SO

Strs Ohio

Diversified strategyMomentum follower

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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Personality snowflake

Concentration
5.4
Portfolio Stability
20.48
Momentum/Contrarian
73.68
Sector conviction
63.33
Diversification
100
Sizing Uniformity
47.47

Recent moves

  • 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

Holdings Map

New buyAddUnchangedTrim

Institutional Game-State Analysis

Core Intent

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.

Macro & Fundamentals

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.

Blind Spots / Risks

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.

The above is AI-generated from public regulatory filings and summarizes historical data only. It is not investment advice.

Top 10 holdings by weight

Full holdings list this quarter

#TickerIssuerAsset SubclassWeightWeight ChangeShares Change4Q Trend
1NVDANvidia CORPStock-Tech6.28%-0.31%-4.16%
2AAPLApple INCStock-Tech5.09%-0.23%-3.67%
3MSFTMicrosoft CORPStock-Tech3.99%-1.35%-8.37%
4AMZNAmazon.com INCStock-Consumer Disc3.01%-0.31%-5.51%
5GOOGAlphabet Inc-cl CStock-Comm Services2.37%-0.23%-6.23%
6AVGOBroadcom INCStock-Tech2.34%-0.06%+2.42%
7GOOGLAlphabet Inc-cl AStock-Comm Services2.15%+0.02%+3.36%
8METAMeta Platforms Inc-class AStock-Comm Services1.82%-0.19%-1.81%
9XOMExxon Mobil CORPStock-Energy1.34%+0.40%-4.44%
10JPMJpmorgan Chase & CoStock-Financials1.28%-0.12%-5.58%
11BRK-BBerkshire Hathaway Inc-cl BStock-Other1.20%—+4.52%
12LLYEli Lilly & CoStock-Healthcare1.17%-0.01%+9.17%
13TSLATesla INCStock-Consumer Disc1.12%-0.22%-4.66%
14MAMastercard INC - AStock-Financials0.92%-0.09%-2.25%
15GBDCGolub Capital Bdc INCStock-Financials0.86%—+2.61%
16JNJJohnson & JohnsonStock-Healthcare0.77%+0.12%-5.09%
17ARCCAres Capital CORPStock-Financials0.75%+0.75%NEW
18CVXChevron CORPStock-Energy0.67%+0.18%-4.98%
19ABBVAbbvie INCStock-Healthcare0.66%—-3.57%
20NFLXNetflix INCStock-Comm Services0.64%—-7.74%
21WMTWalmart INCStock-Consumer Staples0.61%—-5.13%
22WELLWelltower INCStock-Real Estate0.57%—+0.68%
23GEVGE Vernova INCStock-Industrials0.57%+0.16%-3.32%
24MUMicron Technology INCStock-Tech0.57%—-16.35%
25VVisa Inc-class A SharesStock-Financials0.56%-0.08%-4.57%
26UNHUnitedhealth Group INCStock-Healthcare0.53%-0.11%-4.43%
27MRKMerck & Co. INC.Stock-Healthcare0.52%—-5.23%
28PLDPrologis INCStock-Real Estate0.52%—-0.04%
29GSGoldman Sachs Group INCStock-Financials0.50%-0.05%-11.25%
30HDHome Depot INCStock-Consumer Disc0.49%—-6.23%
31COSTCostco Wholesale CORPStock-Consumer Staples0.48%—-4.59%
32OBDCBlue Owl Capital CORPStock-Financials0.48%+0.38%+411.40%
33GEGeneral ElectricStock-Industrials0.47%—+1.51%
34AMDAdvanced Micro DevicesStock-Tech0.47%—-3.53%
35CATCaterpillar INCStock-Industrials0.47%—-4.64%
36TMOThermo Fisher Scientific INCStock-Healthcare0.46%-0.08%-4.03%
37CSCOCisco Systems INCStock-Tech0.46%—+11.07%
38WFCWells Fargo & CoStock-Financials0.44%-0.07%-5.32%
39LRCXLam Research CORPStock-Tech0.44%+0.12%+1.85%
40NOWServicenow INCStock-Tech0.43%-0.18%-1.07%
41VZVerizon Communications INCStock-Comm Services0.43%—-4.77%
42EQIXEquinix INCStock-Real Estate0.43%—-8.78%
43CCitigroup INCStock-Financials0.43%-0.04%-12.58%
44RTXRtx CORPStock-Industrials0.42%—-11.73%
45PANWPalo Alto Networks INCStock-Tech0.41%+0.20%+108.02%
46VRTVertiv Holdings Co-aStock-Industrials0.40%+0.13%-9.17%
47AMATApplied Materials INCStock-Tech0.40%—-9.16%
48APPApplovin Corp-class AStock-Tech0.39%-0.24%-1.25%
49NEENextera Energy INCStock-Utilities0.39%—-6.56%
50DLRDigital Realty Trust INCStock-Real Estate0.39%—+4.53%
1–50 of 2,118

Holding changes this quarter

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%.

Position changes disclosed by Strs Ohio for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#TickerIssuerWeight ChangeShares ChangeAction
1XOMExxon Mobil CORP+0.4%-4.44%Trim
2OBDCBlue Owl Capital CORP+0.4%+411.40%Add
3PANWPalo Alto Networks INC+0.2%+108.02%Add
4CVXChevron CORP+0.2%-4.98%Trim
5GEVGE Vernova INC+0.2%-3.32%Trim
6TSLXSixth Street Specialty Lendi+0.2%+101.83%Add
7VRTVertiv Holdings Co-a+0.1%-9.17%Trim
8LRCXLam Research CORP+0.1%+1.85%Add
9JNJJohnson & Johnson+0.1%-5.09%Trim
10MRSHMarsh & Mclennan Cos+0.1%+4797.85%Add
11KEYSKeysight Technologies In+0.1%+1998.86%Add
12XELXcel Energy INC+0.1%+2044.01%Add
13GOOGLAlphabet Inc-cl A0%+3.36%Add
14LLYEli Lilly & Co0%+9.17%Add
15CCitigroup INC0%-12.58%Trim
16GSGoldman Sachs Group INC-0.1%-11.25%Trim
17BABoeing Co/the-0.1%-9.67%Trim
18AVGOBroadcom INC-0.1%+2.42%Add
19DHRDanaher CORP-0.1%-11.80%Trim
20PLTRPalantir Technologies Inc-a-0.1%-5.83%Trim
21ZBHZimmer Biomet Holdings INC-0.1%-92.49%Trim
22BABAAlibaba Group Holding-sp Adr-0.1%-22.56%Trim
23WFCWells Fargo & Co-0.1%-5.32%Trim
24DISWalt Disney Co/the-0.1%-5.49%Trim
25QCOMQualcomm INC-0.1%-17.36%Trim
26INTUIntuit INC-0.1%-4.30%Trim
27SNOWSnowflake INC-0.1%+3.47%Add
28VVisa Inc-class A Shares-0.1%-4.57%Trim
29ORCLOracle CORP-0.1%+2.23%Add
30TMOThermo Fisher Scientific INC-0.1%-4.03%Trim
31DOCHealthpeak Properties INC-0.1%-76.87%Trim
32PNRPentair plc-0.1%-93.26%Trim
33ARESAres Management CORP - A-0.1%-64.86%Trim
34MAMastercard INC - A-0.1%-2.25%Trim
35UNHUnitedhealth Group INC-0.1%-4.43%Trim
36CRMSalesforce INC-0.1%-6.69%Trim
37JPMJpmorgan Chase & Co-0.1%-5.58%Trim
38BSXBoston Scientific CORP-0.1%-12.28%Trim
39NOWServicenow INC-0.2%-1.07%Trim
40METAMeta Platforms Inc-class A-0.2%-1.81%Trim
41TSLATesla INC-0.2%-4.66%Trim
42AAPLApple INC-0.2%-3.67%Trim
43GOOGAlphabet Inc-cl C-0.2%-6.23%Trim
44APPApplovin Corp-class A-0.2%-1.25%Trim
45NVDANvidia CORP-0.3%-4.16%Trim
46AMZNAmazon.com INC-0.3%-5.51%Trim
47MSFTMicrosoft CORP-1.4%-8.37%Trim
48ARCCAres Capital CORP—NEWNew buy
49BXSLBlackstone Secured Lending F—NEWNew buy
50✓ Cyberark Software LTD—EXITSold out

FAQ

What is Strs Ohio and what type of investor is it?
Strs Ohio is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $25.2B, spread across 2118 disclosed positions.
What are Strs Ohio's largest equity positions?
Based on the latest 13F filing, Strs Ohio's top holdings by market value are: 1. Nvidia CORP (NVDA) — $1.6B (6.3%) 2. Apple INC (AAPL) — $1.3B (5.1%) 3. Microsoft CORP (MSFT) — $1.0B (4.0%) 4. Amazon.com INC (AMZN) — $759.9M (3.0%) 5. Alphabet Inc-cl C (GOOG) — $598.1M (2.4%)
What changes did Strs Ohio make in its most recent portfolio filing?
In the latest reported quarter, Strs Ohio made 50 notable position adjustments: 2 new positions were initiated, 12 existing holdings were added to, 35 positions were partially reduced, and 1 were completely exited. The largest of these moves: 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%
What sectors does Strs Ohio focus on?
Strs Ohio is concentrated in the following sectors based on its current disclosed equity portfolio: • Information Technology: 38.8% • Communication Services: 13.4% • Financials: 11.5% • Health Care: 10.6% • Consumer Discretionary: 10.5% • Industrials: 6.7%

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