Arizona State Retirement System
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 3, 2025), Arizona State Retirement System reported 2,081 stock positions worth $18.8 billion. Its top holding was Nvidia (NVDA) at 7.1% of the portfolio, followed by Apple (AAPL, 5.9%) and Microsoft (MSFT, 5.7%). Compared with Q2 2025, it opened 78 new positions, sold out of 50, added to 1,593 and reduced 409. The biggest buy was Tesla (TSLA, shares +0%) and the biggest sale Amazon.com (AMZN, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- PHOENIX, AZ
- CIK
- 0001558481
- Portfolio Value
- $18.8B (Q3 2025)
- SEC Filing
- 0000897069-25-001611 ↗ filed Nov 3, 2025
Holdings Value
Holdings 2,081 stocks · $18.8B
| NVDA Nvidia Corp. | 7.09% | 7,125,637 | $1.3B | Reduce -0.1% |
| AAPL Apple Inc. | 5.92% | 4,361,774 | $1.1B | Reduce -0.7% |
| MSFT Microsoft Corp. | 5.69% | 2,062,030 | $1.1B | Reduce -0.1% |
| AMZN Amazon.com Inc. | 3.27% | 2,790,306 | $612.7M | Reduce -0.0% |
| META Meta Platforms Inc. Class A | 2.48% | 634,050 | $465.6M | Reduce -0.9% |
| AVGO Broadcom Inc. | 2.29% | 1,304,897 | $430.5M | Reduce -0.1% |
| GOOGL Alphabet Inc. Class A | 2.20% | 1,699,640 | $413.2M | Reduce -0.3% |
| TSLA Tesla Inc. | 2.01% | 846,567 | $376.5M | Add +0.1% |
| GOOG Alphabet Inc. Class C | 1.86% | 1,434,794 | $349.4M | Reduce -0.8% |
| JPM JPMorgan Chase & Co. | 1.36% | 811,386 | $255.9M | Reduce -0.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.06% | 395,780 | $199.0M | Add +1.0% |
| LLY Eli Lilly & Co. | 0.96% | 235,237 | $179.5M | Reduce -0.1% |
| V Visa Inc. Class A | 0.91% | 499,815 | $170.6M | Reduce -0.8% |
| NFLX Netflix Inc. | 0.79% | 124,282 | $149.0M | Reduce -0.5% |
| MA Mastercard Inc. Class A | 0.76% | 250,248 | $142.3M | Add +5.1% |
| XOM Exxon Mobil Corp. | 0.76% | 1,258,563 | $141.9M | Reduce -0.5% |
| ORCL Oracle Corp. | 0.74% | 494,758 | $139.1M | Add +0.6% |
| WMT Walmart Inc. | 0.70% | 1,281,931 | $132.1M | Reduce -0.6% |
| JNJ Johnson & Johnson | 0.69% | 702,656 | $130.3M | Reduce -0.3% |
| PLTR Palantir Technologies Inc. Class A | 0.64% | 661,241 | $120.6M | Add +5.6% |
| COST Costco Wholesale Corp. | 0.64% | 129,511 | $119.9M | Reduce -0.1% |
| ABBV Abbvie Inc. | 0.64% | 515,874 | $119.4M | Reduce -0.3% |
| HD Home Depot Inc. | 0.63% | 290,511 | $117.7M | Reduce -0.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.57% | 2,090,389 | $107.8M | Reduce -1.0% |
| PG The Procter & Gamble Co. | 0.56% | 684,777 | $105.2M | Reduce -0.1% |
| GE General Electric filed as GE AEROSPACE | 0.50% | 311,506 | $93.7M | Reduce -0.1% |
| UNH Unitedhealth Group Inc. | 0.49% | 264,963 | $91.5M | Reduce -0.9% |
| CVX Chevron Corp. | 0.47% | 572,608 | $88.9M | Add +18.1% |
| CSCO Cisco Systems Inc. | 0.42% | 1,161,798 | $79.5M | Reduce -0.1% |
| KO The Coca-Cola Co. | 0.42% | 1,194,690 | $79.2M | Reduce -0.0% |
| WFC Wells Fargo & Co. | 0.42% | 940,468 | $78.8M | Reduce -1.4% |
| AMD Advanced Micro Devices | 0.41% | 473,506 | $76.6M | Reduce -0.3% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.41% | 271,225 | $76.5M | Add +0.1% |
| PM Philip Morris International | 0.39% | 454,612 | $73.7M | Reduce -0.1% |
| GS Goldman Sachs Group Inc. | 0.38% | 89,603 | $71.4M | Reduce -1.4% |
| ABT Abbott Laboratories | 0.36% | 508,054 | $68.0M | Add +0.2% |
| CRM Salesforce Inc. | 0.35% | 279,071 | $66.1M | Reduce -0.7% |
| CAT Caterpillar Inc. | 0.35% | 137,328 | $65.5M | Reduce -1.7% |
| LIN Linde PLC | 0.35% | 137,468 | $65.3M | Reduce -0.5% |
| RTX RTX Corp. | 0.35% | 390,193 | $65.3M | Reduce -0.0% |
| MCD McDonald's Corp. | 0.34% | 208,835 | $63.5M | Reduce -0.1% |
| MRK Merck & Co. Inc. | 0.33% | 733,588 | $61.6M | Reduce -0.3% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.32% | 525,004 | $60.1M | Reduce -0.7% |
| T AT&T Inc. | 0.32% | 2,101,363 | $59.3M | Add +0.1% |
| UBER Uber Technologies Inc. | 0.30% | 580,218 | $56.8M | Add +5.5% |
| PEP Pepsico Inc. | 0.30% | 400,403 | $56.2M | Reduce -0.1% |
| NOW ServiceNow Inc. | 0.30% | 60,467 | $55.6M | Reduce -0.1% |
| MS Morgan Stanley | 0.30% | 350,004 | $55.6M | Reduce -1.0% |
| INTU Intuit Inc. | 0.30% | 81,463 | $55.6M | Reduce -0.3% |
| MU Micron Technology Inc. | 0.29% | 326,823 | $54.7M | Add +0.1% |
| C Citigroup Inc. | 0.29% | 537,658 | $54.6M | Reduce -2.3% |
| AXP American Express Co. | 0.29% | 163,672 | $54.4M | Reduce -0.2% |
| VZ Verizon Communications Inc. | 0.29% | 1,231,292 | $54.1M | Reduce -0.2% |
| TMO Thermo Fisher Scientific Inc. | 0.28% | 110,268 | $53.5M | Reduce -0.1% |
| QCOM Qualcomm Inc. | 0.28% | 315,900 | $52.6M | Reduce -2.3% |
| BKNG Booking Holdings Inc. | 0.27% | 9,503 | $51.3M | Reduce -0.6% |
| BLK BlackRock Inc. | 0.27% | 42,995 | $50.1M | Reduce -0.1% |
| LRCX Lam Research Corp. | 0.27% | 373,547 | $50.0M | Reduce -0.4% |
| GEV GE Vernova Inc. | 0.26% | 79,717 | $49.0M | Reduce -0.2% |
| TXN Texas Instruments Inc. | 0.26% | 265,306 | $48.7M | Reduce -0.2% |
| APP AppLovin Corp. Class A | 0.26% | 67,394 | $48.4M | Reduce -0.5% |
| SCHW Schwab (charles) Corp. | 0.26% | 504,034 | $48.1M | Add +0.1% |
| AMAT Applied Materials Inc. | 0.26% | 234,358 | $48.0M | Reduce -1.3% |
| BA The Boeing Co. | 0.25% | 220,216 | $47.5M | Add +0.1% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.25% | 325,753 | $47.1M | Reduce -0.3% |
| ISRG Intuitive Surgical Inc. | 0.25% | 104,671 | $46.8M | Reduce -0.0% |
| ANET Arista Networks Inc. | 0.24% | 311,801 | $45.4M | Reduce -0.5% |
| NEE Nextera Energy Inc. | 0.24% | 601,509 | $45.4M | Reduce -0.1% |
| ACN Accenture PLC Class A | 0.24% | 181,880 | $44.9M | Reduce -0.6% |
| SPGI S&P Global Inc. | 0.24% | 91,693 | $44.6M | Reduce -0.1% |
| AMGN Amgen Inc. | 0.24% | 157,029 | $44.3M | Reduce -0.0% |
| APH Amphenol Corp. Class A | 0.23% | 353,274 | $43.7M | Reduce -0.3% |
| ADBE Adobe Inc. | 0.23% | 123,881 | $43.7M | Reduce -0.5% |
| ETN Eaton Corp. PLC | 0.23% | 114,314 | $42.8M | Reduce -0.2% |
| INTC Intel Corp. | 0.23% | 1,273,854 | $42.7M | Reduce -0.0% |
| PFE Pfizer Inc. | 0.23% | 1,661,021 | $42.3M | Add +0.2% |
| PGR Progressive Corp. | 0.23% | 171,226 | $42.3M | Reduce -0.1% |
| BSX Boston Scientific Corp. | 0.22% | 432,094 | $42.2M | Reduce -0.1% |
| KLAC KLA Corp. | 0.22% | 38,619 | $41.7M | Reduce -0.5% |
| UNP Union Pacific Corp. | 0.22% | 174,484 | $41.2M | Reduce -0.4% |
| LOW Lowe's Cos Inc. | 0.22% | 163,610 | $41.1M | Reduce -0.0% |
| GILD Gilead Sciences Inc. | 0.21% | 363,270 | $40.3M | Reduce -0.3% |
| COF Capital One Financial Corp. | 0.21% | 186,951 | $39.7M | Add +0.0% |
| PANW Palo Alto Networks Inc. | 0.21% | 194,729 | $39.7M | Add +0.7% |
| HON Honeywell International Inc. | 0.21% | 187,686 | $39.5M | Reduce -1.0% |
| DHR Danaher Corp. | 0.20% | 188,131 | $37.3M | Reduce -0.1% |
| SYK Stryker Corp. | 0.20% | 100,475 | $37.1M | Add +0.1% |
| BX Blackstone Inc. | 0.19% | 213,083 | $36.4M | Reduce -0.1% |
| TMUS T-Mobile US Inc. | 0.19% | 149,216 | $35.7M | Add +11.8% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.19% | 72,790 | $35.7M | Add +0.5% |
| MDT Medtronic PLC | 0.19% | 374,174 | $35.6M | Reduce -0.2% |
| ADI Analog Devices Inc. | 0.19% | 144,922 | $35.6M | Add +0.0% |
| COP Conocophillips | 0.19% | 368,668 | $34.9M | Reduce -0.2% |
| ADP Automatic Data Processing | 0.19% | 118,544 | $34.8M | Reduce -0.3% |
| DE Deere & Co. | 0.18% | 75,174 | $34.4M | Reduce -0.3% |
| CMCSA Comcast Corp. Class A | 0.18% | 1,087,612 | $34.2M | Reduce -1.3% |
| WELL Welltower Inc. | 0.18% | 191,042 | $34.0M | Add +0.8% |
| MO Altria Group Inc. | 0.17% | 491,993 | $32.5M | Reduce -0.2% |
| CB Chubb Ltd. | 0.17% | 111,211 | $31.4M | Reduce -0.1% |
| MELI MercadoLibre Inc. | 0.17% | 13,324 | $31.1M | Add +0.1% |
Portfolio Sells Q2 2025 → Q3 2025
| AMZN Amazon.com Inc. | Reduce -0.0% | 3.27% | −0.26 |
| META Meta Platforms Inc. Class A | Reduce -0.9% | 2.48% | −0.24 |
| MSFT Microsoft Corp. | Reduce -0.1% | 5.69% | −0.22 |
| NFLX Netflix Inc. | Reduce -0.5% | 0.79% | −0.17 |
| V Visa Inc. Class A | Reduce -0.8% | 0.91% | −0.12 |
| LLY Eli Lilly & Co. | Reduce -0.1% | 0.96% | −0.10 |
| COST Costco Wholesale Corp. | Reduce -0.1% | 0.64% | −0.10 |
| CRM Salesforce Inc. | Reduce -0.7% | 0.35% | −0.09 |
| PM Philip Morris International | Reduce -0.1% | 0.39% | −0.08 |
| ISRG Intuitive Surgical Inc. | Reduce -0.0% | 0.25% | −0.08 |
| ACN Accenture PLC Class A | Reduce -0.6% | 0.24% | −0.08 |
| INTU Intuit Inc. | Reduce -0.3% | 0.30% | −0.07 |
| HES Hess Corp. | Sold out | 0.00% | −0.07 |
| PG The Procter & Gamble Co. | Reduce -0.1% | 0.56% | −0.07 |
| KO The Coca-Cola Co. | Reduce -0.0% | 0.42% | −0.07 |
| NOW ServiceNow Inc. | Reduce -0.1% | 0.30% | −0.06 |
| TXN Texas Instruments Inc. | Reduce -0.2% | 0.26% | −0.06 |
| DIS The Walt Disney Co. | Reduce -0.7% | 0.32% | −0.06 |
| ANSS Ansys Inc. | Sold out | 0.00% | −0.05 |
| FISV Fiserv Inc. | Reduce -0.8% | 0.11% | −0.05 |
| CMG Chipotle Mexican Grill Inc. | Reduce -0.7% | 0.08% | −0.05 |
| BKNG Booking Holdings Inc. | Reduce -0.6% | 0.27% | −0.05 |
| ADBE Adobe Inc. | Reduce -0.5% | 0.23% | −0.04 |
| CMCSA Comcast Corp. Class A | Reduce -1.3% | 0.18% | −0.04 |
| HON Honeywell International Inc. | Reduce -1.0% | 0.21% | −0.04 |
| BSX Boston Scientific Corp. | Reduce -0.1% | 0.22% | −0.04 |
| CSCO Cisco Systems Inc. | Reduce -0.1% | 0.42% | −0.04 |
| SPGI S&P Global Inc. | Reduce -0.1% | 0.24% | −0.04 |
| PGR Progressive Corp. | Reduce -0.1% | 0.23% | −0.04 |
| DE Deere & Co. | Reduce -0.3% | 0.18% | −0.04 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -0.1% | 0.16% | −0.04 |
| ELV Elevance Health Inc. | Reduce -0.4% | 0.11% | −0.03 |
| AMT American Tower Corp. | Reduce -0.1% | 0.14% | −0.03 |
| FTNT Fortinet Inc. | Reduce -0.6% | 0.09% | −0.03 |
| CI The Cigna Group | Reduce -1.5% | 0.12% | −0.03 |
| UPS United Parcel Service Class B | Reduce -0.1% | 0.10% | −0.03 |
| XOM Exxon Mobil Corp. | Reduce -0.5% | 0.76% | −0.03 |
| ICE Intercontinental Exchange Inc. | Reduce -0.2% | 0.15% | −0.03 |
| MRSH Marsh & McLennan Cos | Reduce -0.1% | 0.15% | −0.03 |
| ADP Automatic Data Processing | Reduce -0.3% | 0.19% | −0.03 |
| SBUX Starbucks Corp. | Reduce -0.0% | 0.15% | −0.03 |
| LIN Linde PLC | Reduce -0.5% | 0.35% | −0.03 |
| CHTR Charter Communications Inc. Class A | Reduce -3.9% | 0.04% | −0.03 |
| CARR Carrier Global Corp. | Reduce -0.8% | 0.07% | −0.02 |
| JNPR Juniper Networks Inc. | Sold out | 0.00% | −0.02 |
| CL Colgate-Palmolive Co. | Reduce -0.2% | 0.10% | −0.02 |
| WMT Walmart Inc. | Reduce -0.6% | 0.70% | −0.02 |
| MDLZ Mondelez International Inc. Class A | Reduce -0.1% | 0.13% | −0.02 |
| PYPL PayPal Holdings Inc. | Reduce -1.8% | 0.10% | −0.02 |
| TTD Trade Desk Inc./the Class A | Reduce -0.3% | 0.03% | −0.02 |
Portfolio Buys Q2 2025 → Q3 2025
| TSLA Tesla Inc. | Add +0.1% | 2.01% | +0.46 |
| PLTR Palantir Technologies Inc. Class A | Add +5.6% | 0.64% | +0.15 |
| ORCL Oracle Corp. | Add +0.6% | 0.74% | +0.12 |
| CVX Chevron Corp. | Add +18.1% | 0.47% | +0.07 |
| MU Micron Technology Inc. | Add +0.1% | 0.29% | +0.06 |
| NEM Newmont Corp. | Add +3.5% | 0.15% | +0.04 |
| WDC Western Digital Corp. | Add +2.0% | 0.07% | +0.03 |
| WBD Warner Bros Discovery Inc. | Add +2.1% | 0.07% | +0.03 |
| RBLX Roblox Corp. Class A | Add +5.8% | 0.12% | +0.03 |
| STX Seagate Technology Holdings | Add +1.2% | 0.08% | +0.03 |
| ALNY Alnylam Pharmaceuticals Inc. | Add +1.5% | 0.09% | +0.02 |
| BE Bloom Energy Corp. Class A | Add +7.8% | 0.03% | +0.02 |
| ALAB Astera Labs Inc. | Add +3.0% | 0.04% | +0.02 |
| RDDT Reddit Inc. Class A | Add +52.7% | 0.04% | +0.02 |
| URI United Rentals Inc. | Add +0.6% | 0.10% | +0.01 |
| SOFI Sofi Technologies Inc. | Add +7.9% | 0.05% | +0.01 |
| FIX Comfort Systems USA Inc. | Add +1.3% | 0.05% | +0.01 |
| SNDK Sandisk Corp. | Add +1.5% | 0.02% | +0.01 |
| WELL Welltower Inc. | Add +0.8% | 0.18% | +0.01 |
| CIEN Ciena Corp. | Add +0.8% | 0.03% | +0.01 |
| INSM Insmed Inc. | Add +5.9% | 0.04% | +0.01 |
| OKLO Oklo Inc. | Add +67.4% | 0.02% | +0.01 |
| KTOS Kratos Defense & Security | Add +11.4% | 0.02% | +0.01 |
| BKR Baker Hughes Co. | Add +1.4% | 0.08% | +0.01 |
| CRDO Credo Technology Group Holdi | Add +2.3% | 0.04% | +0.01 |
| MDB Mongodb Inc. | Add +1.9% | 0.04% | +0.01 |
| P Everpure Inc. Class A | Add +1.5% | 0.04% | +0.01 |
| CDE Coeur Mining Inc. | Add +7.8% | 0.02% | +0.01 |
| TER Teradyne Inc. | Add +1.0% | 0.03% | +0.01 |
| ECHO Echostar Corp. Class A | Add +1.9% | 0.02% | +0.01 |
| MPWR Monolithic Power Systems Inc. | Add +1.1% | 0.07% | +0.01 |
| VNOM Viper Energy Inc. Class A | New | 0.01% | +0.01 |
| PSKY Paramount Skydance Class B | New | 0.01% | +0.01 |
| RGTI Rigetti Computing Inc. | Add +14.5% | 0.02% | +0.01 |
| RKLB Rocket Lab Corp. | Add +13.6% | 0.03% | +0.01 |
| GRMN Garmin Ltd. | Add +7.4% | 0.06% | +0.01 |
| SNPS Synopsys Inc. | Add +20.0% | 0.14% | +0.01 |
| GLXY Galaxy Digital Inc. Class A | New | 0.01% | +0.01 |
| IONQ Ionq Inc. | Add +17.1% | 0.03% | +0.01 |
| VRT Vertiv Holdings Co. Class A | Add +1.9% | 0.09% | +0.01 |
| TLN Talen Energy Corp. | Add +7.8% | 0.03% | +0.01 |
| AEM Agnico Eagle Mines Ltd. | New | 0.01% | +0.01 |
| IDXX Idexx Laboratories Inc. | Add +0.3% | 0.08% | +0.01 |
| OPEN Opendoor Technologies Inc. | Add +8.2% | 0.01% | +0.01 |
| EBAY eBay Inc. | Add +0.0% | 0.07% | +0.01 |
| FSLR First Solar Inc. | Add +2.5% | 0.04% | +0.01 |
| UTHR United Therapeutics Corp. | Add +0.8% | 0.03% | +0.01 |
| FAST Fastenal Co. | Add +1.0% | 0.09% | +0.01 |
| TMUS T-Mobile US Inc. | Add +11.8% | 0.19% | +0.01 |
| UBER Uber Technologies Inc. | Add +5.5% | 0.30% | +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 |