California Public Employees Retirement System
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), California Public Employees Retirement System reported 1,089 stock positions worth $167.0 billion. Its top holding was Vanguard S&P 500 ETF (VOO) at 9.5% of the portfolio, followed by Nvidia (NVDA, 7.4%) and Microsoft (MSFT, 6.0%). Compared with Q2 2025, it opened 35 new positions, sold out of 60, added to 667 and reduced 385. The biggest buy was Nvidia (NVDA, shares +2%) and the biggest sale Microsoft (MSFT, shares −11%).
- Most Recent 13F
- Q2 2026
- Location
- Sacramento, CA
- CIK
- 0000919079
- Portfolio Value
- $167.0B (Q3 2025)
- SEC Filing
- 0000919079-25-000012 ↗ filed Nov 14, 2025
Holdings Value
Holdings 1,089 stocks · $167.0B
| VOO Vanguard S&P 500 ETF | 9.52% | 25,959,252 | $15.9B | Add +0.3% |
| NVDA Nvidia Corp. | 7.38% | 66,062,378 | $12.3B | Add +2.1% |
| MSFT Microsoft Corp. | 6.01% | 19,393,311 | $10.0B | Reduce -11.1% |
| AAPL Apple Inc. | 5.38% | 35,295,171 | $9.0B | Reduce -3.7% |
| META Meta Platforms Inc. Class A | 2.61% | 5,925,404 | $4.4B | Add +9.7% |
| AMZN Amazon.com Inc. | 2.53% | 19,249,046 | $4.2B | Add +4.0% |
| AVGO Broadcom Inc. | 2.29% | 11,599,381 | $3.8B | Add +3.8% |
| GOOGL Alphabet Inc. Class A | 2.05% | 14,080,453 | $3.4B | Reduce -3.5% |
| GOOG Alphabet Inc. Class C | 1.65% | 11,339,614 | $2.8B | Reduce -4.9% |
| TSLA Tesla Inc. | 1.39% | 5,212,573 | $2.3B | Add +2.8% |
| JPM JPMorgan Chase & Co. | 1.25% | 6,615,749 | $2.1B | Add +19.6% |
| JPHY JPMorgan Active H Yield ETF | 1.22% | 39,896,037 | $2.0B | No change |
| BRK.B Berkshire Hathaway Inc. Class B | 1.09% | 3,634,423 | $1.8B | Reduce -14.8% |
| LLY Eli Lilly & Co. | 0.88% | 1,926,664 | $1.5B | Reduce -4.1% |
| JNJ Johnson & Johnson | 0.85% | 7,679,491 | $1.4B | Add +0.5% |
| V Visa Inc. Class A | 0.72% | 3,537,873 | $1.2B | Reduce -1.5% |
| ABBV Abbvie Inc. | 0.69% | 4,959,700 | $1.1B | Add +1.4% |
| COST Costco Wholesale Corp. | 0.64% | 1,160,702 | $1.1B | Add +13.3% |
| MA Mastercard Inc. Class A | 0.64% | 1,866,096 | $1.1B | Add +0.8% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.60% | 19,280,356 | $994.7M | Add +11.1% |
| WMT Walmart Inc. | 0.58% | 9,460,379 | $975.0M | Reduce -14.4% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.56% | 3,327,196 | $938.8M | Reduce -10.9% |
| NFLX Netflix Inc. | 0.56% | 783,030 | $938.8M | Add +2.1% |
| XOM Exxon Mobil Corp. | 0.56% | 8,274,725 | $933.0M | Add +3.6% |
| CSCO Cisco Systems Inc. | 0.51% | 12,440,221 | $851.2M | Add +2.1% |
| ORCL Oracle Corp. | 0.51% | 3,021,454 | $849.8M | Add +9.2% |
| HD Home Depot Inc. | 0.51% | 2,095,024 | $848.9M | Reduce -2.4% |
| UNH Unitedhealth Group Inc. | 0.51% | 2,443,770 | $843.8M | Add +13.0% |
| PG The Procter & Gamble Co. | 0.50% | 5,444,635 | $836.6M | Reduce -20.7% |
| RTX RTX Corp. | 0.48% | 4,796,746 | $802.6M | Add +27.5% |
| VZ Verizon Communications Inc. | 0.46% | 17,638,273 | $775.2M | Reduce -16.6% |
| GE General Electric filed as GE AEROSPACE | 0.41% | 2,301,018 | $692.2M | Add +20.5% |
| T AT&T Inc. | 0.41% | 24,472,780 | $691.1M | Add +23.2% |
| PLTR Palantir Technologies Inc. Class A | 0.41% | 3,764,347 | $686.7M | Add +4.7% |
| KO The Coca-Cola Co. | 0.40% | 10,145,152 | $672.8M | Reduce -8.6% |
| MCD McDonald's Corp. | 0.39% | 2,154,090 | $654.6M | Reduce -13.1% |
| KLAC KLA Corp. | 0.39% | 599,516 | $646.6M | Add +34.3% |
| MRK Merck & Co. Inc. | 0.38% | 7,566,306 | $635.0M | Reduce -1.4% |
| LRCX Lam Research Corp. | 0.36% | 4,526,099 | $606.0M | Add +108.7% |
| CRM Salesforce Inc. | 0.35% | 2,502,236 | $593.0M | Add +26.5% |
| AMGN Amgen Inc. | 0.35% | 2,092,255 | $590.4M | Reduce -8.8% |
| PEP Pepsico Inc. | 0.35% | 4,199,328 | $589.8M | Reduce -23.5% |
| WFC Wells Fargo & Co. | 0.34% | 6,726,087 | $563.8M | Add +8.5% |
| CVX Chevron Corp. | 0.33% | 3,587,724 | $557.1M | Add +25.6% |
| ABT Abbott Laboratories | 0.32% | 4,013,170 | $537.5M | Reduce -13.0% |
| INTU Intuit Inc. | 0.32% | 783,054 | $534.8M | Reduce -9.0% |
| QCOM Qualcomm Inc. | 0.31% | 3,134,477 | $521.5M | Add +5.8% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.30% | 675 | $509.1M | Reduce -0.9% |
| MU Micron Technology Inc. | 0.30% | 3,023,799 | $505.9M | Add +70.2% |
| APH Amphenol Corp. Class A | 0.29% | 3,968,581 | $491.1M | Reduce -15.0% |
| ADP Automatic Data Processing | 0.29% | 1,671,963 | $490.7M | Add +18.4% |
| MDT Medtronic PLC | 0.29% | 5,101,347 | $485.9M | Add +57.9% |
| ACN Accenture PLC Class A | 0.29% | 1,967,981 | $485.3M | Reduce -11.3% |
| PGR Progressive Corp. | 0.29% | 1,933,341 | $477.4M | Reduce -9.2% |
| AMD Advanced Micro Devices | 0.28% | 2,906,880 | $470.3M | Reduce -4.2% |
| GS Goldman Sachs Group Inc. | 0.28% | 586,807 | $467.3M | Add +3.1% |
| LIN Linde PLC | 0.27% | 958,075 | $455.1M | Add +0.9% |
| GILD Gilead Sciences Inc. | 0.27% | 4,034,190 | $447.8M | Reduce -3.4% |
| INTC Intel Corp. | 0.27% | 13,329,735 | $447.2M | Add +2.4% |
| CAT Caterpillar Inc. | 0.26% | 900,511 | $429.7M | Add +7.2% |
| PFE Pfizer Inc. | 0.26% | 16,723,447 | $426.1M | Add +9.9% |
| DE Deere & Co. | 0.25% | 910,494 | $416.3M | Add +9.5% |
| UBER Uber Technologies Inc. | 0.24% | 4,053,399 | $397.1M | Add +3.6% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.23% | 3,395,986 | $388.8M | Add +8.2% |
| PANW Palo Alto Networks Inc. | 0.23% | 1,877,928 | $382.4M | Reduce -10.8% |
| NOW ServiceNow Inc. | 0.23% | 410,694 | $378.0M | Add +17.9% |
| NEE Nextera Energy Inc. | 0.22% | 4,860,593 | $366.9M | Reduce -32.4% |
| TMO Thermo Fisher Scientific Inc. | 0.22% | 755,649 | $366.5M | Reduce -1.0% |
| C Citigroup Inc. | 0.22% | 3,578,435 | $363.2M | Add +2.5% |
| TXN Texas Instruments Inc. | 0.21% | 1,941,499 | $356.7M | Reduce -18.6% |
| EA Electronic Arts Inc. | 0.21% | 1,761,912 | $355.4M | Add +0.8% |
| DHR Danaher Corp. | 0.21% | 1,771,851 | $351.3M | Add +29.6% |
| ADBE Adobe Inc. | 0.21% | 984,970 | $347.4M | Add +33.4% |
| BKNG Booking Holdings Inc. | 0.21% | 64,256 | $346.9M | Add +2.8% |
| TMUS T-Mobile US Inc. | 0.20% | 1,428,745 | $342.0M | Reduce -16.6% |
| LOW Lowe's Cos Inc. | 0.20% | 1,354,895 | $340.5M | Add +18.4% |
| MCK McKesson Corp. | 0.20% | 435,954 | $336.8M | Reduce -14.9% |
| AMAT Applied Materials Inc. | 0.20% | 1,636,348 | $335.0M | Reduce -31.3% |
| AXP American Express Co. | 0.20% | 1,000,556 | $332.3M | Add +3.4% |
| MS Morgan Stanley | 0.20% | 2,065,318 | $328.3M | Add +0.8% |
| SO The Southern Co. | 0.20% | 3,447,036 | $326.7M | Reduce -17.9% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.20% | 2,255,843 | $326.1M | Reduce -0.5% |
| CB Chubb Ltd. | 0.19% | 1,141,207 | $322.1M | Reduce -7.0% |
| UNP Union Pacific Corp. | 0.19% | 1,354,434 | $320.1M | Add +3.4% |
| APP AppLovin Corp. Class A | 0.19% | 444,020 | $319.0M | Add +6.6% |
| BSX Boston Scientific Corp. | 0.19% | 3,260,023 | $318.3M | Reduce -4.4% |
| BLK BlackRock Inc. | 0.19% | 271,427 | $316.4M | Add +5.6% |
| ANET Arista Networks Inc. | 0.19% | 2,165,504 | $315.5M | Add +1.0% |
| SYK Stryker Corp. | 0.19% | 848,186 | $313.5M | Add +16.0% |
| SPGI S&P Global Inc. | 0.19% | 641,054 | $312.0M | Add +1.4% |
| SCHW Schwab (charles) Corp. | 0.18% | 3,214,609 | $306.9M | Add +9.1% |
| MRSH Marsh & McLennan Cos | 0.18% | 1,514,767 | $305.3M | Reduce -16.9% |
| DUK Duke Energy Corp. | 0.18% | 2,460,757 | $304.5M | Reduce -16.5% |
| CME Cme Group Inc. | 0.18% | 1,114,380 | $301.1M | Reduce -16.2% |
| WELL Welltower Inc. | 0.18% | 1,671,245 | $297.7M | Reduce -4.5% |
| HON Honeywell International Inc. | 0.18% | 1,402,214 | $295.2M | Add +13.1% |
| ETN Eaton Corp. PLC | 0.18% | 783,095 | $293.1M | Reduce -14.4% |
| GEV GE Vernova Inc. | 0.17% | 471,819 | $290.1M | Add +2.8% |
| ORLY O'reilly Automotive Inc. | 0.17% | 2,671,146 | $288.0M | Reduce -14.9% |
| CMCSA Comcast Corp. Class A | 0.17% | 9,005,165 | $282.9M | Add +9.7% |
Portfolio Sells Q2 2025 → Q3 2025
| MSFT Microsoft Corp. | Reduce -11.1% | 6.01% | −0.90 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -14.8% | 1.09% | −0.23 |
| PG The Procter & Gamble Co. | Reduce -20.7% | 0.50% | −0.20 |
| IBM Intl Business Machines Corp. | Reduce -10.9% | 0.56% | −0.14 |
| ACN Accenture PLC Class A | Reduce -11.3% | 0.29% | −0.13 |
| VZ Verizon Communications Inc. | Reduce -16.6% | 0.46% | −0.12 |
| LLY Eli Lilly & Co. | Reduce -4.1% | 0.88% | −0.12 |
| INTU Intuit Inc. | Reduce -9.0% | 0.32% | −0.11 |
| PEP Pepsico Inc. | Reduce -23.5% | 0.35% | −0.11 |
| WMT Walmart Inc. | Reduce -14.4% | 0.58% | −0.10 |
| TXN Texas Instruments Inc. | Reduce -18.6% | 0.21% | −0.10 |
| NEE Nextera Energy Inc. | Reduce -32.4% | 0.22% | −0.10 |
| KO The Coca-Cola Co. | Reduce -8.6% | 0.40% | −0.10 |
| V Visa Inc. Class A | Reduce -1.5% | 0.72% | −0.09 |
| CL Colgate-Palmolive Co. | Reduce -27.4% | 0.12% | −0.08 |
| ABT Abbott Laboratories | Reduce -13.0% | 0.32% | −0.08 |
| AMAT Applied Materials Inc. | Reduce -31.3% | 0.20% | −0.08 |
| PGR Progressive Corp. | Reduce -9.2% | 0.29% | −0.08 |
| ANSS Ansys Inc. | Sold out | 0.00% | −0.07 |
| MRSH Marsh & McLennan Cos | Reduce -16.9% | 0.18% | −0.07 |
| MCD McDonald's Corp. | Reduce -13.1% | 0.39% | −0.07 |
| FTNT Fortinet Inc. | Reduce -24.9% | 0.08% | −0.06 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -15.5% | 0.14% | −0.06 |
| FISV Fiserv Inc. | Reduce -10.1% | 0.10% | −0.06 |
| TGT Target Corp. | Reduce -30.7% | 0.08% | −0.06 |
| TMUS T-Mobile US Inc. | Reduce -16.6% | 0.20% | −0.06 |
| AMGN Amgen Inc. | Reduce -8.8% | 0.35% | −0.05 |
| SBUX Starbucks Corp. | Reduce -20.4% | 0.12% | −0.05 |
| CME Cme Group Inc. | Reduce -16.2% | 0.18% | −0.05 |
| LMT Lockheed Martin Corp. | Reduce -25.7% | 0.16% | −0.05 |
| SO The Southern Co. | Reduce -17.9% | 0.20% | −0.05 |
| ICE Intercontinental Exchange Inc. | Reduce -11.7% | 0.16% | −0.05 |
| AMT American Tower Corp. | Reduce -5.5% | 0.16% | −0.05 |
| PANW Palo Alto Networks Inc. | Reduce -10.8% | 0.23% | −0.05 |
| ROP Roper Technologies Inc. | Reduce -15.8% | 0.10% | −0.04 |
| BSX Boston Scientific Corp. | Reduce -4.4% | 0.19% | −0.04 |
| HES Hess Corp. | Sold out | 0.00% | −0.04 |
| VRSK Verisk Analytics Inc. | Reduce -19.1% | 0.07% | −0.04 |
| WM Waste Management Inc. | Reduce -14.4% | 0.14% | −0.04 |
| CI The Cigna Group | Reduce -9.0% | 0.12% | −0.04 |
| DUK Duke Energy Corp. | Reduce -16.5% | 0.18% | −0.04 |
| CPRT Copart Inc. | Reduce -40.9% | 0.04% | −0.04 |
| MDLZ Mondelez International Inc. Class A | Reduce -12.0% | 0.13% | −0.04 |
| CNC Centene Corp. | Reduce -46.5% | 0.02% | −0.04 |
| MCK McKesson Corp. | Reduce -14.9% | 0.20% | −0.04 |
| REGN Regeneron Pharmaceuticals | Reduce -35.5% | 0.07% | −0.04 |
| IT Gartner Inc. | Reduce -17.4% | 0.04% | −0.04 |
| PAYX Paychex Inc. | Reduce -17.3% | 0.08% | −0.04 |
| KDP Keurig Dr Pepper Inc. | Reduce -13.4% | 0.06% | −0.04 |
| ADSK Autodesk Inc. | Reduce -17.8% | 0.13% | −0.03 |
Portfolio Buys Q2 2025 → Q3 2025
| NVDA Nvidia Corp. | Add +2.1% | 7.38% | +0.86 |
| TSLA Tesla Inc. | Add +2.8% | 1.39% | +0.36 |
| AVGO Broadcom Inc. | Add +3.8% | 2.29% | +0.33 |
| LRCX Lam Research Corp. | Add +108.7% | 0.36% | +0.23 |
| JPM JPMorgan Chase & Co. | Add +19.6% | 1.25% | +0.23 |
| MU Micron Technology Inc. | Add +70.2% | 0.30% | +0.16 |
| VOO Vanguard S&P 500 ETF | Add +0.3% | 9.52% | +0.15 |
| KLAC KLA Corp. | Add +34.3% | 0.39% | +0.13 |
| RTX RTX Corp. | Add +27.5% | 0.48% | +0.13 |
| ORCL Oracle Corp. | Add +9.2% | 0.51% | +0.12 |
| MDT Medtronic PLC | Add +57.9% | 0.29% | +0.11 |
| ABBV Abbvie Inc. | Add +1.4% | 0.69% | +0.11 |
| JNJ Johnson & Johnson | Add +0.5% | 0.85% | +0.11 |
| GE General Electric | Add +20.5% | 0.41% | +0.10 |
| PLTR Palantir Technologies Inc. Class A | Add +4.7% | 0.41% | +0.10 |
| APP AppLovin Corp. Class A | Add +6.6% | 0.19% | +0.10 |
| INTC Intel Corp. | Add +2.4% | 0.27% | +0.08 |
| DELL Dell Technologies -C | Add +170.0% | 0.12% | +0.08 |
| UNH Unitedhealth Group Inc. | Add +13.0% | 0.51% | +0.08 |
| CVX Chevron Corp. | Add +25.6% | 0.33% | +0.07 |
| BAC Bank of America Corp. | Add +11.1% | 0.60% | +0.07 |
| META Meta Platforms Inc. Class A | Add +9.7% | 2.61% | +0.07 |
| TER Teradyne Inc. | Add +161.2% | 0.09% | +0.06 |
| PH Parker Hannifin Corp. | Add +51.3% | 0.15% | +0.05 |
| CAT Caterpillar Inc. | Add +7.2% | 0.26% | +0.05 |
| ANET Arista Networks Inc. | Add +1.0% | 0.19% | +0.05 |
| T AT&T Inc. | Add +23.2% | 0.41% | +0.05 |
| HOOD Robinhood Markets Inc. Class A | Add +9.3% | 0.12% | +0.04 |
| LOW Lowe's Cos Inc. | Add +18.4% | 0.20% | +0.04 |
| DHR Danaher Corp. | Add +29.6% | 0.21% | +0.04 |
| FERG Ferguson Enterprises Inc. | Add +77.6% | 0.09% | +0.04 |
| WDAY Workday Inc. Class A | Add +76.9% | 0.09% | +0.04 |
| COOP Mr Cooper Group Inc. | Add +203.9% | 0.05% | +0.04 |
| FLUT Flutter Entertainment PLC-Di | Add +101.8% | 0.09% | +0.04 |
| EA Electronic Arts Inc. | Add +0.8% | 0.21% | +0.03 |
| NEM Newmont Corp. | Add +6.9% | 0.10% | +0.03 |
| SNPS Synopsys Inc. | Add +62.0% | 0.09% | +0.03 |
| C Citigroup Inc. | Add +2.5% | 0.22% | +0.03 |
| RDDT Reddit Inc. Class A | New | 0.03% | +0.03 |
| ZTS Zoetis Inc. | Add +39.3% | 0.14% | +0.03 |
| ADBE Adobe Inc. | Add +33.4% | 0.21% | +0.03 |
| PDD PDD Holdings Inc. | Add +12.5% | 0.09% | +0.02 |
| GS Goldman Sachs Group Inc. | Add +3.1% | 0.28% | +0.02 |
| RBLX Roblox Corp. Class A | Add +10.0% | 0.08% | +0.02 |
| SW Smurfit Westrock PLC | New | 0.02% | +0.02 |
| WFC Wells Fargo & Co. | Add +8.5% | 0.34% | +0.02 |
| PFE Pfizer Inc. | Add +9.9% | 0.26% | +0.02 |
| BBY Best Buy Co. Inc. | Add +123.0% | 0.03% | +0.02 |
| CRH CRH PLC | Add +5.3% | 0.09% | +0.02 |
| WDC Western Digital Corp. | Add +6.5% | 0.04% | +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 |