Arizona State Retirement System
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 1, 2025), Arizona State Retirement System reported 2,086 stock positions worth $15.7 billion. Its top holding was Apple (AAPL) at 6.3% of the portfolio, followed by Nvidia (NVDA, 5.0%) and Microsoft (MSFT, 5.0%). Compared with Q4 2024, it opened 43 new positions, sold out of 89, added to 538 and reduced 1,503. The biggest buy was a new position in BlackRock (BLK) and the biggest sale Nvidia (NVDA, shares −6%).
- Most Recent 13F
- Q2 2026
- Location
- PHOENIX, AZ
- CIK
- 0001558481
- Portfolio Value
- $15.7B (Q1 2025)
- SEC Filing
- 0000897069-25-000898 ↗ filed May 1, 2025
Holdings Value
Holdings 2,086 stocks · $15.7B
| AAPL Apple Inc. | 6.25% | 4,423,521 | $982.6M | Reduce -0.1% |
| NVDA Nvidia Corp. | 4.98% | 7,221,247 | $782.6M | Reduce -5.5% |
| MSFT Microsoft Corp. | 4.97% | 2,078,238 | $780.1M | Add +1.1% |
| AMZN Amazon.com Inc. | 3.38% | 2,788,602 | $530.6M | Add +1.4% |
| META Meta Platforms Inc. Class A | 2.36% | 643,546 | $370.9M | Add +1.2% |
| GOOGL Alphabet Inc. Class A | 1.71% | 1,732,120 | $267.9M | Add +1.6% |
| GOOG Alphabet Inc. Class C | 1.47% | 1,475,986 | $230.6M | Add +0.9% |
| TSLA Tesla Inc. | 1.40% | 847,858 | $219.7M | Add +1.3% |
| AVGO Broadcom Inc. | 1.39% | 1,306,238 | $218.7M | Add +1.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.32% | 390,570 | $208.0M | Add +1.3% |
| JPM JPMorgan Chase & Co. | 1.28% | 820,359 | $201.2M | Reduce -0.9% |
| LLY Eli Lilly & Co. | 1.26% | 239,561 | $197.9M | Add +2.0% |
| V Visa Inc. Class A | 1.15% | 514,099 | $180.2M | Add +5.8% |
| XOM Exxon Mobil Corp. | 0.98% | 1,289,842 | $153.4M | Reduce -0.1% |
| UNH Unitedhealth Group Inc. | 0.92% | 274,438 | $143.7M | Add +2.2% |
| MA Mastercard Inc. Class A | 0.84% | 240,557 | $131.9M | Add +0.3% |
| COST Costco Wholesale Corp. | 0.80% | 132,602 | $125.4M | Add +3.0% |
| PG The Procter & Gamble Co. | 0.75% | 691,140 | $117.8M | Add +1.2% |
| JNJ Johnson & Johnson | 0.75% | 706,572 | $117.2M | Add +1.0% |
| NFLX Netflix Inc. | 0.74% | 125,205 | $116.8M | Add +0.4% |
| WMT Walmart Inc. | 0.72% | 1,296,669 | $113.8M | Add +0.9% |
| ABBV Abbvie Inc. | 0.69% | 518,607 | $108.7M | Add +1.1% |
| HD Home Depot Inc. | 0.67% | 288,827 | $105.9M | Add +0.1% |
| KO The Coca-Cola Co. | 0.55% | 1,201,010 | $86.0M | Add +1.1% |
| CVX Chevron Corp. | 0.53% | 501,028 | $83.8M | Reduce -0.7% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.52% | 1,975,659 | $82.4M | Reduce -2.6% |
| CRM Salesforce Inc. | 0.48% | 280,854 | $75.4M | Add +1.2% |
| CSCO Cisco Systems Inc. | 0.46% | 1,176,284 | $72.6M | Add +1.6% |
| PM Philip Morris International | 0.46% | 456,301 | $72.4M | Add +1.2% |
| ORCL Oracle Corp. | 0.44% | 495,851 | $69.3M | Add +2.7% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.43% | 273,240 | $67.9M | Add +2.3% |
| WFC Wells Fargo & Co. | 0.43% | 945,042 | $67.8M | Reduce -4.3% |
| ABT Abbott Laboratories | 0.43% | 509,015 | $67.5M | Add +0.9% |
| MRK Merck & Co. Inc. | 0.42% | 742,380 | $66.6M | Add +0.9% |
| MCD McDonald's Corp. | 0.42% | 210,308 | $65.7M | Add +1.1% |
| LIN Linde PLC | 0.41% | 139,603 | $65.0M | Add +0.8% |
| GE General Electric filed as GE AEROSPACE | 0.40% | 310,532 | $62.2M | Reduce -1.2% |
| PEP Pepsico Inc. | 0.39% | 405,693 | $60.8M | Add +1.9% |
| ACN Accenture PLC Class A | 0.38% | 192,561 | $60.1M | Add +6.2% |
| T AT&T Inc. | 0.38% | 2,105,753 | $59.6M | Add +1.4% |
| TMO Thermo Fisher Scientific Inc. | 0.37% | 116,748 | $58.1M | Add +5.4% |
| VZ Verizon Communications Inc. | 0.36% | 1,235,411 | $56.0M | Add +1.3% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.33% | 531,461 | $52.5M | Add +1.1% |
| PLTR Palantir Technologies Inc. Class A | 0.33% | 617,653 | $52.1M | Add +4.9% |
| RTX RTX Corp. | 0.33% | 390,617 | $51.7M | Add +1.4% |
| ISRG Intuitive Surgical Inc. | 0.33% | 104,450 | $51.7M | Add +1.4% |
| INTU Intuit Inc. | 0.32% | 82,056 | $50.4M | Add +1.0% |
| GS Goldman Sachs Group Inc. | 0.32% | 92,123 | $50.3M | Add +0.6% |
| SPGI S&P Global Inc. | 0.32% | 98,568 | $50.1M | Add +6.3% |
| AMGN Amgen Inc. | 0.31% | 157,605 | $49.1M | Add +1.3% |
| ADBE Adobe Inc. | 0.31% | 127,705 | $49.0M | Add +0.0% |
| AMD Advanced Micro Devices | 0.31% | 476,179 | $48.9M | Add +1.4% |
| PGR Progressive Corp. | 0.31% | 171,919 | $48.7M | Add +1.4% |
| QCOM Qualcomm Inc. | 0.31% | 316,655 | $48.6M | Reduce -1.9% |
| NOW ServiceNow Inc. | 0.31% | 60,455 | $48.1M | Add +1.2% |
| CAT Caterpillar Inc. | 0.30% | 141,689 | $46.7M | Add +0.8% |
| TXN Texas Instruments Inc. | 0.30% | 259,685 | $46.7M | Reduce -1.9% |
| BSX Boston Scientific Corp. | 0.29% | 455,300 | $45.9M | Add +6.9% |
| BKNG Booking Holdings Inc. | 0.28% | 9,682 | $44.6M | Reduce -0.3% |
| GILD Gilead Sciences Inc. | 0.28% | 385,832 | $43.2M | Add +7.3% |
| AXP American Express Co. | 0.27% | 160,027 | $43.1M | Reduce -2.9% |
| NEE Nextera Energy Inc. | 0.27% | 603,499 | $42.8M | Add +1.4% |
| PFE Pfizer Inc. | 0.27% | 1,663,108 | $42.1M | Add +1.4% |
| UNP Union Pacific Corp. | 0.27% | 177,920 | $42.0M | Add +0.9% |
| SCHW Schwab (charles) Corp. | 0.27% | 534,488 | $41.8M | Add +15.4% |
| CMCSA Comcast Corp. Class A | 0.27% | 1,132,484 | $41.8M | Add +1.2% |
| BLK BlackRock Inc. | 0.26% | 43,179 | $40.9M | New |
| TMUS T-Mobile US Inc. | 0.26% | 153,204 | $40.9M | Add +0.9% |
| UBER Uber Technologies Inc. | 0.26% | 556,171 | $40.5M | Add +1.7% |
| HON Honeywell International Inc. | 0.26% | 190,752 | $40.4M | Add +1.4% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.26% | 329,909 | $40.2M | Add +1.1% |
| MS Morgan Stanley | 0.25% | 342,266 | $39.9M | Reduce -2.6% |
| COP Conocophillips | 0.25% | 379,626 | $39.9M | Add +0.6% |
| C Citigroup Inc. | 0.25% | 555,034 | $39.4M | Add +0.6% |
| DHR Danaher Corp. | 0.25% | 190,771 | $39.1M | Add +1.4% |
| SYK Stryker Corp. | 0.24% | 100,688 | $37.5M | Add +1.5% |
| BA The Boeing Co. | 0.24% | 219,569 | $37.4M | Add +4.3% |
| LOW Lowe's Cos Inc. | 0.24% | 159,492 | $37.2M | Reduce -2.9% |
| FISV Fiserv Inc. | 0.23% | 166,961 | $36.9M | Add +0.3% |
| VRTX Vertex Pharmaceuticals Inc. | 0.23% | 75,537 | $36.6M | Add +1.3% |
| ADP Automatic Data Processing | 0.23% | 119,504 | $36.5M | Add +1.4% |
| BMY Bristol-Myers Squibb Co. | 0.23% | 595,214 | $36.3M | Add +1.6% |
| DE Deere & Co. | 0.23% | 75,931 | $35.6M | Add +1.1% |
| MRSH Marsh & McLennan Cos | 0.23% | 146,034 | $35.6M | Add +2.8% |
| AMAT Applied Materials Inc. | 0.22% | 238,657 | $34.6M | Add +0.0% |
| CB Chubb Ltd. | 0.22% | 112,383 | $33.9M | Add +1.3% |
| MDT Medtronic PLC | 0.22% | 376,316 | $33.8M | Add +1.6% |
| PANW Palo Alto Networks Inc. | 0.21% | 192,480 | $32.8M | Add +2.2% |
| SBUX Starbucks Corp. | 0.21% | 332,652 | $32.6M | Add +1.6% |
| ETN Eaton Corp. PLC | 0.20% | 115,980 | $31.5M | Add +0.6% |
| PLD Prologis Inc. | 0.19% | 271,807 | $30.4M | Add +1.6% |
| MO Altria Group Inc. | 0.19% | 505,152 | $30.3M | Add +2.6% |
| AMT American Tower Corp. | 0.19% | 137,137 | $29.8M | Add +1.8% |
| ELV Elevance Health Inc. | 0.19% | 68,063 | $29.6M | Add +1.8% |
| SO The Southern Co. | 0.19% | 321,553 | $29.6M | Add +1.8% |
| ADI Analog Devices Inc. | 0.19% | 145,485 | $29.3M | Add +1.5% |
| ICE Intercontinental Exchange Inc. | 0.18% | 168,505 | $29.1M | Add +1.8% |
| INTC Intel Corp. | 0.18% | 1,265,322 | $28.7M | Add +2.5% |
| MU Micron Technology Inc. | 0.18% | 326,926 | $28.4M | Add +2.1% |
| BX Blackstone Inc. | 0.18% | 201,640 | $28.2M | Reduce -3.2% |
Portfolio Sells Q4 2024 → Q1 2025
| NVDA Nvidia Corp. | Reduce -5.5% | 4.98% | −1.29 |
| AAPL Apple Inc. | Reduce -0.1% | 6.25% | −0.52 |
| BX Blackstone Inc. | Reduce -3.2% | 0.18% | −0.04 |
| PYPL PayPal Holdings Inc. | Reduce -0.1% | 0.12% | −0.03 |
| TGT Target Corp. | Reduce -8.6% | 0.08% | −0.03 |
| NKE Nike Inc. Class B | Reduce -5.6% | 0.13% | −0.03 |
| AXP American Express Co. | Reduce -2.9% | 0.27% | −0.02 |
| VRT Vertiv Holdings Co. Class A | Reduce -0.4% | 0.05% | −0.02 |
| DECK Deckers Outdoor Corp. | Reduce -0.8% | 0.03% | −0.02 |
| BAC Bank of America Corp. | Reduce -2.6% | 0.52% | −0.02 |
| GM General Motors Co. | Reduce -9.4% | 0.09% | −0.02 |
| EMR Emerson Electric Co. | Reduce -6.5% | 0.11% | −0.02 |
| ON On Semiconductor | Reduce -1.1% | 0.03% | −0.02 |
| MS Morgan Stanley | Reduce -2.6% | 0.25% | −0.02 |
| ILMN Illumina Inc. | Reduce -0.7% | 0.02% | −0.01 |
| PWR Quanta Services Inc. | Reduce -0.2% | 0.07% | −0.01 |
| SMAR Smartsheet Inc. Class A | Sold out | 0.00% | −0.01 |
| EIX Edison International | Reduce -0.2% | 0.04% | −0.01 |
| AZPN Aspen Technology Inc. | Sold out | 0.00% | −0.01 |
| WST West Pharmaceutical Services | Reduce -0.6% | 0.03% | −0.01 |
| TER Teradyne Inc. | Reduce -0.6% | 0.02% | −0.01 |
| ALTR Altair Engineering Inc. Class A | Sold out | 0.00% | −0.01 |
| EDR Endeavor Group Hold Class A | Sold out | 0.00% | −0.01 |
| BKNG Booking Holdings Inc. | Reduce -0.3% | 0.28% | −0.01 |
| LOW Lowe's Cos Inc. | Reduce -2.9% | 0.24% | −0.01 |
| SUM Summit Materials Inc. Class A | Sold out | 0.00% | −0.01 |
| WDC Western Digital Corp. | Reduce -0.4% | 0.03% | −0.01 |
| VST Vistra Corp. | Reduce -1.4% | 0.07% | −0.01 |
| MANH Manhattan Associates Inc. | Reduce -0.7% | 0.02% | −0.01 |
| ALTM Arcadium Lithium PLC | Sold out | 0.00% | −0.01 |
| NTAP Netapp Inc. | Reduce -1.2% | 0.03% | −0.01 |
| ALAB Astera Labs Inc. | Sold out | 0.00% | −0.01 |
| FLUT Flutter Entertainment PLC-Di | Reduce -0.5% | 0.07% | −0.01 |
| HCP Hashicorp Inc. Class A | Sold out | 0.00% | −0.01 |
| P Everpure Inc. Class A | Reduce -0.9% | 0.03% | −0.01 |
| CCL Carnival Corp. | Reduce -0.4% | 0.04% | −0.01 |
| SRPT Sarepta Therapeutics Inc. | Reduce -1.1% | 0.01% | −0.01 |
| ZBRA Zebra Technologies Corp. Class A | Reduce -0.4% | 0.03% | −0.01 |
| PCVX Vaxcyte Inc. | Reduce -0.3% | 0.01% | −0.01 |
| ARES Ares Management Corp. Class A | Reduce -0.4% | 0.05% | −0.01 |
| IRM Iron Mountain Inc. | Reduce -0.4% | 0.05% | −0.01 |
| FSLR First Solar Inc. | Reduce -0.4% | 0.02% | −0.01 |
| LVS Las Vegas Sands Corp. | Reduce -2.0% | 0.03% | −0.01 |
| SYF Synchrony Financial | Reduce -1.9% | 0.04% | −0.01 |
| COHR Coherent Corp. | Reduce -1.0% | 0.02% | −0.01 |
| LEN Lennar Corp. Class A | Reduce -0.4% | 0.05% | −0.01 |
| HUBB Hubbell Inc. | Reduce -0.5% | 0.03% | −0.01 |
| VTRS Viatris Inc. | Reduce -0.5% | 0.02% | −0.01 |
| TROW T Rowe Price Group Inc. | Reduce -0.7% | 0.04% | −0.01 |
| BILL Bill Holdings Inc. | Reduce -4.0% | 0.01% | −0.01 |
Portfolio Buys Q4 2024 → Q1 2025
| BLK BlackRock Inc. | New | 0.26% | +0.26 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +1.3% | 1.32% | +0.26 |
| V Visa Inc. Class A | Add +5.8% | 1.15% | +0.21 |
| LRCX Lam Research Corp. | New | 0.17% | +0.17 |
| ANET Arista Networks Inc. | New | 0.15% | +0.15 |
| LLY Eli Lilly & Co. | Add +2.0% | 1.26% | +0.15 |
| ABBV Abbvie Inc. | Add +1.1% | 0.69% | +0.13 |
| PM Philip Morris International | Add +1.2% | 0.46% | +0.13 |
| JNJ Johnson & Johnson | Add +1.0% | 0.75% | +0.13 |
| KO The Coca-Cola Co. | Add +1.1% | 0.55% | +0.10 |
| T AT&T Inc. | Add +1.4% | 0.38% | +0.09 |
| META Meta Platforms Inc. Class A | Add +1.2% | 2.36% | +0.08 |
| UNH Unitedhealth Group Inc. | Add +2.2% | 0.92% | +0.08 |
| ABT Abbott Laboratories | Add +0.9% | 0.43% | +0.08 |
| COST Costco Wholesale Corp. | Add +3.0% | 0.80% | +0.08 |
| IBM Intl Business Machines Corp. | Add +2.3% | 0.43% | +0.07 |
| GILD Gilead Sciences Inc. | Add +7.3% | 0.28% | +0.07 |
| MA Mastercard Inc. Class A | Add +0.3% | 0.84% | +0.07 |
| AMGN Amgen Inc. | Add +1.3% | 0.31% | +0.06 |
| NFLX Netflix Inc. | Add +0.4% | 0.74% | +0.06 |
| PGR Progressive Corp. | Add +1.4% | 0.31% | +0.06 |
| CVS CVS Health Corp. | Add +2.0% | 0.16% | +0.06 |
| BSX Boston Scientific Corp. | Add +6.9% | 0.29% | +0.06 |
| PLTR Palantir Technologies Inc. Class A | Add +4.9% | 0.33% | +0.06 |
| LIN Linde PLC | Add +0.8% | 0.41% | +0.06 |
| VZ Verizon Communications Inc. | Add +1.3% | 0.36% | +0.06 |
| RTX RTX Corp. | Add +1.4% | 0.33% | +0.06 |
| SCHW Schwab (charles) Corp. | Add +15.4% | 0.27% | +0.06 |
| UBER Uber Technologies Inc. | Add +1.7% | 0.26% | +0.06 |
| TMUS T-Mobile US Inc. | Add +0.9% | 0.26% | +0.06 |
| PG The Procter & Gamble Co. | Add +1.2% | 0.75% | +0.05 |
| MCD McDonald's Corp. | Add +1.1% | 0.42% | +0.05 |
| VRTX Vertex Pharmaceuticals Inc. | Add +1.3% | 0.23% | +0.05 |
| CSCO Cisco Systems Inc. | Add +1.6% | 0.46% | +0.04 |
| MRSH Marsh & McLennan Cos | Add +2.8% | 0.23% | +0.04 |
| WELL Welltower Inc. | Add +2.5% | 0.18% | +0.04 |
| AMT American Tower Corp. | Add +1.8% | 0.19% | +0.04 |
| ELV Elevance Health Inc. | Add +1.8% | 0.19% | +0.04 |
| SPGI S&P Global Inc. | Add +6.3% | 0.32% | +0.04 |
| ORLY O'reilly Automotive Inc. | Add +3.4% | 0.16% | +0.04 |
| MO Altria Group Inc. | Add +2.6% | 0.19% | +0.04 |
| AJG Arthur J Gallagher & Co. | Add +0.9% | 0.16% | +0.04 |
| CI The Cigna Group | Add +1.2% | 0.17% | +0.03 |
| MDT Medtronic PLC | Add +1.6% | 0.22% | +0.03 |
| ICE Intercontinental Exchange Inc. | Add +1.8% | 0.18% | +0.03 |
| WM Waste Management Inc. | Add +3.5% | 0.18% | +0.03 |
| SMCI Super Micro Computer Inc. | New | 0.03% | +0.03 |
| MCK McKesson Corp. | Add +1.6% | 0.16% | +0.03 |
| DE Deere & Co. | Add +1.1% | 0.23% | +0.03 |
| INTC Intel Corp. | Add +2.5% | 0.18% | +0.03 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 2,071 | $19.9B | NVDA, AAPL, MSFT, AMZN, GOOGL |
| Q1 2026 | 2,051 | $17.1B | NVDA, AAPL, MSFT, AMZN, GOOGL |
| Q4 2025 | 2,047 | $18.4B | NVDA, AAPL, MSFT, AMZN, GOOGL |
| Q3 2025 | 2,081 | $18.8B | NVDA, AAPL, MSFT, AMZN, META |
| Q2 2025 | 2,053 | $17.4B | NVDA, MSFT, AAPL, AMZN, META |
| Q1 2025 | 2,086 | $15.7B | AAPL, NVDA, MSFT, AMZN, META |
| Q4 2024 | 2,130 | $16.4B | AAPL, NVDA, MSFT, AMZN, META |
| Q3 2024 | 2,151 | $15.9B | AAPL, MSFT, NVDA, AMZN, META |
| Q2 2024 | 2,101 | $15.0B | MSFT, AAPL, NVDA, AMZN, META |
| Q1 2024 | 2,124 | $14.5B | MSFT, AAPL, NVDA, AMZN, META |