California Public Employees Retirement System
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), California Public Employees Retirement System reported 1,086 stock positions worth $174.9 billion. Its top holding was Vanguard S&P 500 ETF (VOO) at 11.3% of the portfolio, followed by Nvidia (NVDA, 8.1%) and Microsoft (MSFT, 5.8%). Compared with Q3 2025, it opened 2 new positions, sold out of 7, added to 451 and reduced 629. The biggest buy was Vanguard S&P 500 ETF (VOO, shares +22%) and the biggest sale Meta Platforms Class A (META, shares −2%).
- Most Recent 13F
- Q2 2026
- Location
- Sacramento, CA
- CIK
- 0000919079
- Portfolio Value
- $174.9B (Q4 2025)
- SEC Filing
- 0000919079-26-000003 ↗ filed Feb 12, 2026
Holdings Value
Holdings 1,086 stocks · $174.9B
| VOO Vanguard S&P 500 ETF | 11.33% | 31,586,839 | $19.8B | Add +21.7% |
| NVDA Nvidia Corp. | 8.14% | 76,375,762 | $14.2B | Add +15.6% |
| MSFT Microsoft Corp. | 5.84% | 21,124,113 | $10.2B | Add +8.9% |
| AAPL Apple Inc. | 5.65% | 36,375,266 | $9.9B | Add +3.1% |
| GOOGL Alphabet Inc. Class A | 2.75% | 15,378,439 | $4.8B | Add +9.2% |
| AVGO Broadcom Inc. | 2.69% | 13,616,185 | $4.7B | Add +17.4% |
| AMZN Amazon.com Inc. | 2.65% | 20,049,877 | $4.6B | Add +4.2% |
| GOOG Alphabet Inc. Class C | 2.21% | 12,344,566 | $3.9B | Add +8.9% |
| META Meta Platforms Inc. Class A | 2.20% | 5,824,493 | $3.8B | Reduce -1.7% |
| TSLA Tesla Inc. | 1.35% | 5,231,555 | $2.4B | Add +0.4% |
| JPM JPMorgan Chase & Co. | 1.25% | 6,761,319 | $2.2B | Add +2.2% |
| JPHY JPMorgan Active H Yield ETF | 1.15% | 39,896,037 | $2.0B | No change |
| LLY Eli Lilly & Co. | 1.14% | 1,854,587 | $2.0B | Reduce -3.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.97% | 3,392,297 | $1.7B | Reduce -6.7% |
| JNJ Johnson & Johnson | 0.88% | 7,439,241 | $1.5B | Reduce -3.1% |
| V Visa Inc. Class A | 0.67% | 3,319,433 | $1.2B | Reduce -6.2% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.62% | 19,614,554 | $1.1B | Add +1.7% |
| MA Mastercard Inc. Class A | 0.60% | 1,835,410 | $1.0B | Reduce -1.6% |
| ABBV Abbvie Inc. | 0.55% | 4,198,609 | $959.3M | Reduce -15.3% |
| WMT Walmart Inc. | 0.55% | 8,605,706 | $958.8M | Reduce -9.0% |
| COST Costco Wholesale Corp. | 0.55% | 1,110,190 | $957.4M | Reduce -4.3% |
| XOM Exxon Mobil Corp. | 0.55% | 7,950,685 | $956.8M | Reduce -3.9% |
| MRK Merck & Co. Inc. | 0.52% | 8,568,406 | $901.9M | Add +13.2% |
| CSCO Cisco Systems Inc. | 0.51% | 11,561,485 | $890.6M | Reduce -7.1% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.49% | 2,888,811 | $855.7M | Reduce -13.2% |
| HD Home Depot Inc. | 0.48% | 2,417,002 | $831.7M | Add +15.4% |
| UNH Unitedhealth Group Inc. | 0.46% | 2,438,995 | $805.1M | Reduce -0.2% |
| NFLX Netflix Inc. | 0.44% | 8,272,385 | $775.6M | Add +5.7% |
| PEP Pepsico Inc. | 0.44% | 5,373,358 | $771.2M | Add +28.0% |
| CRM Salesforce Inc. | 0.44% | 2,890,012 | $765.6M | Add +15.5% |
| PG The Procter & Gamble Co. | 0.43% | 5,274,517 | $755.9M | Reduce -3.1% |
| KLAC KLA Corp. | 0.42% | 608,091 | $738.9M | Add +1.4% |
| PLTR Palantir Technologies Inc. Class A | 0.42% | 4,128,273 | $733.8M | Add +9.7% |
| KO The Coca-Cola Co. | 0.40% | 10,040,077 | $701.9M | Reduce -1.0% |
| VZ Verizon Communications Inc. | 0.40% | 17,136,868 | $698.0M | Reduce -2.8% |
| AMGN Amgen Inc. | 0.39% | 2,087,589 | $683.3M | Reduce -0.2% |
| MCD McDonald's Corp. | 0.38% | 2,195,059 | $670.9M | Add +1.9% |
| LRCX Lam Research Corp. | 0.38% | 3,898,622 | $667.4M | Reduce -13.9% |
| ABT Abbott Laboratories | 0.37% | 5,206,580 | $652.3M | Add +29.7% |
| ORCL Oracle Corp. | 0.36% | 3,256,777 | $634.8M | Add +7.8% |
| GE General Electric filed as GE AEROSPACE | 0.36% | 2,059,655 | $634.4M | Reduce -10.5% |
| AMD Advanced Micro Devices | 0.36% | 2,934,021 | $628.3M | Add +0.9% |
| MU Micron Technology Inc. | 0.36% | 2,180,492 | $622.3M | Reduce -27.9% |
| WFC Wells Fargo & Co. | 0.35% | 6,636,432 | $618.5M | Reduce -1.3% |
| APH Amphenol Corp. Class A | 0.32% | 4,137,018 | $559.1M | Add +4.2% |
| INTU Intuit Inc. | 0.31% | 819,871 | $543.1M | Add +4.7% |
| RTX RTX Corp. | 0.31% | 2,952,873 | $541.6M | Reduce -38.4% |
| GS Goldman Sachs Group Inc. | 0.30% | 602,908 | $530.0M | Add +2.7% |
| AMAT Applied Materials Inc. | 0.30% | 2,058,801 | $529.1M | Add +25.8% |
| T AT&T Inc. | 0.30% | 20,987,402 | $521.3M | Reduce -14.2% |
| CVX Chevron Corp. | 0.30% | 3,404,794 | $518.9M | Reduce -5.1% |
| ISRG Intuitive Surgical Inc. | 0.29% | 889,727 | $503.9M | Add +42.7% |
| CAT Caterpillar Inc. | 0.29% | 876,488 | $502.1M | Reduce -2.7% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.28% | 644 | $486.1M | Reduce -4.6% |
| QCOM Qualcomm Inc. | 0.27% | 2,805,951 | $480.0M | Reduce -10.5% |
| MDT Medtronic PLC | 0.26% | 4,789,699 | $460.1M | Reduce -6.1% |
| GILD Gilead Sciences Inc. | 0.26% | 3,701,656 | $454.3M | Reduce -8.2% |
| ACN Accenture PLC Class A | 0.25% | 1,650,563 | $442.8M | Reduce -16.1% |
| C Citigroup Inc. | 0.24% | 3,672,648 | $428.6M | Add +2.6% |
| TMO Thermo Fisher Scientific Inc. | 0.24% | 726,894 | $421.2M | Reduce -3.8% |
| PGR Progressive Corp. | 0.24% | 1,808,897 | $411.9M | Reduce -6.4% |
| INTC Intel Corp. | 0.23% | 11,139,222 | $411.0M | Reduce -16.4% |
| LIN Linde PLC | 0.23% | 939,479 | $400.6M | Reduce -1.9% |
| LOW Lowe's Cos Inc. | 0.23% | 1,660,750 | $400.5M | Add +22.6% |
| DE Deere & Co. | 0.22% | 838,213 | $390.2M | Reduce -7.9% |
| ADBE Adobe Inc. | 0.22% | 1,113,273 | $389.6M | Add +13.0% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.22% | 3,356,088 | $381.8M | Reduce -1.2% |
| NEE Nextera Energy Inc. | 0.22% | 4,728,836 | $379.6M | Reduce -2.7% |
| MS Morgan Stanley | 0.22% | 2,135,228 | $379.1M | Add +3.4% |
| SCHW Schwab (charles) Corp. | 0.21% | 3,630,062 | $362.7M | Add +12.9% |
| AXP American Express Co. | 0.21% | 974,952 | $360.7M | Reduce -2.6% |
| CB Chubb Ltd. | 0.20% | 1,128,748 | $352.3M | Reduce -1.1% |
| PFE Pfizer Inc. | 0.20% | 13,973,991 | $348.0M | Reduce -16.4% |
| BKNG Booking Holdings Inc. | 0.19% | 63,451 | $339.8M | Reduce -1.3% |
| DHR Danaher Corp. | 0.19% | 1,483,106 | $339.5M | Reduce -16.3% |
| SPGI S&P Global Inc. | 0.19% | 636,131 | $332.4M | Reduce -0.8% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.19% | 2,159,905 | $331.8M | Reduce -4.3% |
| UBER Uber Technologies Inc. | 0.19% | 4,051,835 | $331.1M | Reduce -0.0% |
| NOW ServiceNow Inc. | 0.18% | 2,068,217 | $316.8M | Add +0.7% |
| PANW Palo Alto Networks Inc. | 0.18% | 1,707,142 | $314.5M | Reduce -9.1% |
| UNP Union Pacific Corp. | 0.18% | 1,355,841 | $313.6M | Add +0.1% |
| APP AppLovin Corp. Class A | 0.18% | 464,570 | $313.0M | Add +4.6% |
| PLD Prologis Inc. | 0.18% | 2,432,266 | $310.5M | Add +37.9% |
| ADP Automatic Data Processing | 0.18% | 1,206,806 | $310.4M | Reduce -27.8% |
| GEV GE Vernova Inc. | 0.18% | 472,818 | $309.0M | Add +0.2% |
| WELL Welltower Inc. | 0.18% | 1,662,173 | $308.5M | Reduce -0.5% |
| TRV The Travelers Cos Inc. | 0.17% | 1,055,282 | $306.1M | Add +33.5% |
| BLK BlackRock Inc. | 0.17% | 283,210 | $303.1M | Add +4.3% |
| ANET Arista Networks Inc. | 0.17% | 2,260,136 | $296.1M | Add +4.4% |
| MCK McKesson Corp. | 0.17% | 359,089 | $294.6M | Reduce -17.6% |
| BSX Boston Scientific Corp. | 0.16% | 3,012,013 | $287.2M | Reduce -7.6% |
| COF Capital One Financial Corp. | 0.16% | 1,178,872 | $285.7M | Reduce -0.9% |
| TXN Texas Instruments Inc. | 0.16% | 1,639,562 | $284.4M | Reduce -15.6% |
| SBUX Starbucks Corp. | 0.16% | 3,356,091 | $282.6M | Add +39.2% |
| BMY Bristol-Myers Squibb Co. | 0.16% | 5,112,135 | $275.7M | Reduce -9.4% |
| CMCSA Comcast Corp. Class A | 0.15% | 8,850,175 | $264.5M | Reduce -1.7% |
| ADI Analog Devices Inc. | 0.15% | 966,708 | $262.2M | Reduce -0.4% |
| TMUS T-Mobile US Inc. | 0.15% | 1,250,881 | $254.0M | Reduce -12.4% |
| ICE Intercontinental Exchange Inc. | 0.14% | 1,561,196 | $252.9M | Reduce -0.7% |
| VRTX Vertex Pharmaceuticals Inc. | 0.14% | 556,064 | $252.1M | Reduce -9.2% |
Portfolio Sells Q3 2025 → Q4 2025
| META Meta Platforms Inc. Class A | Reduce -1.7% | 2.20% | −0.41 |
| RTX RTX Corp. | Reduce -38.4% | 0.31% | −0.17 |
| ABBV Abbvie Inc. | Reduce -15.3% | 0.55% | −0.14 |
| EA Electronic Arts Inc. | Reduce -62.3% | 0.08% | −0.14 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -6.7% | 0.97% | −0.12 |
| ADP Automatic Data Processing | Reduce -27.8% | 0.18% | −0.12 |
| T AT&T Inc. | Reduce -14.2% | 0.30% | −0.12 |
| COST Costco Wholesale Corp. | Reduce -4.3% | 0.55% | −0.10 |
| AJG Arthur J Gallagher & Co. | Reduce -34.8% | 0.08% | −0.07 |
| IBM Intl Business Machines Corp. | Reduce -13.2% | 0.49% | −0.07 |
| ZTS Zoetis Inc. | Reduce -37.5% | 0.07% | −0.07 |
| PG The Procter & Gamble Co. | Reduce -3.1% | 0.43% | −0.07 |
| VZ Verizon Communications Inc. | Reduce -2.8% | 0.40% | −0.07 |
| FISV Fiserv Inc. | Reduce -21.4% | 0.04% | −0.06 |
| FLUT Flutter Entertainment PLC-Di | Reduce -62.6% | 0.03% | −0.06 |
| MSI Motorola Solutions Inc. | Reduce -23.8% | 0.09% | −0.06 |
| ORLY O'reilly Automotive Inc. | Reduce -19.3% | 0.11% | −0.06 |
| TMUS T-Mobile US Inc. | Reduce -12.4% | 0.15% | −0.06 |
| V Visa Inc. Class A | Reduce -6.2% | 0.67% | −0.06 |
| PFE Pfizer Inc. | Reduce -16.4% | 0.20% | −0.06 |
| SO The Southern Co. | Reduce -16.8% | 0.14% | −0.05 |
| SYK Stryker Corp. | Reduce -20.5% | 0.14% | −0.05 |
| GE General Electric | Reduce -10.5% | 0.36% | −0.05 |
| TXN Texas Instruments Inc. | Reduce -15.6% | 0.16% | −0.05 |
| AZO AutoZone Inc. | Reduce -18.0% | 0.08% | −0.05 |
| PGR Progressive Corp. | Reduce -6.4% | 0.24% | −0.05 |
| PANW Palo Alto Networks Inc. | Reduce -9.1% | 0.18% | −0.05 |
| MRSH Marsh & McLennan Cos | Reduce -16.5% | 0.13% | −0.05 |
| UBER Uber Technologies Inc. | Reduce -0.0% | 0.19% | −0.05 |
| HON Honeywell International Inc. | Reduce -17.3% | 0.13% | −0.05 |
| COOP Mr Cooper Group Inc. | Sold out | 0.00% | −0.05 |
| WM Waste Management Inc. | Reduce -27.9% | 0.10% | −0.04 |
| UNH Unitedhealth Group Inc. | Reduce -0.2% | 0.46% | −0.04 |
| DUK Duke Energy Corp. | Reduce -15.9% | 0.14% | −0.04 |
| LIN Linde PLC | Reduce -1.9% | 0.23% | −0.04 |
| MCHP Microchip Technology Inc. | Reduce -43.5% | 0.05% | −0.04 |
| K Kellanova | Sold out | 0.00% | −0.04 |
| DASH DoorDash Inc. Class A | Reduce -22.0% | 0.06% | −0.04 |
| NOC Northrop Grumman Corp. | Reduce -15.4% | 0.12% | −0.04 |
| QCOM Qualcomm Inc. | Reduce -10.5% | 0.27% | −0.04 |
| ACN Accenture PLC Class A | Reduce -16.1% | 0.25% | −0.04 |
| CVX Chevron Corp. | Reduce -5.1% | 0.30% | −0.04 |
| CME Cme Group Inc. | Reduce -17.5% | 0.14% | −0.04 |
| MA Mastercard Inc. Class A | Reduce -1.6% | 0.60% | −0.04 |
| TER Teradyne Inc. | Reduce -56.3% | 0.05% | −0.04 |
| WMT Walmart Inc. | Reduce -9.0% | 0.55% | −0.04 |
| BA The Boeing Co. | Reduce -18.5% | 0.12% | −0.03 |
| MDLZ Mondelez International Inc. Class A | Reduce -11.3% | 0.09% | −0.03 |
| AMT American Tower Corp. | Reduce -10.6% | 0.12% | −0.03 |
| ETN Eaton Corp. PLC | Reduce -0.5% | 0.14% | −0.03 |
Portfolio Buys Q3 2025 → Q4 2025
| VOO Vanguard S&P 500 ETF | Add +21.7% | 11.33% | +1.81 |
| NVDA Nvidia Corp. | Add +15.6% | 8.14% | +0.77 |
| GOOGL Alphabet Inc. Class A | Add +9.2% | 2.75% | +0.70 |
| GOOG Alphabet Inc. Class C | Add +8.9% | 2.21% | +0.56 |
| AVGO Broadcom Inc. | Add +17.4% | 2.69% | +0.40 |
| AAPL Apple Inc. | Add +3.1% | 5.65% | +0.27 |
| MRK Merck & Co. Inc. | Add +13.2% | 0.52% | +0.14 |
| ISRG Intuitive Surgical Inc. | Add +42.7% | 0.29% | +0.12 |
| AMZN Amazon.com Inc. | Add +4.2% | 2.65% | +0.12 |
| AMAT Applied Materials Inc. | Add +25.8% | 0.30% | +0.10 |
| PEP Pepsico Inc. | Add +28.0% | 0.44% | +0.09 |
| CRM Salesforce Inc. | Add +15.5% | 0.44% | +0.08 |
| AMD Advanced Micro Devices | Add +0.9% | 0.36% | +0.08 |
| PCAR Paccar Inc. | Add +93.2% | 0.13% | +0.07 |
| PLD Prologis Inc. | Add +37.9% | 0.18% | +0.06 |
| ABT Abbott Laboratories | Add +29.7% | 0.37% | +0.05 |
| TRV The Travelers Cos Inc. | Add +33.5% | 0.17% | +0.04 |
| USB US Bancorp | Add +40.4% | 0.12% | +0.04 |
| SBUX Starbucks Corp. | Add +39.2% | 0.16% | +0.04 |
| WDC Western Digital Corp. | Add +37.3% | 0.08% | +0.04 |
| MAR Marriott International Class A | Add +41.0% | 0.10% | +0.04 |
| SNDK Sandisk Corp. | Add +68.6% | 0.05% | +0.04 |
| KLAC KLA Corp. | Add +1.4% | 0.42% | +0.04 |
| RF Regions Financial Corp. | Add +115.9% | 0.05% | +0.03 |
| C Citigroup Inc. | Add +2.6% | 0.24% | +0.03 |
| TTD Trade Desk Inc./the Class A | Add +149.5% | 0.06% | +0.03 |
| ODFL Old Dominion Freight Line | Add +42.7% | 0.08% | +0.03 |
| APH Amphenol Corp. Class A | Add +4.2% | 0.32% | +0.03 |
| LOW Lowe's Cos Inc. | Add +22.6% | 0.23% | +0.03 |
| HWM Howmet Aerospace Inc. | Add +28.4% | 0.11% | +0.03 |
| SCHW Schwab (charles) Corp. | Add +12.9% | 0.21% | +0.02 |
| GS Goldman Sachs Group Inc. | Add +2.7% | 0.30% | +0.02 |
| BAC Bank of America Corp. | Add +1.7% | 0.62% | +0.02 |
| TAP Molson Coors Beverage Co. Class B | Add +142.6% | 0.04% | +0.02 |
| MS Morgan Stanley | Add +3.4% | 0.22% | +0.02 |
| WBD Warner Bros Discovery Inc. | Add +1.4% | 0.07% | +0.02 |
| EXC Exelon Corp. | Add +26.1% | 0.13% | +0.02 |
| DG Dollar General Corp. | Add +39.4% | 0.04% | +0.02 |
| CL Colgate-Palmolive Co. | Add +21.1% | 0.14% | +0.02 |
| MRVL Marvell Technology Inc. | Add +25.9% | 0.09% | +0.02 |
| LITE Lumentum Holdings Inc. | Add +22.9% | 0.02% | +0.02 |
| FCX Freeport-McMoran Inc. | Add +2.2% | 0.07% | +0.02 |
| ADBE Adobe Inc. | Add +13.0% | 0.22% | +0.01 |
| NEM Newmont Corp. | Add +0.3% | 0.12% | +0.01 |
| CMI Cummins Inc. | Add +3.2% | 0.08% | +0.01 |
| FDX FedEx Corp. | Add +5.3% | 0.07% | +0.01 |
| AEP American Electric Power | Add +13.1% | 0.12% | +0.01 |
| KEYS Keysight Technologies Inc. | Add +23.2% | 0.04% | +0.01 |
| ON On Semiconductor | Add +21.0% | 0.06% | +0.01 |
| SWKS Skyworks Solutions Inc. | Add +126.8% | 0.03% | +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 |