Retirement Systems of Alabama

Name: Retirement Systems of Alabama 13F holdings, Q1 2025
Creator: Retirement Systems of Alabama
Published: 2025-04-21

Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 21, 2025), Retirement Systems of Alabama reported 945 stock positions worth $25.7 billion. Its top holding was Apple (AAPL) at 4.6% of the portfolio, followed by Microsoft (MSFT, 3.9%) and Nvidia (NVDA, 3.7%). Compared with Q4 2024, it opened 25 new positions, sold out of 21, added to 333 and reduced 567. The biggest buy was Amgen (AMGN, shares +200%) and the biggest sale Nvidia (NVDA, shares −1%).

Most Recent 13F: Q2 2026
Location: MONTGOMERY, AL
CIK: 0001593051
Portfolio Value: $25.7B (Q1 2025)
SEC Filing: 0001140361-25-014739 ↗ filed Apr 21, 2025

Holdings Value

Holdings 945 stocks · $25.7B


AAPL Apple Inc.	4.55%	5,266,927	$1.2B	Reduce -1.3%
MSFT Microsoft Corp.	3.89%	2,662,096	$999.3M	Reduce -0.9%
NVDA Nvidia Corp.	3.70%	8,767,415	$950.2M	Reduce -1.0%
AMZN Amazon.com Inc.	2.73%	3,685,674	$701.2M	Reduce -0.3%
META Meta Platforms Inc. Class A	1.60%	714,342	$411.7M	Add +1.3%
IEMG iShares Core MSCI Emerging	1.59%	7,584,431	$409.3M	No change
EEM iShares MSCI Emerging Market	1.55%	9,142,425	$399.5M	No change
BRK.B Berkshire Hathaway Inc. Class B	1.53%	740,719	$394.5M	Reduce -0.9%
AVGO Broadcom Inc.	1.40%	2,148,420	$359.7M	Reduce -3.3%
DFAE Dimensional Emerging Core Eq	1.28%	12,668,769	$328.0M	No change
GOOGL Alphabet Inc. Class A	1.21%	2,007,767	$310.5M	Reduce -1.0%
V Visa Inc. Class A	1.01%	738,418	$258.8M	Reduce -1.1%
GOOG Alphabet Inc. Class C	0.98%	1,615,487	$252.4M	Reduce -1.3%
JPM JPMorgan Chase & Co.	0.88%	922,686	$226.3M	Reduce -3.5%
TSLA Tesla Inc.	0.85%	845,539	$219.1M	Add +6.5%
JNJ Johnson & Johnson	0.79%	1,230,863	$204.1M	Reduce -1.0%
BND Vanguard Total Bond Market	0.79%	2,756,776	$202.5M	Add +12.7%
MA Mastercard Inc. Class A	0.75%	353,649	$193.8M	Reduce -1.3%
NFLX Netflix Inc.	0.72%	197,997	$184.6M	Reduce -3.1%
CSCO Cisco Systems Inc.	0.68%	2,849,706	$175.9M	Reduce -5.6%
PG The Procter & Gamble Co.	0.68%	1,019,702	$173.8M	Reduce -1.1%
XOM Exxon Mobil Corp.	0.67%	1,458,067	$173.4M	Reduce -1.5%
ABBV Abbvie Inc.	0.66%	806,047	$168.9M	Reduce -10.4%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS	0.65%	673,163	$167.4M	Reduce -5.5%
WMT Walmart Inc.	0.65%	1,891,723	$166.1M	Reduce -3.9%
SPY SS SPDR S&P 500 ETF Trust-US	0.64%	292,756	$163.8M	Reduce -0.4%
UNH Unitedhealth Group Inc.	0.63%	306,721	$160.6M	Reduce -0.9%
ORCL Oracle Corp.	0.60%	1,094,225	$153.0M	Add +31.0%
CVX Chevron Corp.	0.57%	876,499	$146.6M	Reduce -1.0%
BAC Bank of America Corp. filed as BANK AMERICA CORP	0.56%	3,433,670	$143.3M	Reduce -8.8%
LLY Eli Lilly & Co.	0.54%	169,319	$139.8M	Reduce -0.8%
WFC Wells Fargo & Co.	0.52%	1,855,509	$133.2M	Reduce -6.2%
KO The Coca-Cola Co.	0.52%	1,849,443	$132.5M	Add +2.0%
COST Costco Wholesale Corp.	0.49%	133,838	$126.6M	Reduce -4.0%
PLD Prologis Inc.	0.48%	1,114,762	$124.6M	Reduce -0.7%
PM Philip Morris International	0.47%	761,789	$120.9M	Reduce -13.3%
HD Home Depot Inc.	0.47%	326,927	$119.8M	Reduce -0.9%
AMGN Amgen Inc.	0.42%	349,434	$108.9M	Add +200.3%
GE General Electric filed as GE AEROSPACE	0.42%	542,565	$108.6M	Reduce -1.3%
EQIX Equinix Inc.	0.40%	127,173	$103.7M	Add +0.1%
AXP American Express Co.	0.40%	382,558	$102.9M	Reduce -1.1%
TMO Thermo Fisher Scientific Inc.	0.40%	205,921	$102.5M	Reduce -1.0%
QCOM Qualcomm Inc.	0.40%	666,769	$102.4M	Reduce -1.1%
GS Goldman Sachs Group Inc.	0.40%	186,903	$102.1M	Reduce -1.2%
MS Morgan Stanley	0.40%	871,978	$101.7M	Reduce -6.7%
VZ Verizon Communications Inc.	0.38%	2,142,456	$97.2M	Reduce -1.0%
SCHW Schwab (charles) Corp.	0.37%	1,206,039	$94.4M	Add +2.8%
EA Electronic Arts Inc.	0.37%	650,851	$94.1M	Add +13.6%
CTSH Cognizant Tech Solutions-A	0.36%	1,205,751	$92.2M	Reduce -1.1%
COP Conocophillips	0.36%	875,940	$92.0M	Reduce -1.4%
ISRG Intuitive Surgical Inc.	0.34%	175,602	$87.0M	Reduce -0.9%
EBAY eBay Inc.	0.33%	1,267,717	$85.9M	Add +29.1%
AKAM Akamai Technologies Inc.	0.33%	1,061,290	$85.4M	Add +16.4%
BKNG Booking Holdings Inc.	0.33%	18,484	$85.2M	Add +9.3%
REGN Regeneron Pharmaceuticals	0.32%	131,382	$83.3M	Add +476.4%
BMY Bristol-Myers Squibb Co.	0.31%	1,318,978	$80.4M	Reduce -6.3%
AMT American Tower Corp.	0.31%	369,330	$80.4M	Reduce -0.5%
C Citigroup Inc.	0.31%	1,131,467	$80.3M	Add +176.3%
KDP Keurig Dr Pepper Inc.	0.31%	2,346,368	$80.3M	Add +0.6%
UBER Uber Technologies Inc.	0.31%	1,093,202	$79.7M	Reduce -1.3%
CAT Caterpillar Inc.	0.31%	239,204	$78.9M	Reduce -1.4%
SHW The Sherwin-Williams Co.	0.30%	223,873	$78.2M	Reduce -1.0%
UNP Union Pacific Corp.	0.30%	324,458	$76.6M	Reduce -1.1%
TJX TJX Companies Inc. filed as TJX COS INC NEW	0.29%	619,130	$75.4M	Add +3.6%
LOW Lowe's Cos Inc.	0.29%	315,604	$73.6M	Add +4.5%
WELL Welltower Inc.	0.28%	471,351	$72.2M	Add +1.9%
VBR Vngrd Mrngst SL-CP Val ETF-U	0.28%	382,480	$71.3M	No change
HPE Hewlett Packard Enterprise	0.28%	4,609,496	$71.1M	Add +7.1%
SBUX Starbucks Corp.	0.27%	714,456	$70.1M	Reduce -9.8%
ADP Automatic Data Processing	0.27%	228,937	$69.9M	Reduce -1.0%
AMAT Applied Materials Inc.	0.27%	478,304	$69.4M	Reduce -1.5%
PSA Public Storage	0.27%	231,096	$69.2M	Reduce -0.8%
CCI Crown Castle Inc.	0.27%	654,683	$68.2M	Reduce -0.8%
NOC Northrop Grumman Corp.	0.26%	131,585	$67.4M	Add +41.7%
CB Chubb Ltd.	0.26%	220,015	$66.4M	Reduce -1.2%
TDG Transdigm Group Inc.	0.25%	46,875	$64.8M	Reduce -1.1%
T AT&T Inc.	0.25%	2,286,710	$64.7M	Reduce -0.8%
CAH Cardinal Health Inc.	0.25%	465,832	$64.2M	Reduce -1.1%
NKE Nike Inc. Class B	0.25%	997,071	$63.3M	Add +286.8%
TXN Texas Instruments Inc.	0.24%	348,089	$62.6M	Reduce -1.0%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO	0.24%	179,527	$62.0M	Reduce -1.0%
PEP Pepsico Inc.	0.24%	410,133	$61.5M	Add +38.1%
HCA HCA Healthcare Inc.	0.24%	175,848	$60.8M	Reduce -1.5%
MDLZ Mondelez International Inc. Class A	0.23%	889,432	$60.3M	Add +5.0%
MTCH Match Group Inc.	0.23%	1,917,733	$59.8M	Reduce -1.1%
MU Micron Technology Inc.	0.23%	683,533	$59.4M	Reduce -0.8%
HUM Humana Inc.	0.22%	216,678	$57.3M	Reduce -1.1%
VCSH Vanguard S/T Corp. Bond ETF	0.22%	726,015	$57.3M	No change
HWM Howmet Aerospace Inc.	0.22%	430,250	$55.8M	Add +16.8%
CMG Chipotle Mexican Grill Inc.	0.22%	1,104,609	$55.5M	Add +0.9%
CRM Salesforce Inc.	0.21%	205,649	$55.2M	Reduce -0.6%
WM Waste Management Inc.	0.21%	234,852	$54.4M	Reduce -1.0%
MMM 3M Co.	0.21%	366,236	$53.8M	Add +210.6%
AFL Aflac Inc.	0.21%	475,889	$52.9M	Reduce -1.3%
ZM Zoom Communications Inc.	0.21%	717,073	$52.9M	Add +1.8%
CI The Cigna Group	0.20%	159,332	$52.4M	Reduce -1.6%
ETR Entergy Corp.	0.20%	598,675	$51.2M	Reduce -1.1%
PH Parker Hannifin Corp.	0.20%	83,362	$50.7M	Reduce -1.0%
ABT Abbott Laboratories	0.19%	372,717	$49.4M	Reduce -0.8%
MRK Merck & Co. Inc.	0.19%	543,592	$48.8M	Reduce -58.2%

Show all 945 holdings

Portfolio Sells Q4 2024 → Q1 2025


NVDA Nvidia Corp.	Reduce -1.0%	3.70%	−0.72
AVGO Broadcom Inc.	Reduce -3.3%	1.40%	−0.51
AAPL Apple Inc.	Reduce -1.3%	4.55%	−0.41
FFIV F5 Inc.	Reduce -96.5%	0.01%	−0.32
MSFT Microsoft Corp.	Reduce -0.9%	3.89%	−0.31
MRK Merck & Co. Inc.	Reduce -58.2%	0.19%	−0.29
AMZN Amazon.com Inc.	Reduce -0.3%	2.73%	−0.28
GILD Gilead Sciences Inc.	Reduce -73.2%	0.12%	−0.23
GOOGL Alphabet Inc. Class A	Reduce -1.0%	1.21%	−0.22
ETN Eaton Corp. PLC	Reduce -61.8%	0.09%	−0.18
GOOG Alphabet Inc. Class C	Reduce -1.3%	0.98%	−0.17
GEV GE Vernova Inc.	Reduce -65.3%	0.07%	−0.14
DECK Deckers Outdoor Corp.	Reduce -83.6%	0.01%	−0.14
TFC Truist Financial Corp.	Reduce -73.8%	0.05%	−0.13
WSM Williams-Sonoma Inc.	Reduce -87.0%	0.02%	−0.12
CRH CRH PLC	Sold out	0.00%	−0.12
ROST Ross Stores Inc.	Reduce -72.7%	0.04%	−0.11
GM General Motors Co.	Reduce -32.5%	0.16%	−0.10
PHM Pultegroup Inc.	Reduce -80.3%	0.02%	−0.07
BWA Borgwarner Inc.	Sold out	0.00%	−0.07
BF.B Brown-Forman Corp. Class B	Reduce -92.6%	0.01%	−0.07
EXE Expand Energy Corp.	Reduce -44.8%	0.11%	−0.06
CIEN Ciena Corp.	Reduce -45.5%	0.04%	−0.06
BAC Bank of America Corp.	Reduce -8.8%	0.56%	−0.06
TGT Target Corp.	Sold out	0.00%	−0.05
PVH PVH Corp.	Reduce -60.2%	0.02%	−0.05
FTNT Fortinet Inc.	Sold out	0.00%	−0.05
TRV The Travelers Cos Inc.	Sold out	0.00%	−0.04
FLUT Flutter Entertainment PLC-Di	Sold out	0.00%	−0.04
DKS Dick's Sporting Goods Inc.	Reduce -39.5%	0.06%	−0.04
CRM Salesforce Inc.	Reduce -0.6%	0.21%	−0.04
MS Morgan Stanley	Reduce -6.7%	0.40%	−0.04
BLD Topbuild Corp.	Reduce -49.8%	0.04%	−0.04
NYT New York Times Co. Class A	Reduce -50.3%	0.04%	−0.04
NOW ServiceNow Inc.	Reduce -0.8%	0.14%	−0.04
PWR Quanta Services Inc.	Sold out	0.00%	−0.04
ILMN Illumina Inc.	Reduce -0.0%	0.06%	−0.04
EW Edwards Lifesciences Corp.	Sold out	0.00%	−0.04
LITE Lumentum Holdings Inc.	Reduce -51.9%	0.02%	−0.03
TKO Tko Group Holdings Inc.	Reduce -82.3%	0.01%	−0.03
DAL Delta Air Lines Inc.	Reduce -1.0%	0.10%	−0.03
HR Healthcare Realty Trust Inc.	Reduce -54.4%	0.03%	−0.03
TDC Teradata Corp.	Reduce -16.5%	0.05%	−0.03
AZPN Aspen Technology Inc.	Sold out	0.00%	−0.03
ALTR Altair Engineering Inc. Class A	Sold out	0.00%	−0.03
UTHR United Therapeutics Corp.	Reduce -8.8%	0.14%	−0.03
WFRD Weatherford International PL	Reduce -49.3%	0.02%	−0.03
AXP American Express Co.	Reduce -1.1%	0.40%	−0.03
ALTM Arcadium Lithium PLC	Sold out	0.00%	−0.02
ANET Arista Networks Inc.	Reduce -0.8%	0.07%	−0.02

Portfolio Buys Q4 2024 → Q1 2025


AMGN Amgen Inc.	Add +200.3%	0.42%	+0.31
REGN Regeneron Pharmaceuticals	Add +476.4%	0.32%	+0.26
C Citigroup Inc.	Add +176.3%	0.31%	+0.21
NKE Nike Inc. Class B	Add +286.8%	0.25%	+0.17
MMM 3M Co.	Add +210.6%	0.21%	+0.15
BND Vanguard Total Bond Market	Add +12.7%	0.79%	+0.13
EBAY eBay Inc.	Add +29.1%	0.33%	+0.11
SPOT Spotify Technology SA	New	0.11%	+0.11
CAG Conagra Brands Inc.	Add +988.7%	0.12%	+0.11
RF Regions Financial Corp.	Add +614.2%	0.12%	+0.10
NOC Northrop Grumman Corp.	Add +41.7%	0.26%	+0.10
KO The Coca-Cola Co.	Add +2.0%	0.52%	+0.10
ACI Albertsons Cos Inc. Class A	New	0.09%	+0.09
ORCL Oracle Corp.	Add +31.0%	0.60%	+0.08
GWRE Guidewire Software Inc.	New	0.07%	+0.07
PEP Pepsico Inc.	Add +38.1%	0.24%	+0.07
META Meta Platforms Inc. Class A	Add +1.3%	1.60%	+0.07
HWM Howmet Aerospace Inc.	Add +16.8%	0.22%	+0.07
WELL Welltower Inc.	Add +1.9%	0.28%	+0.06
ENTG Entegris Inc.	New	0.06%	+0.06
CART Maplebear Inc.	New	0.06%	+0.06
RGLD Royal Gold Inc.	Add +92.5%	0.10%	+0.06
SE Sea Ltd.-ADR	New	0.06%	+0.06
EA Electronic Arts Inc.	Add +13.6%	0.37%	+0.05
NTAP Netapp Inc.	Add +79.5%	0.18%	+0.05
DASH DoorDash Inc. Class A	New	0.05%	+0.05
SBRA Sabra Health Care REIT Inc.	Add +243.3%	0.07%	+0.05
MDLZ Mondelez International Inc. Class A	Add +5.0%	0.23%	+0.05
SCHW Schwab (charles) Corp.	Add +2.8%	0.37%	+0.05
NXST Nexstar Media Group Inc.	Add +163.4%	0.07%	+0.04
QLYS Qualys Inc.	Add +162.4%	0.07%	+0.04
ONB Old National Bancorp	Add +131.0%	0.07%	+0.04
SKX Skechers USA Inc. Class A	Add +127.2%	0.08%	+0.04
ATI Ati Inc.	New	0.04%	+0.04
KDP Keurig Dr Pepper Inc.	Add +0.6%	0.31%	+0.03
CAVA Cava Group Inc.	New	0.03%	+0.03
URI United Rentals Inc.	Add +33.3%	0.17%	+0.03
BBWI Bath & Body Works Inc.	New	0.03%	+0.03
SNAP Snap Inc. Class A	New	0.03%	+0.03
HIMS Hims & Hers Health Inc.	New	0.03%	+0.03
SFM Sprouts Farmers Market Inc.	Add +0.1%	0.13%	+0.03
TJX TJX Companies Inc.	Add +3.6%	0.29%	+0.03
CPRI Capri Holdings Ltd.	Add +227.3%	0.04%	+0.02
VFC VF Corp.	New	0.02%	+0.02
CZR Caesars Entertainment Inc.	Add +80.0%	0.08%	+0.02
ALK Alaska Air Group Inc.	Add +156.3%	0.05%	+0.02
TEVA Teva Pharmaceutical-SP ADR	New	0.02%	+0.02
CCEP Coca-Cola Europacific Partne	New	0.02%	+0.02
AER Aercap Holdings NV	New	0.02%	+0.02
IEF iShares 7-10 Year Treasury B	Add +68.4%	0.05%	+0.02

All Filings

Quarter	Positions	13F Reported Value	Top Holdings
Q2 2026	950	$33.2B	NVDA, AAPL, MSFT, AMZN, AVGO
Q1 2026	947	$30.0B	NVDA, AAPL, MSFT, AMZN, AVGO
Q4 2025	943	$30.8B	NVDA, AAPL, MSFT, AMZN, AVGO
Q3 2025	945	$30.1B	NVDA, MSFT, AAPL, AMZN, AVGO
Q2 2025	935	$27.9B	NVDA, MSFT, AAPL, AMZN, AVGO
Q1 2025	945	$25.7B	AAPL, MSFT, NVDA, AMZN, META
Q4 2024	941	$26.9B	AAPL, NVDA, MSFT, AMZN, AVGO
Q3 2024	944	$26.7B	AAPL, MSFT, NVDA, AMZN, IEMG
Q2 2024	941	$25.9B	MSFT, NVDA, AAPL, AMZN, IEMG
Q1 2024	941	$25.9B	MSFT, AAPL, NVDA, AMZN, IEMG