Arizona State Retirement System
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 28, 2026), Arizona State Retirement System reported 2,047 stock positions worth $18.4 billion. Its top holding was Nvidia (NVDA) at 7.0% of the portfolio, followed by Apple (AAPL, 6.2%) and Microsoft (MSFT, 5.2%). Compared with Q3 2025, it opened 46 new positions, sold out of 82, added to 154 and reduced 1,847. The biggest buy was a new position in Amrize (AMRZ) and the biggest sale Microsoft (MSFT, shares −3%).
- Most Recent 13F
- Q2 2026
- Location
- PHOENIX, AZ
- CIK
- 0001558481
- Portfolio Value
- $18.4B (Q4 2025)
- SEC Filing
- 0000897069-26-000191 ↗ filed Jan 28, 2026
Holdings Value
Holdings 2,047 stocks · $18.4B
| NVDA Nvidia Corp. | 7.01% | 6,905,742 | $1.3B | Reduce -3.1% |
| AAPL Apple Inc. | 6.20% | 4,194,593 | $1.1B | Reduce -3.8% |
| MSFT Microsoft Corp. | 5.25% | 1,993,631 | $964.2M | Reduce -3.3% |
| AMZN Amazon.com Inc. | 3.40% | 2,708,304 | $625.1M | Reduce -2.9% |
| GOOGL Alphabet Inc. Class A | 2.80% | 1,646,513 | $515.4M | Reduce -3.1% |
| AVGO Broadcom Inc. | 2.38% | 1,265,651 | $438.0M | Reduce -3.0% |
| GOOG Alphabet Inc. Class C | 2.35% | 1,375,984 | $431.8M | Reduce -4.1% |
| META Meta Platforms Inc. Class A | 2.21% | 615,238 | $406.1M | Reduce -3.0% |
| TSLA Tesla Inc. | 1.95% | 795,441 | $357.7M | Reduce -6.0% |
| JPM JPMorgan Chase & Co. | 1.35% | 769,098 | $247.8M | Reduce -5.2% |
| LLY Eli Lilly & Co. | 1.34% | 228,869 | $246.0M | Reduce -2.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.06% | 388,841 | $195.5M | Reduce -1.8% |
| V Visa Inc. Class A | 0.93% | 485,236 | $170.2M | Reduce -2.9% |
| XOM Exxon Mobil Corp. | 0.79% | 1,207,146 | $145.3M | Reduce -4.1% |
| JNJ Johnson & Johnson | 0.76% | 679,300 | $140.6M | Reduce -3.3% |
| MA Mastercard Inc. Class A | 0.76% | 243,464 | $139.0M | Reduce -2.7% |
| WMT Walmart Inc. | 0.74% | 1,228,207 | $136.8M | Reduce -4.2% |
| PLTR Palantir Technologies Inc. Class A | 0.62% | 640,375 | $113.8M | Reduce -3.2% |
| ABBV Abbvie Inc. | 0.62% | 496,417 | $113.4M | Reduce -3.8% |
| NFLX Netflix Inc. | 0.61% | 1,187,920 | $111.4M | Reduce -4.4% |
| COST Costco Wholesale Corp. | 0.59% | 126,417 | $109.0M | Reduce -2.4% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.59% | 1,977,535 | $108.8M | Reduce -5.4% |
| AMD Advanced Micro Devices | 0.54% | 460,531 | $98.6M | Reduce -2.7% |
| HD Home Depot Inc. | 0.53% | 283,002 | $97.4M | Reduce -2.6% |
| PG The Procter & Gamble Co. | 0.52% | 667,023 | $95.6M | Reduce -2.6% |
| ORCL Oracle Corp. | 0.51% | 479,853 | $93.5M | Reduce -3.0% |
| GE General Electric filed as GE AEROSPACE | 0.50% | 298,164 | $91.8M | Reduce -4.3% |
| MU Micron Technology Inc. | 0.49% | 318,004 | $90.8M | Reduce -2.7% |
| CSCO Cisco Systems Inc. | 0.47% | 1,129,159 | $87.0M | Reduce -2.8% |
| UNH Unitedhealth Group Inc. | 0.46% | 255,224 | $84.3M | Reduce -3.7% |
| WFC Wells Fargo & Co. | 0.46% | 900,959 | $84.0M | Reduce -4.2% |
| CVX Chevron Corp. | 0.46% | 550,056 | $83.8M | Reduce -3.9% |
| KO The Coca-Cola Co. | 0.44% | 1,166,603 | $81.6M | Reduce -2.4% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.42% | 262,932 | $77.9M | Reduce -3.1% |
| CAT Caterpillar Inc. | 0.41% | 132,423 | $75.9M | Reduce -3.6% |
| GS Goldman Sachs Group Inc. | 0.40% | 84,678 | $74.4M | Reduce -5.5% |
| MRK Merck & Co. Inc. | 0.40% | 702,282 | $73.9M | Reduce -4.3% |
| CRM Salesforce Inc. | 0.39% | 268,679 | $71.2M | Reduce -3.7% |
| PM Philip Morris International | 0.38% | 439,866 | $70.6M | Reduce -3.2% |
| RTX RTX Corp. | 0.38% | 380,394 | $69.8M | Reduce -2.5% |
| ABT Abbott Laboratories | 0.34% | 494,902 | $62.0M | Reduce -2.6% |
| TMO Thermo Fisher Scientific Inc. | 0.34% | 106,998 | $62.0M | Reduce -3.0% |
| MCD McDonald's Corp. | 0.33% | 200,268 | $61.2M | Reduce -4.1% |
| LRCX Lam Research Corp. | 0.33% | 357,563 | $61.2M | Reduce -4.3% |
| C Citigroup Inc. | 0.33% | 520,467 | $60.7M | Reduce -3.2% |
| MS Morgan Stanley | 0.32% | 336,232 | $59.7M | Reduce -3.9% |
| AMAT Applied Materials Inc. | 0.32% | 226,438 | $58.2M | Reduce -3.4% |
| AXP American Express Co. | 0.31% | 156,070 | $57.7M | Reduce -4.6% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.31% | 507,136 | $57.7M | Reduce -3.4% |
| ISRG Intuitive Surgical Inc. | 0.31% | 101,868 | $57.7M | Reduce -2.7% |
| LIN Linde PLC | 0.31% | 133,700 | $57.0M | Reduce -2.7% |
| PEP Pepsico Inc. | 0.30% | 384,202 | $55.1M | Reduce -4.0% |
| INTU Intuit Inc. | 0.28% | 78,730 | $52.2M | Reduce -3.4% |
| QCOM Qualcomm Inc. | 0.28% | 300,937 | $51.5M | Reduce -4.7% |
| T AT&T Inc. | 0.28% | 2,040,155 | $50.7M | Reduce -2.9% |
| GEV GE Vernova Inc. | 0.27% | 76,880 | $50.2M | Reduce -3.6% |
| AMGN Amgen Inc. | 0.27% | 151,395 | $49.6M | Reduce -3.6% |
| SCHW Schwab (charles) Corp. | 0.27% | 492,113 | $49.2M | Reduce -2.4% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.27% | 319,560 | $49.1M | Reduce -1.9% |
| BKNG Booking Holdings Inc. | 0.27% | 9,118 | $48.8M | Reduce -4.0% |
| VZ Verizon Communications Inc. | 0.26% | 1,191,291 | $48.5M | Reduce -3.3% |
| BA The Boeing Co. | 0.26% | 219,577 | $47.7M | Reduce -0.3% |
| NEE Nextera Energy Inc. | 0.26% | 588,634 | $47.3M | Reduce -2.1% |
| ACN Accenture PLC Class A | 0.26% | 175,311 | $47.0M | Reduce -3.6% |
| INTC Intel Corp. | 0.26% | 1,273,875 | $47.0M | Add +0.0% |
| APH Amphenol Corp. Class A | 0.26% | 347,038 | $46.9M | Reduce -1.8% |
| SPGI S&P Global Inc. | 0.25% | 88,703 | $46.4M | Reduce -3.3% |
| UBER Uber Technologies Inc. | 0.25% | 562,268 | $45.9M | Reduce -3.1% |
| NOW ServiceNow Inc. | 0.24% | 292,807 | $44.9M | Reduce -3.1% |
| KLAC KLA Corp. | 0.24% | 36,848 | $44.8M | Reduce -4.6% |
| TXN Texas Instruments Inc. | 0.24% | 256,584 | $44.5M | Reduce -3.3% |
| BLK BlackRock Inc. | 0.24% | 41,588 | $44.5M | Reduce -3.3% |
| APP AppLovin Corp. Class A | 0.24% | 65,104 | $43.9M | Reduce -3.4% |
| COF Capital One Financial Corp. | 0.24% | 180,862 | $43.8M | Reduce -3.3% |
| GILD Gilead Sciences Inc. | 0.23% | 351,709 | $43.2M | Reduce -3.2% |
| DHR Danaher Corp. | 0.23% | 181,341 | $41.5M | Reduce -3.6% |
| ADBE Adobe Inc. | 0.23% | 118,419 | $41.4M | Reduce -4.4% |
| BSX Boston Scientific Corp. | 0.22% | 420,931 | $40.1M | Reduce -2.6% |
| PFE Pfizer Inc. | 0.22% | 1,599,728 | $39.8M | Reduce -3.7% |
| ANET Arista Networks Inc. | 0.22% | 303,115 | $39.7M | Reduce -2.8% |
| UNP Union Pacific Corp. | 0.21% | 169,921 | $39.3M | Reduce -2.6% |
| LOW Lowe's Cos Inc. | 0.21% | 157,973 | $38.1M | Reduce -3.5% |
| ADI Analog Devices Inc. | 0.20% | 138,965 | $37.7M | Reduce -4.1% |
| PGR Progressive Corp. | 0.20% | 164,244 | $37.4M | Reduce -4.1% |
| WELL Welltower Inc. | 0.19% | 192,892 | $35.8M | Add +1.0% |
| HON Honeywell International Inc. | 0.19% | 181,609 | $35.4M | Reduce -3.2% |
| PANW Palo Alto Networks Inc. | 0.19% | 190,704 | $35.1M | Reduce -2.1% |
| ETN Eaton Corp. PLC | 0.19% | 110,034 | $35.0M | Reduce -3.7% |
| MDT Medtronic PLC | 0.19% | 361,379 | $34.7M | Reduce -3.4% |
| SYK Stryker Corp. | 0.19% | 97,835 | $34.4M | Reduce -2.6% |
| DE Deere & Co. | 0.18% | 72,230 | $33.6M | Reduce -3.9% |
| CB Chubb Ltd. | 0.18% | 107,071 | $33.4M | Reduce -3.7% |
| PLD Prologis Inc. | 0.18% | 261,441 | $33.4M | Reduce -3.5% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.18% | 70,826 | $33.2M | Reduce -2.7% |
| COP Conocophillips | 0.18% | 351,399 | $32.9M | Reduce -4.7% |
| VRTX Vertex Pharmaceuticals Inc. | 0.18% | 72,293 | $32.8M | Reduce -3.6% |
| BX Blackstone Inc. | 0.17% | 206,393 | $31.8M | Reduce -3.1% |
| PH Parker Hannifin Corp. | 0.17% | 35,863 | $31.5M | Reduce -3.9% |
| CEG Constellation Energy | 0.17% | 88,233 | $31.2M | Reduce -3.6% |
| CMCSA Comcast Corp. Class A | 0.17% | 1,037,999 | $31.0M | Reduce -4.6% |
Other holdings (1): bonds, preferreds, convertibles and warrants · $38K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| GME.WS Gamestop Corp. | *W EXP 10/30/202 | 12,575 | $38K | No change |
Total filed on the 13F, all lines: $18.4B.
Portfolio Sells Q3 2025 → Q4 2025
| MSFT Microsoft Corp. | Reduce -3.3% | 5.25% | −0.45 |
| META Meta Platforms Inc. Class A | Reduce -3.0% | 2.21% | −0.27 |
| ORCL Oracle Corp. | Reduce -3.0% | 0.51% | −0.23 |
| NFLX Netflix Inc. | Reduce -4.4% | 0.61% | −0.19 |
| HD Home Depot Inc. | Reduce -2.6% | 0.53% | −0.10 |
| NVDA Nvidia Corp. | Reduce -3.1% | 7.01% | −0.08 |
| MSTR Strategy Inc. | Reduce -4.8% | 0.06% | −0.07 |
| TSLA Tesla Inc. | Reduce -6.0% | 1.95% | −0.06 |
| FISV Fiserv Inc. | Reduce -4.8% | 0.06% | −0.05 |
| UBER Uber Technologies Inc. | Reduce -3.1% | 0.25% | −0.05 |
| NOW ServiceNow Inc. | Reduce -3.1% | 0.24% | −0.05 |
| RBLX Roblox Corp. Class A | Reduce -2.2% | 0.07% | −0.05 |
| COST Costco Wholesale Corp. | Reduce -2.4% | 0.59% | −0.05 |
| PG The Procter & Gamble Co. | Reduce -2.6% | 0.52% | −0.04 |
| T AT&T Inc. | Reduce -2.9% | 0.28% | −0.04 |
| LIN Linde PLC | Reduce -2.7% | 0.31% | −0.04 |
| ETN Eaton Corp. PLC | Reduce -3.7% | 0.19% | −0.04 |
| K Kellanova | Sold out | 0.00% | −0.04 |
| COIN Coinbase Global Inc. Class A | Reduce -2.7% | 0.07% | −0.04 |
| HOOD Robinhood Markets Inc. Class A | Reduce -2.7% | 0.13% | −0.04 |
| TMUS T-Mobile US Inc. | Reduce -4.8% | 0.16% | −0.03 |
| UNH Unitedhealth Group Inc. | Reduce -3.7% | 0.46% | −0.03 |
| DD Dupont DE Nemours Inc. | Reduce -7.4% | 0.03% | −0.03 |
| ANET Arista Networks Inc. | Reduce -2.8% | 0.22% | −0.03 |
| ADP Automatic Data Processing | Reduce -3.8% | 0.16% | −0.03 |
| ABT Abbott Laboratories | Reduce -2.6% | 0.34% | −0.03 |
| BLK BlackRock Inc. | Reduce -3.3% | 0.24% | −0.03 |
| MELI MercadoLibre Inc. | Reduce -3.3% | 0.14% | −0.02 |
| ORLY O'reilly Automotive Inc. | Reduce -4.0% | 0.12% | −0.02 |
| VZ Verizon Communications Inc. | Reduce -3.3% | 0.26% | −0.02 |
| MO Altria Group Inc. | Reduce -3.5% | 0.15% | −0.02 |
| AZO AutoZone Inc. | Reduce -2.9% | 0.09% | −0.02 |
| PLTR Palantir Technologies Inc. Class A | Reduce -3.2% | 0.62% | −0.02 |
| AJG Arthur J Gallagher & Co. | Reduce -3.5% | 0.10% | −0.02 |
| PGR Progressive Corp. | Reduce -4.1% | 0.20% | −0.02 |
| VST Vistra Corp. | Reduce -5.7% | 0.08% | −0.02 |
| COOP Mr Cooper Group Inc. | Sold out | 0.00% | −0.02 |
| BX Blackstone Inc. | Reduce -3.1% | 0.17% | −0.02 |
| VEEV Veeva Systems Inc. Class A | Reduce -6.7% | 0.05% | −0.02 |
| AXON Axon Enterprise Inc. | Reduce -6.7% | 0.06% | −0.02 |
| MSI Motorola Solutions Inc. | Reduce -3.0% | 0.10% | −0.02 |
| PANW Palo Alto Networks Inc. | Reduce -2.1% | 0.19% | −0.02 |
| URI United Rentals Inc. | Reduce -8.1% | 0.08% | −0.02 |
| RCL Royal Caribbean Cruises Ltd. | Reduce -3.8% | 0.11% | −0.02 |
| FAST Fastenal Co. | Reduce -6.9% | 0.07% | −0.02 |
| ABBV Abbvie Inc. | Reduce -3.8% | 0.62% | −0.02 |
| APP AppLovin Corp. Class A | Reduce -3.4% | 0.24% | −0.02 |
| MDLZ Mondelez International Inc. Class A | Reduce -3.4% | 0.11% | −0.02 |
| CDNS Cadence Design SYS Inc. | Reduce -3.6% | 0.13% | −0.02 |
| CVX Chevron Corp. | Reduce -3.9% | 0.46% | −0.02 |
Portfolio Buys Q3 2025 → Q4 2025
| AMRZ Amrize Ltd. | New | 0.04% | +0.04 |
| INTC Intel Corp. | Add +0.0% | 0.26% | +0.03 |
| RKT Rocket Cos Inc. Class A | New | 0.03% | +0.03 |
| RSP Invesco S&P 500 Equal Weight | New | 0.03% | +0.03 |
| CRWV Coreweave Inc. Class A | New | 0.02% | +0.02 |
| OMC Omnicom Group | Add +52.4% | 0.04% | +0.01 |
| WELL Welltower Inc. | Add +1.0% | 0.19% | +0.01 |
| INSM Insmed Inc. | Add +3.1% | 0.05% | +0.01 |
| CVNA Carvana Co. | Add +0.5% | 0.08% | +0.01 |
| ASTS Ast Spacemobile Inc. | Add +2.0% | 0.02% | +0.01 |
| PRAX Praxis Precision Medicines I | Add +5.7% | 0.01% | +0.01 |
| ARWR Arrowhead Pharmaceuticals Inc. | Add +6.8% | 0.01% | +0.01 |
| RGLD Royal Gold Inc. | Add +13.3% | 0.03% | +0.01 |
| MTSI Macom Technology Solutions H | Add +0.9% | 0.02% | +0.01 |
| ROIV Roivant Sciences Ltd. | Add +16.8% | 0.01% | +0.01 |
| ONDS Ondas Inc. | New | 0.01% | +0.01 |
| AYI Acuity Inc. | Add +19.5% | 0.02% | +0.00 |
| WLK Westlake Corp. | New | 0.00% | +0.00 |
| VRRM Verra Mobility Corp. | Add +78.9% | 0.01% | +0.00 |
| TTAN Servicetitan Inc. Class A | New | 0.00% | +0.00 |
| CG The Carlyle Group Inc. | Add +19.5% | 0.03% | +0.00 |
| CWAN Clearwater Analytics HDS-A | Add +7.3% | 0.01% | +0.00 |
| SUNC Sunococorp LLC | New | 0.00% | +0.00 |
| PR Permian Resources Corp. Class A | Add +11.4% | 0.01% | +0.00 |
| FOLD Amicus Therapeutics Inc. | Add +6.2% | 0.01% | +0.00 |
| PL Planet Labs PBC | Add +7.2% | 0.01% | +0.00 |
| RPRX Royalty Pharma PLC Class A | Add +0.5% | 0.02% | +0.00 |
| APG Api Group Corp. | Add +0.3% | 0.02% | +0.00 |
| FTRE Fortrea Holdings Inc. | New | 0.00% | +0.00 |
| APGE Apogee Therapeutics Inc. | Add +32.7% | 0.00% | +0.00 |
| APLD Applied Digital Corp. | Add +17.1% | 0.01% | +0.00 |
| CELC Celcuity Inc. | New | 0.00% | +0.00 |
| GRAL Grail Inc. | Add +14.8% | 0.00% | +0.00 |
| NUVB Nuvation Bio Inc. | Add +13.1% | 0.00% | +0.00 |
| HOUS Anywhere Real Estate Inc. | New | 0.00% | +0.00 |
| ULS Ul Solutions Inc. Class A | Add +13.7% | 0.01% | +0.00 |
| CIFR Cipher Digital Inc. | Add +14.6% | 0.01% | +0.00 |
| CLF Cleveland-Cliffs Inc. | Add +7.9% | 0.01% | +0.00 |
| KYMR Kymera Therapeutics Inc. | Add +6.9% | 0.01% | +0.00 |
| IMNM Immunome Inc. | Add +27.1% | 0.00% | +0.00 |
| KVYO Klaviyo Inc. Class A | Add +17.0% | 0.01% | +0.00 |
| LMND Lemonade Inc. | Add +0.4% | 0.01% | +0.00 |
| SHC Sotera Health Co. | Add +28.5% | 0.01% | +0.00 |
| TTI Tetra Technologies Inc. | New | 0.00% | +0.00 |
| CSTL Castle Biosciences Inc. | New | 0.00% | +0.00 |
| FG F&G Annuities & Life Inc. | New | 0.00% | +0.00 |
| TE T1 Energy Inc. | New | 0.00% | +0.00 |
| IOT Samsara Inc. Class A | Add +13.3% | 0.02% | +0.00 |
| QXO Qxo Inc. | Add +6.8% | 0.02% | +0.00 |
| RCUS Arcus Biosciences Inc. | Add +16.9% | 0.00% | +0.00 |
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 |