California Public Employees Retirement Sys2026-Q1
VOO 仍是 CalPERS 最大持仓，本季度权重由 11.33% 升至 12.37%，同期 NVDA 被减仓至 7.33%。持股数从 1086 降至 1064，换手率由 0.154641 升至 0.172051。
| 代码 | 操作 | 价值（美元） | 占投资组合比重 |
|---|---|---|---|
| IVV | 新建仓 | $828.0M | 0.51% |
本季度没有清仓的持仓。
| 代码 | 操作 | 价值变动 | 权重变化（百分点） |
|---|---|---|---|
| NVDA | 减仓 | -$2.33B | -0.81pts |
| MSFT | 加仓 | -$2.11B | -0.85pts |
| GOOG | 减仓 | -$917.2M | -0.39pts |
| META | 减仓 | -$631.9M | -0.22pts |
| GOOGL | 减仓 | -$604.2M | -0.16pts |
| AVGO | 减仓 | -$598.7M | -0.16pts |
| LRCX | 加仓 | +$587.0M | +0.39pts |
| MU | 加仓 | +$454.9M | +0.30pts |
| TSLA | 减仓 | -$427.5M | -0.17pts |
| BRK-B | 减仓 | -$371.9M | -0.15pts |
| XOM | 减仓 | +$370.5M | +0.27pts |
| CRM | 减仓 | -$365.2M | -0.19pts |
| LLY | 减仓 | -$324.0M | -0.11pts |
| JPM | 减仓 | -$323.0M | -0.11pts |
| AAPL | 加仓 | -$317.6M | +0.24pts |
| VOO | 加仓 | +$290.1M | +1.04pts |
| PEP | 减仓 | -$267.9M | -0.13pts |
| IBM | 减仓 | -$255.0M | -0.12pts |
| MDT | 减仓 | -$252.1M | -0.13pts |
| INTU | 减仓 | -$243.7M | -0.13pts |
| ORCL | 减仓 | -$226.3M | -0.11pts |
| ISRG | 减仓 | -$217.7M | -0.11pts |
| UNH | 减仓 | -$213.5M | -0.10pts |
| V | 减仓 | -$204.0M | -0.08pts |
| CVX | 加仓 | +$197.2M | +0.14pts |
| ABT | 减仓 | -$193.6M | -0.09pts |
| BAC | 减仓 | -$190.5M | -0.07pts |
| MA | 减仓 | -$182.7M | -0.07pts |
| PLTR | 减仓 | -$169.7M | -0.07pts |
| APH | 减仓 | -$165.0M | -0.08pts |
| ABBV | 减仓 | -$150.3M | -0.05pts |
| BSX | 减仓 | -$145.3M | -0.07pts |
| COP | 加仓 | +$140.6M | +0.10pts |
| KLAC | 减仓 | +$136.7M | +0.12pts |
| INTC | 加仓 | +$135.6M | +0.10pts |
| HD | 减仓 | -$135.0M | -0.05pts |
| WMT | 加仓 | +$131.9M | +0.12pts |
| PGR | 减仓 | -$129.5M | -0.07pts |
| ADBE | 减仓 | -$122.8M | -0.06pts |
| ACN | 减仓 | -$121.9M | -0.05pts |
| CAT | 加仓 | +$121.2M | +0.09pts |
| TRV | 减仓 | -$120.1M | -0.07pts |
| APP | 加仓 | -$118.6M | -0.06pts |
| ELV | 减仓 | -$111.0M | -0.06pts |
| TT | 加仓 | +$110.2M | +0.08pts |
| AMAT | 减仓 | +$104.2M | +0.09pts |
| NOW | 减仓 | -$102.3M | -0.05pts |
| MRVL | 加仓 | +$101.6M | +0.07pts |
| MPWR | 加仓 | +$97.7M | +0.07pts |
表中有六只股票的操作方向与美元市值走向相反：MSFT、AAPL、APP 是加仓但市值下跌（股价跌幅超过买入股份的价值，并非卖出）；XOM、KLAC、AMAT 是减仓但市值上涨（股价涨幅超过减仓股份的价值，并非买入）。
| 指标 | 本季度 | 上一季度 |
|---|---|---|
| 持仓数量 | 1064 | 1086 |
| 换手率 | 0.172051 | 0.154641 |
| HHI（集中度） | 0.031302 | 0.031037 |
| 映射价值比率 | 0.8535669127484349 | 0.8690565386376735 |
| 动量倾斜（百分点） | 0.06636 | 0.120175 |
| 变异系数 | 5.686419 | 5.721606 |
| 行业：信息技术 | 0.3691 | 0.3791 |
| 行业：金融 | 0.1139 | 0.1204 |
| 行业：通信服务 | 0.1014 | 0.1094 |
| 行业：医疗保健 | 0.0958 | 0.1009 |
| 行业：非必需消费 | 0.0952 | 0.0943 |
| 行业：工业 | 0.0868 | 0.0738 |
| 行业：能源 | 0.0356 | 0.0231 |
| 行业：必需消费 | 0.041 | 0.04 |
| 行业：公用事业 | 0.0241 | 0.0239 |
| 行业：房地产 | 0.0203 | 0.0205 |
| 行业：原材料 | 0.0167 | 0.0144 |
结论：CalPERS 本季度继续增加指数型敞口，同时降低单一科技股仓位：VOO 的价值变动为 +$290.1M，并新建 IVV；NVDA、GOOG、META、GOOGL 均被减仓。表中六只方向相反的市值变动均为价格效应，并非交易方向反转。持仓数量下降、换手率上升，信息技术板块权重由 0.3791 降至 0.3691。动量倾斜也由 0.120175 降至 0.06636 个百分点，组合对近期强势股的倾斜程度下降。