CIK: 0000820478
Total reported value
$25.2B
Reporting period: 2026-03-31 · Number of holdings: 2118
STRS OHIO disclosed 2118 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $25.2B and a quarterly turnover rate of 20.5%.
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Strs Ohio's disclosed holdings carry a Herfindahl concentration index of 0.013 — mathematically equivalent to about 74 equally-sized positions, well below its 2118 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 5.25), 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 65% 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
-8.4% -$427.8M
Add XOM
-4.4% $87.3M
Add OBDC
+411.4% $94.4M
Trim NVDA
-4.2% -$183.3M
Trim AMZN
-5.5% -$131.4M
Trim APP
-1.3% -$70.7M
STRS OHIO is rotating out of mega-cap tech momentum (trimming MSFT, NVDA, AAPL, AMZN, GOOG) and building a new sleeve in business development companies (ARCC, BXSL, OBDC), a deliberate pivot from growth equity to private credit yield. This is not a risk-off move but a capital-structure rotation, locking in gains from the AI trade while hunting alpha in floating-rate carry.
By loading up on BDCs while slimming tech, the portfolio is betting that the AI-driven multiple expansion has peaked and that a steady-rate, low-default macro regime will sustain BDC distributions. The opposing thesis: the AI capex cycle remains early and rate cuts would collapse BDC spreads while reflating tech multiples, leaving this rotation precisely wrong on both the growth and credit cycle timing.
With 2,118 holdings and a 73.68 momentum tilt, STRS OHIO is effectively running a momentum factor replication with minimal conviction concentration (HHI 0.013). The structural vulnerability is that when momentum reverses — a near-certainty given the crowded tech exit and consensus BDC entry — the fund will absorb broad-based, compounded losses across thousands of tiny positions with no short offset or concentrated long bets. The new BDC positions add an illiquidity trap: these leveraged credits trade by appointment, gaping down before the portfolio can rebalance, turning over-diversification from a feature into a bug.
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 2118 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 6.28% | -0.31% | -4.16% | |
| 2 | AAPL | Apple INC | Stock-Tech | 5.09% | -0.23% | -3.67% | |
| 3 | MSFT | Microsoft CORP | Stock-Tech | 3.99% | -1.35% | -8.37% | |
| 4 | AMZN | Amazon.com INC | Stock-Consumer Disc | 3.01% | -0.31% | -5.51% | |
| 5 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 2.37% | -0.23% | -6.23% | |
| 6 | AVGO | Broadcom INC | Stock-Tech | 2.34% | -0.06% | +2.42% | |
| 7 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 2.15% | +0.02% | +3.36% | |
| 8 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.82% | -0.19% | -1.81% | |
| 9 | XOM | Exxon Mobil CORP | Stock-Energy | 1.34% | +0.40% | -4.44% | |
| 10 | JPM | Jpmorgan Chase & Co | Stock-Financials | 1.28% | -0.12% | -5.58% | |
| 11 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 1.20% | — | +4.52% | |
| 12 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.17% | -0.01% | +9.17% | |
| 13 | TSLA | Tesla INC | Stock-Consumer Disc | 1.12% | -0.22% | -4.66% | |
| 14 | MA | Mastercard INC - A | Stock-Financials | 0.92% | -0.09% | -2.25% | |
| 15 | GBDC | Golub Capital Bdc INC | Stock-Financials | 0.86% | — | +2.61% | |
| 16 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.77% | +0.12% | -5.09% | |
| 17 | ARCC | Ares Capital CORP | Stock-Financials | 0.75% | +0.75% | NEW | |
| 18 | CVX | Chevron CORP | Stock-Energy | 0.67% | +0.18% | -4.98% | |
| 19 | ABBV | Abbvie INC | Stock-Healthcare | 0.66% | — | -3.57% | |
| 20 | NFLX | Netflix INC | Stock-Comm Services | 0.64% | — | -7.74% | |
| 21 | WMT | Walmart INC | Stock-Consumer Staples | 0.61% | — | -5.13% | |
| 22 | WELL | Welltower INC | Stock-Real Estate | 0.57% | — | +0.68% | |
| 23 | GEV | GE Vernova INC | Stock-Industrials | 0.57% | +0.16% | -3.32% | |
| 24 | MU | Micron Technology INC | Stock-Tech | 0.57% | — | -16.35% | |
| 25 | V | Visa Inc-class A Shares | Stock-Financials | 0.56% | -0.08% | -4.57% | |
| 26 | UNH | Unitedhealth Group INC | Stock-Healthcare | 0.53% | -0.11% | -4.43% | |
| 27 | MRK | Merck & Co. INC. | Stock-Healthcare | 0.52% | — | -5.23% | |
| 28 | PLD | Prologis INC | Stock-Real Estate | 0.52% | — | -0.04% | |
| 29 | GS | Goldman Sachs Group INC | Stock-Financials | 0.50% | -0.05% | -11.25% | |
| 30 | HD | Home Depot INC | Stock-Consumer Disc | 0.49% | — | -6.23% | |
| 31 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.48% | — | -4.59% | |
| 32 | OBDC | Blue Owl Capital CORP | Stock-Financials | 0.48% | +0.38% | +411.40% | |
| 33 | GE | General Electric | Stock-Industrials | 0.47% | — | +1.51% | |
| 34 | AMD | Advanced Micro Devices | Stock-Tech | 0.47% | — | -3.53% | |
| 35 | CAT | Caterpillar INC | Stock-Industrials | 0.47% | — | -4.64% | |
| 36 | TMO | Thermo Fisher Scientific INC | Stock-Healthcare | 0.46% | -0.08% | -4.03% | |
| 37 | CSCO | Cisco Systems INC | Stock-Tech | 0.46% | — | +11.07% | |
| 38 | WFC | Wells Fargo & Co | Stock-Financials | 0.44% | -0.07% | -5.32% | |
| 39 | LRCX | Lam Research CORP | Stock-Tech | 0.44% | +0.12% | +1.85% | |
| 40 | NOW | Servicenow INC | Stock-Tech | 0.43% | -0.18% | -1.07% | |
| 41 | VZ | Verizon Communications INC | Stock-Comm Services | 0.43% | — | -4.77% | |
| 42 | EQIX | Equinix INC | Stock-Real Estate | 0.43% | — | -8.78% | |
| 43 | C | Citigroup INC | Stock-Financials | 0.43% | -0.04% | -12.58% | |
| 44 | RTX | Rtx CORP | Stock-Industrials | 0.42% | — | -11.73% | |
| 45 | PANW | Palo Alto Networks INC | Stock-Tech | 0.41% | +0.20% | +108.02% | |
| 46 | VRT | Vertiv Holdings Co-a | Stock-Industrials | 0.40% | +0.13% | -9.17% | |
| 47 | AMAT | Applied Materials INC | Stock-Tech | 0.40% | — | -9.16% | |
| 48 | APP | Applovin Corp-class A | Stock-Tech | 0.39% | -0.24% | -1.25% | |
| 49 | NEE | Nextera Energy INC | Stock-Utilities | 0.39% | — | -6.56% | |
| 50 | DLR | Digital Realty Trust INC | Stock-Real Estate | 0.39% | — | +4.53% |
Performance for Q3 2026
+3.6%
Performance Last 4 Quarters
+23.1%
Based on 76% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 2118 | $25.2B | 20 | |
| 2025-12-31 | 2169 | $26.8B | 15 | |
| 2025-09-30 | 2185 | $27.3B | 35 | |
| 2025-06-30 | 2195 | $26.8B | 0 | |
| 2025-03-31 | 1922 | $23.9B | 17 | |
| 2024-12-31 | 1878 | $25.2B | 100 | |
| 2024-09-30 | 1959 | $26.0B | 0 | |
| 2024-06-30 | 1948 | $25.3B | 0 | |
| 2024-03-31 | 1915 | $25.1B | 0 | |
| 2023-12-31 | 1908 | $24.0B | 0 | |
| 2023-09-30 | 1933 | $22.5B | 0 | |
| 2023-06-30 | 1931 | $23.7B | 0 | |
| 2023-03-31 | 1933 | $23.1B | 0 | |
| 2022-12-31 | 1978 | $22.1B | 0 | |
| 2022-09-30 | 2005 | $21.0B | 0 | |
| 2022-06-30 | 2043 | $22.2B | 0 | |
| 2022-03-31 | 2135 | $27.3B | 0 | |
| 2021-12-31 | 2179 | $28.8B | 0 | |
| 2021-09-30 | 2227 | $26.6B | 0 | |
| 2021-06-30 | 2221 | $27.8B | 98 | |
| 2021-03-31 | 2168 | $26.6B | 20 | |
| 2020-12-31 | 2162 | $25.9B | 22 | |
| 2020-09-30 | 2187 | $23.9B | 17 | |
| 2020-06-30 | 2159 | $22.9B | 29 | |
| 2020-03-31 | 2020 | $19.0B | 35 | |
| 2019-12-31 | 2056 | $23.9B | 18 | |
| 2019-09-30 | 2077 | $22.8B | 22 | |
| 2019-06-30 | 2190 | $22.5B | 18 | |
| 2019-03-31 | 2058 | $22.1B | 20 | |
| 2018-12-31 | 2070 | $19.7B | 23 | |
| 2018-09-30 | 2185 | $22.8B | 13 | |
| 2018-06-30 | 2112 | $23.2B | 18 | |
| 2018-03-31 | 1874 | $22.6B | 17 | |
| 2017-12-31 | 1873 | $23.4B | 15 | |
| 2017-09-30 | 1933 | $23.3B | 15 | |
| 2017-06-30 | 1939 | $22.4B | 17 | |
| 2017-03-31 | 1959 | $23.1B | 16 | |
| 2016-12-31 | 1913 | $22.7B | 18 | |
| 2016-09-30 | 1996 | $22.4B | 16 | |
| 2016-06-30 | 1919 | $22.5B | 18 | |
| 2016-03-31 | 1957 | $22.3B | 15 | |
| 2015-12-31 | 1908 | $22.4B | 20 | |
| 2015-09-30 | 1996 | $21.0B | 21 | |
| 2015-06-30 | 1909 | $22.8B | 22 | |
| 2015-03-31 | 1901 | $22.7B | 19 | |
| 2014-12-31 | 1737 | $23.1B | 20 | |
| 2014-09-30 | 1901 | $22.6B | 18 | |
| 2014-06-30 | 1719 | $22.4B | 22 | |
| 2014-03-31 | 1802 | $22.2B | 16 | |
| 2013-12-31 | 1732 | $22.2B | 22 | |
| 2013-09-30 | 1892 | $22.7B | 20 | |
| 2013-06-30 | 1839 | $23.3B | 0 |
Strs Ohio's most significant position changes for 2026-03-31: New buy: Ares Capital CORP (ARCC); New buy: Blackstone Secured Lending F (BXSL); Sold out: Cyberark Software LTD; Trim: Microsoft CORP (MSFT) — shares -8.37%; Trim: Exxon Mobil CORP (XOM) — shares -4.44%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | XOM | Exxon Mobil CORP | +0.4% | -4.44% | Trim |
| 2 | OBDC | Blue Owl Capital CORP | +0.4% | +411.40% | Add |
| 3 | PANW | Palo Alto Networks INC | +0.2% | +108.02% | Add |
| 4 | CVX | Chevron CORP | +0.2% | -4.98% | Trim |
| 5 | GEV | GE Vernova INC | +0.2% | -3.32% | Trim |
| 6 | TSLX | Sixth Street Specialty Lendi | +0.2% | +101.83% | Add |
| 7 | VRT | Vertiv Holdings Co-a | +0.1% | -9.17% | Trim |
| 8 | LRCX | Lam Research CORP | +0.1% | +1.85% | Add |
| 9 | JNJ | Johnson & Johnson | +0.1% | -5.09% | Trim |
| 10 | MRSH | Marsh & Mclennan Cos | +0.1% | +4797.85% | Add |
| 11 | KEYS | Keysight Technologies In | +0.1% | +1998.86% | Add |
| 12 | XEL | Xcel Energy INC | +0.1% | +2044.01% | Add |
| 13 | GOOGL | Alphabet Inc-cl A | 0% | +3.36% | Add |
| 14 | LLY | Eli Lilly & Co | 0% | +9.17% | Add |
| 15 | C | Citigroup INC | 0% | -12.58% | Trim |
| 16 | GS | Goldman Sachs Group INC | -0.1% | -11.25% | Trim |
| 17 | BA | Boeing Co/the | -0.1% | -9.67% | Trim |
| 18 | AVGO | Broadcom INC | -0.1% | +2.42% | Add |
| 19 | DHR | Danaher CORP | -0.1% | -11.80% | Trim |
| 20 | PLTR | Palantir Technologies Inc-a | -0.1% | -5.83% | Trim |
| 21 | ZBH | Zimmer Biomet Holdings INC | -0.1% | -92.49% | Trim |
| 22 | BABA | Alibaba Group Holding-sp Adr | -0.1% | -22.56% | Trim |
| 23 | WFC | Wells Fargo & Co | -0.1% | -5.32% | Trim |
| 24 | DIS | Walt Disney Co/the | -0.1% | -5.49% | Trim |
| 25 | QCOM | Qualcomm INC | -0.1% | -17.36% | Trim |
| 26 | INTU | Intuit INC | -0.1% | -4.30% | Trim |
| 27 | SNOW | Snowflake INC | -0.1% | +3.47% | Add |
| 28 | V | Visa Inc-class A Shares | -0.1% | -4.57% | Trim |
| 29 | ORCL | Oracle CORP | -0.1% | +2.23% | Add |
| 30 | TMO | Thermo Fisher Scientific INC | -0.1% | -4.03% | Trim |
| 31 | DOC | Healthpeak Properties INC | -0.1% | -76.87% | Trim |
| 32 | PNR | Pentair plc | -0.1% | -93.26% | Trim |
| 33 | ARES | Ares Management CORP - A | -0.1% | -64.86% | Trim |
| 34 | MA | Mastercard INC - A | -0.1% | -2.25% | Trim |
| 35 | UNH | Unitedhealth Group INC | -0.1% | -4.43% | Trim |
| 36 | CRM | Salesforce INC | -0.1% | -6.69% | Trim |
| 37 | JPM | Jpmorgan Chase & Co | -0.1% | -5.58% | Trim |
| 38 | BSX | Boston Scientific CORP | -0.1% | -12.28% | Trim |
| 39 | NOW | Servicenow INC | -0.2% | -1.07% | Trim |
| 40 | META | Meta Platforms Inc-class A | -0.2% | -1.81% | Trim |
| 41 | TSLA | Tesla INC | -0.2% | -4.66% | Trim |
| 42 | AAPL | Apple INC | -0.2% | -3.67% | Trim |
| 43 | GOOG | Alphabet Inc-cl C | -0.2% | -6.23% | Trim |
| 44 | APP | Applovin Corp-class A | -0.2% | -1.25% | Trim |
| 45 | NVDA | Nvidia CORP | -0.3% | -4.16% | Trim |
| 46 | AMZN | Amazon.com INC | -0.3% | -5.51% | Trim |
| 47 | MSFT | Microsoft CORP | -1.4% | -8.37% | Trim |
| 48 | ARCC | Ares Capital CORP | — | NEW | New buy |
| 49 | BXSL | Blackstone Secured Lending F | — | NEW | New buy |
| 50 | ✓ | Cyberark Software LTD | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-04-24 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-02 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-10-30 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-04 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-28 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-05-28 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-01 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-05 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-13 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-01-30 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-10-26 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-10-26 | Amendment | View on EDGAR |
| 2023-06-30 | 2023-07-31 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-08-02 | Amendment | View on EDGAR |
| 2023-03-31 | 2023-08-02 | Amendment | View on EDGAR |
| 2023-03-31 | 2023-04-27 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-01-26 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-10-27 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-07-25 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-04-21 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-01-24 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-10-22 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-07-26 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-04-23 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-01-25 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-12-14 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-07-23 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-04-23 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-01-24 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-10-21 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-10-21 | Amendment | View on EDGAR |
| 2019-06-30 | 2019-07-25 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-04-19 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-01-23 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-10-19 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-06 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-04-20 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-01-23 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-10-23 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-07-26 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-04-26 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-01-24 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-10-27 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-07-26 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-04-25 | Amendment | View on EDGAR |
| 2016-03-31 | 2016-04-21 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-01-28 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-10-21 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-04 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-04-27 | Amendment | View on EDGAR |
| 2015-03-31 | 2015-04-21 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-01-23 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-10-29 | Amendment | View on EDGAR |
| 2014-09-30 | 2014-10-20 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-07-24 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-04-28 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-01-30 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-10-24 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-12 | 13F-HR | View on EDGAR |
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