VR
VIRGINIA RETIREMENT SYSTEMS ET Al — 13F Portfolio Analysis & Stock Picks (Q2 2026)
VIRGINIA RETIREMENT SYSTEMS ET AlCIK: 0001005354
Diversified strategyMomentum follower
Total reported value
$16.7B
Reporting period: 2026-06-30 · Number of holdings: 1300
VIRGINIA RETIREMENT SYSTEMS ET Al disclosed 1300 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $16.7B and a quarterly turnover rate of 43.5%.
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Personality snowflake
- Concentration
- 5.35
- Portfolio Stability
- 43.54
- Momentum
- 100
- Sector conviction
- 54.38
- Diversification
- 100
- Sizing Uniformity
- 59.5
VIRGINIA RETIREMENT SYSTEMS ET Al's disclosed holdings carry a Herfindahl concentration index of 0.013 — mathematically equivalent to about 75 equally-sized positions, well below its 1300 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 4.05), 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 AAPL
+236.7% $694.4M
Add AMZN
+397.6% $326.1M
Add MU
+3.3% $222.2M
Add AMD
+379.1% $153.1M
Add AMAT
+616.9% $116.7M
Trim MSFT
+2.3% $16.8M
Holdings Map
New buyAddUnchangedTrim
Institutional Game-State Analysis
Core Intent
The filing shows Virginia Retirement Systems running roughly 1,300 positions with an HHI of just 0.0134 at June 30, 2026 — an index-like core — yet its disclosed activity was strikingly one-directional: every one of the eight top position changes was an add, clustered in technology and semiconductors. Apple jumped from 1.81% to 5.61% of the book and Amazon from 0.52% to 2.36%, while Micron, AMD, Applied Materials and Intel were scaled up severalfold from small bases; Nvidia is reported as an add even though its weight held flat at 6.19%. With percentage share-count changes omitted from the disclosure, the split between price appreciation and genuine buying cannot be untangled, so the true size of these builds may be either larger or smaller than the weight shifts imply.
Macro & Fundamentals
Read strictly from the holdings data, these flows line up with the market's prevailing AI-compute and semiconductor-cycle narrative — simultaneous adds across GPU designers, memory, equipment makers and device OEMs appear consistent with how capital has been pricing sustained AI capex. This remains an inference drawn from limited data rather than evidence of causation, and with roughly 3% of reported value unmapped to sectors, the sector weights themselves carry measurable error.
Blind Spots / Risks
The structural vulnerability here is concentration hiding inside diversification: with 1,300 names and a concentration score of 5.35, the portfolio resembles a passive benchmark proxy, yet every visible active decision sits within a single highly correlated semiconductor/AI cluster — information technology now stands at 35.9% of assets with Nvidia alone at 6.19%. Should this crowded trade unwind, the fresh additions would likely mark down together, and because the quarter's filing discloses no trims or exits, there is no way to verify whether any hedging or de-risking took place beneath the surface.
This overview is machine-generated from this institution's regulatory filings on SEC EDGAR and describes past disclosures only — it does not constitute financial advice. View the original 2026-06-30 Form 13F filing on SEC.gov
Top 10 holdings by weight
Full holdings list this quarter
Showing top 200 holdings (of 1300 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 6.19% | — | +8.24% | |
| 2 | AAPL | Apple Inc | Stock-Tech | 5.61% | +3.80% | +236.66% | |
| 3 | MSFT | Microsoft CORP | Stock-Tech | 3.39% | -0.69% | +2.26% | |
| 4 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 2.40% | +0.09% | +3.57% | |
| 5 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 2.36% | +1.84% | +397.57% | |
| 6 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 2.16% | +0.02% | +1.44% | |
| 7 | MU | Micron Technology Inc | Stock-Tech | 1.85% | +1.20% | +3.30% | |
| 8 | AVGO | Broadcom Inc | Stock-Tech | 1.83% | +0.03% | +3.32% | |
| 9 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.40% | -0.33% | +2.51% | |
| 10 | JNJ | Johnson & Johnson | Stock-Healthcare | 1.24% | -0.65% | -21.45% | |
| 11 | V | Visa Inc-class A Shares | Stock-Financials | 1.05% | +0.04% | +13.51% | |
| 12 | LRCX | Lam Research CORP | Stock-Tech | 1.02% | +0.37% | -3.98% | |
| 13 | AMD | Advanced Micro Devices | Stock-Tech | 0.99% | +0.90% | +379.13% | |
| 14 | XOM | Exxon Mobil CORP | Stock-Energy | 0.98% | -0.53% | -0.13% | |
| 15 | TSLA | Tesla Inc | Stock-Consumer Disc | 0.97% | +0.05% | +14.82% | |
| 16 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.87% | +0.07% | +3.63% | |
| 17 | VZ | Verizon Communications Inc | Stock-Comm Services | 0.79% | +0.16% | +84.40% | |
| 18 | GILD | Gilead Sciences Inc | Stock-Healthcare | 0.78% | -0.29% | — | |
| 19 | CSCO | Cisco Systems Inc | Stock-Tech | 0.77% | +0.20% | +9.82% | |
| 20 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.76% | -0.09% | -0.18% | |
| 21 | AMAT | Applied Materials Inc | Stock-Tech | 0.75% | +0.69% | +616.86% | |
| 22 | KLAC | Kla CORP | Stock-Tech | 0.74% | +0.19% | +710.00% | |
| 23 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.72% | +0.22% | +73.36% | |
| 24 | STX | Seagate Technology Holdings plc | Stock-Tech | 0.70% | +0.27% | -17.95% | |
| 25 | CL | Colgate-palmolive Co | Stock-Consumer Staples | 0.66% | -0.14% | -4.47% | |
| 26 | PGR | Progressive CORP | Stock-Financials | 0.64% | -0.08% | +0.06% | |
| 27 | INTC | Intel CORP | Stock-Tech | 0.62% | +0.48% | +73.82% | |
| 28 | YUM | Yum! Brands Inc | Stock-Consumer Disc | 0.60% | +0.07% | +35.21% | |
| 29 | BMY | Bristol-myers Squibb Co | Stock-Healthcare | 0.59% | -0.38% | -19.94% | |
| 30 | PM | Philip Morris International | Stock-Consumer Staples | 0.53% | -0.08% | — | |
| 31 | DUK | Duke Energy CORP | Stock-Utilities | 0.53% | -0.16% | -1.79% | |
| 32 | MO | Altria Group Inc | Stock-Consumer Staples | 0.53% | -0.26% | -24.02% | |
| 33 | MNST | Monster Beverage CORP | Stock-Consumer Staples | 0.52% | +0.15% | +31.09% | |
| 34 | ANET | Arista Networks Inc | Stock-Tech | 0.52% | +0.20% | +43.41% | |
| 35 | SPG | Simon Property Group Inc | Stock-Real Estate | 0.50% | -0.15% | -19.53% | |
| 36 | SNA | Snap-on Inc | Stock-Industrials | 0.49% | -0.07% | -1.65% | |
| 37 | MS | Morgan Stanley | Stock-Financials | 0.49% | — | -3.02% | |
| 38 | GE | General Electric | Stock-Industrials | 0.48% | +0.02% | -0.15% | |
| 39 | MRK | Merck & Co. Inc. | Stock-Healthcare | 0.48% | -0.16% | -13.80% | |
| 40 | WMT | Walmart Inc | Stock-Consumer Staples | 0.47% | -0.28% | -13.78% | |
| 41 | APH | Amphenol Corp-cl A | Stock-Tech | 0.47% | +0.09% | +9.29% | |
| 42 | CBOE | Cboe Global Markets Inc | Stock-Financials | 0.47% | -0.35% | -16.97% | |
| 43 | PLTR | Palantir Technologies Inc-a | Stock-Tech | 0.46% | -0.06% | +38.77% | |
| 44 | PEP | Pepsico Inc | Stock-Consumer Staples | 0.44% | -0.18% | — | |
| 45 | IBM | Intl Business Machines CORP | Stock-Tech | 0.44% | +0.12% | +47.30% | |
| 46 | PSA | Public Storage | Stock-Real Estate | 0.43% | -0.06% | -6.03% | |
| 47 | HCA | Hca Healthcare Inc | Stock-Healthcare | 0.43% | -0.17% | +8.22% | |
| 48 | BKNG | Booking Holdings Inc | Stock-Consumer Disc | 0.43% | +0.09% | +3557.14% | |
| 49 | BNY | Bank Of New York Mellon CORP | Stock-Financials | 0.42% | -0.02% | -1.87% | |
| 50 | SYY | Sysco CORP | Stock-Consumer Staples | 0.42% | -0.03% | -0.52% |
1–50 of 200
Portfolio Performance
Performance for Q3 2026
+3.6%
Performance Last 4 Quarters
+23.5%
- Stdev
- +12.4%
- Beta
- +0.92
- Alpha
- -0.3%
- Max Drawdown
- -8.3%
- Annualized Perf
- +18.8%
- Batting Avg vs S&P
- +41.7%
- Sortino
- +2.81
- Stutzer
- +0.42
- Treynor
- +0.2
- Sterling
- +1.17
- Calmar
- +2.28
- Information Ratio
- -0.52
- Tracking Error
- +3.7%
- Stdev Down
- +6.4%
- Winning Months %
- +72.2%
- Losing Months %
- +27.8%
- Best 12 Months
- +31.2%
- Worst 12 Months
- +4.6%
- Efficiency Ratio
- +0.58
- Sharpe
- +1.45
- Stdev Sectors
- +9.1%
- Skewness
- -0.15
- Kurtosis
- -0.34
- Upside Potential
- +4.44
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 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 2026-06-30: Sold out: Abbott Laboratories (ABT); New buy: Amgen Inc (AMGN); New buy: Archer-daniels-midland Co (ADM); Sold out: General Mills Inc (GIS); New buy: Corning Inc (GLW).
Showing top 200 changes by size (of 1381 total)
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | AAPL | Apple Inc | +3.8% | +236.66% | Add |
| 2 | AMZN | Amazon.com Inc | +1.8% | +397.57% | Add |
| 3 | MU | Micron Technology Inc | +1.2% | +3.30% | Add |
| 4 | AMD | Advanced Micro Devices | +0.9% | +379.13% | Add |
| 5 | AMAT | Applied Materials Inc | +0.7% | +616.86% | Add |
| 6 | INTC | Intel CORP | +0.5% | +73.82% | Add |
| 7 | FIX | Comfort Systems USA Inc | +0.4% | +4074.60% | Add |
| 8 | LRCX | Lam Research CORP | +0.4% | -3.98% | Trim |
| 9 | SNDK | Sandisk CORP | +0.3% | +37.32% | Add |
| 10 | STX | Seagate Technology Holdings plc | +0.3% | -17.95% | Trim |
| 11 | BRK-B | Berkshire Hathaway Inc-cl B | +0.2% | +73.36% | Add |
| 12 | CSCO | Cisco Systems Inc | +0.2% | +9.82% | Add |
| 13 | ANET | Arista Networks Inc | +0.2% | +43.41% | Add |
| 14 | ALL | Allstate CORP | +0.2% | +141.91% | Add |
| 15 | MAS | Masco CORP | +0.2% | +168.02% | Add |
| 16 | USB | US Bancorp | +0.2% | +342.38% | Add |
| 17 | KLAC | Kla CORP | +0.2% | +710.00% | Add |
| 18 | ADBE | Adobe Inc | +0.2% | +213.31% | Add |
| 19 | AEP | American Electric Power | +0.2% | +304.76% | Add |
| 20 | AMGN | Amgen Inc | +0.2% | NEW | New buy |
| 21 | UNH | Unitedhealth Group Inc | +0.2% | +44.65% | Add |
| 22 | VZ | Verizon Communications Inc | +0.2% | +84.40% | Add |
| 23 | WDC | Western Digital CORP | +0.2% | +47.99% | Add |
| 24 | DXCM | Dexcom Inc | +0.2% | +298.48% | Add |
| 25 | MNST | Monster Beverage CORP | +0.2% | +31.09% | Add |
| 26 | ORCL | Oracle CORP | +0.2% | +379.35% | Add |
| 27 | ADM | Archer-daniels-midland Co | +0.2% | NEW | New buy |
| 28 | FTNT | Fortinet Inc | +0.1% | — | Unchanged |
| 29 | IBM | Intl Business Machines CORP | +0.1% | +47.30% | Add |
| 30 | TGT | Target CORP | +0.1% | +197.39% | Add |
| 31 | GLW | Corning Inc | +0.1% | NEW | New buy |
| 32 | LITE | Lumentum Holdings Inc | +0.1% | NEW | New buy |
| 33 | FICO | Fair Isaac CORP | +0.1% | +88.91% | Add |
| 34 | CDNS | Cadence Design Sys Inc | +0.1% | +138.75% | Add |
| 35 | GOOGL | Alphabet Inc-cl A | +0.1% | +3.57% | Add |
| 36 | APH | Amphenol Corp-cl A | +0.1% | +9.29% | Add |
| 37 | BKNG | Booking Holdings Inc | +0.1% | +3557.14% | Add |
| 38 | GEV | GE Vernova Inc | +0.1% | +16.96% | Add |
| 39 | CNC | Centene CORP | +0.1% | -1.72% | Trim |
| 40 | CRWD | Crowdstrike Holdings Inc - A | +0.1% | NEW | New buy |
| 41 | BBY | Best Buy Co Inc | +0.1% | NEW | New buy |
| 42 | CB | Chubb Limited | +0.1% | NEW | New buy |
| 43 | MRVL | Marvell Technology Inc | +0.1% | NEW | New buy |
| 44 | NBIX | Neurocrine Biosciences Inc | +0.1% | +40.51% | Add |
| 45 | DLTR | Dollar Tree Inc | +0.1% | NEW | New buy |
| 46 | DDOG | Datadog Inc - Class A | +0.1% | NEW | New buy |
| 47 | PANW | Palo Alto Networks Inc | +0.1% | NEW | New buy |
| 48 | MET | Metlife Inc | +0.1% | NEW | New buy |
| 49 | CRDO | Credo Technology Group Holding Ltd | +0.1% | NEW | New buy |
| 50 | LLY | Eli Lilly & Co | +0.1% | +3.63% | 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 (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $16.7B, spread across 1300 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) — $1.0B (6.2%)
2. Apple Inc (AAPL) — $939.0M (5.6%)
3. Microsoft CORP (MSFT) — $568.3M (3.4%)
4. Alphabet Inc-cl A (GOOGL) — $401.1M (2.4%)
5. Amazon.com Inc (AMZN) — $395.6M (2.4%)
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 187 notable position adjustments: 33 new positions were initiated, 75 existing holdings were added to, 72 positions were partially reduced, and 7 were completely exited. The largest of these moves: Sold out: Abbott Laboratories (ABT); New buy: Amgen Inc (AMGN); New buy: Archer-daniels-midland Co (ADM); Sold out: General Mills Inc (GIS); New buy: Corning Inc (GLW)
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: 35.9%
• Financials: 11.4%
• Health Care: 10.1%
• Consumer Discretionary: 8.8%
• Industrials: 8.5%
• Communication Services: 8.2%
Investment Profile
VIRGINIA RETIREMENT SYSTEMS ET Al returned an annualized 18.8% over the trailing 36 months — underperforming the S&P 500 by 0.3 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.92 (roughly in line with the market) and a 42% quarterly batting average against the index.
Its portfolio is broadly diversified and moderately active, with 35.9% of the portfolio concentrated in Information Technology.
Its turnover score has risen from 0 to 44 over the past 4 quarters — a shift toward more active trading.
It has added to its CSCO position over the past two quarters (+$100.1M, now $128.8M), while trimming UHS over the same stretch (-$85.6M, still holding $17.7M).
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Developer Access
Access VIRGINIA RETIREMENT SYSTEMS ET Al's institutional profile programmatically:
REST API
curl https://alphasmo.com/api/v1/institutions/virginia-retirement-systems-et-alCLI
npx alphasmo institutions get virginia-retirement-systems-et-al