CIK: 0001005354
Total reported value
$16.8B
Reporting period: 2025-12-31 · Number of holdings: 949
VIRGINIA RETIREMENT SYSTEMS ET Al disclosed 949 holdings in its latest 13F filing for the period ending 2025-12-31, with total reported value of $16.8B and a quarterly turnover rate of 27.1%.
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VIRGINIA RETIREMENT SYSTEMS ET Al's disclosed holdings carry a Herfindahl concentration index of 0.016 — mathematically equivalent to about 61 equally-sized positions, well below its 949 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 3.82), 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.
Sector classification currently covers about 59% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Add AMZN
+52.6% $241.9M
Add GOOGL
+35.4% $224.4M
Trim NVDA
-5.3% -$53.0M
Trim MSFT
+2.2% -$40.8M
Add WMT
+246.3% $106.7M
Add AAPL
+12.9% $179.4M
VIRGINIA RETIREMENT SYSTEMS is systematically scaling into momentum and beta — adding to mega-cap tech entries (AMZN, GOOGL, AAPL, AVGO, MU) and seeding a new S&P 500 core (IVV) — all signals of a conviction-driven alpha hunt with zero hedging. This is not capital rotation or portfolio insurance; it is a deliberate bet that the prevailing trend extends into Q1 2026.
Every share added here bets on a Goldilocks macro: low rates, resilient margins, and AI-led productivity gains keeping the tech rally alive. The opposing thesis is a stagflationary shock that punctures earnings expectations in high-multiple names, triggering a momentum collapse that reverses the same signals this strategy depends on.
The 949 holdings give an illusion of safety but the portfolio is a single factor trade: momentum score 100 and tech weighting 42.6% create a reflexivity trap where every position shares the same return driver. When that driver fails — and it will, because momentum is mean-reverting at extremes — the cross-sectional correlation inside the portfolio approaches 1.0, making the diversification a cosmetic shell.
This overview is machine-generated from public regulatory data and describes past filings only — it does not constitute financial advice.
Showing top 200 holdings (of 949 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | AAPL | Apple INC | Stock-Tech | 6.28% | +0.60% | +12.86% | |
| 2 | NVDA | Nvidia CORP | Stock-Tech | 5.58% | -0.85% | -5.31% | |
| 3 | MSFT | Microsoft CORP | Stock-Tech | 5.03% | -0.72% | +2.16% | |
| 4 | AMZN | Amazon.com INC | Stock-Consumer Disc | 3.82% | +1.22% | +52.60% | |
| 5 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 3.13% | +1.17% | +35.43% | |
| 6 | META | Meta Platforms Inc-class A | Stock-Comm Services | 2.59% | — | +16.47% | |
| 7 | AVGO | Broadcom INC | Stock-Tech | 1.99% | +0.43% | +32.42% | |
| 8 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 1.95% | +0.38% | +5.61% | |
| 9 | IVV | Ishares Core S&p 500 ETF | ETF-Large Cap & Growth | 1.90% | +1.90% | NEW | |
| 10 | JNJ | Johnson & Johnson | Stock-Healthcare | 1.43% | +0.04% | — | |
| 11 | TSLA | Tesla INC | Stock-Consumer Disc | 0.94% | — | +5.08% | |
| 12 | WMT | Walmart INC | Stock-Consumer Staples | 0.87% | +0.62% | +246.31% | |
| 13 | MRK | Merck & Co. INC. | Stock-Healthcare | 0.85% | — | -10.02% | |
| 14 | GILD | Gilead Sciences INC | Stock-Healthcare | 0.84% | — | -9.73% | |
| 15 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.83% | — | +5.12% | |
| 16 | V | Visa Inc-class A Shares | Stock-Financials | 0.82% | +0.07% | +15.15% | |
| 17 | HCA | Hca Healthcare INC | Stock-Healthcare | 0.80% | — | -2.85% | |
| 18 | BMY | Bristol-myers Squibb Co | Stock-Healthcare | 0.72% | — | — | |
| 19 | DG | Dollar General CORP | Stock-Consumer Staples | 0.72% | +0.11% | -0.14% | |
| 20 | VZ | Verizon Communications INC | Stock-Comm Services | 0.70% | — | +4.53% | |
| 21 | MO | Altria Group INC | Stock-Consumer Staples | 0.68% | -0.23% | -5.96% | |
| 22 | YUM | Yum! Brands INC | Stock-Consumer Disc | 0.68% | +0.08% | +23.54% | |
| 23 | MU | Micron Technology INC | Stock-Tech | 0.68% | +0.42% | +68.04% | |
| 24 | ABT | Abbott Laboratories | Stock-Healthcare | 0.67% | — | +9.38% | |
| 25 | T | At&t INC | Stock-Comm Services | 0.66% | — | — | |
| 26 | UHS | Universal Health Services-b | Stock-Healthcare | 0.61% | +0.08% | +17.68% | |
| 27 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.61% | +0.22% | +21.18% | |
| 28 | GS | Goldman Sachs Group INC | Stock-Financials | 0.61% | — | -12.30% | |
| 29 | CL | Colgate-palmolive Co | Stock-Consumer Staples | 0.60% | — | -4.81% | |
| 30 | LRCX | Lam Research CORP | Stock-Tech | 0.59% | — | -2.74% | |
| 31 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.59% | — | -7.52% | |
| 32 | PCAR | Paccar INC | Stock-Industrials | 0.53% | — | -14.54% | |
| 33 | KR | Kroger Co | Stock-Consumer Staples | 0.52% | -0.19% | -13.44% | |
| 34 | TXT | Textron INC | Stock-Industrials | 0.49% | — | — | |
| 35 | CBOE | Cboe Global Markets INC | Stock-Financials | 0.48% | — | — | |
| 36 | CTSH | Cognizant Tech Solutions-a | Stock-Tech | 0.47% | +0.12% | +18.24% | |
| 37 | GE | General Electric | Stock-Industrials | 0.47% | — | -5.67% | |
| 38 | FOXA | Fox CORP - Class A | Stock-Comm Services | 0.47% | — | +11.82% | |
| 39 | EBAY | Ebay INC | Stock-Consumer Disc | 0.47% | — | -15.86% | |
| 40 | C | Citigroup INC | Stock-Financials | 0.47% | -0.25% | -38.16% | |
| 41 | SPG | Simon Property Group INC | Stock-Real Estate | 0.47% | — | -2.25% | |
| 42 | IBM | Intl Business Machines CORP | Stock-Tech | 0.46% | +0.37% | +424.63% | |
| 43 | MS | Morgan Stanley | Stock-Financials | 0.46% | -0.21% | -33.99% | |
| 44 | INCY | Incyte CORP | Stock-Healthcare | 0.45% | — | — | |
| 45 | NFLX | Netflix INC | Stock-Comm Services | 0.45% | -0.26% | +777.75% | |
| 46 | BKNG | Booking Holdings INC | Stock-Consumer Disc | 0.44% | — | +5.36% | |
| 47 | ABBV | Abbvie INC | Stock-Healthcare | 0.44% | — | +10.92% | |
| 48 | VRSN | Verisign INC | Stock-Tech | 0.43% | -0.37% | -32.71% | |
| 49 | SNA | Snap-on INC | Stock-Industrials | 0.43% | — | +16.42% | |
| 50 | WELL | Welltower INC | Stock-Real Estate | 0.43% | — | +16.11% |
Performance for Q3 2026
+4.8%
Performance Last 4 Quarters
+23.9%
Based on 77% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2025-12-31 | 949 | $16.8B | 27 | |
| 2025-09-30 | 927 | $15.4B | 100 | |
| 2025-06-30 | 932 | $14.5B | 0 | |
| 2025-03-31 | 1015 | $13.5B | 0 | |
| 2023-09-30 | 935 | $10.1B | 0 | |
| 2023-06-30 | 963 | $10.4B | 0 | |
| 2023-03-31 | 1027 | $9.7B | 0 | |
| 2022-12-31 | 1116 | $9.6B | 0 | |
| 2022-09-30 | 1146 | $8.8B | 0 | |
| 2022-03-31 | 1108 | $10.7B | 0 | |
| 2021-12-31 | 1097 | $14.7B | 0 | |
| 2021-09-30 | 979 | $9.8B | 0 | |
| 2021-06-30 | 1011 | $10.2B | 100 | |
| 2021-03-31 | 1097 | $10.2B | 29 | |
| 2020-12-31 | 1096 | $9.5B | 23 | |
| 2020-09-30 | 1076 | $8.8B | 21 | |
| 2020-06-30 | 1084 | $8.5B | 38 | |
| 2020-03-31 | 1077 | $7.3B | 36 | |
| 2019-12-31 | 1121 | $9.3B | 26 | |
| 2019-09-30 | 1102 | $8.9B | 21 | |
| 2019-06-30 | 1109 | $8.7B | 24 | |
| 2019-03-31 | 1051 | $8.5B | 32 | |
| 2018-12-31 | 1050 | $7.4B | 34 | |
| 2018-09-30 | 1024 | $8.6B | 24 | |
| 2018-06-30 | 1025 | $8.2B | 37 | |
| 2018-03-31 | 975 | $8.3B | 21 | |
| 2017-12-31 | 978 | $8.5B | 20 | |
| 2017-09-30 | 1017 | $8.2B | 30 | |
| 2017-06-30 | 1046 | $8.0B | 23 | |
| 2017-03-31 | 1114 | $7.8B | 25 | |
| 2016-12-31 | 970 | $7.2B | 27 | |
| 2016-09-30 | 931 | $6.9B | 26 | |
| 2016-06-30 | 946 | $6.8B | 43 | |
| 2015-12-31 | 1010 | $6.7B | 26 | |
| 2015-09-30 | 987 | $6.5B | 28 | |
| 2015-06-30 | 989 | $6.6B | 23 | |
| 2015-03-31 | 989 | $6.6B | 28 | |
| 2014-12-31 | 975 | $6.4B | 25 | |
| 2014-09-30 | 958 | $6.0B | 24 | |
| 2014-06-30 | 950 | $5.8B | 27 | |
| 2014-03-31 | 946 | $5.3B | 26 | |
| 2013-12-31 | 859 | $5.0B | 27 | |
| 2013-09-30 | 816 | $4.7B | 36 | |
| 2013-06-30 | 963 | $5.3B | 0 |
VIRGINIA RETIREMENT SYSTEMS ET Al's most significant position changes for 2025-12-31: New buy: Ishares Core S&p 500 ETF (IVV); Sold out: Cintas CORP (CTAS); Sold out: United Therapeutics CORP (UTHR); Add: Amazon.com INC (AMZN) — shares +52.60%; Add: Alphabet Inc-cl A (GOOGL) — shares +35.43%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | AMZN | Amazon.com INC | +1.2% | +52.60% | Add |
| 2 | GOOGL | Alphabet Inc-cl A | +1.2% | +35.43% | Add |
| 3 | WMT | Walmart INC | +0.6% | +246.31% | Add |
| 4 | AAPL | Apple INC | +0.6% | +12.86% | Add |
| 5 | AVGO | Broadcom INC | +0.4% | +32.42% | Add |
| 6 | MU | Micron Technology INC | +0.4% | +68.04% | Add |
| 7 | GOOG | Alphabet Inc-cl C | +0.4% | +5.61% | Add |
| 8 | IBM | Intl Business Machines CORP | +0.4% | +424.63% | Add |
| 9 | DUK | Duke Energy CORP | +0.3% | +447.29% | Add |
| 10 | APP | Applovin Corp-class A | +0.2% | +176.09% | Add |
| 11 | LLY | Eli Lilly & Co | +0.2% | +21.18% | Add |
| 12 | ZM | Zoom Communications INC | +0.2% | +106.60% | Add |
| 13 | WDC | Western Digital CORP | +0.2% | +98.32% | Add |
| 14 | EXPE | Expedia Group INC | +0.2% | +1208.64% | Add |
| 15 | FDX | Fedex CORP | +0.2% | +89.49% | Add |
| 16 | EME | Emcor Group INC | +0.1% | +98.64% | Add |
| 17 | LVS | Las Vegas Sands CORP | +0.1% | +2990.27% | Add |
| 18 | TEL | TE Connectivity plc | +0.1% | +99.52% | Add |
| 19 | CSCO | Cisco Systems INC | +0.1% | +270.22% | Add |
| 20 | CTSH | Cognizant Tech Solutions-a | +0.1% | +18.24% | Add |
| 21 | ADBE | Adobe INC | +0.1% | +61.90% | Add |
| 22 | AEP | American Electric Power | +0.1% | +280.51% | Add |
| 23 | DVN | Devon Energy CORP | +0.1% | +552.10% | Add |
| 24 | DG | Dollar General CORP | +0.1% | -0.14% | Trim |
| 25 | NOC | Northrop Grumman CORP | +0.1% | +70.17% | Add |
| 26 | CCL1EUR | Carnival CORP LTD | +0.1% | +83.43% | Add |
| 27 | YUM | Yum! Brands INC | +0.1% | +23.54% | Add |
| 28 | UHS | Universal Health Services-b | +0.1% | +17.68% | Add |
| 29 | V | Visa Inc-class A Shares | +0.1% | +15.15% | Add |
| 30 | JNJ | Johnson & Johnson | 0% | — | Unchanged |
| 31 | DIS | Walt Disney Co/the | -0.2% | -51.62% | Trim |
| 32 | SYF | Synchrony Financial | -0.2% | -40.13% | Trim |
| 33 | OC | Owens Corning | -0.2% | -16.90% | Trim |
| 34 | DBX | Dropbox Inc-class A | -0.2% | -32.22% | Trim |
| 35 | AKAM | Akamai Technologies INC | -0.2% | -42.27% | Trim |
| 36 | PSA | Public Storage | -0.2% | -15.31% | Trim |
| 37 | KR | Kroger Co | -0.2% | -13.44% | Trim |
| 38 | AFL | Aflac INC | -0.2% | -45.17% | Trim |
| 39 | ORCL | Oracle CORP | -0.2% | -23.05% | Trim |
| 40 | MS | Morgan Stanley | -0.2% | -33.99% | Trim |
| 41 | MO | Altria Group INC | -0.2% | -5.96% | Trim |
| 42 | C | Citigroup INC | -0.3% | -38.16% | Trim |
| 43 | NFLX | Netflix INC | -0.3% | +777.75% | Add |
| 44 | VICI | Vici Properties INC | -0.4% | -37.85% | Trim |
| 45 | VRSN | Verisign INC | -0.4% | -32.71% | Trim |
| 46 | MSFT | Microsoft CORP | -0.7% | +2.16% | Add |
| 47 | NVDA | Nvidia CORP | -0.9% | -5.31% | Trim |
| 48 | IVV | Ishares Core S&p 500 ETF | — | NEW | New buy |
| 49 | CTAS | Cintas CORP | — | EXIT | Sold out |
| 50 | UTHR | United Therapeutics CORP | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2025-12-31 | 2026-02-04 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-10-20 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-07-29 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-07-16 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2024-01-02 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-22 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-07-11 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-05-17 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2023-05-16 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-04-21 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-03 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-10-21 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-13 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-04-30 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-16 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-12 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-12 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-12 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-01-27 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-10-22 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-07-26 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-04-25 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-07 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-02 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-03 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-04 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-02 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-09 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-07 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-08 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-02 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-10-31 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-10 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-01-21 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-10-27 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-07-27 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-04-17 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-01-28 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-10-31 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-07-23 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-14 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-11 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-14 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-05 | 13F-HR | View on EDGAR |
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