CIK: 0001593051
Total reported value
$30.0B
Reporting period: 2026-03-31 · Number of holdings: 947
Retirement Systems of Alabama disclosed 947 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $30.0B and a quarterly turnover rate of 15.5%.
Browse other institutions with $10B to $100B AUMBrowse other institutions starting with "R"
Retirement Systems of Alabama's disclosed holdings carry a Herfindahl concentration index of 0.010 — mathematically equivalent to about 95 equally-sized positions, well below its 947 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 2.99), 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.
Sector classification currently covers about 54% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Trim MSFT
-1.5% -$312.8M
Add XOM
-0.7% $67.9M
Add CVX
-0.4% $61.7M
Trim NVDA
-0.1% -$108.8M
Trim AAPL
-0.5% -$100.9M
Add COST
+19.7% $53.7M
Retirement Systems of Alabama is using its 947-name arsenal to defuse concentration risk in mega-cap tech, trimming MSFT, AAPL, and NVDA while adding to AVGO and META — a systematic rebalance that keeps the portfolio anchored to the tech ecosystem but moderates its extremes. This is a risk-control rotation, not a conviction shift or a defensive posture; the near-perfect contrarian score (98.89) and low turnover (15.5%) reveal a mean-reversion machine, not an alpha hunter.
RSA’s 38.2% Information Technology and 12.4% Communication Services weights price in a regime where growth and AI leadership persist, but the trim of the very largest names implies an expectation of diminishing returns at the top and increasing dispersion within tech. The opposing thesis is that a value rotation or a macro shock compressing duration multiples will punish this portfolio’s hidden factor bet, leaving it overexposed to the very segment it trimmed only at the margins.
The structural vulnerability is the false diversification of 947 names masking a 50.6% combined bet on Tech and Communication Services — a concentrated factor exposure that will amplify any sector-wide drawdown, especially if the consensus consensus on AI leadership unravels. Low turnover (15.5%) and a strong contrarian tilt leave RSA slow to adapt in a momentum-driven market, risking that its value-rebalancing machine catches falling knives or misses regime inflection points.
This overview is machine-generated from public regulatory data and describes past filings only — it does not constitute financial advice.
Showing top 200 holdings (of 947 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 5.15% | -0.21% | -0.10% | |
| 2 | AAPL | Apple INC | Stock-Tech | 4.40% | -0.21% | -0.49% | |
| 3 | MSFT | Microsoft CORP | Stock-Tech | 3.20% | -0.92% | -1.51% | |
| 4 | AMZN | Amazon.com INC | Stock-Consumer Disc | 2.77% | -0.03% | +6.48% | |
| 5 | AVGO | Broadcom INC | Stock-Tech | 2.18% | -0.19% | +0.11% | |
| 6 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 1.90% | -0.11% | -0.07% | |
| 7 | IEMG | Ishares Core Msci Emerging | ETF-Emerging Markets | 1.76% | — | — | |
| 8 | EEM | Ishares Msci Emerging Market | ETF-Emerging Markets | 1.73% | — | — | |
| 9 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 1.51% | -0.10% | +0.25% | |
| 10 | DFAE | Dimensional Emerging Core Eq | ETF-Emerging Markets | 1.43% | — | — | |
| 11 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.34% | -0.17% | +0.16% | |
| 12 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 1.18% | — | -0.09% | |
| 13 | TSLA | Tesla INC | Stock-Consumer Disc | 1.00% | -0.10% | +7.13% | |
| 14 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.99% | +0.17% | -0.06% | |
| 15 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.86% | -0.13% | -7.07% | |
| 16 | XOM | Exxon Mobil CORP | Stock-Energy | 0.79% | +0.24% | -0.69% | |
| 17 | CVX | Chevron CORP | Stock-Energy | 0.79% | +0.22% | -0.40% | |
| 18 | BND | Vanguard Total Bond Market | ETF-Other | 0.79% | — | +7.11% | |
| 19 | V | Visa Inc-class A Shares | Stock-Financials | 0.74% | -0.10% | -0.27% | |
| 20 | CSCO | Cisco Systems INC | Stock-Tech | 0.71% | — | +0.03% | |
| 21 | WMT | Walmart INC | Stock-Consumer Staples | 0.68% | — | -6.81% | |
| 22 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.65% | +0.20% | +19.70% | |
| 23 | VOO | Vanguard S&p 500 ETF | ETF-Large Cap & Growth | 0.63% | — | -4.63% | |
| 24 | MA | Mastercard INC - A | Stock-Financials | 0.60% | -0.07% | -0.41% | |
| 25 | ABBV | Abbvie INC | Stock-Healthcare | 0.58% | — | -0.08% | |
| 26 | CAT | Caterpillar INC | Stock-Industrials | 0.55% | +0.12% | -0.32% | |
| 27 | BAC | Bank Of America CORP | Stock-Financials | 0.55% | -0.06% | -0.59% | |
| 28 | IBM | Intl Business Machines CORP | Stock-Tech | 0.54% | -0.10% | -0.05% | |
| 29 | AMAT | Applied Materials INC | Stock-Tech | 0.53% | +0.14% | -0.20% | |
| 30 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.52% | -0.07% | -0.39% | |
| 31 | GE | General Electric | Stock-Industrials | 0.50% | — | -0.31% | |
| 32 | MU | Micron Technology INC | Stock-Tech | 0.50% | +0.09% | +0.05% | |
| 33 | HD | Home Depot INC | Stock-Consumer Disc | 0.49% | +0.13% | +38.16% | |
| 34 | PLD | Prologis INC | Stock-Real Estate | 0.48% | — | -0.08% | |
| 35 | GS | Goldman Sachs Group INC | Stock-Financials | 0.48% | — | -2.08% | |
| 36 | EQIX | Equinix INC | Stock-Real Estate | 0.47% | +0.11% | -0.07% | |
| 37 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.46% | — | -0.08% | |
| 38 | PM | Philip Morris International | Stock-Consumer Staples | 0.46% | — | -0.07% | |
| 39 | WFC | Wells Fargo & Co | Stock-Financials | 0.44% | -0.09% | -4.83% | |
| 40 | CRM | Salesforce INC | Stock-Tech | 0.44% | -0.15% | +2.61% | |
| 41 | MS | Morgan Stanley | Stock-Financials | 0.43% | — | -2.42% | |
| 42 | NFLX | Netflix INC | Stock-Comm Services | 0.43% | — | -0.36% | |
| 43 | C | Citigroup INC | Stock-Financials | 0.41% | — | -0.87% | |
| 44 | AMGN | Amgen INC | Stock-Healthcare | 0.40% | — | -0.06% | |
| 45 | AXP | American Express Co | Stock-Financials | 0.38% | -0.07% | -0.15% | |
| 46 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.36% | -0.11% | -25.58% | |
| 47 | SCHW | Schwab (charles) CORP | Stock-Financials | 0.35% | — | -0.06% | |
| 48 | WELL | Welltower INC | Stock-Real Estate | 0.35% | — | +1.46% | |
| 49 | VZ | Verizon Communications INC | Stock-Comm Services | 0.35% | — | -0.07% | |
| 50 | HPE | Hewlett Packard Enterprise | Stock-Tech | 0.34% | — | +5.22% |
Performance for Q3 2026
+3.3%
Performance Last 4 Quarters
+23.5%
Based on 79% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 947 | $30.0B | 15 | |
| 2025-12-31 | 943 | $30.8B | 11 | |
| 2025-09-30 | 945 | $30.1B | 28 | |
| 2025-06-30 | 935 | $27.9B | 0 | |
| 2025-03-31 | 945 | $25.7B | 100 | |
| 2024-12-31 | 941 | $26.9B | 0 | |
| 2024-09-30 | 944 | $26.7B | 0 | |
| 2024-06-30 | 941 | $25.9B | 0 | |
| 2024-03-31 | 941 | $25.9B | 0 | |
| 2023-12-31 | 941 | $23.6B | 0 | |
| 2023-09-30 | 926 | $21.4B | 0 | |
| 2023-06-30 | 941 | $22.3B | 0 | |
| 2023-03-31 | 929 | $23.1B | 0 | |
| 2022-12-31 | 939 | $22.9B | 0 | |
| 2022-09-30 | 931 | $21.5B | 0 | |
| 2022-06-30 | 938 | $23.3B | 0 | |
| 2022-03-31 | 924 | $27.3B | 0 | |
| 2021-12-31 | 922 | $28.7B | 0 | |
| 2021-09-30 | 920 | $26.7B | 0 | |
| 2021-06-30 | 920 | $27.7B | 98 | |
| 2021-03-31 | 931 | $26.5B | 18 | |
| 2020-12-31 | 930 | $25.4B | 21 | |
| 2020-09-30 | 916 | $21.8B | 17 | |
| 2020-06-30 | 917 | $20.7B | 27 | |
| 2020-03-31 | 930 | $18.0B | 31 | |
| 2019-12-31 | 915 | $22.5B | 15 | |
| 2019-09-30 | 917 | $20.9B | 14 | |
| 2019-06-30 | 924 | $21.4B | 13 | |
| 2019-03-31 | 925 | $20.6B | 19 | |
| 2018-12-31 | 924 | $18.1B | 22 | |
| 2018-09-30 | 921 | $21.2B | 13 | |
| 2018-06-30 | 924 | $20.4B | 16 | |
| 2018-03-31 | 926 | $20.2B | 13 | |
| 2017-12-31 | 923 | $20.7B | 16 | |
| 2017-09-30 | 921 | $19.2B | 16 | |
| 2017-06-30 | 920 | $18.6B | 12 | |
| 2017-03-31 | 923 | $18.1B | 15 | |
| 2016-12-31 | 925 | $17.2B | 14 | |
| 2016-09-30 | 932 | $17.1B | 16 | |
| 2016-06-30 | 951 | $17.1B | 16 | |
| 2016-03-31 | 966 | $16.9B | 15 | |
| 2015-12-31 | 967 | $17.0B | 15 | |
| 2015-09-30 | 968 | $16.6B | 19 | |
| 2015-06-30 | 961 | $18.4B | 13 | |
| 2015-03-31 | 959 | $18.5B | 14 | |
| 2014-12-31 | 953 | $18.8B | 14 | |
| 2014-09-30 | 953 | $17.9B | 12 | |
| 2014-06-30 | 934 | $18.0B | 11 | |
| 2014-03-31 | 932 | $17.3B | 12 | |
| 2013-12-31 | 928 | $16.9B | 16 | |
| 2013-09-30 | 987 | $15.7B | 13 | |
| 2013-06-30 | 998 | $14.9B | 12 |
Retirement Systems of Alabama's most significant position changes for 2026-03-31: New buy: Pinnacle Financial Partners (PNFP); Sold out: Pinnacle Financial Partners, Inc. (PNW); Sold out: Synovus Financial CORP (SYU1); New buy: Vertiv Holdings Co-a (VRT); Trim: Microsoft CORP (MSFT) — shares -1.51%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | XOM | Exxon Mobil CORP | +0.2% | -0.69% | Trim |
| 2 | CVX | Chevron CORP | +0.2% | -0.40% | Trim |
| 3 | COST | Costco Wholesale CORP | +0.2% | +19.70% | Add |
| 4 | DIS | Walt Disney Co/the | +0.2% | +154.21% | Add |
| 5 | JNJ | Johnson & Johnson | +0.2% | -0.06% | Trim |
| 6 | AMAT | Applied Materials INC | +0.1% | -0.20% | Trim |
| 7 | HD | Home Depot INC | +0.1% | +38.16% | Add |
| 8 | LHX | L3harris Technologies INC | +0.1% | +246.96% | Add |
| 9 | CAT | Caterpillar INC | +0.1% | -0.32% | Trim |
| 10 | AZO | Autozone INC | +0.1% | +267.01% | Add |
| 11 | EQIX | Equinix INC | +0.1% | -0.07% | Trim |
| 12 | KEY | Keycorp | +0.1% | +746.30% | Add |
| 13 | COP | Conocophillips | +0.1% | -0.37% | Trim |
| 14 | MU | Micron Technology INC | +0.1% | +0.05% | Add |
| 15 | AMZN | Amazon.com INC | 0% | +6.48% | Add |
| 16 | BAC | Bank Of America CORP | -0.1% | -0.59% | Trim |
| 17 | ISRG | Intuitive Surgical INC | -0.1% | +0.00% | Add |
| 18 | LITE | Lumentum Holdings INC | -0.1% | -82.18% | Trim |
| 19 | GM | General Motors Co | -0.1% | -19.13% | Trim |
| 20 | LLY | Eli Lilly & Co | -0.1% | -0.39% | Trim |
| 21 | MA | Mastercard INC - A | -0.1% | -0.41% | Trim |
| 22 | AXP | American Express Co | -0.1% | -0.15% | Trim |
| 23 | ADBE | Adobe INC | -0.1% | +9.37% | Add |
| 24 | QCOM | Qualcomm INC | -0.1% | -0.19% | Trim |
| 25 | COHR | Coherent CORP | -0.1% | -78.89% | Trim |
| 26 | WFC | Wells Fargo & Co | -0.1% | -4.83% | Trim |
| 27 | CIEN | Ciena CORP | -0.1% | -82.33% | Trim |
| 28 | GOOG | Alphabet Inc-cl C | -0.1% | +0.25% | Add |
| 29 | TSLA | Tesla INC | -0.1% | +7.13% | Add |
| 30 | V | Visa Inc-class A Shares | -0.1% | -0.27% | Trim |
| 31 | IBM | Intl Business Machines CORP | -0.1% | -0.05% | Trim |
| 32 | FOXA | Fox CORP - Class A | -0.1% | -90.68% | Trim |
| 33 | GOOGL | Alphabet Inc-cl A | -0.1% | -0.07% | Trim |
| 34 | PG | Procter & Gamble Co/the | -0.1% | -25.58% | Trim |
| 35 | JPM | Jpmorgan Chase & Co | -0.1% | -7.07% | Trim |
| 36 | CRM | Salesforce INC | -0.2% | +2.61% | Add |
| 37 | SBUX | Starbucks CORP | -0.2% | -70.52% | Trim |
| 38 | LOW | Lowe's Cos INC | -0.2% | -61.60% | Trim |
| 39 | WBD | Warner Bros Discovery INC | -0.2% | -76.71% | Trim |
| 40 | META | Meta Platforms Inc-class A | -0.2% | +0.16% | Add |
| 41 | TJX | Tjx Companies INC | -0.2% | -61.20% | Trim |
| 42 | HUM | Humana INC | -0.2% | -87.98% | Trim |
| 43 | AVGO | Broadcom INC | -0.2% | +0.11% | Add |
| 44 | NVDA | Nvidia CORP | -0.2% | -0.10% | Trim |
| 45 | AAPL | Apple INC | -0.2% | -0.49% | Trim |
| 46 | MSFT | Microsoft CORP | -0.9% | -1.51% | Trim |
| 47 | PNFP | Pinnacle Financial Partners | — | NEW | New buy |
| 48 | PNW | Pinnacle Financial Partners, Inc. | — | EXIT | Sold out |
| 49 | SYU1 | Synovus Financial CORP | — | EXIT | Sold out |
| 50 | VRT | Vertiv Holdings Co-a | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-04-24 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-01-15 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-10-31 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-04 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-04-21 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-01-27 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-12-06 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-07-24 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-04-30 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-05 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-06 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-07-31 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-01 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-06 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-16 | Amendment | View on EDGAR |
| 2022-09-30 | 2022-11-04 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-03 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-04-20 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-01-20 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-03 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-07-21 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-04-15 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-01-26 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-10-20 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-07-23 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-04-20 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-01-28 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-10-30 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-07-09 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-04-15 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-01-10 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-10-24 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-07-17 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-04-27 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-08 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-06 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-07-31 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-04-21 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-01-26 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-04 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-07-26 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-04-29 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-01-28 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-09 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-07-24 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-04-24 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-11 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2015-02-11 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2015-02-11 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2015-02-11 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2015-02-11 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2015-02-11 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2015-02-11 | 13F-HR | View on EDGAR |
Institutions with a similar AUM
CIK 0001080434
Total reported value
$30.0B
1,733 stks
2017-06-30
Stale — no recent filing
AUM within 0.0% of this institution
CIK 0000945631
Total reported value
$29.8B
60 stks
2026-03-31
AUM within 0.5% of this institution
CIK 0001587973
Total reported value
$29.8B
1,721 stks
2026-03-31
AUM within 0.8% of this institution
Institutions with overlapping top holdings
CIK 0000053417
Total reported value
$145.4B
780 stks
2026-03-31
5 of the top 5 holdings overlap, including Nvidia CORP
CIK 0000080255
Total reported value
$864.9B
4,549 stks
2026-03-31
5 of the top 5 holdings overlap, including Nvidia CORP
CIK 0000102909
Total reported value
$6.9T
17,686 stks
2025-12-31
Stale — no recent filing
5 of the top 5 holdings overlap, including Nvidia CORP