Trim LIN
-72.2% -$155.9M
Public Sector Pension Investment Board is telegraphing a deliberate sector rotation — trimming GOOGL and BKNG to fund new positions in AZN, RY, ETN, and CEG. This is not incremental portfolio tinkering; it's a strategic bet that the next leg of returns comes from value-oriented financials, regulated utilities, and defensive pharma, not from mega-cap growth.
PSP's shift from tech/consumer discretionary into financials and infrastructure-linked sectors prices in a progression from growth-led expansion to a more balanced, late-cycle regime where rates remain higher for longer, supporting bank net interest margins while utility demand (CEG) and industrial automation (ETN) benefit from structural capex. The opposing thesis: the market continues to reward AI dominance, and PSP's value tilt risks underperforming as tech multiples compress elsewhere but sustain for the leaders.
The portfolio's HHI of 0.011 and 1,325 holdings signal extreme diversification, but the coefficient of variation of 3.76 reveals massive dispersion of conviction — the active bets are dwarfed by index-like noise. The structural vulnerability is not any single factor or sector but a diversification tax: the portfolio is so broad that its measured active tilt may fail to generate significant alpha, while its passive core remains exposed to a broad market drawdown if the rotation bets prove wrong.
Sourced and summarized by AI from public SEC filings, limited to historical activity. Not investment guidance.
Showing top 200 holdings (of 1325 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 5.02% | -0.59% | +3.11% | |
| 2 | MSFT | Microsoft CORP | Stock-Tech | 4.84% | -0.84% | +19.90% | |
| 3 | AAPL | Apple INC | Stock-Tech | 3.65% | +0.12% | +19.29% | |
| 4 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 2.75% | -0.79% | -9.08% | |
| 5 | AMZN | Amazon.com INC | Stock-Consumer Disc | 2.64% | +0.02% | +20.16% | |
| 6 | AVGO | Broadcom INC | Stock-Tech | 2.13% | +0.09% | +26.01% | |
| 7 | TSAT | Telesat CORP | Stock-Other | 2.05% | +0.27% | — | |
| 8 | CM | Can Imperial Bk Of Commerce | Stock-Financials | 1.84% | +0.20% | +15.97% | |
| 9 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.38% | -0.45% | -6.29% | |
| 10 | JPM | Jpmorgan Chase & Co | Stock-Financials | 1.34% | — | +6.30% | |
| 11 | AZN | AstraZeneca PLC | Stock-Healthcare | 1.29% | +1.29% | NEW | |
| 12 | RY | Royal Bank Of Canada | Stock-Financials | 1.21% | +0.78% | +218.75% | |
| 13 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.19% | +0.09% | +36.62% | |
| 14 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 1.03% | +0.19% | +38.52% | |
| 15 | TSLA | Tesla INC | Stock-Consumer Disc | 0.97% | -0.28% | +0.67% | |
| 16 | V | Visa Inc-class A Shares | Stock-Financials | 0.86% | — | +6.01% | |
| 17 | TD | Toronto-dominion Bank | Stock-Financials | 0.85% | +0.13% | +28.67% | |
| 18 | ABBV | Abbvie INC | Stock-Healthcare | 0.80% | — | +4.91% | |
| 19 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 0.78% | — | +21.30% | |
| 20 | XOM | Exxon Mobil CORP | Stock-Energy | 0.73% | +0.22% | +9.07% | |
| 21 | NFLX | Netflix INC | Stock-Comm Services | 0.69% | +0.16% | +38.09% | |
| 22 | MA | Mastercard INC - A | Stock-Financials | 0.69% | -0.24% | -8.58% | |
| 23 | UNP | Union Pacific CORP | Stock-Industrials | 0.67% | — | +2.13% | |
| 24 | GS | Goldman Sachs Group INC | Stock-Financials | 0.64% | — | +9.80% | |
| 25 | ADI | Analog Devices INC | Stock-Tech | 0.62% | — | -18.48% | |
| 26 | ETN | Eaton Corporation plc | Stock-Industrials | 0.58% | +0.53% | +942.13% | |
| 27 | CEG | Constellation Energy | Stock-Utilities | 0.58% | +0.49% | +739.91% | |
| 28 | TMUS | T-mobile US INC | Stock-Comm Services | 0.56% | +0.49% | +717.85% | |
| 29 | TTE | Totalenergies Se | Stock-Other | 0.56% | +0.15% | +2.83% | |
| 30 | AZO | Autozone INC | Stock-Consumer Disc | 0.54% | — | +0.03% | |
| 31 | MSI | Motorola Solutions INC | Stock-Tech | 0.51% | — | +1.32% | |
| 32 | AMAT | Applied Materials INC | Stock-Tech | 0.49% | +0.11% | +5.54% | |
| 33 | URI | United Rentals INC | Stock-Industrials | 0.48% | — | +16.95% | |
| 34 | TJX | Tjx Companies INC | Stock-Consumer Disc | 0.48% | — | +4.24% | |
| 35 | MCK | Mckesson CORP | Stock-Healthcare | 0.47% | — | -21.40% | |
| 36 | BMO | Bank Of Montreal | Stock-Financials | 0.47% | +0.30% | +184.98% | |
| 37 | PH | Parker Hannifin CORP | Stock-Industrials | 0.47% | -0.19% | -25.16% | |
| 38 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.46% | — | -8.44% | |
| 39 | MU | Micron Technology INC | Stock-Tech | 0.46% | +0.23% | +77.41% | |
| 40 | BAC | Bank Of America CORP | Stock-Financials | 0.44% | -0.45% | -39.78% | |
| 41 | ABT | Abbott Laboratories | Stock-Healthcare | 0.44% | — | +4.14% | |
| 42 | BNS | Bank Of Nova Scotia | Stock-Financials | 0.44% | +0.28% | +212.44% | |
| 43 | ORCL | Oracle CORP | Stock-Tech | 0.43% | -0.23% | -6.91% | |
| 44 | GWW | Ww Grainger INC | Stock-Industrials | 0.41% | +0.39% | +2086.00% | |
| 45 | BSX | Boston Scientific CORP | Stock-Healthcare | 0.41% | — | +46.69% | |
| 46 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.41% | +0.19% | +68.94% | |
| 47 | TXN | Texas Instruments INC | Stock-Tech | 0.40% | +0.32% | +392.98% | |
| 48 | TDY | Teledyne Technologies INC | Stock-Tech | 0.39% | — | -18.84% | |
| 49 | CVX | Chevron CORP | Stock-Energy | 0.39% | — | -19.74% | |
| 50 | HLT | Hilton Worldwide Holdings In | Stock-Consumer Disc | 0.36% | +0.33% | +1163.36% |
Performance for Q3 2026
+3.6%
Performance Last 4 Quarters
+24.1%
Based on 75% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 1325 | $32.1B | 32 | |
| 2025-12-31 | 1345 | $29.8B | 34 | |
| 2025-09-30 | 1270 | $27.3B | 46 | |
| 2025-06-30 | 1235 | $23.4B | 0 | |
| 2025-03-31 | 1237 | $23.2B | 100 | |
| 2024-12-31 | 1226 | $23.8B | 0 | |
| 2024-09-30 | 1228 | $18.5B | 0 | |
| 2024-06-30 | 1233 | $16.0B | 0 | |
| 2024-03-31 | 1222 | $13.9B | 0 | |
| 2023-12-31 | 1268 | $13.4B | 0 | |
| 2023-09-30 | 1322 | $14.0B | 0 | |
| 2023-06-30 | 1384 | $14.6B | 0 | |
| 2023-03-31 | 1400 | $13.8B | 0 | |
| 2022-12-31 | 1424 | $13.1B | 0 | |
| 2022-09-30 | 1379 | $11.9B | 0 | |
| 2022-06-30 | 1354 | $11.8B | 0 | |
| 2022-03-31 | 1398 | $16.4B | 0 | |
| 2021-12-31 | 1404 | $18.6B | 0 | |
| 2021-09-30 | 1434 | $17.5B | 0 | |
| 2021-06-30 | 1443 | $16.6B | 97 | |
| 2021-03-31 | 1426 | $15.5B | 39 | |
| 2020-12-31 | 1396 | $13.1B | 38 | |
| 2020-09-30 | 1421 | $12.3B | 41 | |
| 2020-06-30 | 1403 | $10.8B | 50 | |
| 2020-03-31 | 1324 | $8.6B | 72 | |
| 2019-12-31 | 1526 | $16.1B | 39 | |
| 2019-09-30 | 1413 | $15.0B | 54 | |
| 2019-06-30 | 1440 | $12.5B | 46 | |
| 2019-03-31 | 1499 | $11.1B | 60 | |
| 2018-12-31 | 1566 | $11.8B | 60 | |
| 2018-09-30 | 1527 | $14.3B | 52 | |
| 2018-06-30 | 1403 | $14.7B | 62 | |
| 2018-03-31 | 1375 | $14.3B | 55 | |
| 2017-12-31 | 1426 | $15.4B | 79 | |
| 2017-09-30 | 1395 | $23.1B | 0 | |
| 2017-06-30 | 1288 | $11.5B | 0 | |
| 2017-03-31 | 1288 | $11.1B | 35 | |
| 2016-12-31 | 1291 | $10.3B | 32 | |
| 2016-09-30 | 1277 | $9.6B | 41 | |
| 2016-06-30 | 1271 | $9.1B | 51 | |
| 2016-03-31 | 1239 | $9.0B | 44 | |
| 2015-12-31 | 1252 | $12.3B | 39 | |
| 2015-09-30 | 1256 | $11.2B | 44 | |
| 2015-06-30 | 1249 | $13.8B | 24 | |
| 2015-03-31 | 1230 | $13.5B | 25 | |
| 2014-12-31 | 1241 | $15.4B | 28 | |
| 2014-09-30 | 1244 | $15.3B | 27 | |
| 2014-06-30 | 1247 | $16.6B | 24 | |
| 2014-03-31 | 1225 | $15.6B | 19 | |
| 2013-12-31 | 1234 | $16.1B | 28 | |
| 2013-09-30 | 1234 | $16.2B | 30 | |
| 2013-06-30 | 1220 | $12.8B | 0 |
Public Sector Pension Investment Board's most significant position changes for 2026-03-31: New buy: AstraZeneca PLC (AZN); Sold out: Aramark (ARMK); Sold out: Cyberark Software LTD; New buy: Webster Financial CORP (WBS); Add: Microsoft CORP (MSFT) — shares +19.90%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | RY | Royal Bank Of Canada | +0.8% | +218.75% | Add |
| 2 | ETN | Eaton Corporation plc | +0.5% | +942.13% | Add |
| 3 | CEG | Constellation Energy | +0.5% | +739.91% | Add |
| 4 | TMUS | T-mobile US INC | +0.5% | +717.85% | Add |
| 5 | GWW | Ww Grainger INC | +0.4% | +2086.00% | Add |
| 6 | HLT | Hilton Worldwide Holdings In | +0.3% | +1163.36% | Add |
| 7 | TXN | Texas Instruments INC | +0.3% | +392.98% | Add |
| 8 | BMO | Bank Of Montreal | +0.3% | +184.98% | Add |
| 9 | BNS | Bank Of Nova Scotia | +0.3% | +212.44% | Add |
| 10 | TSAT | Telesat CORP | +0.3% | — | Unchanged |
| 11 | BMY | Bristol-myers Squibb Co | +0.2% | +330.23% | Add |
| 12 | MU | Micron Technology INC | +0.2% | +77.41% | Add |
| 13 | XOM | Exxon Mobil CORP | +0.2% | +9.07% | Add |
| 14 | QSR | Restaurant Brands Intern | +0.2% | +1912.48% | Add |
| 15 | CM | Can Imperial Bk Of Commerce | +0.2% | +15.97% | Add |
| 16 | BRK-B | Berkshire Hathaway Inc-cl B | +0.2% | +38.52% | Add |
| 17 | JNJ | Johnson & Johnson | +0.2% | +68.94% | Add |
| 18 | NFLX | Netflix INC | +0.2% | +38.09% | Add |
| 19 | TRP | Tc Energy CORP | +0.2% | +952.82% | Add |
| 20 | TTE | Totalenergies Se | +0.2% | +2.83% | Add |
| 21 | TD | Toronto-dominion Bank | +0.1% | +28.67% | Add |
| 22 | AAPL | Apple INC | +0.1% | +19.29% | Add |
| 23 | MS | Morgan Stanley | +0.1% | +90.90% | Add |
| 24 | AMAT | Applied Materials INC | +0.1% | +5.54% | Add |
| 25 | AVGO | Broadcom INC | +0.1% | +26.01% | Add |
| 26 | LLY | Eli Lilly & Co | +0.1% | +36.62% | Add |
| 27 | AMZN | Amazon.com INC | 0% | +20.16% | Add |
| 28 | WBD | Warner Bros Discovery INC | -0.2% | -57.73% | Trim |
| 29 | CRM | Salesforce INC | -0.2% | -14.43% | Trim |
| 30 | HCA | Hca Healthcare INC | -0.2% | -25.71% | Trim |
| 31 | SPGI | S&p Global INC | -0.2% | -45.25% | Trim |
| 32 | ISRG | Intuitive Surgical INC | -0.2% | -57.93% | Trim |
| 33 | PH | Parker Hannifin CORP | -0.2% | -25.16% | Trim |
| 34 | SPY | Ss Spdr S&p 500 ETF Trust-us | -0.2% | -37.09% | Trim |
| 35 | ORCL | Oracle CORP | -0.2% | -6.91% | Trim |
| 36 | MA | Mastercard INC - A | -0.2% | -8.58% | Trim |
| 37 | TSLA | Tesla INC | -0.3% | +0.67% | Add |
| 38 | PEP | Pepsico INC | -0.3% | -73.52% | Trim |
| 39 | KLAC | Kla CORP | -0.4% | -57.56% | Trim |
| 40 | BAC | Bank Of America CORP | -0.5% | -39.78% | Trim |
| 41 | META | Meta Platforms Inc-class A | -0.5% | -6.29% | Trim |
| 42 | LIN | Linde plc | -0.5% | -72.19% | Trim |
| 43 | NVDA | Nvidia CORP | -0.6% | +3.11% | Add |
| 44 | BKNG | Booking Holdings INC | -0.6% | -65.75% | Trim |
| 45 | GOOGL | Alphabet Inc-cl A | -0.8% | -9.08% | Trim |
| 46 | MSFT | Microsoft CORP | -0.8% | +19.90% | Add |
| 47 | AZN | AstraZeneca PLC | — | NEW | New buy |
| 48 | ARMK | Aramark | — | EXIT | Sold out |
| 49 | ✓ | Cyberark Software LTD | — | EXIT | Sold out |
| 50 | WBS | Webster Financial CORP | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-13 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-13 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-06 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-12 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-12 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-14 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-22 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-12 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-14 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2023-01-10 | Amendment | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-12 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-13 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-14 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-12 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-13 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-14 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-12 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-13 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-14 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-14 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-14 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-14 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-14 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-14 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-14 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-14 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-14 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-10 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-12 | Amendment | View on EDGAR |
| 2017-12-31 | 2018-02-02 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2018-02-09 | Amendment | View on EDGAR |
| 2017-09-30 | 2017-11-14 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2018-02-09 | Amendment | View on EDGAR |
| 2017-06-30 | 2017-08-11 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-15 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-14 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-14 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-11 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-13 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-12 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-13 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-14 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-14 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-11 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-14 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-09-05 | Amendment | View on EDGAR |
| 2014-06-30 | 2014-08-13 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-09-05 | Amendment | View on EDGAR |
| 2014-03-31 | 2014-05-15 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-11 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-13 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-14 | 13F-HR | View on EDGAR |
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