CIK: 0000315297
Total reported value
$25.5B
Reporting period: 2026-03-31 · Number of holdings: 1848
PUBLIC EMPLOYEES RETIREMENT ASSOCIATION OF COLORADO disclosed 1848 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $25.5B and a quarterly turnover rate of 24.1%.
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Public Employees Retirement Association Of Colorado's disclosed holdings carry a Herfindahl concentration index of 0.023 — mathematically equivalent to about 44 equally-sized positions, well below its 1848 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 6.44), 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 MSFT
-5.5% -$490.0M
Trim CRM
-64.5% -$182.9M
Add XOM
-0.7% $132.8M
Trim GOOGL
-7.9% -$238.4M
Trim BLK
-88.0% -$149.4M
Trim V
-20.9% -$156.2M
PERA of Colorado is systematically trimming its most oversized, high-momentum positions (NVDA, MSFT, GOOGL, AMZN, CRM, V, BLK) rather than adding to them. This is a protective capital rotation aimed at paring winner-led concentration, not an aggressive hunt for new Alpha.
By reducing exposure to mega-cap growth leaders across tech and financials, PERA is implicitly betting that the momentum factor which has dominated recent market cycles is nearing exhaustion and that a regime shift toward value or other lagging sectors is coming. The opposing thesis: these companies' earnings engines and competitive moats are still widening, so the trims represent premature profit-taking on still-compounding winners.
The portfolio's extreme diversification (1,848 holdings) masks a dangerous factor crowding: momentum_contrarian score of 100 means every name is effectively riding the same systematic wave. A factor reversal would hit the entire portfolio uniformly, dwarfing the protection of many small positions. Additionally, the high coefficient of variation (6.44) shows that a handful of heavily trimmed mega-caps still dominate return contribution—leaving significant tail risk from a liquidity squeeze in those names.
Compiled by AI from public 13F filings; reflects historical positioning only and carries no investment recommendation.
Showing top 200 holdings (of 1848 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 7.80% | -0.28% | -3.24% | |
| 2 | AAPL | Apple INC | Stock-Tech | 6.75% | -0.05% | -0.41% | |
| 3 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 5.15% | -0.55% | -7.90% | |
| 4 | MSFT | Microsoft CORP | Stock-Tech | 5.03% | -1.49% | -5.47% | |
| 5 | AMZN | Amazon.com INC | Stock-Consumer Disc | 3.95% | -0.30% | -3.29% | |
| 6 | META | Meta Platforms Inc-class A | Stock-Comm Services | 2.84% | -0.20% | +0.91% | |
| 7 | AVGO | Broadcom INC | Stock-Tech | 2.73% | -0.04% | +3.60% | |
| 8 | JPM | Jpmorgan Chase & Co | Stock-Financials | 2.00% | -0.20% | -6.58% | |
| 9 | WMT | Walmart INC | Stock-Consumer Staples | 1.93% | — | -5.73% | |
| 10 | XOM | Exxon Mobil CORP | Stock-Energy | 1.83% | +0.61% | -0.74% | |
| 11 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.61% | -0.03% | +7.14% | |
| 12 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 1.55% | +0.27% | -1.53% | |
| 13 | V | Visa Inc-class A Shares | Stock-Financials | 1.31% | -0.50% | -20.86% | |
| 14 | TSLA | Tesla INC | Stock-Consumer Disc | 1.29% | -0.07% | +7.86% | |
| 15 | PM | Philip Morris International | Stock-Consumer Staples | 1.18% | -0.08% | -14.83% | |
| 16 | MA | Mastercard INC - A | Stock-Financials | 1.03% | -0.21% | -11.04% | |
| 17 | AXP | American Express Co | Stock-Financials | 0.99% | -0.42% | -19.42% | |
| 18 | MS | Morgan Stanley | Stock-Financials | 0.97% | -0.34% | -25.28% | |
| 19 | ✓ | Linde PLC New | Stock-Other | 0.94% | +0.22% | +5.45% | |
| 20 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 0.94% | — | -6.53% | |
| 21 | RTX | Rtx CORP | Stock-Industrials | 0.89% | — | -1.00% | |
| 22 | MCK | Mckesson CORP | Stock-Healthcare | 0.88% | — | -3.82% | |
| 23 | MU | Micron Technology INC | Stock-Tech | 0.82% | +0.42% | +60.28% | |
| 24 | ABBV | Abbvie INC | Stock-Healthcare | 0.78% | — | +8.35% | |
| 25 | GE | General Electric | Stock-Industrials | 0.77% | — | -2.45% | |
| 26 | WCN | Waste Connections INC | Stock-Industrials | 0.71% | -0.08% | -8.59% | |
| 27 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 0.70% | — | -0.14% | |
| 28 | CB | Chubb Limited | Stock-Financials | 0.65% | +0.27% | +55.11% | |
| 29 | EOG | Eog Resources INC | Stock-Energy | 0.65% | +0.20% | -1.61% | |
| 30 | HD | Home Depot INC | Stock-Consumer Disc | 0.63% | — | -5.85% | |
| 31 | PANW | Palo Alto Networks INC | Stock-Tech | 0.62% | — | +28.93% | |
| 32 | SYK | Stryker CORP | Stock-Healthcare | 0.60% | +0.32% | +113.95% | |
| 33 | TXN | Texas Instruments INC | Stock-Tech | 0.60% | +0.20% | +27.17% | |
| 34 | APH | Amphenol Corp-cl A | Stock-Tech | 0.56% | -0.09% | -13.17% | |
| 35 | KLAC | Kla CORP | Stock-Tech | 0.56% | +0.13% | +1.02% | |
| 36 | GILD | Gilead Sciences INC | Stock-Healthcare | 0.56% | +0.15% | +12.19% | |
| 37 | NFLX | Netflix INC | Stock-Comm Services | 0.55% | -0.21% | -34.25% | |
| 38 | VRTX | Vertex Pharmaceuticals INC | Stock-Healthcare | 0.55% | — | -5.46% | |
| 39 | EMR | Emerson Electric Co | Stock-Industrials | 0.54% | — | -1.77% | |
| 40 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.51% | — | -14.51% | |
| 41 | ETN | Eaton Corporation plc | Stock-Industrials | 0.51% | +0.14% | +15.44% | |
| 42 | T | At&t INC | Stock-Comm Services | 0.49% | +0.41% | +364.85% | |
| 43 | ABT | Abbott Laboratories | Stock-Healthcare | 0.47% | -0.17% | -15.82% | |
| 44 | SHW | Sherwin-williams Co/the | Stock-Materials | 0.46% | — | -1.71% | |
| 45 | AMD | Advanced Micro Devices | Stock-Tech | 0.44% | +0.28% | +166.47% | |
| 46 | MELI | Mercadolibre INC | Stock-Consumer Disc | 0.44% | — | -2.86% | |
| 47 | TMO | Thermo Fisher Scientific INC | Stock-Healthcare | 0.43% | -0.08% | -8.33% | |
| 48 | ORLY | O'reilly Automotive INC | Stock-Consumer Disc | 0.43% | — | -20.27% | |
| 49 | BSX | Boston Scientific CORP | Stock-Healthcare | 0.42% | — | +57.06% | |
| 50 | UNP | Union Pacific CORP | Stock-Industrials | 0.42% | — | -0.15% |
Performance for Q3 2026
+2.5%
Performance Last 4 Quarters
+18.7%
Based on 75% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 1848 | $25.5B | 24 | |
| 2025-12-31 | 1866 | $27.2B | 16 | |
| 2025-09-30 | 1887 | $27.2B | 35 | |
| 2025-06-30 | 1886 | $25.9B | 0 | |
| 2025-03-31 | 1906 | $23.4B | 100 | |
| 2024-12-31 | 1925 | $25.2B | 0 | |
| 2024-09-30 | 1944 | $25.2B | 0 | |
| 2024-06-30 | 1916 | $23.9B | 0 | |
| 2024-03-31 | 1907 | $23.2B | 0 | |
| 2023-12-31 | 1913 | $21.6B | 0 | |
| 2023-09-30 | 1930 | $19.5B | 0 | |
| 2023-06-30 | 1942 | $21.0B | 0 | |
| 2023-03-31 | 1959 | $19.4B | 0 | |
| 2022-12-31 | 1956 | $18.4B | 0 | |
| 2022-09-30 | 1954 | $17.3B | 0 | |
| 2022-06-30 | 1959 | $18.2B | 0 | |
| 2022-03-31 | 1928 | $22.0B | 0 | |
| 2021-12-31 | 1940 | $24.5B | 0 | |
| 2021-09-30 | 1919 | $22.7B | 0 | |
| 2021-06-30 | 1918 | $23.0B | 96 | |
| 2021-03-31 | 1896 | $21.4B | 12 | |
| 2020-12-31 | 1891 | $20.6B | 16 | |
| 2020-09-30 | 1867 | $18.9B | 14 | |
| 2020-06-30 | 1853 | $17.5B | 26 | |
| 2020-03-31 | 1801 | $14.3B | 26 | |
| 2019-12-31 | 1827 | $17.7B | 14 | |
| 2019-09-30 | 1847 | $16.4B | 14 | |
| 2019-06-30 | 1881 | $16.3B | 13 | |
| 2019-03-31 | 1821 | $15.7B | 18 | |
| 2018-12-31 | 1876 | $13.9B | 22 | |
| 2018-09-30 | 1893 | $16.6B | 15 | |
| 2018-06-30 | 1908 | $15.4B | 16 | |
| 2018-03-31 | 1908 | $15.1B | 14 | |
| 2017-12-31 | 1922 | $15.7B | 16 | |
| 2017-09-30 | 1805 | $13.9B | 13 | |
| 2017-06-30 | 1824 | $13.6B | 11 | |
| 2017-03-31 | 1817 | $13.2B | 14 | |
| 2016-12-31 | 1837 | $12.5B | 15 | |
| 2016-09-30 | 1829 | $12.3B | 17 | |
| 2016-06-30 | 1857 | $12.1B | 15 | |
| 2016-03-31 | 1864 | $12.1B | 21 | |
| 2015-12-31 | 1885 | $11.9B | 31 | |
| 2015-09-30 | 1910 | $11.3B | 18 | |
| 2015-06-30 | 1921 | $12.2B | 12 | |
| 2015-03-31 | 1919 | $12.1B | 13 | |
| 2014-12-31 | 1952 | $12.1B | 14 | |
| 2014-09-30 | 1964 | $11.7B | 11 | |
| 2014-06-30 | 1968 | $11.9B | 12 | |
| 2014-03-31 | 1957 | $11.7B | 12 | |
| 2013-12-31 | 1955 | $11.6B | 15 | |
| 2013-09-30 | 1975 | $10.8B | 12 | |
| 2013-06-30 | 1978 | $10.6B | 0 |
Public Employees Retirement Association Of Colorado's most significant position changes for 2026-03-31: Trim: Microsoft CORP (MSFT) — shares -5.47%; Trim: Salesforce INC (CRM) — shares -64.46%; Trim: Exxon Mobil CORP (XOM) — shares -0.74%; Trim: Alphabet Inc-cl A (GOOGL) — shares -7.90%; Trim: Blackrock INC (BLK) — shares -87.96%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | XOM | Exxon Mobil CORP | +0.6% | -0.74% | Trim |
| 2 | MU | Micron Technology INC | +0.4% | +60.28% | Add |
| 3 | T | At&t INC | +0.4% | +364.85% | Add |
| 4 | SYK | Stryker CORP | +0.3% | +113.95% | Add |
| 5 | MNST | Monster Beverage CORP | +0.3% | +1155.45% | Add |
| 6 | COF | Capital One Financial CORP | +0.3% | +491.50% | Add |
| 7 | AMD | Advanced Micro Devices | +0.3% | +166.47% | Add |
| 8 | TJX | Tjx Companies INC | +0.3% | +287.42% | Add |
| 9 | CB | Chubb Limited | +0.3% | +55.11% | Add |
| 10 | COST | Costco Wholesale CORP | +0.3% | -1.53% | Trim |
| 11 | ✓ | Linde PLC New | +0.2% | +5.45% | Add |
| 12 | CAT | Caterpillar INC | +0.2% | +102.05% | Add |
| 13 | TXN | Texas Instruments INC | +0.2% | +27.17% | Add |
| 14 | EOG | Eog Resources INC | +0.2% | -1.61% | Trim |
| 15 | LRCX | Lam Research CORP | +0.2% | +117.81% | Add |
| 16 | VRT | Vertiv Holdings Co-a | +0.2% | +43.56% | Add |
| 17 | GILD | Gilead Sciences INC | +0.2% | +12.19% | Add |
| 18 | ETN | Eaton Corporation plc | +0.1% | +15.44% | Add |
| 19 | KLAC | Kla CORP | +0.1% | +1.02% | Add |
| 20 | WWD | Woodward INC | +0.1% | +1250.59% | Add |
| 21 | SNDK | Sandisk CORP | +0.1% | +268.56% | Add |
| 22 | LLY | Eli Lilly & Co | 0% | +7.14% | Add |
| 23 | AVGO | Broadcom INC | 0% | +3.60% | Add |
| 24 | AAPL | Apple INC | -0.1% | -0.41% | Trim |
| 25 | TSLA | Tesla INC | -0.1% | +7.86% | Add |
| 26 | PM | Philip Morris International | -0.1% | -14.83% | Trim |
| 27 | WCN | Waste Connections INC | -0.1% | -8.59% | Trim |
| 28 | TMO | Thermo Fisher Scientific INC | -0.1% | -8.33% | Trim |
| 29 | MSCI | Msci INC | -0.1% | -25.90% | Trim |
| 30 | APH | Amphenol Corp-cl A | -0.1% | -13.17% | Trim |
| 31 | CRH | CRH plc | -0.1% | -15.51% | Trim |
| 32 | BR | Broadridge Financial Solutio | -0.1% | -91.46% | Trim |
| 33 | GWRE | Guidewire Software INC | -0.2% | -71.34% | Trim |
| 34 | ABT | Abbott Laboratories | -0.2% | -15.82% | Trim |
| 35 | DHR | Danaher CORP | -0.2% | -37.16% | Trim |
| 36 | META | Meta Platforms Inc-class A | -0.2% | +0.91% | Add |
| 37 | JPM | Jpmorgan Chase & Co | -0.2% | -6.58% | Trim |
| 38 | MA | Mastercard INC - A | -0.2% | -11.04% | Trim |
| 39 | NFLX | Netflix INC | -0.2% | -34.25% | Trim |
| 40 | NVDA | Nvidia CORP | -0.3% | -3.24% | Trim |
| 41 | MRVL | Marvell Technology INC | -0.3% | -89.34% | Trim |
| 42 | AMZN | Amazon.com INC | -0.3% | -3.29% | Trim |
| 43 | UBER | Uber Technologies INC | -0.3% | -79.80% | Trim |
| 44 | MS | Morgan Stanley | -0.3% | -25.28% | Trim |
| 45 | AXP | American Express Co | -0.4% | -19.42% | Trim |
| 46 | V | Visa Inc-class A Shares | -0.5% | -20.86% | Trim |
| 47 | GOOGL | Alphabet Inc-cl A | -0.6% | -7.90% | Trim |
| 48 | BLK | Blackrock INC | -0.6% | -87.96% | Trim |
| 49 | CRM | Salesforce INC | -0.7% | -64.46% | Trim |
| 50 | MSFT | Microsoft CORP | -1.5% | -5.47% | Trim |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-14 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-13 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-13 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-11 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-12 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-12 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-15 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-13 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-14 | Amendment | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-09 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-08 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-13 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-15 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-15 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-16 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-11 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-15 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-13 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-13 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-11 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-09 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-05 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-27 | Amendment | View on EDGAR |
| 2020-03-31 | 2020-05-01 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-05 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-05 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-07-31 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-04-30 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-08 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-10-29 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-02 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-01 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-02 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-10-30 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-07-26 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-02 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-02 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-01 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-07-28 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-04-29 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-02 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-10-29 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-07-31 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-05 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-04 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-10-27 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-07-16 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-02 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-01-28 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-08 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-01 | 13F-HR | View on EDGAR |
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