CIK: 0001558481
Total reported value
$17.1B
Reporting period: 2026-03-31 · Number of holdings: 2051
ARIZONA STATE RETIREMENT SYSTEM disclosed 2051 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $17.1B and a quarterly turnover rate of 15.7%.
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Arizona State Retirement System's disclosed holdings carry a Herfindahl concentration index of 0.015 — mathematically equivalent to about 65 equally-sized positions, well below its 2051 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 5.53), 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
-3.0% -$248.1M
Add XOM
-4.3% $50.7M
Trim TSLA
-2.6% -$69.8M
Trim NVDA
-3.6% -$126.8M
Trim AAPL
-4.0% -$118.3M
Trim META
-3.0% -$64.7M
Arizona State Retirement System is executing a deliberate capital rotation this quarter, systematically trimming the mega-cap tech sleeve to relieve position sizing pressure. The fund is defending against valuation compression while maintaining a highly diversified, low-turnover framework. Alpha hunting takes a backseat to risk budget reallocation.
The embedded regime bet targets a liquidity-driven tech mean-reversion, positioning the portfolio away from crowded AI infrastructure trades and into financials and cyclicals. The opposing thesis argues that secular cloud adoption and hardware acceleration will sustain multiple expansion despite rate volatility.
Reliance on passive diversification means a sector-wide regulatory shock hits the portfolio with identical force across thousands of positions. Structural vulnerability sits in narrow domestic rate sensitivity, leaving fixed-income hedges thin when the yield curve steepens beyond current forward guidance.
This narrative is produced by AI from publicly available filings and describes past activity only — it is informational, not investment advice.
Showing top 200 holdings (of 2051 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 6.79% | -0.22% | -3.59% | |
| 2 | AAPL | Apple INC | Stock-Tech | 5.98% | -0.22% | -4.00% | |
| 3 | MSFT | Microsoft CORP | Stock-Tech | 4.19% | -1.05% | -2.96% | |
| 4 | AMZN | Amazon.com INC | Stock-Consumer Disc | 3.21% | -0.19% | -2.67% | |
| 5 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 2.68% | -0.12% | -3.16% | |
| 6 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 2.24% | -0.11% | -3.10% | |
| 7 | AVGO | Broadcom INC | Stock-Tech | 2.23% | -0.15% | -2.49% | |
| 8 | META | Meta Platforms Inc-class A | Stock-Comm Services | 2.00% | -0.21% | -3.00% | |
| 9 | TSLA | Tesla INC | Stock-Consumer Disc | 1.68% | -0.27% | -2.63% | |
| 10 | JPM | Jpmorgan Chase & Co | Stock-Financials | 1.28% | -0.07% | -3.02% | |
| 11 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.18% | -0.16% | -3.80% | |
| 12 | XOM | Exxon Mobil CORP | Stock-Energy | 1.15% | +0.36% | -4.30% | |
| 13 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 1.06% | — | -3.06% | |
| 14 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.94% | +0.18% | -2.82% | |
| 15 | WMT | Walmart INC | Stock-Consumer Staples | 0.87% | +0.13% | -2.21% | |
| 16 | V | Visa Inc-class A Shares | Stock-Financials | 0.82% | -0.11% | -4.81% | |
| 17 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.71% | +0.12% | -3.80% | |
| 18 | MA | Mastercard INC - A | Stock-Financials | 0.68% | -0.08% | -4.67% | |
| 19 | NFLX | Netflix INC | Stock-Comm Services | 0.65% | — | -2.27% | |
| 20 | CVX | Chevron CORP | Stock-Energy | 0.63% | +0.17% | -4.71% | |
| 21 | ABBV | Abbvie INC | Stock-Healthcare | 0.62% | — | -2.44% | |
| 22 | MU | Micron Technology INC | Stock-Tech | 0.61% | +0.12% | -3.03% | |
| 23 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.54% | — | -4.01% | |
| 24 | PLTR | Palantir Technologies Inc-a | Stock-Tech | 0.54% | -0.08% | -2.27% | |
| 25 | BAC | Bank Of America CORP | Stock-Financials | 0.54% | -0.05% | -5.05% | |
| 26 | CAT | Caterpillar INC | Stock-Industrials | 0.53% | +0.12% | -3.15% | |
| 27 | AMD | Advanced Micro Devices | Stock-Tech | 0.53% | — | -3.14% | |
| 28 | HD | Home Depot INC | Stock-Consumer Disc | 0.52% | — | -3.62% | |
| 29 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.50% | — | -4.00% | |
| 30 | CSCO | Cisco Systems INC | Stock-Tech | 0.49% | — | -4.13% | |
| 31 | GE | General Electric | Stock-Industrials | 0.48% | -0.02% | -3.06% | |
| 32 | MRK | Merck & Co. INC. | Stock-Healthcare | 0.48% | — | -3.21% | |
| 33 | AMAT | Applied Materials INC | Stock-Tech | 0.43% | +0.11% | -4.06% | |
| 34 | LRCX | Lam Research CORP | Stock-Tech | 0.43% | +0.10% | -3.76% | |
| 35 | RTX | Rtx CORP | Stock-Industrials | 0.41% | — | -3.41% | |
| 36 | PM | Philip Morris International | Stock-Consumer Staples | 0.41% | — | -3.04% | |
| 37 | GS | Goldman Sachs Group INC | Stock-Financials | 0.41% | — | -2.93% | |
| 38 | ORCL | Oracle CORP | Stock-Tech | 0.41% | -0.10% | -1.55% | |
| 39 | WFC | Wells Fargo & Co | Stock-Financials | 0.40% | -0.06% | -4.54% | |
| 40 | UNH | Unitedhealth Group INC | Stock-Healthcare | 0.39% | -0.07% | -2.76% | |
| 41 | GEV | GE Vernova INC | Stock-Industrials | 0.38% | +0.11% | -3.27% | |
| 42 | LIN | Linde plc | Stock-Materials | 0.37% | — | -4.31% | |
| 43 | IBM | Intl Business Machines CORP | Stock-Tech | 0.36% | -0.06% | -2.60% | |
| 44 | MCD | Mcdonald's CORP | Stock-Consumer Disc | 0.35% | — | -2.57% | |
| 45 | PEP | Pepsico INC | Stock-Consumer Staples | 0.34% | — | -2.49% | |
| 46 | VZ | Verizon Communications INC | Stock-Comm Services | 0.34% | — | -3.03% | |
| 47 | T | At&t INC | Stock-Comm Services | 0.33% | — | -4.72% | |
| 48 | C | Citigroup INC | Stock-Financials | 0.33% | — | -5.83% | |
| 49 | INTC | Intel CORP | Stock-Tech | 0.32% | — | -2.80% | |
| 50 | MS | Morgan Stanley | Stock-Financials | 0.31% | — | -3.26% |
Performance for Q3 2026
+3.3%
Performance Last 4 Quarters
+22.3%
Based on 77% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 2051 | $17.1B | 16 | |
| 2025-12-31 | 2048 | $18.4B | 11 | |
| 2025-09-30 | 2081 | $18.8B | 24 | |
| 2025-06-30 | 2053 | $17.4B | 0 | |
| 2025-03-31 | 2086 | $15.7B | 100 | |
| 2024-12-31 | 2130 | $16.4B | 0 | |
| 2024-09-30 | 2151 | $15.9B | 0 | |
| 2024-06-30 | 2101 | $15.0B | 0 | |
| 2024-03-31 | 2124 | $14.5B | 0 | |
| 2023-12-31 | 2145 | $13.2B | 0 | |
| 2023-09-30 | 2170 | $11.8B | 0 | |
| 2023-06-30 | 2177 | $12.3B | 0 | |
| 2023-03-31 | 2219 | $11.1B | 0 | |
| 2022-12-31 | 2228 | $10.4B | 0 | |
| 2022-09-30 | 2220 | $9.7B | 0 | |
| 2022-06-30 | 2246 | $10.3B | 0 | |
| 2022-03-31 | 2236 | $12.4B | 0 | |
| 2021-12-31 | 2269 | $13.1B | 0 | |
| 2021-09-30 | 2202 | $12.3B | 0 | |
| 2021-06-30 | 2225 | $12.3B | 100 | |
| 2021-03-31 | 2132 | $11.4B | 10 | |
| 2020-12-31 | 2088 | $11.0B | 13 | |
| 2020-09-30 | 1996 | $10.1B | 35 | |
| 2020-06-30 | 1863 | $7.1B | 38 | |
| 2020-03-31 | 1829 | $5.8B | 48 | |
| 2019-12-31 | 1524 | $8.3B | 16 | |
| 2019-09-30 | 1536 | $8.2B | 14 | |
| 2019-06-30 | 1538 | $8.6B | 15 | |
| 2019-03-31 | 1531 | $8.4B | 13 | |
| 2018-12-31 | 1533 | $7.8B | 33 | |
| 2018-09-30 | 1530 | $10.6B | 12 | |
| 2018-06-30 | 1528 | $9.9B | 18 | |
| 2018-03-31 | 1538 | $9.9B | 12 | |
| 2017-12-31 | 1531 | $10.3B | 24 | |
| 2017-09-30 | 1518 | $8.4B | 29 | |
| 2017-06-30 | 1498 | $7.2B | 9 | |
| 2017-03-31 | 1488 | $7.1B | 10 | |
| 2016-12-31 | 1486 | $6.8B | 11 | |
| 2016-09-30 | 1478 | $6.6B | 19 | |
| 2016-06-30 | 1485 | $7.1B | 12 | |
| 2016-03-31 | 1477 | $7.7B | 12 | |
| 2015-12-31 | 1480 | $7.5B | 12 | |
| 2015-09-30 | 1469 | $7.1B | 28 | |
| 2014-12-31 | 1523 | $8.5B | 12 | |
| 2014-09-30 | 1523 | $8.1B | 8 | |
| 2014-06-30 | 1520 | $8.3B | 10 | |
| 2014-03-31 | 1517 | $7.9B | 8 | |
| 2013-12-31 | 1519 | $8.1B | 10 | |
| 2013-09-30 | 1521 | $7.8B | 10 | |
| 2013-06-30 | 1520 | $7.3B | 16 |
Arizona State Retirement System's most significant position changes for 2026-03-31: Trim: Microsoft CORP (MSFT) — shares -2.96%; Trim: Exxon Mobil CORP (XOM) — shares -4.30%; Trim: Tesla INC (TSLA) — shares -2.63%; Trim: Nvidia CORP (NVDA) — shares -3.59%; Trim: Apple INC (AAPL) — shares -4.00%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | XOM | Exxon Mobil CORP | +0.4% | -4.30% | Trim |
| 2 | JNJ | Johnson & Johnson | +0.2% | -2.82% | Trim |
| 3 | CVX | Chevron CORP | +0.2% | -4.71% | Trim |
| 4 | WMT | Walmart INC | +0.1% | -2.21% | Trim |
| 5 | CAT | Caterpillar INC | +0.1% | -3.15% | Trim |
| 6 | MU | Micron Technology INC | +0.1% | -3.03% | Trim |
| 7 | COST | Costco Wholesale CORP | +0.1% | -3.80% | Trim |
| 8 | AMAT | Applied Materials INC | +0.1% | -4.06% | Trim |
| 9 | GEV | GE Vernova INC | +0.1% | -3.27% | Trim |
| 10 | LRCX | Lam Research CORP | +0.1% | -3.76% | Trim |
| 11 | SNDK | Sandisk CORP | +0.1% | -1.17% | Trim |
| 12 | COP | Conocophillips | +0.1% | -3.67% | Trim |
| 13 | GLW | Corning INC | +0.1% | -2.70% | Trim |
| 14 | BRK-B | Berkshire Hathaway Inc-cl B | — | -3.06% | Trim |
| 15 | GE | General Electric | 0% | -3.06% | Trim |
| 16 | DIS | Walt Disney Co/the | 0% | -3.56% | Trim |
| 17 | AXP | American Express Co | 0% | -3.25% | Trim |
| 18 | TMO | Thermo Fisher Scientific INC | 0% | -3.77% | Trim |
| 19 | SPGI | S&p Global INC | 0% | -4.24% | Trim |
| 20 | BAC | Bank Of America CORP | -0.1% | -5.05% | Trim |
| 21 | ABT | Abbott Laboratories | -0.1% | -3.72% | Trim |
| 22 | ISRG | Intuitive Surgical INC | -0.1% | -4.66% | Trim |
| 23 | COF | Capital One Financial CORP | -0.1% | -3.69% | Trim |
| 24 | BKNG | Booking Holdings INC | -0.1% | -3.14% | Trim |
| 25 | IBM | Intl Business Machines CORP | -0.1% | -2.60% | Trim |
| 26 | WFC | Wells Fargo & Co | -0.1% | -4.54% | Trim |
| 27 | QCOM | Qualcomm INC | -0.1% | -3.22% | Trim |
| 28 | ACN | Accenture plc | -0.1% | -3.80% | Trim |
| 29 | JPM | Jpmorgan Chase & Co | -0.1% | -3.02% | Trim |
| 30 | UNH | Unitedhealth Group INC | -0.1% | -2.76% | Trim |
| 31 | NOW | Servicenow INC | -0.1% | -2.94% | Trim |
| 32 | BSX | Boston Scientific CORP | -0.1% | -3.50% | Trim |
| 33 | ADBE | Adobe INC | -0.1% | -3.15% | Trim |
| 34 | MA | Mastercard INC - A | -0.1% | -4.67% | Trim |
| 35 | PLTR | Palantir Technologies Inc-a | -0.1% | -2.27% | Trim |
| 36 | INTU | Intuit INC | -0.1% | -3.16% | Trim |
| 37 | APP | Applovin Corp-class A | -0.1% | -2.91% | Trim |
| 38 | ORCL | Oracle CORP | -0.1% | -1.55% | Trim |
| 39 | GOOG | Alphabet Inc-cl C | -0.1% | -3.10% | Trim |
| 40 | V | Visa Inc-class A Shares | -0.1% | -4.81% | Trim |
| 41 | CRM | Salesforce INC | -0.1% | -4.45% | Trim |
| 42 | GOOGL | Alphabet Inc-cl A | -0.1% | -3.16% | Trim |
| 43 | AVGO | Broadcom INC | -0.2% | -2.49% | Trim |
| 44 | LLY | Eli Lilly & Co | -0.2% | -3.80% | Trim |
| 45 | AMZN | Amazon.com INC | -0.2% | -2.67% | Trim |
| 46 | META | Meta Platforms Inc-class A | -0.2% | -3.00% | Trim |
| 47 | NVDA | Nvidia CORP | -0.2% | -3.59% | Trim |
| 48 | AAPL | Apple INC | -0.2% | -4.00% | Trim |
| 49 | TSLA | Tesla INC | -0.3% | -2.63% | Trim |
| 50 | MSFT | Microsoft CORP | -1.1% | -2.96% | Trim |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-01 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-01-28 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-03 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-13 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-01 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-06 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-12 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-05 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-07 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-01-24 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-07 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-01 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-04-27 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-08 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-07 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-07-28 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-04 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-04 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-12 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-02 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-06 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-01-28 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-05 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-04 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-05 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-01-27 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-10-31 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-07-25 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-04-29 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-01-28 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-10-29 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-07 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-14 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-09 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-14 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-02 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-10 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-10 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-01 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-15 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-16 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-12 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-20 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-11 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-21 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-07 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-19 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-05 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-01 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-09-17 | 13F-HR | View on EDGAR |
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