AS
Arizona State Retirement System 13F Holdings (Q2 2026) — Stock Portfolio & Buys
Arizona State Retirement SystemCIK: 0001558481
Diversified strategyMomentum follower
Total reported value
$19.9B
Reporting period: 2026-06-30 · Number of holdings: 2071
Arizona State Retirement System disclosed 2071 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $19.9B and a quarterly turnover rate of 21.2%.
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Personality snowflake
- Concentration
- 6
- Portfolio Stability
- 21.17
- Momentum
- 100
- Sector conviction
- 56.95
- Diversification
- 100
- Sizing Uniformity
- 45.16
Arizona State Retirement System's disclosed holdings carry a Herfindahl concentration index of 0.015 — mathematically equivalent to about 67 equally-sized positions, well below its 2071 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 5.48), 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.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govAdd MU
+1.5% $257.0M
Add AMD
+1.4% $172.1M
Add INTC
-1.5% $115.6M
Trim MSFT
+1.2% $14.1M
Add AMAT
+1.4% $85.0M
Trim XOM
-0.2% -$38.3M
Holdings Map
New buyAddUnchangedTrim
Institutional Game-State Analysis
Core Intent
Arizona State Retirement System closed the June 2026 quarter running a near-index book — 2,071 positions, HHI of just 0.015, quarterly turnover of 21.2% — with its visible active sleeve concentrated in a semiconductor rotation: adds to Micron (weight 0.61% to 1.82%, roughly tripling) and AMD (0.53% to 1.32%), against a trim of Nvidia (6.79% to 6.44%), plus smaller adds to Alphabet (2.68% to 2.90%) and Broadcom (2.23% to 2.37%). Apple and Amazon adds registered almost no weight change, suggesting buys largely offset by relative price drift, while Intel's weight jumped from 0.32% to 0.86% — nearly tripling — despite a share-count reduction, a price-driven effect rather than accumulation. The payload discloses no share-change magnitudes, so underlying trade sizes cannot be verified.
Macro & Fundamentals
These flows sit squarely within the capital rotation underway inside the AI compute complex — out of the crowded GPU leader and toward memory and alternative-compute suppliers — and within the market's continuing tilt toward Information Technology, now 37.1% of the book. Flagged as inference from limited data: a single quarter of positioning carries no causal evidence, and the pattern may simply reflect trend-following rebalancing within tech. Notably, the portfolio's net momentum tilt is negligible at roughly 0.06 percentage point, indicating this is a sector-internal shift rather than a book-wide momentum bet.
Blind Spots / Risks
Diversification here is an illusion of breadth: with 2,071 lines the single-name risk looks index-like, yet Information Technology alone accounts for 37% of assets, and effectively the entire active program — the Micron and AMD builds, partly financed by the Nvidia trim — lives inside that one sector. Micron's weight tripled in a single quarter, making it simultaneously the largest fresh addition and the least-seasoned exposure should the memory cycle turn, while Intel's price-inflated stake, built while shares were being sold, could deflate as quickly as it appeared. Reported-value coverage is only about 96%, leaving a small unmapped tail that further blurs the true sector mix.
This narrative is produced by AI from this institution's Form 13F filings, as disclosed on SEC EDGAR, and describes past activity only. It is informational, not investment advice. View the original 2026-06-30 Form 13F filing on SEC.gov
* This report is exclusively curated by the AlphaSMO team. AlphaSMO is the web's most authoritative 13F / Inside Trader database, delivering precise insider trading and institutional holdings insights.
Top 10 holdings by weight
Full holdings list this quarter
Showing top 200 holdings (of 2071 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 6.44% | -0.35% | -3.79% | |
| 2 | AAPL | Apple Inc | Stock-Tech | 5.93% | -0.05% | +1.16% | |
| 3 | MSFT | Microsoft CORP | Stock-Tech | 3.67% | -0.52% | +1.18% | |
| 4 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 3.22% | +0.01% | +1.88% | |
| 5 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 2.90% | +0.22% | +1.32% | |
| 6 | AVGO | Broadcom Inc | Stock-Tech | 2.37% | +0.14% | +1.14% | |
| 7 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 2.28% | +0.04% | -3.80% | |
| 8 | MU | Micron Technology Inc | Stock-Tech | 1.82% | +1.21% | +1.48% | |
| 9 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.73% | -0.27% | +2.10% | |
| 10 | TSLA | Tesla Inc | Stock-Consumer Disc | 1.65% | -0.03% | +0.82% | |
| 11 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.34% | +0.16% | +1.21% | |
| 12 | AMD | Advanced Micro Devices | Stock-Tech | 1.32% | +0.79% | +1.42% | |
| 13 | JPM | Jpmorgan Chase & Co | Stock-Financials | 1.22% | -0.06% | -0.22% | |
| 14 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.97% | -0.09% | +2.38% | |
| 15 | INTC | Intel CORP | Stock-Tech | 0.86% | +0.54% | -1.55% | |
| 16 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.85% | -0.09% | +1.24% | |
| 17 | V | Visa Inc-class A Shares | Stock-Financials | 0.80% | -0.02% | +0.99% | |
| 18 | AMAT | Applied Materials Inc | Stock-Tech | 0.80% | +0.37% | +1.36% | |
| 19 | XOM | Exxon Mobil CORP | Stock-Energy | 0.79% | -0.36% | -0.17% | |
| 20 | LRCX | Lam Research CORP | Stock-Tech | 0.75% | +0.32% | +0.69% | |
| 21 | WMT | Walmart Inc | Stock-Consumer Staples | 0.69% | -0.18% | +1.31% | |
| 22 | CAT | Caterpillar Inc | Stock-Industrials | 0.69% | +0.16% | +0.67% | |
| 23 | CSCO | Cisco Systems Inc | Stock-Tech | 0.65% | +0.16% | +1.25% | |
| 24 | ABBV | Abbvie Inc | Stock-Healthcare | 0.62% | — | +1.34% | |
| 25 | MA | Mastercard Inc - A | Stock-Financials | 0.59% | -0.09% | -2.10% | |
| 26 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.58% | -0.13% | +1.23% | |
| 27 | KLAC | Kla CORP | Stock-Tech | 0.55% | +0.24% | +910.31% | |
| 28 | GE | General Electric | Stock-Industrials | 0.54% | +0.06% | +0.30% | |
| 29 | BAC | Bank Of America CORP | Stock-Financials | 0.54% | — | +0.32% | |
| 30 | UNH | Unitedhealth Group Inc | Stock-Healthcare | 0.53% | +0.14% | +1.48% | |
| 31 | HD | Home Depot Inc | Stock-Consumer Disc | 0.49% | -0.03% | +1.33% | |
| 32 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.48% | -0.06% | +0.71% | |
| 33 | SNDK | Sandisk CORP | Stock-Tech | 0.45% | +0.31% | +3.84% | |
| 34 | MRK | Merck & Co. Inc. | Stock-Healthcare | 0.44% | -0.04% | +0.93% | |
| 35 | GEV | GE Vernova Inc | Stock-Industrials | 0.44% | +0.06% | +0.57% | |
| 36 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.44% | -0.06% | -4.02% | |
| 37 | CVX | Chevron CORP | Stock-Energy | 0.43% | -0.20% | -2.29% | |
| 38 | NFLX | Netflix Inc | Stock-Comm Services | 0.42% | -0.23% | +0.64% | |
| 39 | GS | Goldman Sachs Group Inc | Stock-Financials | 0.42% | +0.01% | -0.41% | |
| 40 | PM | Philip Morris International | Stock-Consumer Staples | 0.39% | -0.02% | +1.39% | |
| 41 | PANW | Palo Alto Networks Inc | Stock-Tech | 0.39% | +0.18% | +1.64% | |
| 42 | TXN | Texas Instruments Inc | Stock-Tech | 0.38% | +0.10% | +1.48% | |
| 43 | IBM | Intl Business Machines CORP | Stock-Tech | 0.37% | +0.01% | +1.63% | |
| 44 | RTX | Rtx CORP | Stock-Industrials | 0.36% | -0.05% | +1.64% | |
| 45 | PLTR | Palantir Technologies Inc-a | Stock-Tech | 0.35% | -0.19% | -3.44% | |
| 46 | MRVL | Marvell Technology Inc | Stock-Tech | 0.35% | +0.22% | +1.81% | |
| 47 | WFC | Wells Fargo & Co | Stock-Financials | 0.35% | -0.05% | -1.14% | |
| 48 | ORCL | Oracle CORP | Stock-Tech | 0.35% | -0.06% | +1.36% | |
| 49 | MS | Morgan Stanley | Stock-Financials | 0.35% | +0.04% | +1.08% | |
| 50 | LIN | Linde plc | Stock-Materials | 0.34% | -0.03% | +0.51% |
1–50 of 200
Portfolio Performance
Performance for Q3 2026
+2.3%
Performance Last 4 Quarters
+21.4%
- Stdev
- +13.2%
- Beta
- +1.01
- Alpha
- -1.5%
- Max Drawdown
- -8.9%
- Annualized Perf
- +19.5%
- Batting Avg vs S&P
- +50%
- Sortino
- +2.91
- Stutzer
- +0.42
- Treynor
- +0.18
- Sterling
- +1.19
- Calmar
- +2.19
- Information Ratio
- -0.7
- Tracking Error
- +1.8%
- Stdev Down
- +6.4%
- Winning Months %
- +66.7%
- Losing Months %
- +33.3%
- Best 12 Months
- +32.7%
- Worst 12 Months
- +5.3%
- Efficiency Ratio
- +0.6
- Sharpe
- +1.42
- Stdev Sectors
- +9.5%
- Skewness
- +0.08
- Kurtosis
- -0.16
- Upside Potential
- +4.51
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 2071 | $19.9B | 21 | ||
| 2026 Q1 | 2051 | $17.1B | 16 | ||
| 2025 Q4 | 2048 | $18.4B | 11 | ||
| 2025 Q3 | 2081 | $18.8B | 24 | ||
| 2025 Q2 | 2053 | $17.4B | 0 | ||
| 2025 Q1 | 2086 | $15.7B | 100 | ||
| 2024 Q4 | 2130 | $16.4B | 0 | ||
| 2024 Q3 | 2151 | $15.9B | 0 | ||
| 2024 Q2 | 2101 | $15.0B | 0 | ||
| 2024 Q1 | 2124 | $14.5B | 0 | ||
| 2023 Q4 | 2145 | $13.2B | 0 | ||
| 2023 Q3 | 2170 | $11.8B | 0 | ||
| 2023 Q2 | 2177 | $12.3B | 0 | ||
| 2023 Q1 | 2219 | $11.1B | 0 | ||
| 2022 Q4 | 2228 | $10.4B | 0 | ||
| 2022 Q3 | 2220 | $9.7B | 0 | ||
| 2022 Q2 | 2246 | $10.3B | 0 | ||
| 2022 Q1 | 2236 | $12.4B | 0 | ||
| 2021 Q4 | 2269 | $13.1B | 0 | ||
| 2021 Q3 | 2202 | $12.3B | 0 | ||
| 2021 Q2 | 2225 | $12.3B | 100 | ||
| 2021 Q1 | 2132 | $11.4B | 10 | ||
| 2020 Q4 | 2088 | $11.0B | 13 | ||
| 2020 Q3 | 1996 | $10.1B | 35 | ||
| 2020 Q2 | 1863 | $7.1B | 38 | ||
| 2020 Q1 | 1829 | $5.8B | 48 | ||
| 2019 Q4 | 1524 | $8.3B | 16 | ||
| 2019 Q3 | 1536 | $8.2B | 14 | ||
| 2019 Q2 | 1538 | $8.6B | 15 | ||
| 2019 Q1 | 1531 | $8.4B | 13 | ||
| 2018 Q4 | 1533 | $7.8B | 33 | ||
| 2018 Q3 | 1530 | $10.6B | 12 | ||
| 2018 Q2 | 1528 | $9.9B | 18 | ||
| 2018 Q1 | 1538 | $9.9B | 12 | ||
| 2017 Q4 | 1531 | $10.3B | 24 | ||
| 2017 Q3 | 1518 | $8.4B | 29 | ||
| 2017 Q2 | 1498 | $7.2B | 9 | ||
| 2017 Q1 | 1488 | $7.1B | 10 | ||
| 2016 Q4 | 1486 | $6.8B | 11 | ||
| 2016 Q3 | 1478 | $6.6B | 19 | ||
| 2016 Q2 | 1485 | $7.1B | 12 | ||
| 2016 Q1 | 1477 | $7.7B | 12 | ||
| 2015 Q4 | 1480 | $7.5B | 12 | ||
| 2015 Q3 | 1469 | $7.1B | 28 | ||
| 2014 Q4 | 1523 | $8.5B | 12 | ||
| 2014 Q3 | 1523 | $8.1B | 8 | ||
| 2014 Q2 | 1520 | $8.3B | 10 | ||
| 2014 Q1 | 1517 | $7.9B | 8 | ||
| 2013 Q4 | 1519 | $8.1B | 10 | ||
| 2013 Q3 | 1521 | $7.8B | 10 | ||
| 2013 Q2 | 1520 | $7.3B | 16 |
Holding changes this quarter
Arizona State Retirement System's most significant position changes for 2026-06-30: Sold out: Honeywell International Inc (HON); New buy: ; New buy: ; New buy: ; New buy: Carnival CORP LTD F.
Showing top 200 changes by size (of 2134 total)
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | MU | Micron Technology Inc | +1.2% | +1.48% | Add |
| 2 | AMD | Advanced Micro Devices | +0.8% | +1.42% | Add |
| 3 | INTC | Intel CORP | +0.5% | -1.55% | Trim |
| 4 | AMAT | Applied Materials Inc | +0.4% | +1.36% | Add |
| 5 | LRCX | Lam Research CORP | +0.3% | +0.69% | Add |
| 6 | SNDK | Sandisk CORP | +0.3% | +3.84% | Add |
| 7 | KLAC | Kla CORP | +0.2% | +910.31% | Add |
| 8 | GOOGL | Alphabet Inc-cl A | +0.2% | +1.32% | Add |
| 9 | MRVL | Marvell Technology Inc | +0.2% | +1.81% | Add |
| 10 | PANW | Palo Alto Networks Inc | +0.2% | +1.64% | Add |
| 11 | LLY | Eli Lilly & Co | +0.2% | +1.21% | Add |
| 12 | CAT | Caterpillar Inc | +0.2% | +0.67% | Add |
| 13 | CSCO | Cisco Systems Inc | +0.2% | +1.25% | Add |
| 14 | WDC | Western Digital CORP | +0.2% | +2.50% | Add |
| 15 | STX | Seagate Technology Holdings plc | +0.2% | +2.38% | Add |
| 16 | AVGO | Broadcom Inc | +0.1% | +1.14% | Add |
| 17 | UNH | Unitedhealth Group Inc | +0.1% | +1.48% | Add |
| 18 | ✓ | +0.1% | NEW | New buy | |
| 19 | TXN | Texas Instruments Inc | +0.1% | +1.48% | Add |
| 20 | GLW | Corning Inc | +0.1% | -1.20% | Trim |
| 21 | CRWD | Crowdstrike Holdings Inc - A | +0.1% | -0.82% | Trim |
| 22 | DELL | Dell Technologies -c | +0.1% | -3.83% | Trim |
| 23 | ✓ | +0.1% | NEW | New buy | |
| 24 | ✓ | +0.1% | NEW | New buy | |
| 25 | BE | Bloom Energy Corp- A | +0.1% | +26.74% | Add |
| 26 | ALAB | Astera Labs Inc | +0.1% | +8.05% | Add |
| 27 | GE | General Electric | +0.1% | +0.30% | Add |
| 28 | GEV | GE Vernova Inc | +0.1% | +0.57% | Add |
| 29 | QCOM | Qualcomm Inc | +0.1% | +1.66% | Add |
| 30 | DDOG | Datadog Inc - Class A | +0.1% | +6.61% | Add |
| 31 | APH | Amphenol Corp-cl A | +0.1% | +1.67% | Add |
| 32 | FTNT | Fortinet Inc | +0.1% | +0.77% | Add |
| 33 | COHR | Coherent CORP | +0.1% | +25.33% | Add |
| 34 | FLEX | Flex Ltd. | +0.1% | +4.91% | Add |
| 35 | ✓ | Carnival CORP LTD F | +0.1% | NEW | New buy |
| 36 | CRDO | Credo Technology Group Holding Ltd | +0.1% | +7.75% | Add |
| 37 | GOOG | Alphabet Inc-cl C | 0% | -3.80% | Trim |
| 38 | MS | Morgan Stanley | 0% | +1.08% | Add |
| 39 | ANET | Arista Networks Inc | 0% | +1.02% | Add |
| 40 | SNOW | Snowflake Inc | 0% | +3.30% | Add |
| 41 | TER | Teradyne Inc | 0% | +5.48% | Add |
| 42 | HPE | Hewlett Packard Enterprise | 0% | +4.86% | Add |
| 43 | HUM | Humana Inc | 0% | +5.33% | Add |
| 44 | CVS | Cvs Health CORP | 0% | +1.51% | Add |
| 45 | VRT | Vertiv Holdings Co-a | 0% | +2.13% | Add |
| 46 | URI | United Rentals Inc | 0% | +4.43% | Add |
| 47 | RKLB | Rocket Lab CORP | 0% | +14.19% | Add |
| 48 | ✓ | 0% | NEW | New buy | |
| 49 | ADI | Analog Devices Inc | 0% | +0.98% | Add |
| 50 | CDNS | Cadence Design Sys Inc | 0% | +2.72% | Add |
1–50 of 200
Filing History
FAQ
What is Arizona State Retirement System and what type of investor is it?
Arizona State Retirement System is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $19.9B, spread across 2071 disclosed positions.
What are Arizona State Retirement System's largest equity positions?
Based on the latest 13F filing, Arizona State Retirement System's top holdings by market value are:
1. Nvidia CORP (NVDA) — $1.3B (6.4%)
2. Apple Inc (AAPL) — $1.2B (5.9%)
3. Microsoft CORP (MSFT) — $730.2M (3.7%)
4. Amazon.com Inc (AMZN) — $640.1M (3.2%)
5. Alphabet Inc-cl A (GOOGL) — $577.3M (2.9%)
What changes did Arizona State Retirement System make in its most recent portfolio filing?
In the latest reported quarter, Arizona State Retirement System made 200 notable position adjustments: 9 new positions were initiated, 153 existing holdings were added to, 33 positions were partially reduced, and 5 were completely exited. The largest of these moves: Sold out: Honeywell International Inc (HON); New buy: ; New buy: ; New buy: ; New buy: Carnival CORP LTD F
What sectors does Arizona State Retirement System focus on?
Arizona State Retirement System is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 37.1%
• Financials: 10.8%
• Consumer Discretionary: 9.9%
• Industrials: 9.6%
• Health Care: 9.4%
• Communication Services: 9.2%
Investment Profile
Arizona State Retirement System returned an annualized 19.5% over the trailing 36 months — underperforming the S&P 500 by 1.5 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.01 (roughly in line with the market) and a 50% quarterly batting average against the index.
Its portfolio is broadly diversified and moderately active, with 37.1% of the portfolio concentrated in Information Technology.
Its turnover score has risen from 0 to 21 over the past 4 quarters — a shift toward more active trading.
It has added to its MU position over the past two quarters (+$270.4M, now $361.2M), while trimming PLTR over the same stretch (-$43.3M, still holding $70.5M).
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Developer Access
Access Arizona State Retirement System's institutional profile programmatically:
REST API
curl https://alphasmo.com/api/v1/institutions/arizona-state-retirement-systemCLI
npx alphasmo institutions get arizona-state-retirement-system