VR
VIRGINIA RETIREMENT SYSTEMS ET Al — 13F Portfolio Analysis & Stock Picks (Q3 2026)
VIRGINIA RETIREMENT SYSTEMS ET AlCIK: 0001005354
Diversified strategyMomentum follower
Total reported value
$16.3B
Reporting period: 2026-09-30 · Number of holdings: 2029
VIRGINIA RETIREMENT SYSTEMS ET Al disclosed 2029 holdings in its latest 13F filing for the period ending 2026-09-30, with total reported value of $16.3B and a quarterly turnover rate of 23.3%.
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Personality snowflake
- Concentration
- 6.22
- Portfolio Stability
- 23.3
- Momentum
- 100
- Sector conviction
- 57.94
- Diversification
- 100
- Sizing Uniformity
- 57.13
VIRGINIA RETIREMENT SYSTEMS ET Al's disclosed holdings carry a Herfindahl concentration index of 0.016 — mathematically equivalent to about 64 equally-sized positions, well below its 2029 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 4.29), 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 MSFT
-4.1% $181.2M
Sold out XOM
Add AAPL
-2.9% $110.4M
Trim INTC
-53.0% -$61.7M
Trim AMAT
-21.0% -$55.1M
Add TGT
+121.9% $51.9M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
Showing top 200 holdings (of 2029 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 6.45% | +0.26% | -11.13% | |
| 2 | AAPL | Apple Inc | Stock-Tech | 6.43% | +0.82% | -2.89% | |
| 3 | MSFT | Microsoft CORP | Stock-Tech | 4.60% | +1.20% | -4.09% | |
| 4 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 2.62% | +0.26% | +3.26% | |
| 5 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 2.34% | -0.06% | -1.18% | |
| 6 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 2.10% | -0.06% | -1.55% | |
| 7 | MU | Micron Technology Inc | Stock-Tech | 1.83% | -0.02% | +4.44% | |
| 8 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.69% | +0.29% | -9.04% | |
| 9 | AVGO | Broadcom Inc | Stock-Tech | 1.68% | -0.15% | -3.70% | |
| 10 | JNJ | Johnson & Johnson | Stock-Healthcare | 1.29% | +0.05% | -2.61% | |
| 11 | V | Visa Inc-class A Shares | Stock-Financials | 1.08% | +0.03% | -4.02% | |
| 12 | AMD | Advanced Micro Devices | Stock-Tech | 0.95% | -0.04% | -11.22% | |
| 13 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.90% | +0.03% | +4.26% | |
| 14 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.87% | +0.11% | +9.47% | |
| 15 | VZ | Verizon Communications Inc | Stock-Comm Services | 0.86% | +0.07% | -2.20% | |
| 16 | LRCX | Lam Research CORP | Stock-Tech | 0.84% | -0.18% | +5.52% | |
| 17 | PLTR | Palantir Technologies Inc-a | Stock-Tech | 0.77% | +0.31% | +0.36% | |
| 18 | TSLA | Tesla Inc | Stock-Consumer Disc | 0.73% | -0.24% | -13.31% | |
| 19 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.72% | — | -2.58% | |
| 20 | CL | Colgate-palmolive Co | Stock-Consumer Staples | 0.71% | +0.05% | +12.20% | |
| 21 | CSCO | Cisco Systems Inc | Stock-Tech | 0.64% | -0.13% | -11.06% | |
| 22 | STX | Seagate Technology Holdings plc | Stock-Tech | 0.63% | -0.07% | -8.58% | |
| 23 | INCY | Incyte CORP | Stock-Healthcare | 0.63% | +0.26% | +54.83% | |
| 24 | ANET | Arista Networks Inc | Stock-Tech | 0.62% | +0.10% | -3.11% | |
| 25 | BMY | Bristol-myers Squibb Co | Stock-Healthcare | 0.59% | — | -10.54% | |
| 26 | PM | Philip Morris International | Stock-Consumer Staples | 0.58% | +0.05% | — | |
| 27 | PGR | Progressive CORP | Stock-Financials | 0.56% | -0.08% | -9.31% | |
| 28 | CBOE | Cboe Global Markets Inc | Stock-Financials | 0.56% | +0.09% | +2.18% | |
| 29 | MO | Altria Group Inc | Stock-Consumer Staples | 0.54% | +0.01% | +6.51% | |
| 30 | ADBE | Adobe Inc | Stock-Tech | 0.53% | +0.20% | +35.44% | |
| 31 | MNST | Monster Beverage CORP | Stock-Consumer Staples | 0.51% | -0.01% | +119.92% | |
| 32 | FTNT | Fortinet Inc | Stock-Tech | 0.51% | +0.11% | +7.00% | |
| 33 | TGT | Target CORP | Stock-Consumer Disc | 0.51% | +0.32% | +121.94% | |
| 34 | VRSN | Verisign Inc | Stock-Tech | 0.50% | +0.10% | +7.85% | |
| 35 | FAST | Fastenal Co | Stock-Industrials | 0.50% | +0.17% | +44.02% | |
| 36 | ALL | Allstate CORP | Stock-Financials | 0.50% | +0.15% | +49.96% | |
| 37 | DUK | Duke Energy CORP | Stock-Utilities | 0.49% | -0.04% | — | |
| 38 | KLAC | Kla CORP | Stock-Tech | 0.49% | -0.25% | -0.94% | |
| 39 | BKNG | Booking Holdings Inc | Stock-Consumer Disc | 0.48% | +0.05% | +19.79% | |
| 40 | GILD | Gilead Sciences Inc | Stock-Healthcare | 0.48% | -0.30% | -49.20% | |
| 41 | HCA | Hca Healthcare Inc | Stock-Healthcare | 0.47% | +0.04% | -2.84% | |
| 42 | CVX | Chevron CORP | Stock-Energy | 0.47% | +0.09% | -4.00% | |
| 43 | APH | Amphenol Corp-cl A | Stock-Tech | 0.46% | -0.01% | +100.00% | |
| 44 | T | At&t Inc | Stock-Comm Services | 0.46% | +0.08% | — | |
| 45 | YUM | Yum! Brands Inc | Stock-Consumer Disc | 0.45% | -0.14% | -12.66% | |
| 46 | WELL | Welltower Inc | Stock-Real Estate | 0.45% | +0.07% | +15.61% | |
| 47 | SPG | Simon Property Group Inc | Stock-Real Estate | 0.45% | -0.05% | -3.47% | |
| 48 | SNA | Snap-on Inc | Stock-Industrials | 0.43% | -0.06% | -4.81% | |
| 49 | CRM | Salesforce Inc | Stock-Tech | 0.43% | +0.14% | — | |
| 50 | AMAT | Applied Materials Inc | Stock-Tech | 0.43% | -0.32% | -20.96% |
1–50 of 200
Portfolio Performance
Performance for Q4 2026
+2.3%
Performance Last 4 Quarters
+17.6%
- Stdev
- +11.9%
- Beta
- +0.93
- Alpha
- -0.8%
- Max Drawdown
- -8.3%
- Annualized Perf
- +21.3%
- Batting Avg vs S&P
- +38.9%
- Sortino
- +3.42
- Stutzer
- +0.49
- Treynor
- +0.22
- Sterling
- +1.32
- Calmar
- +2.58
- Information Ratio
- -0.65
- Tracking Error
- +3.7%
- Stdev Down
- +5.9%
- Winning Months %
- +75%
- Losing Months %
- +25%
- Best 12 Months
- +31.2%
- Worst 12 Months
- +4.6%
- Efficiency Ratio
- +0.69
- Sharpe
- +1.69
- Stdev Sectors
- +9.6%
- Skewness
- -0.18
- Kurtosis
- -0.03
- Upside Potential
- +4.91
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q3 | 2029 | $16.3B | 23 | ||
| 2026 Q2 | 1300 | $16.7B | 44 | ||
| 2026 Q1 | 926 | $13.5B | 52 | ||
| 2025 Q4 | 949 | $16.8B | 27 | ||
| 2025 Q3 | 927 | $15.4B | 100 | ||
| 2025 Q2 | 932 | $14.5B | 0 | ||
| 2025 Q1 | 1015 | $13.5B | 0 | ||
| 2023 Q3 | 935 | $10.1B | 0 | ||
| 2023 Q2 | 963 | $10.4B | 0 | ||
| 2023 Q1 | 1027 | $9.7B | 0 | ||
| 2022 Q4 | 1116 | $9.6B | 0 | ||
| 2022 Q3 | 1146 | $8.8B | 0 | ||
| 2022 Q1 | 1108 | $10.7B | 0 | ||
| 2021 Q4 | 1097 | $14.7B | 0 | ||
| 2021 Q3 | 979 | $9.8B | 0 | ||
| 2021 Q2 | 1011 | $10.2B | 100 | ||
| 2021 Q1 | 1097 | $10.2B | 29 | ||
| 2020 Q4 | 1096 | $9.5B | 23 | ||
| 2020 Q3 | 1076 | $8.8B | 21 | ||
| 2020 Q2 | 1084 | $8.5B | 38 | ||
| 2020 Q1 | 1077 | $7.3B | 36 | ||
| 2019 Q4 | 1121 | $9.3B | 26 | ||
| 2019 Q3 | 1102 | $8.9B | 21 | ||
| 2019 Q2 | 1109 | $8.7B | 24 | ||
| 2019 Q1 | 1051 | $8.5B | 32 | ||
| 2018 Q4 | 1050 | $7.4B | 34 | ||
| 2018 Q3 | 1024 | $8.6B | 24 | ||
| 2018 Q2 | 1025 | $8.2B | 37 | ||
| 2018 Q1 | 975 | $8.3B | 21 | ||
| 2017 Q4 | 978 | $8.5B | 20 | ||
| 2017 Q3 | 1017 | $8.2B | 30 | ||
| 2017 Q2 | 1046 | $8.0B | 23 | ||
| 2017 Q1 | 1114 | $7.8B | 25 | ||
| 2016 Q4 | 970 | $7.2B | 27 | ||
| 2016 Q3 | 931 | $6.9B | 26 | ||
| 2016 Q2 | 946 | $6.8B | 43 | ||
| 2015 Q4 | 1010 | $6.7B | 26 | ||
| 2015 Q3 | 987 | $6.5B | 28 | ||
| 2015 Q2 | 989 | $6.6B | 23 | ||
| 2015 Q1 | 989 | $6.6B | 28 | ||
| 2014 Q4 | 975 | $6.4B | 25 | ||
| 2014 Q3 | 958 | $6.0B | 24 | ||
| 2014 Q2 | 950 | $5.8B | 27 | ||
| 2014 Q1 | 946 | $5.3B | 26 | ||
| 2013 Q4 | 859 | $5.0B | 27 | ||
| 2013 Q3 | 816 | $4.7B | 36 | ||
| 2013 Q2 | 963 | $5.3B | 0 |
Holding changes this quarter
VIRGINIA RETIREMENT SYSTEMS ET Al's most significant position changes for 2026-09-30: Sold out: Exxon Mobil CORP (XOM); Sold out: Kimberly-clark CORP (KMB); New buy: Ptc Inc (PTC); Sold out: Avalonbay Communities Inc (AVB); Sold out: Veralto CORP (VLTO).
Showing top 200 changes by size (of 1408 total)
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | MSFT | Microsoft CORP | +1.2% | -4.09% | Trim |
| 2 | AAPL | Apple Inc | +0.8% | -2.89% | Trim |
| 3 | TGT | Target CORP | +0.3% | +121.94% | Add |
| 4 | PLTR | Palantir Technologies Inc-a | +0.3% | +0.36% | Add |
| 5 | META | Meta Platforms Inc-class A | +0.3% | -9.04% | Trim |
| 6 | INCY | Incyte CORP | +0.3% | +54.83% | Add |
| 7 | AMZN | Amazon.com Inc | +0.3% | +3.26% | Add |
| 8 | NVDA | Nvidia CORP | +0.3% | -11.13% | Trim |
| 9 | NLY | Annaly Capital Management In | +0.2% | +814.70% | Add |
| 10 | PTC | Ptc Inc | +0.2% | NEW | New buy |
| 11 | ADBE | Adobe Inc | +0.2% | +35.44% | Add |
| 12 | FAST | Fastenal Co | +0.2% | +44.02% | Add |
| 13 | CRWD | Crowdstrike Holdings Inc - A | +0.2% | +623.37% | Add |
| 14 | ALL | Allstate CORP | +0.2% | +49.96% | Add |
| 15 | CRM | Salesforce Inc | +0.1% | — | Unchanged |
| 16 | OTIS | Otis Worldwide CORP | +0.1% | +187.54% | Add |
| 17 | DELL | Dell Technologies -c | +0.1% | +159.78% | Add |
| 18 | TROW | T Rowe Price Group Inc | +0.1% | +59.86% | Add |
| 19 | ITW | Illinois Tool Works | +0.1% | +607.34% | Add |
| 20 | USB | US Bancorp | +0.1% | +52.11% | Add |
| 21 | IDXX | Idexx Laboratories Inc | +0.1% | +36.81% | Add |
| 22 | FTNT | Fortinet Inc | +0.1% | +7.00% | Add |
| 23 | JPM | Jpmorgan Chase & Co | +0.1% | +9.47% | Add |
| 24 | EQR | Equity Residential | +0.1% | +175.09% | Add |
| 25 | DXCM | Dexcom Inc | +0.1% | +13.12% | Add |
| 26 | CTSH | Cognizant Tech Solutions-a | +0.1% | — | Unchanged |
| 27 | VRSN | Verisign Inc | +0.1% | +7.85% | Add |
| 28 | ANET | Arista Networks Inc | +0.1% | -3.11% | Trim |
| 29 | TEAM | Atlassian Corp-cl A | +0.1% | +0.13% | Add |
| 30 | MRVL | Marvell Technology Inc | +0.1% | +128.41% | Add |
| 31 | CBOE | Cboe Global Markets Inc | +0.1% | +2.18% | Add |
| 32 | CVX | Chevron CORP | +0.1% | -4.00% | Trim |
| 33 | PANW | Palo Alto Networks Inc | +0.1% | +71.51% | Add |
| 34 | VRT | Vertiv Holdings Co-a | +0.1% | +228.86% | Add |
| 35 | INTU | Intuit Inc | +0.1% | +17.60% | Add |
| 36 | T | At&t Inc | +0.1% | — | Unchanged |
| 37 | RF | Regions Financial CORP | +0.1% | +63.18% | Add |
| 38 | MAS | Masco CORP | +0.1% | +47.91% | Add |
| 39 | ADSK | Autodesk Inc | +0.1% | +82.56% | Add |
| 40 | WELL | Welltower Inc | +0.1% | +15.61% | Add |
| 41 | MSI | Motorola Solutions Inc | +0.1% | +37.37% | Add |
| 42 | COR | Cencora Inc | +0.1% | +45.76% | Add |
| 43 | VZ | Verizon Communications Inc | +0.1% | -2.20% | Trim |
| 44 | CNC | Centene CORP | +0.1% | +25.93% | Add |
| 45 | ✓ | Versigent LTD | +0.1% | +321.34% | Add |
| 46 | KO | Coca-cola Co/the | +0.1% | +31.37% | Add |
| 47 | ISRG | Intuitive Surgical Inc | +0.1% | +59.67% | Add |
| 48 | MRNA | Moderna Inc | +0.1% | +3.79% | Add |
| 49 | MCK | Mckesson CORP | +0.1% | — | Unchanged |
| 50 | URI | United Rentals Inc | +0.1% | +48.80% | Add |
1–50 of 200
Filing History
FAQ
What is VIRGINIA RETIREMENT SYSTEMS ET Al and what type of investor is it?
VIRGINIA RETIREMENT SYSTEMS ET Al 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 (2026-09-30), the firm manages a tracked equity portfolio valued at approximately $16.3B, spread across 2029 disclosed positions.
What are VIRGINIA RETIREMENT SYSTEMS ET Al's largest equity positions?
Based on the latest 13F filing, VIRGINIA RETIREMENT SYSTEMS ET Al's top holdings by market value are:
1. Nvidia CORP (NVDA) — $1.1B (6.5%)
2. Apple Inc (AAPL) — $1.0B (6.4%)
3. Microsoft CORP (MSFT) — $749.5M (4.6%)
4. Amazon.com Inc (AMZN) — $427.0M (2.6%)
5. Alphabet Inc-cl A (GOOGL) — $381.7M (2.3%)
What changes did VIRGINIA RETIREMENT SYSTEMS ET Al make in its most recent portfolio filing?
In the latest reported quarter, VIRGINIA RETIREMENT SYSTEMS ET Al made 184 notable position adjustments: 9 new positions were initiated, 68 existing holdings were added to, 88 positions were partially reduced, and 19 were completely exited. The largest of these moves: Sold out: Exxon Mobil CORP (XOM); Sold out: Kimberly-clark CORP (KMB); New buy: Ptc Inc (PTC); Sold out: Avalonbay Communities Inc (AVB); Sold out: Veralto CORP (VLTO)
What sectors does VIRGINIA RETIREMENT SYSTEMS ET Al focus on?
VIRGINIA RETIREMENT SYSTEMS ET Al is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 37.6%
• Financials: 11.2%
• Health Care: 10.7%
• Communication Services: 8.6%
• Consumer Discretionary: 8.5%
• Industrials: 8.2%
Investment Profile
VIRGINIA RETIREMENT SYSTEMS ET Al returned an annualized 21.3% over the trailing 36 months — underperforming the S&P 500 by 0.8 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.93 (roughly in line with the market) and a 39% quarterly batting average against the index.
Its portfolio is broadly diversified and moderately active, with 37.6% of the portfolio concentrated in Information Technology.
Its turnover score has fallen from 100 to 23 over the past 4 quarters — a shift toward longer holding periods.
It has added to its AAPL position over the past two quarters (+$804.8M, now $1.0B), while trimming GILD over the same stretch (-$65.7M, still holding $78.2M).
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Developer Access
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