California Public Employees Retirement System
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 13, 2025), California Public Employees Retirement System reported 1,118 stock positions worth $143.1 billion. Its top holding was Vanguard S&P 500 ETF (VOO) at 7.9% of the portfolio, followed by Apple (AAPL, 5.4%) and Microsoft (MSFT, 5.0%). Compared with Q4 2024, it opened 12 new positions, sold out of 38, added to 334 and reduced 771. The biggest buy was Vanguard S&P 500 ETF (VOO, shares +29%) and the biggest sale Apple (AAPL, shares −13%).
- Most Recent 13F
- Q2 2026
- Location
- Sacramento, CA
- CIK
- 0000919079
- Portfolio Value
- $143.1B (Q1 2025)
- SEC Filing
- 0000919079-25-000007 ↗ filed May 13, 2025
Holdings Value
Holdings 1,118 stocks · $143.1B
| VOO Vanguard S&P 500 ETF | 7.88% | 21,952,154 | $11.3B | Add +28.5% |
| AAPL Apple Inc. | 5.38% | 34,658,986 | $7.7B | Reduce -12.9% |
| MSFT Microsoft Corp. | 5.02% | 19,136,992 | $7.2B | Reduce -0.5% |
| NVDA Nvidia Corp. | 4.43% | 58,493,782 | $6.3B | Reduce -2.0% |
| META Meta Platforms Inc. Class A | 2.22% | 5,516,771 | $3.2B | Add +11.7% |
| AMZN Amazon.com Inc. | 2.13% | 16,048,307 | $3.1B | Reduce -1.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.78% | 4,774,712 | $2.5B | Reduce -2.0% |
| AVGO Broadcom Inc. | 1.52% | 13,014,091 | $2.2B | Add +3.3% |
| GOOGL Alphabet Inc. Class A | 1.43% | 13,256,179 | $2.0B | Add +1.5% |
| GOOG Alphabet Inc. Class C | 1.24% | 11,350,841 | $1.8B | Add +2.2% |
| JPM JPMorgan Chase & Co. | 1.02% | 5,938,814 | $1.5B | Reduce -4.9% |
| JNJ Johnson & Johnson | 1.01% | 8,739,427 | $1.4B | Add +0.3% |
| LLY Eli Lilly & Co. | 1.00% | 1,728,112 | $1.4B | Reduce -7.2% |
| PG The Procter & Gamble Co. | 0.97% | 8,143,360 | $1.4B | Reduce -2.5% |
| UNH Unitedhealth Group Inc. | 0.93% | 2,535,617 | $1.3B | Reduce -1.6% |
| V Visa Inc. Class A | 0.91% | 3,696,263 | $1.3B | Add +6.7% |
| TSLA Tesla Inc. | 0.85% | 4,707,611 | $1.2B | Reduce -1.3% |
| ABBV Abbvie Inc. | 0.83% | 5,669,484 | $1.2B | Add +14.3% |
| COST Costco Wholesale Corp. | 0.82% | 1,248,319 | $1.2B | Reduce -27.2% |
| WMT Walmart Inc. | 0.76% | 12,423,002 | $1.1B | Reduce -10.8% |
| MCD McDonald's Corp. | 0.75% | 3,456,061 | $1.1B | Add +16.7% |
| PEP Pepsico Inc. | 0.75% | 7,155,235 | $1.1B | Add +1.2% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.74% | 4,238,215 | $1.1B | Reduce -8.2% |
| HD Home Depot Inc. | 0.73% | 2,866,794 | $1.1B | Add +14.9% |
| MA Mastercard Inc. Class A | 0.73% | 1,893,744 | $1.0B | Reduce -2.8% |
| XOM Exxon Mobil Corp. | 0.67% | 8,089,360 | $962.1M | Reduce -6.6% |
| KO The Coca-Cola Co. | 0.60% | 11,996,046 | $859.2M | Add +2.5% |
| CSCO Cisco Systems Inc. | 0.58% | 13,491,131 | $832.5M | Reduce -9.3% |
| VZ Verizon Communications Inc. | 0.55% | 17,415,148 | $790.0M | Add +16.4% |
| ABT Abbott Laboratories | 0.54% | 5,837,450 | $774.3M | Add +53.8% |
| MRK Merck & Co. Inc. | 0.52% | 8,292,792 | $744.4M | Reduce -2.2% |
| AMGN Amgen Inc. | 0.50% | 2,304,390 | $717.9M | Add +4.7% |
| PGR Progressive Corp. | 0.48% | 2,441,640 | $691.0M | Reduce -2.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.48% | 16,365,308 | $682.9M | Reduce -1.0% |
| NFLX Netflix Inc. | 0.48% | 732,151 | $682.8M | Reduce -0.6% |
| TXN Texas Instruments Inc. | 0.48% | 3,798,432 | $682.6M | Reduce -18.1% |
| T AT&T Inc. | 0.44% | 22,190,398 | $627.5M | Reduce -12.0% |
| NEE Nextera Energy Inc. | 0.40% | 8,157,983 | $578.3M | Add +3.1% |
| TMUS T-Mobile US Inc. | 0.40% | 2,128,025 | $567.6M | Reduce -2.6% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.39% | 703 | $561.3M | Reduce -1.9% |
| MRSH Marsh & McLennan Cos | 0.37% | 2,171,746 | $530.0M | Reduce -3.0% |
| GILD Gilead Sciences Inc. | 0.37% | 4,687,988 | $525.3M | Reduce -23.0% |
| ACN Accenture PLC Class A | 0.35% | 1,623,053 | $506.5M | Reduce -11.2% |
| FISV Fiserv Inc. | 0.35% | 2,286,988 | $505.0M | Add +1.9% |
| ADP Automatic Data Processing | 0.35% | 1,649,822 | $504.1M | Reduce -7.0% |
| INTU Intuit Inc. | 0.34% | 797,038 | $489.4M | Add +5.5% |
| CRM Salesforce Inc. | 0.33% | 1,780,826 | $477.9M | Reduce -16.6% |
| QCOM Qualcomm Inc. | 0.33% | 3,094,703 | $475.4M | Reduce -11.7% |
| WFC Wells Fargo & Co. | 0.33% | 6,552,128 | $470.4M | Reduce -6.2% |
| LIN Linde PLC | 0.33% | 1,007,803 | $469.3M | Add +3.6% |
| CVX Chevron Corp. | 0.33% | 2,791,462 | $467.0M | Reduce -3.9% |
| RTX RTX Corp. | 0.32% | 3,435,077 | $455.0M | Add +2.9% |
| SYK Stryker Corp. | 0.32% | 1,221,385 | $454.7M | Add +51.7% |
| SO The Southern Co. | 0.32% | 4,918,168 | $452.2M | Reduce -1.8% |
| CB Chubb Ltd. | 0.31% | 1,489,778 | $449.9M | Add +10.3% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.31% | 4,474,984 | $441.7M | Reduce -1.7% |
| DUK Duke Energy Corp. | 0.29% | 3,453,926 | $421.3M | Reduce -2.1% |
| CME Cme Group Inc. | 0.29% | 1,582,037 | $419.7M | Reduce -2.6% |
| MCK McKesson Corp. | 0.29% | 608,288 | $409.4M | Reduce -3.5% |
| PFE Pfizer Inc. | 0.28% | 15,611,383 | $395.6M | Reduce -2.9% |
| VRTX Vertex Pharmaceuticals Inc. | 0.27% | 809,234 | $392.3M | Reduce -8.1% |
| TMO Thermo Fisher Scientific Inc. | 0.27% | 785,621 | $390.9M | Reduce -2.2% |
| BMY Bristol-Myers Squibb Co. | 0.27% | 6,370,139 | $388.5M | Reduce -2.1% |
| DE Deere & Co. | 0.27% | 817,248 | $383.6M | Add +15.1% |
| NOW ServiceNow Inc. | 0.27% | 478,883 | $381.3M | Add +0.2% |
| ICE Intercontinental Exchange Inc. | 0.27% | 2,207,260 | $380.8M | Reduce -1.4% |
| LMT Lockheed Martin Corp. | 0.26% | 847,101 | $378.4M | Add +7.2% |
| GE General Electric filed as GE AEROSPACE | 0.26% | 1,841,561 | $368.6M | Reduce -1.1% |
| ORLY O'reilly Automotive Inc. | 0.25% | 254,069 | $364.0M | Reduce -3.0% |
| WM Waste Management Inc. | 0.25% | 1,561,149 | $361.4M | Reduce -2.5% |
| BSX Boston Scientific Corp. | 0.25% | 3,562,353 | $359.4M | Reduce -1.6% |
| APH Amphenol Corp. Class A | 0.25% | 5,460,245 | $358.1M | Reduce -2.3% |
| ORCL Oracle Corp. | 0.25% | 2,522,844 | $352.7M | Reduce -35.5% |
| CL Colgate-Palmolive Co. | 0.24% | 3,699,590 | $346.7M | Reduce -3.0% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 0.24% | 992,679 | $342.7M | Reduce -1.8% |
| AMD Advanced Micro Devices | 0.23% | 3,264,353 | $335.4M | Add +11.1% |
| AON Aon PLC Class A | 0.23% | 830,012 | $331.2M | Reduce -2.9% |
| AMT American Tower Corp. | 0.22% | 1,476,542 | $321.3M | Reduce -9.5% |
| MSI Motorola Solutions Inc. | 0.22% | 726,176 | $317.9M | Reduce -2.7% |
| CMCSA Comcast Corp. Class A | 0.22% | 8,614,362 | $317.9M | Reduce -10.6% |
| MS Morgan Stanley | 0.22% | 2,708,489 | $316.0M | Add +14.2% |
| SPGI S&P Global Inc. | 0.22% | 616,857 | $313.4M | Reduce -8.3% |
| ADI Analog Devices Inc. | 0.22% | 1,547,105 | $312.0M | Reduce -1.7% |
| COP Conocophillips | 0.22% | 2,961,121 | $311.0M | Add +27.6% |
| NOC Northrop Grumman Corp. | 0.22% | 604,836 | $309.7M | Reduce -1.5% |
| MDLZ Mondelez International Inc. Class A | 0.21% | 4,522,397 | $306.8M | Reduce -10.7% |
| AXP American Express Co. | 0.21% | 1,133,471 | $305.0M | Reduce -2.8% |
| KLAC KLA Corp. | 0.21% | 442,857 | $301.1M | Add +53.5% |
| REGN Regeneron Pharmaceuticals | 0.21% | 473,450 | $300.3M | Add +30.3% |
| UNP Union Pacific Corp. | 0.21% | 1,267,151 | $299.4M | Reduce -1.5% |
| BDX Becton Dickinson and Co. | 0.20% | 1,278,341 | $292.8M | Reduce -2.3% |
| GS Goldman Sachs Group Inc. | 0.20% | 530,516 | $289.8M | Reduce -0.8% |
| ROP Roper Technologies Inc. | 0.20% | 487,324 | $287.3M | Reduce -1.8% |
| DHR Danaher Corp. | 0.20% | 1,392,394 | $285.4M | Reduce -0.4% |
| INTC Intel Corp. | 0.20% | 12,529,583 | $284.5M | Reduce -0.4% |
| AZO AutoZone Inc. | 0.20% | 74,484 | $284.0M | Reduce -3.1% |
| BKNG Booking Holdings Inc. | 0.20% | 60,989 | $281.0M | Reduce -24.6% |
| WELL Welltower Inc. | 0.20% | 1,832,221 | $280.7M | Add +10.3% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.20% | 2,304,443 | $280.7M | Reduce -17.9% |
| DASH DoorDash Inc. Class A | 0.20% | 1,527,401 | $279.2M | Add +30.2% |
Portfolio Sells Q4 2024 → Q1 2025
| AAPL Apple Inc. | Reduce -12.9% | 5.38% | −1.29 |
| NVDA Nvidia Corp. | Reduce -2.0% | 4.43% | −0.93 |
| TSLA Tesla Inc. | Reduce -1.3% | 0.85% | −0.44 |
| MSFT Microsoft Corp. | Reduce -0.5% | 5.02% | −0.40 |
| AMZN Amazon.com Inc. | Reduce -1.7% | 2.13% | −0.26 |
| COST Costco Wholesale Corp. | Reduce -27.2% | 0.82% | −0.23 |
| ORCL Oracle Corp. | Reduce -35.5% | 0.25% | −0.19 |
| CRM Salesforce Inc. | Reduce -16.6% | 0.33% | −0.14 |
| MU Micron Technology Inc. | Reduce -54.4% | 0.11% | −0.12 |
| AMAT Applied Materials Inc. | Reduce -36.8% | 0.16% | −0.11 |
| TXN Texas Instruments Inc. | Reduce -18.1% | 0.48% | −0.10 |
| ADBE Adobe Inc. | Reduce -28.3% | 0.19% | −0.10 |
| TGT Target Corp. | Reduce -45.4% | 0.08% | −0.10 |
| NXPI NXP Semiconductors NV | Reduce -59.2% | 0.06% | −0.09 |
| SNPS Synopsys Inc. | Reduce -59.3% | 0.05% | −0.09 |
| MRVL Marvell Technology Inc. | Reduce -27.8% | 0.06% | −0.08 |
| WMT Walmart Inc. | Reduce -10.8% | 0.76% | −0.08 |
| KKR KKR & Co. Inc. | Reduce -35.7% | 0.09% | −0.08 |
| CDNS Cadence Design SYS Inc. | Reduce -33.0% | 0.11% | −0.08 |
| ACN Accenture PLC Class A | Reduce -11.2% | 0.35% | −0.08 |
| BKNG Booking Holdings Inc. | Reduce -24.6% | 0.20% | −0.07 |
| PLD Prologis Inc. | Reduce -40.5% | 0.13% | −0.07 |
| GRMN Garmin Ltd. | Reduce -62.3% | 0.04% | −0.05 |
| NTAP Netapp Inc. | Reduce -64.0% | 0.02% | −0.05 |
| EQIX Equinix Inc. | Reduce -13.4% | 0.17% | −0.05 |
| MRK Merck & Co. Inc. | Reduce -2.2% | 0.52% | −0.04 |
| MANH Manhattan Associates Inc. | Reduce -64.4% | 0.01% | −0.04 |
| SRE Sempra | Reduce -11.3% | 0.12% | −0.04 |
| MSCI MSCI Inc. | Reduce -33.1% | 0.07% | −0.04 |
| MCHP Microchip Technology Inc. | Reduce -17.4% | 0.10% | −0.04 |
| ABNB Airbnb Inc. Class A | Reduce -31.3% | 0.07% | −0.04 |
| CMG Chipotle Mexican Grill Inc. | Reduce -26.1% | 0.06% | −0.03 |
| TJX TJX Companies Inc. | Reduce -17.9% | 0.20% | −0.03 |
| AKAM Akamai Technologies Inc. | Reduce -67.1% | 0.01% | −0.03 |
| DIS The Walt Disney Co. | Reduce -1.7% | 0.31% | −0.03 |
| TTD Trade Desk Inc./the Class A | Reduce -3.1% | 0.03% | −0.03 |
| NBIX Neurocrine Biosciences Inc. | Reduce -63.2% | 0.01% | −0.03 |
| QCOM Qualcomm Inc. | Reduce -11.7% | 0.33% | −0.03 |
| ETN Eaton Corp. PLC | Reduce -3.0% | 0.13% | −0.03 |
| OTIS Otis Worldwide Corp. | Reduce -44.9% | 0.05% | −0.03 |
| EIX Edison International | Reduce -3.7% | 0.07% | −0.02 |
| XYZ Block Inc. | Reduce -24.9% | 0.02% | −0.02 |
| COIN Coinbase Global Inc. Class A | Reduce -26.4% | 0.03% | −0.02 |
| SMAR Smartsheet Inc. Class A | Sold out | 0.00% | −0.02 |
| STZ Constellation Brands Inc. Class A | Reduce -12.9% | 0.07% | −0.02 |
| VRT Vertiv Holdings Co. Class A | Reduce -23.5% | 0.02% | −0.02 |
| SFM Sprouts Farmers Market Inc. | Reduce -59.9% | 0.02% | −0.02 |
| GIS General Mills Inc. | Reduce -12.3% | 0.12% | −0.02 |
| DDOG Datadog Inc. Class A | Reduce -23.5% | 0.03% | −0.02 |
| CMCSA Comcast Corp. Class A | Reduce -10.6% | 0.22% | −0.02 |
Portfolio Buys Q4 2024 → Q1 2025
| VOO Vanguard S&P 500 ETF | Add +28.5% | 7.88% | +1.73 |
| META Meta Platforms Inc. Class A | Add +11.7% | 2.22% | +0.29 |
| ABT Abbott Laboratories | Add +53.8% | 0.54% | +0.25 |
| ABBV Abbvie Inc. | Add +14.3% | 0.83% | +0.24 |
| MCD McDonald's Corp. | Add +16.7% | 0.75% | +0.18 |
| V Visa Inc. Class A | Add +6.7% | 0.91% | +0.17 |
| JNJ Johnson & Johnson | Add +0.3% | 1.01% | +0.17 |
| VZ Verizon Communications Inc. | Add +16.4% | 0.55% | +0.15 |
| SYK Stryker Corp. | Add +51.7% | 0.32% | +0.12 |
| AMGN Amgen Inc. | Add +4.7% | 0.50% | +0.12 |
| KO The Coca-Cola Co. | Add +2.5% | 0.60% | +0.11 |
| KLAC KLA Corp. | Add +53.5% | 0.21% | +0.09 |
| HD Home Depot Inc. | Add +14.9% | 0.73% | +0.09 |
| CRH CRH PLC | New | 0.07% | +0.07 |
| DE Deere & Co. | Add +15.1% | 0.27% | +0.07 |
| CB Chubb Ltd. | Add +10.3% | 0.31% | +0.06 |
| DASH DoorDash Inc. Class A | Add +30.2% | 0.20% | +0.06 |
| COP Conocophillips | Add +27.6% | 0.22% | +0.06 |
| RTX RTX Corp. | Add +2.9% | 0.32% | +0.06 |
| WELL Welltower Inc. | Add +10.3% | 0.20% | +0.06 |
| LIN Linde PLC | Add +3.6% | 0.33% | +0.06 |
| UBER Uber Technologies Inc. | Add +10.0% | 0.19% | +0.05 |
| EOG EOG Resources Inc. | Add +31.9% | 0.17% | +0.05 |
| MAR Marriott International Class A | Add +95.2% | 0.12% | +0.05 |
| FISV Fiserv Inc. | Add +1.9% | 0.35% | +0.04 |
| CTSH Cognizant Tech Solutions-A | Add +30.7% | 0.16% | +0.04 |
| SHW The Sherwin-Williams Co. | Add +42.5% | 0.12% | +0.04 |
| FLUT Flutter Entertainment PLC-Di | New | 0.04% | +0.04 |
| REGN Regeneron Pharmaceuticals | Add +30.3% | 0.21% | +0.04 |
| LRCX Lam Research Corp. | Add +28.6% | 0.14% | +0.04 |
| PLTR Palantir Technologies Inc. Class A | Add +1.9% | 0.19% | +0.03 |
| PEP Pepsico Inc. | Add +1.2% | 0.75% | +0.03 |
| VTR Ventas Inc. | Add +38.0% | 0.08% | +0.03 |
| FTNT Fortinet Inc. | Add +18.9% | 0.14% | +0.03 |
| SCHW Schwab (charles) Corp. | Add +9.0% | 0.17% | +0.03 |
| ON On Semiconductor | Add +189.1% | 0.06% | +0.03 |
| NEE Nextera Energy Inc. | Add +3.1% | 0.40% | +0.02 |
| INTU Intuit Inc. | Add +5.5% | 0.34% | +0.02 |
| MS Morgan Stanley | Add +14.2% | 0.22% | +0.02 |
| WDAY Workday Inc. Class A | Add +23.9% | 0.15% | +0.02 |
| AFL Aflac Inc. | Add +5.2% | 0.14% | +0.02 |
| MSTR Strategy Inc. | Add +34.9% | 0.07% | +0.02 |
| O Realty Income Corp. | Add +1.1% | 0.16% | +0.02 |
| MELI MercadoLibre Inc. | Add +1.4% | 0.11% | +0.02 |
| KDP Keurig Dr Pepper Inc. | Add +5.0% | 0.12% | +0.02 |
| MAA Mid-America Apartment Comm | Add +66.0% | 0.04% | +0.02 |
| MNST Monster Beverage Corp. | Add +21.9% | 0.05% | +0.01 |
| SBUX Starbucks Corp. | Add +0.1% | 0.12% | +0.01 |
| AMCR Amcor PLC | New | 0.01% | +0.01 |
| TTWO Take-Two Interactive Softwre | Add +29.9% | 0.04% | +0.01 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 1,061 | $177.4B | VOO, IVV, NVDA, AAPL, MSFT |
| Q1 2026 | 1,064 | $162.5B | VOO, NVDA, AAPL, MSFT, AMZN |
| Q4 2025 | 1,086 | $174.9B | VOO, NVDA, MSFT, AAPL, GOOGL |
| Q3 2025 | 1,089 | $167.0B | VOO, NVDA, MSFT, AAPL, META |
| Q2 2025 | 1,114 | $157.0B | VOO, MSFT, NVDA, AAPL, AMZN |
| Q1 2025 | 1,118 | $143.1B | VOO, AAPL, MSFT, NVDA, META |
| Q4 2024Amended | 1,142 | $149.5B | AAPL, VOO, MSFT, NVDA, AMZN |
| Q3 2024 | 1,146 | $142.9B | AAPL, MSFT, NVDA, AMZN, META |
| Q2 2024 | 1,167 | $136.3B | MSFT, AAPL, NVDA, AMZN, META |
| Q1 2024 | 1,169 | $142.2B | MSFT, NVDA, AAPL, AMZN, META |