Arizona State Retirement System
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Arizona State Retirement System reported 2,053 stock positions worth $17.4 billion. Its top holding was Nvidia (NVDA) at 6.5% of the portfolio, followed by Microsoft (MSFT, 5.9%) and Apple (AAPL, 5.2%). Compared with Q1 2025, it opened 45 new positions, sold out of 79, added to 1,574 and reduced 433. The biggest buy was Palantir Technologies Class A (PLTR, shares +1%) and the biggest sale Apple (AAPL, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- PHOENIX, AZ
- CIK
- 0001558481
- Portfolio Value
- $17.4B (Q2 2025)
- SEC Filing
- 0000897069-25-001322 ↗ filed Aug 13, 2025
Holdings Value
Holdings 2,053 stocks · $17.4B
| NVDA Nvidia Corp. | 6.49% | 7,133,813 | $1.1B | Reduce -1.2% |
| MSFT Microsoft Corp. | 5.92% | 2,064,010 | $1.0B | Reduce -0.7% |
| AAPL Apple Inc. | 5.19% | 4,391,595 | $901.0M | Reduce -0.7% |
| AMZN Amazon.com Inc. | 3.53% | 2,791,362 | $612.4M | Add +0.1% |
| META Meta Platforms Inc. Class A | 2.72% | 640,043 | $472.4M | Reduce -0.5% |
| AVGO Broadcom Inc. | 2.07% | 1,305,653 | $359.9M | Reduce -0.0% |
| GOOGL Alphabet Inc. Class A | 1.73% | 1,704,461 | $300.4M | Reduce -1.6% |
| TSLA Tesla Inc. | 1.55% | 846,145 | $268.8M | Reduce -0.2% |
| GOOG Alphabet Inc. Class C | 1.48% | 1,445,873 | $256.5M | Reduce -2.0% |
| JPM JPMorgan Chase & Co. | 1.37% | 817,422 | $237.0M | Reduce -0.4% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.10% | 391,711 | $190.3M | Add +0.3% |
| LLY Eli Lilly & Co. | 1.06% | 235,567 | $183.6M | Reduce -1.7% |
| V Visa Inc. Class A | 1.03% | 503,813 | $178.9M | Reduce -2.0% |
| NFLX Netflix Inc. | 0.96% | 124,910 | $167.3M | Reduce -0.2% |
| XOM Exxon Mobil Corp. | 0.79% | 1,264,343 | $136.3M | Reduce -2.0% |
| MA Mastercard Inc. Class A | 0.77% | 238,084 | $133.8M | Reduce -1.0% |
| COST Costco Wholesale Corp. | 0.74% | 129,683 | $128.4M | Reduce -2.2% |
| WMT Walmart Inc. | 0.73% | 1,289,018 | $126.0M | Reduce -0.6% |
| PG The Procter & Gamble Co. | 0.63% | 685,501 | $109.2M | Reduce -0.8% |
| JNJ Johnson & Johnson | 0.62% | 704,501 | $107.6M | Reduce -0.3% |
| ORCL Oracle Corp. | 0.62% | 491,755 | $107.5M | Reduce -0.8% |
| HD Home Depot Inc. | 0.61% | 290,568 | $106.5M | Add +0.6% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.58% | 2,112,015 | $99.9M | Add +6.9% |
| ABBV Abbvie Inc. | 0.55% | 517,148 | $96.0M | Reduce -0.3% |
| PLTR Palantir Technologies Inc. Class A | 0.49% | 626,012 | $85.3M | Add +1.4% |
| KO The Coca-Cola Co. | 0.49% | 1,195,212 | $84.6M | Reduce -0.5% |
| UNH Unitedhealth Group Inc. | 0.48% | 267,409 | $83.4M | Reduce -2.6% |
| PM Philip Morris International | 0.48% | 455,028 | $82.9M | Reduce -0.3% |
| CSCO Cisco Systems Inc. | 0.46% | 1,162,835 | $80.7M | Reduce -1.1% |
| GE General Electric filed as GE AEROSPACE | 0.46% | 311,834 | $80.3M | Add +0.4% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.46% | 271,079 | $79.9M | Reduce -0.8% |
| CRM Salesforce Inc. | 0.44% | 280,941 | $76.6M | Add +0.0% |
| WFC Wells Fargo & Co. | 0.44% | 953,534 | $76.4M | Add +0.9% |
| CVX Chevron Corp. | 0.40% | 485,073 | $69.5M | Reduce -3.2% |
| ABT Abbott Laboratories | 0.40% | 507,017 | $69.0M | Reduce -0.4% |
| AMD Advanced Micro Devices | 0.39% | 474,905 | $67.4M | Reduce -0.3% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.38% | 528,494 | $65.5M | Reduce -0.6% |
| LIN Linde PLC | 0.37% | 138,183 | $64.8M | Reduce -1.0% |
| INTU Intuit Inc. | 0.37% | 81,683 | $64.3M | Reduce -0.5% |
| GS Goldman Sachs Group Inc. | 0.37% | 90,861 | $64.3M | Reduce -1.4% |
| NOW ServiceNow Inc. | 0.36% | 60,516 | $62.2M | Add +0.1% |
| MCD McDonald's Corp. | 0.35% | 209,046 | $61.1M | Reduce -0.6% |
| T AT&T Inc. | 0.35% | 2,098,491 | $60.7M | Reduce -0.3% |
| MRK Merck & Co. Inc. | 0.34% | 735,649 | $58.2M | Reduce -0.9% |
| RTX RTX Corp. | 0.33% | 390,275 | $57.0M | Reduce -0.1% |
| ISRG Intuitive Surgical Inc. | 0.33% | 104,679 | $56.9M | Add +0.2% |
| BKNG Booking Holdings Inc. | 0.32% | 9,564 | $55.4M | Reduce -1.2% |
| TXN Texas Instruments Inc. | 0.32% | 265,933 | $55.2M | Add +2.4% |
| ACN Accenture PLC Class A | 0.32% | 183,014 | $54.7M | Reduce -5.0% |
| CAT Caterpillar Inc. | 0.31% | 139,719 | $54.2M | Reduce -1.4% |
| VZ Verizon Communications Inc. | 0.31% | 1,233,687 | $53.4M | Reduce -0.1% |
| PEP Pepsico Inc. | 0.30% | 400,862 | $52.9M | Reduce -1.2% |
| AXP American Express Co. | 0.30% | 163,971 | $52.3M | Add +2.5% |
| QCOM Qualcomm Inc. | 0.30% | 323,194 | $51.5M | Add +2.1% |
| UBER Uber Technologies Inc. | 0.30% | 550,228 | $51.3M | Reduce -1.1% |
| MS Morgan Stanley | 0.29% | 353,630 | $49.8M | Add +3.3% |
| SPGI S&P Global Inc. | 0.28% | 91,749 | $48.4M | Reduce -6.9% |
| ADBE Adobe Inc. | 0.28% | 124,553 | $48.2M | Reduce -2.5% |
| C Citigroup Inc. | 0.27% | 550,161 | $46.8M | Reduce -0.9% |
| BSX Boston Scientific Corp. | 0.27% | 432,395 | $46.4M | Reduce -5.0% |
| BA The Boeing Co. | 0.27% | 219,961 | $46.1M | Add +0.2% |
| SCHW Schwab (charles) Corp. | 0.26% | 503,674 | $46.0M | Reduce -5.8% |
| PGR Progressive Corp. | 0.26% | 171,382 | $45.7M | Reduce -0.3% |
| BLK BlackRock Inc. | 0.26% | 43,053 | $45.2M | Reduce -0.3% |
| TMO Thermo Fisher Scientific Inc. | 0.26% | 110,358 | $44.7M | Reduce -5.5% |
| HON Honeywell International Inc. | 0.25% | 189,571 | $44.1M | Reduce -0.6% |
| AMGN Amgen Inc. | 0.25% | 157,091 | $43.9M | Reduce -0.3% |
| AMAT Applied Materials Inc. | 0.25% | 237,441 | $43.5M | Reduce -0.5% |
| GEV GE Vernova Inc. | 0.24% | 79,910 | $42.3M | Reduce -1.2% |
| NEE Nextera Energy Inc. | 0.24% | 601,811 | $41.8M | Reduce -0.3% |
| ETN Eaton Corp. PLC | 0.24% | 114,530 | $40.9M | Reduce -1.3% |
| GILD Gilead Sciences Inc. | 0.23% | 364,309 | $40.4M | Reduce -5.6% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.23% | 326,576 | $40.3M | Reduce -1.0% |
| UNP Union Pacific Corp. | 0.23% | 175,206 | $40.3M | Reduce -1.5% |
| MU Micron Technology Inc. | 0.23% | 326,500 | $40.2M | Reduce -0.1% |
| PFE Pfizer Inc. | 0.23% | 1,658,010 | $40.2M | Reduce -0.3% |
| COF Capital One Financial Corp. | 0.23% | 186,922 | $39.8M | Add +67.1% |
| SYK Stryker Corp. | 0.23% | 100,425 | $39.7M | Reduce -0.3% |
| PANW Palo Alto Networks Inc. | 0.23% | 193,445 | $39.6M | Add +0.5% |
| CMCSA Comcast Corp. Class A | 0.23% | 1,102,268 | $39.3M | Reduce -2.7% |
| DE Deere & Co. | 0.22% | 75,378 | $38.3M | Reduce -0.7% |
| DHR Danaher Corp. | 0.21% | 188,241 | $37.2M | Reduce -1.3% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.21% | 72,463 | $36.9M | Add +0.3% |
| ADP Automatic Data Processing | 0.21% | 118,880 | $36.7M | Reduce -0.5% |
| LRCX Lam Research Corp. | 0.21% | 375,079 | $36.5M | Reduce -0.7% |
| LOW Lowe's Cos Inc. | 0.21% | 163,625 | $36.3M | Add +2.6% |
| APH Amphenol Corp. Class A | 0.20% | 354,256 | $35.0M | Reduce -1.8% |
| MELI MercadoLibre Inc. | 0.20% | 13,317 | $34.8M | Reduce -0.3% |
| KLAC KLA Corp. | 0.20% | 38,811 | $34.8M | Reduce -1.1% |
| ADI Analog Devices Inc. | 0.20% | 144,897 | $34.5M | Reduce -0.4% |
| VRTX Vertex Pharmaceuticals Inc. | 0.19% | 75,094 | $33.4M | Reduce -0.6% |
| COP Conocophillips | 0.19% | 369,570 | $33.2M | Reduce -2.6% |
| MDT Medtronic PLC | 0.19% | 374,942 | $32.7M | Reduce -0.4% |
| CB Chubb Ltd. | 0.19% | 111,280 | $32.2M | Reduce -1.0% |
| ANET Arista Networks Inc. | 0.18% | 313,340 | $32.1M | Reduce -0.3% |
| BX Blackstone Inc. | 0.18% | 213,239 | $31.9M | Add +5.8% |
| TMUS T-Mobile US Inc. | 0.18% | 133,440 | $31.8M | Reduce -12.9% |
| MRSH Marsh & McLennan Cos | 0.18% | 144,045 | $31.5M | Reduce -1.4% |
| ICE Intercontinental Exchange Inc. | 0.18% | 167,950 | $30.8M | Reduce -0.3% |
| SBUX Starbucks Corp. | 0.18% | 331,991 | $30.4M | Reduce -0.2% |
Portfolio Sells Q1 2025 → Q2 2025
| AAPL Apple Inc. | Reduce -0.7% | 5.19% | −1.06 |
| UNH Unitedhealth Group Inc. | Reduce -2.6% | 0.48% | −0.43 |
| LLY Eli Lilly & Co. | Reduce -1.7% | 1.06% | −0.20 |
| XOM Exxon Mobil Corp. | Reduce -2.0% | 0.79% | −0.19 |
| ABBV Abbvie Inc. | Reduce -0.3% | 0.55% | −0.14 |
| CVX Chevron Corp. | Reduce -3.2% | 0.40% | −0.13 |
| JNJ Johnson & Johnson | Reduce -0.3% | 0.62% | −0.13 |
| PG The Procter & Gamble Co. | Reduce -0.8% | 0.63% | −0.12 |
| V Visa Inc. Class A | Reduce -2.0% | 1.03% | −0.12 |
| TMO Thermo Fisher Scientific Inc. | Reduce -5.5% | 0.26% | −0.11 |
| MRK Merck & Co. Inc. | Reduce -0.9% | 0.34% | −0.09 |
| PEP Pepsico Inc. | Reduce -1.2% | 0.30% | −0.08 |
| DFS Discover Financial Services | Sold out | 0.00% | −0.08 |
| TMUS T-Mobile US Inc. | Reduce -12.9% | 0.18% | −0.08 |
| FISV Fiserv Inc. | Reduce -2.2% | 0.16% | −0.07 |
| BMY Bristol-Myers Squibb Co. | Reduce -0.1% | 0.16% | −0.07 |
| MA Mastercard Inc. Class A | Reduce -1.0% | 0.77% | −0.07 |
| ACN Accenture PLC Class A | Reduce -5.0% | 0.32% | −0.07 |
| MCD McDonald's Corp. | Reduce -0.6% | 0.35% | −0.07 |
| COP Conocophillips | Reduce -2.6% | 0.19% | −0.06 |
| KO The Coca-Cola Co. | Reduce -0.5% | 0.49% | −0.06 |
| AMGN Amgen Inc. | Reduce -0.3% | 0.25% | −0.06 |
| COST Costco Wholesale Corp. | Reduce -2.2% | 0.74% | −0.06 |
| VZ Verizon Communications Inc. | Reduce -0.1% | 0.31% | −0.05 |
| PGR Progressive Corp. | Reduce -0.3% | 0.26% | −0.05 |
| MRSH Marsh & McLennan Cos | Reduce -1.4% | 0.18% | −0.05 |
| GILD Gilead Sciences Inc. | Reduce -5.6% | 0.23% | −0.04 |
| BDX Becton Dickinson and Co. | Reduce -1.4% | 0.08% | −0.04 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -0.6% | 0.19% | −0.04 |
| LIN Linde PLC | Reduce -1.0% | 0.37% | −0.04 |
| ELV Elevance Health Inc. | Reduce -2.8% | 0.15% | −0.04 |
| SPGI S&P Global Inc. | Reduce -6.9% | 0.28% | −0.04 |
| CMCSA Comcast Corp. Class A | Reduce -2.7% | 0.23% | −0.04 |
| PFE Pfizer Inc. | Reduce -0.3% | 0.23% | −0.04 |
| UNP Union Pacific Corp. | Reduce -1.5% | 0.23% | −0.04 |
| DHR Danaher Corp. | Reduce -1.3% | 0.21% | −0.03 |
| ADBE Adobe Inc. | Reduce -2.5% | 0.28% | −0.03 |
| REGN Regeneron Pharmaceuticals | Reduce -1.5% | 0.09% | −0.03 |
| SLB SLB Ltd. | Reduce -4.1% | 0.08% | −0.03 |
| ABT Abbott Laboratories | Reduce -0.4% | 0.40% | −0.03 |
| SBUX Starbucks Corp. | Reduce -0.2% | 0.18% | −0.03 |
| OKE Oneok Inc. | Reduce -2.3% | 0.09% | −0.03 |
| NEE Nextera Energy Inc. | Reduce -0.3% | 0.24% | −0.03 |
| CB Chubb Ltd. | Reduce -1.0% | 0.19% | −0.03 |
| PLD Prologis Inc. | Reduce -0.3% | 0.16% | −0.03 |
| T AT&T Inc. | Reduce -0.3% | 0.35% | −0.03 |
| AON Aon PLC Class A | Reduce -0.5% | 0.12% | −0.03 |
| ORLY O'reilly Automotive Inc. | Reduce -3.1% | 0.13% | −0.03 |
| MDT Medtronic PLC | Reduce -0.4% | 0.19% | −0.03 |
| MO Altria Group Inc. | Reduce -2.4% | 0.17% | −0.03 |
Portfolio Buys Q1 2025 → Q2 2025
| PLTR Palantir Technologies Inc. Class A | Add +1.4% | 0.49% | +0.16 |
| AMZN Amazon.com Inc. | Add +0.1% | 3.53% | +0.15 |
| COF Capital One Financial Corp. | Add +67.1% | 0.23% | +0.10 |
| HOOD Robinhood Markets Inc. Class A | Add +20.7% | 0.12% | +0.07 |
| GE General Electric | Add +0.4% | 0.46% | +0.07 |
| COIN Coinbase Global Inc. Class A | Add +2.3% | 0.12% | +0.06 |
| NOW ServiceNow Inc. | Add +0.1% | 0.36% | +0.05 |
| BAC Bank of America Corp. | Add +6.9% | 0.58% | +0.05 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +0.3% | 0.21% | +0.05 |
| MSTR Strategy Inc. | Add +8.7% | 0.17% | +0.05 |
| RBLX Roblox Corp. Class A | Add +11.4% | 0.09% | +0.04 |
| SNOW Snowflake Inc. | Add +6.4% | 0.12% | +0.04 |
| NET Cloudflare Inc. Class A | Add +2.1% | 0.10% | +0.04 |
| VST Vistra Corp. | Add +1.1% | 0.11% | +0.04 |
| APP AppLovin Corp. Class A | Add +10.5% | 0.14% | +0.03 |
| MS Morgan Stanley | Add +3.3% | 0.29% | +0.03 |
| AXON Axon Enterprise Inc. | Add +1.6% | 0.10% | +0.03 |
| VRT Vertiv Holdings Co. Class A | Add +2.6% | 0.08% | +0.03 |
| DASH DoorDash Inc. Class A | Add +1.7% | 0.15% | +0.03 |
| HWM Howmet Aerospace Inc. | Add +0.8% | 0.12% | +0.03 |
| AXP American Express Co. | Add +2.5% | 0.30% | +0.03 |
| BA The Boeing Co. | Add +0.2% | 0.27% | +0.03 |
| PWR Quanta Services Inc. | Add +1.5% | 0.09% | +0.03 |
| CVNA Carvana Co. | Add +5.7% | 0.07% | +0.02 |
| TXN Texas Instruments Inc. | Add +2.4% | 0.32% | +0.02 |
| ALAB Astera Labs Inc. | New | 0.02% | +0.02 |
| NRG NRG Energy Inc. | Add +1.6% | 0.06% | +0.02 |
| EMR Emerson Electric Co. | Add +7.0% | 0.13% | +0.02 |
| PANW Palo Alto Networks Inc. | Add +0.5% | 0.23% | +0.02 |
| STX Seagate Technology Holdings | Add +1.1% | 0.05% | +0.02 |
| ZS Zscaler Inc. | Add +1.9% | 0.05% | +0.02 |
| MCHP Microchip Technology Inc. | Add +1.2% | 0.06% | +0.02 |
| FERG Ferguson Enterprises Inc. | Add +0.4% | 0.07% | +0.01 |
| CRDO Credo Technology Group Holdi | Add +9.4% | 0.02% | +0.01 |
| DDOG Datadog Inc. Class A | Add +1.6% | 0.07% | +0.01 |
| FLUT Flutter Entertainment PLC-Di | Add +0.5% | 0.09% | +0.01 |
| CCL Carnival Corp. | Add +2.1% | 0.05% | +0.01 |
| RKLB Rocket Lab Corp. | Add +16.5% | 0.02% | +0.01 |
| WDC Western Digital Corp. | Add +1.1% | 0.04% | +0.01 |
| FIX Comfort Systems USA Inc. | Add +1.0% | 0.03% | +0.01 |
| QXO Qxo Inc. | Add +56.4% | 0.02% | +0.01 |
| DLR Digital Realty Trust Inc. | Add +1.1% | 0.10% | +0.01 |
| SOFI Sofi Technologies Inc. | Add +2.7% | 0.03% | +0.01 |
| NKE Nike Inc. Class B | Add +6.2% | 0.14% | +0.01 |
| ROK Rockwell Automation Inc. | Add +1.2% | 0.06% | +0.01 |
| AMCR Amcor PLC | Add +59.7% | 0.04% | +0.01 |
| AFRM Affirm Holdings Inc. | Add +6.0% | 0.03% | +0.01 |
| VEEV Veeva Systems Inc. Class A | Add +1.3% | 0.07% | +0.01 |
| CW Curtiss-Wright Corp. | Add +1.1% | 0.03% | +0.01 |
| TTD Trade Desk Inc./the Class A | Add +0.2% | 0.05% | +0.01 |
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 |