NJ State Employees Deferred Compensation Plan

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 5, 2025), NJ State Employees Deferred Compensation Plan reported 437 stock positions worth $846.4 million. Its top holding was Microsoft (MSFT) at 6.8% of the portfolio, followed by Apple (AAPL, 5.6%) and Nvidia (NVDA, 5.5%). Compared with Q1 2025, it opened 6 new positions, sold out of 13, added to 2 and reduced 14. The biggest buy was Capital One Financial (COF, shares +284%) and the biggest sale an exit from Discover Financial Services (DFS).

Most Recent 13F
Q2 2026
Location
TRENTON, NJ
CIK
0001483259
Portfolio Value
$846.4M (Q2 2025)
SEC Filing
0001085146-25-004531 ↗ filed Aug 5, 2025

Holdings Value

0$200.0M$400.0M$600.0M$800.0M$1.0B Q1 2024: $789.5M Q1 2024 Q2 2024: $804.2M Q2 2024 Q3 2024: $842.0M Q3 2024 Q4 2024: $822.9M Q4 2024 Q1 2025: $779.3M Q1 2025 Q2 2025: $846.4M $846.4M Q2 2025 Q3 2025: $906.3M Q3 2025 Q4 2025: $0 Q4 2025 Q1 2026: $0 Q1 2026 Q2 2026: $0 Q2 2026

Holdings 437 stocks · $846.4M
MSFT Microsoft Corp. 6.78% 115,300 $57.4M No change
AAPL Apple Inc. 5.65% 233,000 $47.8M No change
NVDA Nvidia Corp. 5.53% 296,000 $46.8M No change
AMZN Amazon.com Inc. 3.63% 140,200 $30.8M Reduce -1.4%
META Meta Platforms Inc. Class A 2.76% 31,700 $23.4M Reduce -2.2%
GOOG Alphabet Inc. Class C 2.24% 107,000 $19.0M No change
JPM JPMorgan Chase & Co. 2.09% 61,000 $17.7M No change
LLY Eli Lilly & Co. 1.58% 17,160 $13.4M No change
GOOGL Alphabet Inc. Class A 1.20% 57,600 $10.2M No change
AXP American Express Co. 1.19% 31,600 $10.1M No change
GS Goldman Sachs Group Inc. 1.13% 13,550 $9.6M No change
ORCL Oracle Corp. 0.96% 37,300 $8.2M Reduce -7.9%
XOM Exxon Mobil Corp. 0.92% 72,417 $7.8M Reduce -4.0%
WMT Walmart Inc. 0.85% 73,600 $7.2M Reduce -6.0%
COF Capital One Financial Corp. 0.84% 33,550 $7.1M Add +284.2%
JNJ Johnson & Johnson 0.84% 46,699 $7.1M Reduce -13.0%
COST Costco Wholesale Corp. 0.84% 7,200 $7.1M No change
CSCO Cisco Systems Inc. 0.80% 97,000 $6.7M No change
PG The Procter & Gamble Co. 0.78% 41,300 $6.6M No change
PM Philip Morris International 0.76% 35,200 $6.4M No change
MRK Merck & Co. Inc. 0.75% 80,252 $6.4M No change
BRK.B Berkshire Hathaway Inc. Class B 0.74% 12,900 $6.3M No change
WFC Wells Fargo & Co. 0.73% 77,000 $6.2M No change
RTX RTX Corp. 0.71% 41,215 $6.0M No change
AMAT Applied Materials Inc. 0.67% 31,200 $5.7M No change
CMG Chipotle Mexican Grill Inc. 0.66% 99,300 $5.6M No change
AMT American Tower Corp. 0.66% 25,200 $5.6M No change
LRCX Lam Research Corp. 0.65% 56,650 $5.5M Reduce -10.4%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.65% 60,038 $5.5M No change
KLAC KLA Corp. 0.65% 6,100 $5.5M Reduce -10.3%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.62% 17,800 $5.2M No change
BSX Boston Scientific Corp. 0.60% 47,000 $5.0M No change
MCD McDonald's Corp. 0.57% 16,493 $4.8M No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.57% 38,700 $4.8M No change
QCOM Qualcomm Inc. 0.56% 30,000 $4.8M No change
DE Deere & Co. 0.55% 9,100 $4.6M No change
LMB Limbach Holdings Inc. 0.55% 33,000 $4.6M No change
LIN Linde PLC 0.54% 9,700 $4.6M No change
CMCSA Comcast Corp. Class A 0.54% 127,000 $4.5M No change
MSI Motorola Solutions Inc. 0.54% 10,771 $4.5M No change
ABT Abbott Laboratories 0.53% 32,854 $4.5M No change
GE General Electric filed as GE AEROSPACE 0.52% 17,028 $4.4M No change
UNP Union Pacific Corp. 0.51% 18,700 $4.3M No change
FTAI Ftai Aviation Ltd. 0.49% 36,000 $4.1M No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.48% 86,582 $4.1M No change
CVX Chevron Corp. 0.45% 26,393 $3.8M No change
RSG Republic Services Inc. 0.44% 15,000 $3.7M No change
MU Micron Technology Inc. 0.44% 30,000 $3.7M No change
EFX Equifax Inc. 0.42% 13,700 $3.6M No change
MCHP Microchip Technology Inc. 0.42% 50,000 $3.5M No change
PH Parker Hannifin Corp. 0.41% 5,000 $3.5M No change
KO The Coca-Cola Co. 0.39% 47,200 $3.3M No change
ROK Rockwell Automation Inc. 0.39% 10,000 $3.3M No change
TGTX TG Therapeutics Inc. 0.39% 91,600 $3.3M No change
LOW Lowe's Cos Inc. 0.39% 14,700 $3.3M No change
NSC Norfolk Southern Corp. 0.38% 12,700 $3.3M No change
SEIC Sei Investments Company 0.38% 35,400 $3.2M No change
YUM Yum! Brands Inc. 0.37% 21,000 $3.1M No change
SCHW Schwab (charles) Corp. 0.36% 33,800 $3.1M No change
MRSH Marsh & McLennan Cos 0.36% 14,100 $3.1M No change
NOC Northrop Grumman Corp. 0.36% 6,100 $3.0M No change
MTSI Macom Technology Solutions H 0.36% 21,000 $3.0M No change
UNH Unitedhealth Group Inc. 0.35% 9,500 $3.0M Add +1800.0%
SNPS Synopsys Inc. 0.35% 5,742 $2.9M No change
HD Home Depot Inc. 0.35% 8,000 $2.9M No change
T AT&T Inc. 0.33% 97,689 $2.8M No change
VZ Verizon Communications Inc. 0.33% 65,000 $2.8M No change
HON Honeywell International Inc. 0.33% 12,000 $2.8M Reduce -11.8%
CDNS Cadence Design SYS Inc. 0.33% 9,050 $2.8M No change
ABBV Abbvie Inc. 0.33% 14,964 $2.8M No change
NEE Nextera Energy Inc. 0.33% 40,000 $2.8M No change
COP Conocophillips 0.32% 30,100 $2.7M No change
EME Emcor Group Inc. 0.32% 5,000 $2.7M No change
CB Chubb Ltd. 0.31% 9,028 $2.6M No change
THC Tenet Healthcare Corp. 0.31% 14,700 $2.6M No change
AVGO Broadcom Inc. 0.30% 9,360 $2.6M No change
MCK McKesson Corp. 0.30% 3,500 $2.6M Reduce -30.0%
TMUS T-Mobile US Inc. 0.30% 10,662 $2.5M No change
GD General Dynamics Corp. 0.29% 8,500 $2.5M No change
TMO Thermo Fisher Scientific Inc. 0.29% 6,000 $2.4M No change
USB US Bancorp 0.29% 53,500 $2.4M No change
AMD Advanced Micro Devices 0.28% 17,000 $2.4M No change
MPC Marathon Petroleum Corp. 0.27% 13,800 $2.3M No change
UNM Unum Group 0.27% 28,000 $2.3M No change
GEV GE Vernova Inc. 0.27% 4,257 $2.3M No change
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC 0.26% 23,000 $2.2M No change
PNC PNC Financial Services Group 0.26% 11,900 $2.2M No change
MTZ Mastec Inc. 0.26% 13,000 $2.2M No change
WMB Williams Cos Inc. 0.26% 35,000 $2.2M No change
HL Hecla Mining Co. 0.24% 345,000 $2.1M No change
CVS CVS Health Corp. 0.24% 29,766 $2.1M Reduce -32.0%
BMY Bristol-Myers Squibb Co. 0.24% 43,884 $2.0M No change
SPXC SPX Technologies Inc. 0.24% 12,000 $2.0M No change
CWCO Consolidated Water Co.-Ord SH 0.24% 67,000 $2.0M No change
AMGN Amgen Inc. 0.23% 7,000 $2.0M No change
PEP Pepsico Inc. 0.23% 14,751 $1.9M No change
ALL Allstate Corp. 0.23% 9,610 $1.9M No change
CARR Carrier Global Corp. 0.22% 26,002 $1.9M No change
AFL Aflac Inc. 0.22% 18,000 $1.9M No change
KEYS Keysight Technologies Inc. 0.22% 11,542 $1.9M No change

Show all 437 holdings

Portfolio Sells Q1 2025 → Q2 2025
DFS Discover Financial Services Sold out 0.00% −0.53
JNJ Johnson & Johnson Reduce -13.0% 0.84% −0.30
XOM Exxon Mobil Corp. Reduce -4.0% 0.92% −0.23
SPLP Steel Partners Holdings LP Sold out 0.00% −0.19
CVS CVS Health Corp. Reduce -32.0% 0.24% −0.14
MCK McKesson Corp. Reduce -30.0% 0.30% −0.13
BECN Beacon Roofing Supply Inc. Sold out 0.00% −0.08
COR Cencora Inc. Reduce -23.8% 0.22% −0.07
SRPT Sarepta Therapeutics Inc. Sold out 0.00% −0.06
CI The Cigna Group Reduce -17.3% 0.17% −0.05
X United States Steel Corp. Sold out 0.00% −0.04
LGF.B Lions Gate Entertainment-B Sold out 0.00% −0.04
HON Honeywell International Inc. Reduce -11.8% 0.33% −0.04
HUM Humana Inc. Reduce -39.1% 0.04% −0.04
WMT Walmart Inc. Reduce -6.0% 0.85% −0.03
ZBH Zimmer Biomet Holdings Inc. Sold out 0.00% −0.03
PFG Principal Financial Group Sold out 0.00% −0.03
BAX Baxter International Inc. Sold out 0.00% −0.03
IFF Intl Flavors & Fragrances Sold out 0.00% −0.03
SSUP Superior Industries Intl Sold out 0.00% −0.02
WGHTQ WW International Inc. Sold out 0.00% −0.00
FIBROGEN INC Sold out 0.00% −0.00
KLAC KLA Corp. Reduce -10.3% 0.65% +0.05
LRCX Lam Research Corp. Reduce -10.4% 0.65% +0.06
AMZN Amazon.com Inc. Reduce -1.4% 3.63% +0.16
ORCL Oracle Corp. Reduce -7.9% 0.96% +0.24
META Meta Platforms Inc. Class A Reduce -2.2% 2.76% +0.37

Portfolio Buys Q1 2025 → Q2 2025
COF Capital One Financial Corp. Add +284.2% 0.84% +0.64
UNH Unitedhealth Group Inc. Add +1800.0% 0.35% +0.32
FLR Fluor Corp. New 0.03% +0.03
LION Lionsgate Studios Corp. New 0.03% +0.03
NTGR Netgear Inc. New 0.03% +0.03
RAMP Liveramp Holdings Inc. New 0.03% +0.03
NYT New York Times Co. Class A New 0.03% +0.03
ARW Arrow Electronics Inc. New 0.03% +0.03

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 0$0
Q1 2026 0$0
Q4 2025 0$0
Q3 2025 437$906.3MMSFT, AAPL, NVDA, AMZN, GOOG
Q2 2025 437$846.4MMSFT, AAPL, NVDA, AMZN, META
Q1 2025 444$779.3MAAPL, MSFT, NVDA, AMZN, META
Q4 2024 462$822.9MAAPL, MSFT, NVDA, AMZN, GOOG
Q3 2024 474$842.0MAAPL, MSFT, NVDA, AMZN, META
Q2 2024 473$804.2MMSFT, AAPL, NVDA, AMZN, GOOG
Q1 2024 481$789.5MMSFT, AAPL, AMZN, NVDA, GOOG