California Public Employees Retirement System
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), California Public Employees Retirement System reported 1,114 stock positions worth $157.0 billion. Its top holding was Vanguard S&P 500 ETF (VOO) at 9.4% of the portfolio, followed by Microsoft (MSFT, 6.9%) and Nvidia (NVDA, 6.5%). Compared with Q1 2025, it opened 3 new positions, sold out of 8, added to 691 and reduced 420. The biggest buy was Nvidia (NVDA, shares +11%) and the biggest sale Unitedhealth (UNH, shares −15%).
- Most Recent 13F
- Q2 2026
- Location
- Sacramento, CA
- CIK
- 0000919079
- Portfolio Value
- $157.0B (Q2 2025)
- SEC Filing
- 0000919079-25-000010 ↗ filed Aug 13, 2025
Holdings Value
Holdings 1,114 stocks · $157.0B
| VOO Vanguard S&P 500 ETF | 9.37% | 25,883,852 | $14.7B | Add +17.9% |
| MSFT Microsoft Corp. | 6.91% | 21,807,466 | $10.8B | Add +13.9% |
| NVDA Nvidia Corp. | 6.51% | 64,728,856 | $10.2B | Add +10.7% |
| AAPL Apple Inc. | 4.79% | 36,643,039 | $7.5B | Add +5.7% |
| AMZN Amazon.com Inc. | 2.59% | 18,504,621 | $4.1B | Add +15.3% |
| META Meta Platforms Inc. Class A | 2.54% | 5,400,812 | $4.0B | Reduce -2.1% |
| AVGO Broadcom Inc. | 1.96% | 11,177,064 | $3.1B | Reduce -14.1% |
| GOOGL Alphabet Inc. Class A | 1.64% | 14,595,659 | $2.6B | Add +10.1% |
| GOOG Alphabet Inc. Class C | 1.35% | 11,921,441 | $2.1B | Add +5.0% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.32% | 4,265,498 | $2.1B | Reduce -10.7% |
| JPHY JPMorgan Active H Yield ETF | 1.28% | 39,896,037 | $2.0B | New |
| TSLA Tesla Inc. | 1.03% | 5,068,746 | $1.6B | Add +7.7% |
| JPM JPMorgan Chase & Co. | 1.02% | 5,532,836 | $1.6B | Reduce -6.8% |
| LLY Eli Lilly & Co. | 1.00% | 2,009,974 | $1.6B | Add +16.3% |
| V Visa Inc. Class A | 0.81% | 3,592,450 | $1.3B | Reduce -2.8% |
| JNJ Johnson & Johnson | 0.74% | 7,643,947 | $1.2B | Reduce -12.5% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.70% | 3,735,746 | $1.1B | Reduce -11.9% |
| PG The Procter & Gamble Co. | 0.70% | 6,866,790 | $1.1B | Reduce -15.7% |
| WMT Walmart Inc. | 0.69% | 11,048,690 | $1.1B | Reduce -11.1% |
| MA Mastercard Inc. Class A | 0.66% | 1,850,799 | $1.0B | Reduce -2.3% |
| NFLX Netflix Inc. | 0.65% | 766,778 | $1.0B | Add +4.7% |
| COST Costco Wholesale Corp. | 0.65% | 1,024,630 | $1.0B | Reduce -17.9% |
| VZ Verizon Communications Inc. | 0.58% | 21,159,040 | $915.6M | Add +21.5% |
| ABBV Abbvie Inc. | 0.58% | 4,890,752 | $907.8M | Reduce -13.7% |
| XOM Exxon Mobil Corp. | 0.55% | 7,983,097 | $860.6M | Reduce -1.3% |
| CSCO Cisco Systems Inc. | 0.54% | 12,179,254 | $845.0M | Reduce -9.7% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.52% | 17,362,631 | $821.6M | Add +6.1% |
| HD Home Depot Inc. | 0.50% | 2,146,896 | $787.1M | Reduce -25.1% |
| KO The Coca-Cola Co. | 0.50% | 11,097,316 | $785.1M | Reduce -7.5% |
| PEP Pepsico Inc. | 0.46% | 5,490,959 | $725.0M | Reduce -23.3% |
| MCD McDonald's Corp. | 0.46% | 2,477,259 | $723.8M | Reduce -28.3% |
| INTU Intuit Inc. | 0.43% | 860,698 | $677.9M | Add +8.0% |
| UNH Unitedhealth Group Inc. | 0.43% | 2,162,250 | $674.6M | Reduce -14.7% |
| ACN Accenture PLC Class A | 0.42% | 2,219,023 | $663.2M | Add +36.7% |
| AMGN Amgen Inc. | 0.41% | 2,295,184 | $640.8M | Reduce -0.4% |
| ABT Abbott Laboratories | 0.40% | 4,612,836 | $627.4M | Reduce -21.0% |
| MRK Merck & Co. Inc. | 0.39% | 7,677,010 | $607.7M | Reduce -7.4% |
| ORCL Oracle Corp. | 0.39% | 2,767,791 | $605.1M | Add +9.7% |
| T AT&T Inc. | 0.37% | 19,859,521 | $574.7M | Reduce -10.5% |
| PGR Progressive Corp. | 0.36% | 2,129,776 | $568.4M | Reduce -12.8% |
| RTX RTX Corp. | 0.35% | 3,762,290 | $549.4M | Add +9.5% |
| CRM Salesforce Inc. | 0.34% | 1,977,891 | $539.4M | Add +11.1% |
| NEE Nextera Energy Inc. | 0.32% | 7,188,654 | $499.0M | Reduce -11.9% |
| WFC Wells Fargo & Co. | 0.32% | 6,196,782 | $496.5M | Reduce -5.4% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.32% | 681 | $496.3M | Reduce -3.1% |
| TXN Texas Instruments Inc. | 0.32% | 2,384,966 | $495.2M | Reduce -37.2% |
| GE General Electric filed as GE AEROSPACE | 0.31% | 1,909,722 | $491.5M | Add +3.7% |
| PLTR Palantir Technologies Inc. Class A | 0.31% | 3,594,493 | $490.0M | Add +9.4% |
| QCOM Qualcomm Inc. | 0.30% | 2,961,706 | $471.7M | Reduce -4.3% |
| GILD Gilead Sciences Inc. | 0.29% | 4,175,572 | $462.9M | Reduce -10.9% |
| APH Amphenol Corp. Class A | 0.29% | 4,669,081 | $461.1M | Reduce -14.5% |
| LIN Linde PLC | 0.28% | 949,776 | $445.6M | Reduce -5.8% |
| AMAT Applied Materials Inc. | 0.28% | 2,380,485 | $435.8M | Add +55.6% |
| ADP Automatic Data Processing | 0.28% | 1,412,026 | $435.5M | Reduce -14.4% |
| PANW Palo Alto Networks Inc. | 0.27% | 2,104,939 | $430.8M | Add +97.9% |
| AMD Advanced Micro Devices | 0.27% | 3,032,884 | $430.4M | Reduce -7.1% |
| DE Deere & Co. | 0.27% | 831,301 | $422.7M | Add +1.7% |
| CVX Chevron Corp. | 0.26% | 2,855,790 | $408.9M | Add +2.3% |
| TMUS T-Mobile US Inc. | 0.26% | 1,714,225 | $408.4M | Reduce -19.4% |
| GS Goldman Sachs Group Inc. | 0.26% | 569,386 | $403.0M | Add +7.3% |
| KLAC KLA Corp. | 0.25% | 446,528 | $400.0M | Add +0.8% |
| MRSH Marsh & McLennan Cos | 0.25% | 1,822,252 | $398.4M | Reduce -16.1% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.25% | 3,138,713 | $389.2M | Reduce -29.9% |
| SO The Southern Co. | 0.25% | 4,197,343 | $385.4M | Reduce -14.7% |
| MCK McKesson Corp. | 0.24% | 512,057 | $375.2M | Reduce -15.8% |
| PFE Pfizer Inc. | 0.23% | 15,213,538 | $368.8M | Reduce -2.5% |
| BSX Boston Scientific Corp. | 0.23% | 3,411,074 | $366.4M | Reduce -4.3% |
| CME Cme Group Inc. | 0.23% | 1,329,187 | $366.4M | Reduce -16.0% |
| UBER Uber Technologies Inc. | 0.23% | 3,910,484 | $364.8M | Add +5.2% |
| BKNG Booking Holdings Inc. | 0.23% | 62,479 | $361.7M | Add +2.4% |
| NOW ServiceNow Inc. | 0.23% | 348,348 | $358.1M | Reduce -27.3% |
| CB Chubb Ltd. | 0.23% | 1,227,592 | $355.7M | Reduce -17.6% |
| DUK Duke Energy Corp. | 0.22% | 2,946,412 | $347.7M | Reduce -14.7% |
| LMT Lockheed Martin Corp. | 0.21% | 725,902 | $336.2M | Reduce -14.3% |
| SPGI S&P Global Inc. | 0.21% | 632,444 | $333.5M | Add +2.5% |
| ISRG Intuitive Surgical Inc. | 0.21% | 602,140 | $327.2M | Add +7.0% |
| ICE Intercontinental Exchange Inc. | 0.21% | 1,780,406 | $326.7M | Reduce -19.3% |
| ETN Eaton Corp. PLC | 0.21% | 914,640 | $326.5M | Add +36.9% |
| CAT Caterpillar Inc. | 0.21% | 840,431 | $326.3M | Add +2.5% |
| VRTX Vertex Pharmaceuticals Inc. | 0.21% | 725,055 | $322.8M | Reduce -10.4% |
| CL Colgate-Palmolive Co. | 0.20% | 3,536,836 | $321.5M | Reduce -4.4% |
| AMT American Tower Corp. | 0.20% | 1,426,963 | $315.4M | Reduce -3.4% |
| TMO Thermo Fisher Scientific Inc. | 0.20% | 763,432 | $309.5M | Reduce -2.8% |
| AXP American Express Co. | 0.20% | 967,534 | $308.6M | Reduce -14.6% |
| UNP Union Pacific Corp. | 0.19% | 1,310,230 | $301.5M | Add +3.4% |
| C Citigroup Inc. | 0.19% | 3,492,507 | $297.3M | Add +3.6% |
| CMCSA Comcast Corp. Class A | 0.19% | 8,209,279 | $293.0M | Reduce -4.7% |
| INTC Intel Corp. | 0.19% | 13,012,843 | $291.5M | Add +3.9% |
| SYK Stryker Corp. | 0.18% | 731,453 | $289.4M | Reduce -40.1% |
| HON Honeywell International Inc. | 0.18% | 1,239,996 | $288.8M | Reduce -3.8% |
| MS Morgan Stanley | 0.18% | 2,047,882 | $288.5M | Reduce -24.4% |
| WM Waste Management Inc. | 0.18% | 1,260,051 | $288.3M | Reduce -19.3% |
| BMY Bristol-Myers Squibb Co. | 0.18% | 6,184,260 | $286.3M | Reduce -2.9% |
| ADBE Adobe Inc. | 0.18% | 738,477 | $285.7M | Add +4.4% |
| ORLY O'reilly Automotive Inc. | 0.18% | 3,138,113 | $282.8M | Reduce -17.7% |
| MDT Medtronic PLC | 0.18% | 3,230,852 | $281.6M | Add +21.1% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.18% | 2,267,071 | $280.0M | Reduce -1.6% |
| EA Electronic Arts Inc. | 0.18% | 1,748,379 | $279.2M | Add +46.3% |
| SBUX Starbucks Corp. | 0.18% | 3,027,814 | $277.4M | Add +68.0% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 0.17% | 858,170 | $274.7M | Reduce -13.6% |
Portfolio Sells Q1 2025 → Q2 2025
| UNH Unitedhealth Group Inc. | Reduce -14.7% | 0.43% | −0.50 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -10.7% | 1.32% | −0.46 |
| MCD McDonald's Corp. | Reduce -28.3% | 0.46% | −0.29 |
| PEP Pepsico Inc. | Reduce -23.3% | 0.46% | −0.29 |
| PG The Procter & Gamble Co. | Reduce -15.7% | 0.70% | −0.27 |
| JNJ Johnson & Johnson | Reduce -12.5% | 0.74% | −0.27 |
| ABBV Abbvie Inc. | Reduce -13.7% | 0.58% | −0.25 |
| HD Home Depot Inc. | Reduce -25.1% | 0.50% | −0.23 |
| FISV Fiserv Inc. | Reduce -35.2% | 0.16% | −0.19 |
| COST Costco Wholesale Corp. | Reduce -17.9% | 0.65% | −0.18 |
| TXN Texas Instruments Inc. | Reduce -37.2% | 0.32% | −0.16 |
| ABT Abbott Laboratories | Reduce -21.0% | 0.40% | −0.14 |
| TMUS T-Mobile US Inc. | Reduce -19.4% | 0.26% | −0.14 |
| SYK Stryker Corp. | Reduce -40.1% | 0.18% | −0.13 |
| MRK Merck & Co. Inc. | Reduce -7.4% | 0.39% | −0.13 |
| XOM Exxon Mobil Corp. | Reduce -1.3% | 0.55% | −0.12 |
| PGR Progressive Corp. | Reduce -12.8% | 0.36% | −0.12 |
| MRSH Marsh & McLennan Cos | Reduce -16.1% | 0.25% | −0.12 |
| REGN Regeneron Pharmaceuticals | Reduce -33.5% | 0.11% | −0.10 |
| DASH DoorDash Inc. Class A | Reduce -60.8% | 0.09% | −0.10 |
| KO The Coca-Cola Co. | Reduce -7.5% | 0.50% | −0.10 |
| AMGN Amgen Inc. | Reduce -0.4% | 0.41% | −0.09 |
| V Visa Inc. Class A | Reduce -2.8% | 0.81% | −0.09 |
| WDAY Workday Inc. Class A | Reduce -60.7% | 0.05% | −0.09 |
| DFS Discover Financial Services | Sold out | 0.00% | −0.09 |
| BMY Bristol-Myers Squibb Co. | Reduce -2.9% | 0.18% | −0.09 |
| CB Chubb Ltd. | Reduce -17.6% | 0.23% | −0.09 |
| BDX Becton Dickinson and Co. | Reduce -16.7% | 0.12% | −0.09 |
| HPQ HP Inc. | Reduce -71.8% | 0.03% | −0.09 |
| NEE Nextera Energy Inc. | Reduce -11.9% | 0.32% | −0.09 |
| BRK.A Berkshire Hathaway Inc. Class A | Reduce -3.1% | 0.32% | −0.08 |
| TMO Thermo Fisher Scientific Inc. | Reduce -2.8% | 0.20% | −0.08 |
| ADP Automatic Data Processing | Reduce -14.4% | 0.28% | −0.07 |
| ORLY O'reilly Automotive Inc. | Reduce -17.7% | 0.18% | −0.07 |
| WMT Walmart Inc. | Reduce -11.1% | 0.69% | −0.07 |
| KHC The Kraft Heinz Co. | Reduce -45.6% | 0.05% | −0.07 |
| DUK Duke Energy Corp. | Reduce -14.7% | 0.22% | −0.07 |
| T AT&T Inc. | Reduce -10.5% | 0.37% | −0.07 |
| GILD Gilead Sciences Inc. | Reduce -10.9% | 0.29% | −0.07 |
| SO The Southern Co. | Reduce -14.7% | 0.25% | −0.07 |
| WM Waste Management Inc. | Reduce -19.3% | 0.18% | −0.07 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -10.4% | 0.21% | −0.07 |
| CTSH Cognizant Tech Solutions-A | Reduce -36.2% | 0.10% | −0.07 |
| AJG Arthur J Gallagher & Co. | Reduce -13.6% | 0.17% | −0.06 |
| AON Aon PLC Class A | Reduce -11.5% | 0.17% | −0.06 |
| MA Mastercard Inc. Class A | Reduce -2.3% | 0.66% | −0.06 |
| DIS The Walt Disney Co. | Reduce -29.9% | 0.25% | −0.06 |
| CME Cme Group Inc. | Reduce -16.0% | 0.23% | −0.06 |
| ICE Intercontinental Exchange Inc. | Reduce -19.3% | 0.21% | −0.06 |
| MSI Motorola Solutions Inc. | Reduce -15.3% | 0.16% | −0.06 |
Portfolio Buys Q1 2025 → Q2 2025
| NVDA Nvidia Corp. | Add +10.7% | 6.51% | +2.09 |
| MSFT Microsoft Corp. | Add +13.9% | 6.91% | +1.89 |
| VOO Vanguard S&P 500 ETF | Add +17.9% | 9.37% | +1.48 |
| JPHY JPMorgan Active H Yield ETF | New | 1.28% | +1.28 |
| AMZN Amazon.com Inc. | Add +15.3% | 2.59% | +0.45 |
| GOOGL Alphabet Inc. Class A | Add +10.1% | 1.64% | +0.21 |
| NFLX Netflix Inc. | Add +4.7% | 0.65% | +0.18 |
| TSLA Tesla Inc. | Add +7.7% | 1.03% | +0.17 |
| PANW Palo Alto Networks Inc. | Add +97.9% | 0.27% | +0.15 |
| ORCL Oracle Corp. | Add +9.7% | 0.39% | +0.14 |
| AMAT Applied Materials Inc. | Add +55.6% | 0.28% | +0.12 |
| PLTR Palantir Technologies Inc. Class A | Add +9.4% | 0.31% | +0.12 |
| GOOG Alphabet Inc. Class C | Add +5.0% | 1.35% | +0.11 |
| INTU Intuit Inc. | Add +8.0% | 0.43% | +0.09 |
| ETN Eaton Corp. PLC | Add +36.9% | 0.21% | +0.08 |
| COF Capital One Financial Corp. | Add +76.4% | 0.16% | +0.08 |
| ACN Accenture PLC Class A | Add +36.7% | 0.42% | +0.07 |
| NXPI NXP Semiconductors NV | Add +104.3% | 0.13% | +0.07 |
| GEV GE Vernova Inc. | Add +6.5% | 0.15% | +0.06 |
| EA Electronic Arts Inc. | Add +46.3% | 0.18% | +0.06 |
| GE General Electric | Add +3.7% | 0.31% | +0.06 |
| TGT Target Corp. | Add +96.0% | 0.14% | +0.06 |
| GS Goldman Sachs Group Inc. | Add +7.3% | 0.26% | +0.05 |
| SBUX Starbucks Corp. | Add +68.0% | 0.18% | +0.05 |
| BA The Boeing Co. | Add +34.5% | 0.16% | +0.05 |
| BAC Bank of America Corp. | Add +6.1% | 0.52% | +0.05 |
| COIN Coinbase Global Inc. Class A | Add +42.2% | 0.07% | +0.05 |
| KLAC KLA Corp. | Add +0.8% | 0.25% | +0.04 |
| HOOD Robinhood Markets Inc. Class A | Add +17.4% | 0.08% | +0.04 |
| UBER Uber Technologies Inc. | Add +5.2% | 0.23% | +0.04 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +12.4% | 0.13% | +0.04 |
| CEG Constellation Energy | Add +5.8% | 0.11% | +0.04 |
| SPOT Spotify Technology SA | Add +9.2% | 0.13% | +0.04 |
| BKNG Booking Holdings Inc. | Add +2.4% | 0.23% | +0.03 |
| MSTR Strategy Inc. | Add +14.9% | 0.11% | +0.03 |
| RTX RTX Corp. | Add +9.5% | 0.35% | +0.03 |
| VZ Verizon Communications Inc. | Add +21.5% | 0.58% | +0.03 |
| VRT Vertiv Holdings Co. Class A | Add +46.3% | 0.05% | +0.03 |
| RCL Royal Caribbean Cruises Ltd. | Add +11.1% | 0.09% | +0.03 |
| RBLX Roblox Corp. Class A | Add +13.7% | 0.06% | +0.03 |
| PWR Quanta Services Inc. | Add +40.4% | 0.06% | +0.03 |
| MELI MercadoLibre Inc. | Add +2.5% | 0.14% | +0.03 |
| VST Vistra Corp. | Add +4.3% | 0.08% | +0.03 |
| ANET Arista Networks Inc. | Add +2.7% | 0.14% | +0.03 |
| NET Cloudflare Inc. Class A | Add +8.3% | 0.06% | +0.03 |
| CPRT Copart Inc. | Add +89.0% | 0.08% | +0.03 |
| AXON Axon Enterprise Inc. | Add +9.9% | 0.06% | +0.02 |
| SNOW Snowflake Inc. | Add +7.0% | 0.07% | +0.02 |
| HWM Howmet Aerospace Inc. | Add +4.2% | 0.09% | +0.02 |
| TT Trane Technologies PLC | Add +4.5% | 0.12% | +0.02 |
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 |