CIK: 0001083190
Total reported value
$19.6B
Reporting period: 2026-03-31 · Number of holdings: 1755
COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS disclosed 1755 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $19.6B and a quarterly turnover rate of 19.2%.
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Commonwealth Of Pennsylvania Public School Empls Retrmt Sys's disclosed holdings carry a Herfindahl concentration index of 0.011 — mathematically equivalent to about 95 equally-sized positions, well below its 1755 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 4.19), 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 RSP
-49.2% -$337.0M
Add SPY
+713.4% $240.5M
Trim MSFT
+0.1% -$195.8M
Trim NVDA
+0.1% -$67.0M
Trim AAPL
-0.5% -$66.5M
Trim TSLA
+0.2% -$50.4M
Capital is pivoting out of the S&P Equal-Weight ETF into core cap-weight exposure and seeded developed markets ex-US. They are aggressively adding mega-cap tech positions despite weight dilution from price appreciation, strictly running a momentum playbook rather than value contrarian bets.
The regime bet is sustained liquidity concentration in US mega-cap AI infrastructure and regulated utilities, hedged with international diversification as domestic small/mid-caps bleed relative strength. Counter-thesis: A broad-based economic soft landing triggers a violent rotation into domestic cyclicals and undervalued micro-caps.
The structural vulnerability is a momentum liquidity trap. With 100% momentum tilt and near-zero active sector conviction, a sudden volatility spike or earnings-driven leadership shift will force rapid de-risking across the board, squeezing the fund before any mean-reversion plays can trigger.
Produced with AI assistance from publicly disclosed 13F data. Historical only; not a personalized investment recommendation.
Showing top 200 holdings (of 1755 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 5.03% | -0.31% | +0.14% | |
| 2 | AAPL | Apple INC | Stock-Tech | 4.42% | -0.31% | -0.50% | |
| 3 | MSFT | Microsoft CORP | Stock-Tech | 3.26% | -0.98% | +0.05% | |
| 4 | AMZN | Amazon.com INC | Stock-Consumer Disc | 2.41% | -0.24% | +0.56% | |
| 5 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 1.99% | -0.16% | +0.21% | |
| 6 | RSP | Invesco S&p 500 Equal Weight | ETF-Large Cap & Growth | 1.78% | -1.69% | -49.23% | |
| 7 | AVGO | Broadcom INC | Stock-Tech | 1.74% | -0.19% | +0.55% | |
| 8 | NEE | Nextera Energy INC | Stock-Utilities | 1.72% | — | -11.68% | |
| 9 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 1.59% | -0.13% | +0.72% | |
| 10 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.49% | -0.20% | +0.57% | |
| 11 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 1.41% | +1.23% | +713.41% | |
| 12 | IEMG | Ishares Core Msci Emerging | ETF-Emerging Markets | 1.32% | +1.32% | NEW | |
| 13 | TSLA | Tesla INC | Stock-Consumer Disc | 1.24% | -0.25% | +0.23% | |
| 14 | UNP | Union Pacific CORP | Stock-Industrials | 1.15% | — | -2.12% | |
| 15 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 1.04% | — | +0.14% | |
| 16 | SO | Southern Co/the | Stock-Utilities | 0.96% | — | -5.54% | |
| 17 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.94% | -0.09% | -0.81% | |
| 18 | DUK | Duke Energy CORP | Stock-Utilities | 0.92% | — | -5.54% | |
| 19 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.86% | -0.15% | -0.07% | |
| 20 | XOM | Exxon Mobil CORP | Stock-Energy | 0.84% | +0.24% | -0.76% | |
| 21 | AMT | American Tower CORP | Stock-Real Estate | 0.81% | -0.05% | -5.54% | |
| 22 | WMB | Williams Cos INC | Stock-Energy | 0.72% | +0.08% | -6.60% | |
| 23 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.70% | +0.11% | +0.17% | |
| 24 | WMT | Walmart INC | Stock-Consumer Staples | 0.65% | +0.07% | +0.11% | |
| 25 | AEP | American Electric Power | Stock-Utilities | 0.63% | — | -9.99% | |
| 26 | CSX | Csx CORP | Stock-Industrials | 0.61% | — | -2.13% | |
| 27 | V | Visa Inc-class A Shares | Stock-Financials | 0.60% | -0.10% | -0.24% | |
| 28 | SRE | Sempra | Stock-Utilities | 0.57% | — | -5.54% | |
| 29 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.52% | +0.07% | +0.30% | |
| 30 | KMI | Kinder Morgan INC | Stock-Energy | 0.52% | +0.06% | -6.79% | |
| 31 | NSC | Norfolk Southern CORP | Stock-Industrials | 0.52% | — | -1.87% | |
| 32 | LNG | Cheniere Energy INC | Stock-Energy | 0.49% | +0.09% | -16.36% | |
| 33 | MA | Mastercard INC - A | Stock-Financials | 0.48% | -0.07% | -0.53% | |
| 34 | NFLX | Netflix INC | Stock-Comm Services | 0.48% | — | -0.21% | |
| 35 | WELL | Welltower INC | Stock-Real Estate | 0.48% | +0.12% | +23.58% | |
| 36 | D | Dominion Energy INC | Stock-Utilities | 0.48% | — | -5.54% | |
| 37 | OKE | Oneok INC | Stock-Energy | 0.46% | — | -7.01% | |
| 38 | CVX | Chevron CORP | Stock-Energy | 0.46% | +0.12% | -0.82% | |
| 39 | ABBV | Abbvie INC | Stock-Healthcare | 0.46% | — | +0.14% | |
| 40 | ETR | Entergy CORP | Stock-Utilities | 0.45% | — | -5.38% | |
| 41 | MU | Micron Technology INC | Stock-Tech | 0.45% | +0.07% | +0.42% | |
| 42 | EXC | Exelon CORP | Stock-Utilities | 0.45% | — | -8.04% | |
| 43 | TRGP | Targa Resources CORP | Stock-Energy | 0.44% | +0.10% | -6.94% | |
| 44 | PLD | Prologis INC | Stock-Real Estate | 0.43% | +0.09% | +22.89% | |
| 45 | XEL | Xcel Energy INC | Stock-Utilities | 0.43% | — | -5.54% | |
| 46 | PCG | P G & E CORP | Stock-Utilities | 0.41% | — | -4.77% | |
| 47 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.40% | — | -0.40% | |
| 48 | PLTR | Palantir Technologies Inc-a | Stock-Tech | 0.40% | -0.08% | +0.14% | |
| 49 | AMD | Advanced Micro Devices | Stock-Tech | 0.39% | — | +0.29% | |
| 50 | CAT | Caterpillar INC | Stock-Industrials | 0.39% | +0.07% | -0.43% |
Performance for Q3 2026
+2.6%
Performance Last 4 Quarters
+20.6%
Based on 75% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 1755 | $19.6B | 19 | |
| 2025-12-31 | 1719 | $19.7B | 11 | |
| 2025-09-30 | 1700 | $19.9B | 31 | |
| 2025-06-30 | 1658 | $18.9B | 0 | |
| 2025-03-31 | 1621 | $16.9B | 100 | |
| 2024-12-31 | 1607 | $16.1B | 0 | |
| 2024-09-30 | 1585 | $15.8B | 0 | |
| 2024-06-30 | 1552 | $15.1B | 0 | |
| 2024-03-31 | 1535 | $14.6B | 0 | |
| 2023-12-31 | 1523 | $13.8B | 0 | |
| 2023-09-30 | 1622 | $12.1B | 0 | |
| 2023-06-30 | 1652 | $12.8B | 0 | |
| 2023-03-31 | 1725 | $11.7B | 0 | |
| 2022-12-31 | 1804 | $11.8B | 0 | |
| 2022-09-30 | 1925 | $9.9B | 0 | |
| 2022-06-30 | 1943 | $9.4B | 0 | |
| 2022-03-31 | 1889 | $10.1B | 0 | |
| 2021-12-31 | 1828 | $9.5B | 0 | |
| 2021-09-30 | 1803 | $8.6B | 0 | |
| 2021-06-30 | 1802 | $9.0B | 100 | |
| 2021-03-31 | 1725 | $8.1B | 23 | |
| 2020-12-31 | 1683 | $7.1B | 38 | |
| 2020-09-30 | 1655 | $5.1B | 72 | |
| 2020-06-30 | 1620 | $5.4B | 34 | |
| 2020-03-31 | 1599 | $4.4B | 44 | |
| 2019-12-31 | 1569 | $5.7B | 19 | |
| 2019-09-30 | 1555 | $5.6B | 31 | |
| 2019-06-30 | 1563 | $5.9B | 25 | |
| 2019-03-31 | 1572 | $5.8B | 28 | |
| 2018-12-31 | 1564 | $5.1B | 44 | |
| 2018-09-30 | 1527 | $7.1B | 36 | |
| 2018-06-30 | 1492 | $7.4B | 30 | |
| 2018-03-31 | 1222 | $7.2B | 24 | |
| 2017-12-31 | 1107 | $7.3B | 21 | |
| 2017-09-30 | 1113 | $6.8B | 23 | |
| 2017-06-30 | 1118 | $6.5B | 38 | |
| 2017-03-31 | 1133 | $5.9B | 26 | |
| 2016-12-31 | 1114 | $5.4B | 24 | |
| 2016-09-30 | 1130 | $5.1B | 28 | |
| 2016-06-30 | 1149 | $5.4B | 30 | |
| 2016-03-31 | 1122 | $4.7B | 31 | |
| 2015-12-31 | 1105 | $4.8B | 37 | |
| 2015-09-30 | 1109 | $4.2B | 47 | |
| 2015-06-30 | 1233 | $5.5B | 24 | |
| 2015-03-31 | 1167 | $5.6B | 46 | |
| 2014-12-31 | 1182 | $6.8B | 28 | |
| 2014-09-30 | 1165 | $6.7B | 25 | |
| 2014-06-30 | 1472 | $6.8B | 24 | |
| 2014-03-31 | 1310 | $6.5B | 24 | |
| 2013-12-31 | 1349 | $6.3B | 26 | |
| 2013-09-30 | 1331 | $6.0B | 24 | |
| 2013-06-30 | 1324 | $5.8B | — |
Commonwealth Of Pennsylvania Public School Empls Retrmt Sys's most significant position changes for 2026-03-31: New buy: Ishares Core Msci Emerging (IEMG); New buy: Ast Spacemobile INC (ASTS); New buy: Vertiv Holdings Co-a (VRT); Sold out: Enphase Energy INC (ENPH 0 03-01-26); New buy: Petroleo Brasileiro-spon Adr (PBR).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | SPY | Ss Spdr S&p 500 ETF Trust-us | +1.2% | +713.41% | Add |
| 2 | XOM | Exxon Mobil CORP | +0.2% | -0.76% | Trim |
| 3 | EQIX | Equinix INC | +0.1% | +22.12% | Add |
| 4 | CEG | Constellation Energy | +0.1% | +146.00% | Add |
| 5 | CVX | Chevron CORP | +0.1% | -0.82% | Trim |
| 6 | WELL | Welltower INC | +0.1% | +23.58% | Add |
| 7 | JNJ | Johnson & Johnson | +0.1% | +0.17% | Add |
| 8 | TRGP | Targa Resources CORP | +0.1% | -6.94% | Trim |
| 9 | PLD | Prologis INC | +0.1% | +22.89% | Add |
| 10 | LNG | Cheniere Energy INC | +0.1% | -16.36% | Trim |
| 11 | WMB | Williams Cos INC | +0.1% | -6.60% | Trim |
| 12 | AMAT | Applied Materials INC | +0.1% | -0.22% | Trim |
| 13 | CAT | Caterpillar INC | +0.1% | -0.43% | Trim |
| 14 | NRG | Nrg Energy INC | +0.1% | +227.47% | Add |
| 15 | SNDK | Sandisk CORP | +0.1% | +6.17% | Add |
| 16 | COST | Costco Wholesale CORP | +0.1% | +0.30% | Add |
| 17 | MU | Micron Technology INC | +0.1% | +0.42% | Add |
| 18 | GEV | GE Vernova INC | +0.1% | -0.52% | Trim |
| 19 | WMT | Walmart INC | +0.1% | +0.11% | Add |
| 20 | TLN | Talen Energy CORP | +0.1% | +379.73% | Add |
| 21 | VST | Vistra CORP | +0.1% | +125.00% | Add |
| 22 | DLR | Digital Realty Trust INC | +0.1% | +23.47% | Add |
| 23 | KMI | Kinder Morgan INC | +0.1% | -6.79% | Trim |
| 24 | AMT | American Tower CORP | -0.1% | -5.54% | Trim |
| 25 | TME | Tencent Music Entertainm-adr | -0.1% | -42.31% | Trim |
| 26 | UNH | Unitedhealth Group INC | -0.1% | +0.15% | Add |
| 27 | MA | Mastercard INC - A | -0.1% | -0.53% | Trim |
| 28 | PLTR | Palantir Technologies Inc-a | -0.1% | +0.14% | Add |
| 29 | INTU | Intuit INC | -0.1% | -0.05% | Trim |
| 30 | JPM | Jpmorgan Chase & Co | -0.1% | -0.81% | Trim |
| 31 | ORCL | Oracle CORP | -0.1% | +0.96% | Add |
| 32 | CRM | Salesforce INC | -0.1% | -1.43% | Trim |
| 33 | APP | Applovin Corp-class A | -0.1% | +0.26% | Add |
| 34 | V | Visa Inc-class A Shares | -0.1% | -0.24% | Trim |
| 35 | GOOG | Alphabet Inc-cl C | -0.1% | +0.72% | Add |
| 36 | LLY | Eli Lilly & Co | -0.2% | -0.07% | Trim |
| 37 | GOOGL | Alphabet Inc-cl A | -0.2% | +0.21% | Add |
| 38 | AVGO | Broadcom INC | -0.2% | +0.55% | Add |
| 39 | META | Meta Platforms Inc-class A | -0.2% | +0.57% | Add |
| 40 | AMZN | Amazon.com INC | -0.2% | +0.56% | Add |
| 41 | TSLA | Tesla INC | -0.3% | +0.23% | Add |
| 42 | NVDA | Nvidia CORP | -0.3% | +0.14% | Add |
| 43 | AAPL | Apple INC | -0.3% | -0.50% | Trim |
| 44 | MSFT | Microsoft CORP | -1% | +0.05% | Add |
| 45 | RSP | Invesco S&p 500 Equal Weight | -1.7% | -49.23% | Trim |
| 46 | IEMG | Ishares Core Msci Emerging | — | NEW | New buy |
| 47 | ASTS | Ast Spacemobile INC | — | NEW | New buy |
| 48 | VRT | Vertiv Holdings Co-a | — | NEW | New buy |
| 49 | ENPH 0 03-01-26 | Enphase Energy INC | — | EXIT | Sold out |
| 50 | PBR | Petroleo Brasileiro-spon Adr | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-01 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-10 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-12 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-08 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-13 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-11 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-07 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-12 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-08 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-09 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-09 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-09 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-09 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-13 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-15 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-12 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-11 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-10 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-12 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-12 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-12 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-12 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-11 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-14 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-11 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-14 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-13 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-07 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-11 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-08 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-03 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-09 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-13 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-09 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-09 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-05 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-09 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-09 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-11 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-09 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-09 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-09 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-24 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-13 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-11 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-07 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-14 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-08 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-07 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-12 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-14 | 13F-HR | View on EDGAR |
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