Retirement Systems of Alabama

Name: Retirement Systems of Alabama 13F holdings, Q2 2025
Creator: Retirement Systems of Alabama
Published: 2025-08-04

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

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 4, 2025), Retirement Systems of Alabama reported 935 stock positions worth $27.9 billion. Its top holding was Nvidia (NVDA) at 5.0% of the portfolio, followed by Microsoft (MSFT, 4.7%) and Apple (AAPL, 3.8%). Compared with Q1 2025, it opened 7 new positions, sold out of 17, added to 366 and reduced 531. The biggest buy was Nvidia (NVDA, shares +2%) and the biggest sale Apple (AAPL, shares −1%).

Most Recent 13F: Q2 2026
Location: MONTGOMERY, AL
CIK: 0001593051
Portfolio Value: $27.9B (Q2 2025)
SEC Filing: 0001140361-25-028518 ↗ filed Aug 4, 2025

Holdings Value

Holdings 935 stocks · $27.9B


NVDA Nvidia Corp.	5.04%	8,922,414	$1.4B	Add +1.8%
MSFT Microsoft Corp.	4.70%	2,641,004	$1.3B	Reduce -0.8%
AAPL Apple Inc.	3.82%	5,208,317	$1.1B	Reduce -1.1%
AMZN Amazon.com Inc.	2.87%	3,657,428	$802.4M	Reduce -0.8%
AVGO Broadcom Inc.	2.08%	2,110,720	$581.8M	Reduce -1.8%
META Meta Platforms Inc. Class A	1.86%	705,392	$520.6M	Reduce -1.3%
IEMG iShares Core MSCI Emerging	1.63%	7,584,431	$455.3M	No change
EEM iShares MSCI Emerging Market	1.58%	9,142,425	$441.0M	No change
DFAE Dimensional Emerging Core Eq	1.31%	12,668,769	$366.8M	No change
BRK.B Berkshire Hathaway Inc. Class B	1.28%	734,272	$356.7M	Reduce -0.9%
GOOGL Alphabet Inc. Class A	1.25%	1,989,797	$350.7M	Reduce -0.9%
GOOG Alphabet Inc. Class C	1.01%	1,596,571	$283.2M	Reduce -1.2%
JPM JPMorgan Chase & Co.	0.95%	912,580	$264.6M	Reduce -1.1%
V Visa Inc. Class A	0.93%	728,817	$258.8M	Reduce -1.3%
TSLA Tesla Inc.	0.91%	797,424	$253.3M	Reduce -5.7%
BND Vanguard Total Bond Market	0.80%	3,035,822	$223.5M	Add +10.1%
VOO Vanguard S&P 500 ETF	0.75%	369,474	$209.9M	Add +1313.9%
MA Mastercard Inc. Class A	0.70%	349,581	$196.4M	Reduce -1.1%
WMT Walmart Inc.	0.68%	1,955,426	$191.2M	Add +3.4%
NFLX Netflix Inc.	0.68%	141,889	$190.0M	Reduce -28.3%
CSCO Cisco Systems Inc.	0.67%	2,686,266	$186.4M	Reduce -5.7%
JNJ Johnson & Johnson	0.67%	1,217,346	$185.9M	Reduce -1.1%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS	0.62%	590,131	$174.0M	Reduce -12.3%
ORCL Oracle Corp.	0.60%	769,077	$168.1M	Reduce -29.7%
PG The Procter & Gamble Co.	0.58%	1,009,911	$160.9M	Reduce -1.0%
BAC Bank of America Corp. filed as BANK AMERICA CORP	0.57%	3,381,821	$160.0M	Reduce -1.5%
XOM Exxon Mobil Corp.	0.55%	1,438,401	$155.1M	Reduce -1.4%
ABBV Abbvie Inc.	0.53%	798,286	$148.2M	Reduce -1.0%
CRM Salesforce Inc.	0.51%	527,548	$143.9M	Add +156.5%
WFC Wells Fargo & Co.	0.51%	1,783,155	$142.9M	Reduce -3.9%
GE General Electric filed as GE AEROSPACE	0.49%	535,310	$137.8M	Reduce -1.3%
PM Philip Morris International	0.49%	754,194	$137.4M	Reduce -1.0%
COST Costco Wholesale Corp.	0.47%	132,979	$131.6M	Reduce -0.6%
LLY Eli Lilly & Co.	0.47%	168,793	$131.6M	Reduce -0.3%
KO The Coca-Cola Co.	0.46%	1,830,888	$129.5M	Reduce -1.0%
GS Goldman Sachs Group Inc.	0.44%	174,778	$123.7M	Reduce -6.5%
CVX Chevron Corp.	0.44%	856,843	$122.7M	Reduce -2.2%
AXP American Express Co.	0.43%	377,491	$120.4M	Reduce -1.3%
HD Home Depot Inc.	0.43%	324,758	$119.1M	Reduce -0.7%
PLD Prologis Inc.	0.41%	1,103,196	$116.0M	Reduce -1.0%
MS Morgan Stanley	0.41%	817,264	$115.1M	Reduce -6.3%
UNH Unitedhealth Group Inc.	0.40%	360,949	$112.6M	Add +17.7%
EQIX Equinix Inc.	0.39%	138,111	$109.9M	Add +8.6%
BKNG Booking Holdings Inc.	0.38%	18,219	$105.5M	Reduce -1.4%
QCOM Qualcomm Inc.	0.37%	657,043	$104.6M	Reduce -1.5%
SCHW Schwab (charles) Corp.	0.37%	1,143,266	$104.3M	Reduce -5.2%
UBER Uber Technologies Inc.	0.36%	1,081,784	$100.9M	Reduce -1.0%
HPE Hewlett Packard Enterprise	0.35%	4,798,764	$98.1M	Add +4.1%
AMGN Amgen Inc.	0.34%	345,296	$96.4M	Reduce -1.2%
C Citigroup Inc.	0.34%	1,116,185	$95.0M	Reduce -1.4%
ISRG Intuitive Surgical Inc.	0.34%	174,145	$94.6M	Reduce -0.8%
EA Electronic Arts Inc.	0.34%	586,340	$93.6M	Reduce -9.9%
CTSH Cognizant Tech Solutions-A	0.33%	1,186,048	$92.5M	Reduce -1.6%
VZ Verizon Communications Inc.	0.33%	2,120,904	$91.8M	Reduce -1.0%
CAT Caterpillar Inc.	0.33%	235,040	$91.2M	Reduce -1.7%
AMAT Applied Materials Inc.	0.31%	472,694	$86.5M	Reduce -1.2%
MU Micron Technology Inc.	0.30%	676,167	$83.3M	Reduce -1.1%
AKAM Akamai Technologies Inc.	0.30%	1,042,445	$83.1M	Reduce -1.8%
TMO Thermo Fisher Scientific Inc.	0.29%	202,572	$82.1M	Reduce -1.6%
AMT American Tower Corp.	0.29%	366,913	$81.1M	Reduce -0.7%
CMCSA Comcast Corp. Class A	0.29%	2,247,932	$80.2M	Add +177.4%
HWM Howmet Aerospace Inc.	0.28%	423,852	$78.9M	Reduce -1.5%
KDP Keurig Dr Pepper Inc.	0.28%	2,381,243	$78.7M	Add +1.5%
COP Conocophillips	0.28%	862,165	$77.4M	Reduce -1.6%
EBAY eBay Inc.	0.27%	1,023,391	$76.2M	Reduce -19.3%
SHW The Sherwin-Williams Co.	0.27%	220,520	$75.7M	Reduce -1.5%
TJX TJX Companies Inc. filed as TJX COS INC NEW	0.27%	610,557	$75.4M	Reduce -1.4%
PFE Pfizer Inc.	0.27%	3,104,378	$75.3M	Add +154.9%
WELL Welltower Inc.	0.27%	486,921	$74.9M	Add +3.3%
NTAP Netapp Inc.	0.27%	700,057	$74.6M	Add +34.7%
VBR Vngrd Mrngst SL-CP Val ETF-U	0.27%	382,480	$74.6M	No change
UNP Union Pacific Corp.	0.26%	319,419	$73.5M	Reduce -1.6%
TXN Texas Instruments Inc.	0.26%	344,746	$71.6M	Reduce -1.0%
SBUX Starbucks Corp.	0.25%	769,949	$70.6M	Add +7.8%
TDG Transdigm Group Inc.	0.25%	46,267	$70.4M	Reduce -1.3%
NKE Nike Inc. Class B	0.25%	983,076	$69.8M	Reduce -1.4%
ADP Automatic Data Processing	0.25%	226,138	$69.7M	Reduce -1.2%
LOW Lowe's Cos Inc.	0.25%	310,982	$69.0M	Reduce -1.5%
HCA HCA Healthcare Inc.	0.25%	179,162	$68.6M	Add +1.9%
REGN Regeneron Pharmaceuticals	0.24%	129,163	$67.8M	Reduce -1.7%
CCI Crown Castle Inc.	0.24%	647,060	$66.5M	Reduce -1.2%
T AT&T Inc.	0.24%	2,275,225	$65.8M	Reduce -0.5%
NOC Northrop Grumman Corp.	0.23%	129,592	$64.8M	Reduce -1.5%
CAH Cardinal Health Inc.	0.23%	378,568	$63.6M	Reduce -18.7%
CB Chubb Ltd.	0.23%	217,460	$63.0M	Reduce -1.2%
MTCH Match Group Inc.	0.22%	2,022,826	$62.5M	Add +5.5%
PLTR Palantir Technologies Inc. Class A	0.22%	456,439	$62.2M	Add +3.6%
KLAC KLA Corp.	0.22%	68,927	$61.7M	Reduce -1.3%
CMG Chipotle Mexican Grill Inc.	0.22%	1,081,107	$60.7M	Reduce -2.1%
BMY Bristol-Myers Squibb Co.	0.22%	1,304,197	$60.4M	Reduce -1.1%
RCL Royal Caribbean Cruises Ltd.	0.22%	192,134	$60.2M	Reduce -14.6%
MDLZ Mondelez International Inc. Class A	0.21%	878,647	$59.3M	Reduce -1.2%
CL Colgate-Palmolive Co.	0.21%	646,166	$58.7M	Add +270.5%
IBKR Interactive Brokers Gro Class A	0.21%	1,057,199	$58.6M	Add +0.3%
PH Parker Hannifin Corp.	0.21%	82,141	$57.4M	Reduce -1.5%
VCSH Vanguard S/T Corp. Bond ETF	0.21%	720,835	$57.3M	Reduce -0.7%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO	0.20%	177,643	$56.9M	Reduce -1.1%
JCI Johnson Controls Internation	0.20%	520,440	$55.0M	Reduce -1.4%
ZM Zoom Communications Inc.	0.20%	704,563	$54.9M	Reduce -1.7%
MMM 3M Co.	0.20%	360,707	$54.9M	Reduce -1.5%

Show all 935 holdings

Portfolio Sells Q1 2025 → Q2 2025


AAPL Apple Inc.	Reduce -1.1%	3.82%	−0.73
SPY SS SPDR S&P 500 ETF Trust-US	Sold out	0.00%	−0.64
BRK.B Berkshire Hathaway Inc. Class B	Reduce -0.9%	1.28%	−0.26
RTX RTX Corp.	Sold out	0.00%	−0.15
PSA Public Storage	Reduce -46.5%	0.13%	−0.14
MTD Mettler-Toledo International	Reduce -86.5%	0.02%	−0.13
CVX Chevron Corp.	Reduce -2.2%	0.44%	−0.13
JNJ Johnson & Johnson	Reduce -1.1%	0.67%	−0.13
ABBV Abbvie Inc.	Reduce -1.0%	0.53%	−0.13
KMB Kimberly-Clark Corp.	Reduce -75.0%	0.03%	−0.12
XOM Exxon Mobil Corp.	Reduce -1.4%	0.55%	−0.12
TMO Thermo Fisher Scientific Inc.	Reduce -1.6%	0.29%	−0.10
RF Regions Financial Corp.	Reduce -86.3%	0.02%	−0.10
PG The Procter & Gamble Co.	Reduce -1.0%	0.58%	−0.10
BMY Bristol-Myers Squibb Co.	Reduce -1.1%	0.22%	−0.10
MDY State Street SPDR S&P Midcap	Sold out	0.00%	−0.10
KR Kroger Co.	Reduce -51.6%	0.08%	−0.09
BIIB Biogen Inc.	Reduce -82.9%	0.01%	−0.08
REGN Regeneron Pharmaceuticals	Reduce -1.7%	0.24%	−0.08
COP Conocophillips	Reduce -1.6%	0.28%	−0.08
V Visa Inc. Class A	Reduce -1.3%	0.93%	−0.08
AMGN Amgen Inc.	Reduce -1.2%	0.34%	−0.08
EQH Equitable Holdings Inc.	Sold out	0.00%	−0.08
LLY Eli Lilly & Co.	Reduce -0.3%	0.47%	−0.07
PLD Prologis Inc.	Reduce -1.0%	0.41%	−0.07
EBAY eBay Inc.	Reduce -19.3%	0.27%	−0.06
EXP Eagle Materials Inc.	Reduce -60.9%	0.03%	−0.06
KO The Coca-Cola Co.	Reduce -1.0%	0.46%	−0.05
MA Mastercard Inc. Class A	Reduce -1.1%	0.70%	−0.05
BJ Bj's Wholesale Club Holdings	Reduce -30.4%	0.08%	−0.05
VZ Verizon Communications Inc.	Reduce -1.0%	0.33%	−0.05
IEF iShares 7-10 Year Treasury B	Sold out	0.00%	−0.05
PEP Pepsico Inc.	Reduce -0.6%	0.19%	−0.05
RGLD Royal Gold Inc.	Reduce -47.7%	0.05%	−0.05
X United States Steel Corp.	Sold out	0.00%	−0.05
CNO Cno Financial Group Inc.	Sold out	0.00%	−0.04
COR Cencora Inc.	Sold out	0.00%	−0.04
HD Home Depot Inc.	Reduce -0.7%	0.43%	−0.04
LOW Lowe's Cos Inc.	Reduce -1.5%	0.25%	−0.04
HES Hess Corp.	Reduce -1.4%	0.15%	−0.04
NFLX Netflix Inc.	Reduce -28.3%	0.68%	−0.04
BERY Berry Global Group Inc.	Sold out	0.00%	−0.04
AJG Arthur J Gallagher & Co.	Reduce -1.1%	0.20%	−0.04
MRK Merck & Co. Inc.	Reduce -0.9%	0.15%	−0.04
TRGP Targa Resources Corp.	Reduce -1.5%	0.14%	−0.04
HUM Humana Inc.	Reduce -1.6%	0.19%	−0.04
DFS Discover Financial Services	Sold out	0.00%	−0.04
CAG Conagra Brands Inc.	Reduce -1.6%	0.08%	−0.04
UNP Union Pacific Corp.	Reduce -1.6%	0.26%	−0.04
AKAM Akamai Technologies Inc.	Reduce -1.8%	0.30%	−0.03

Portfolio Buys Q1 2025 → Q2 2025


NVDA Nvidia Corp.	Add +1.8%	5.04%	+1.35
VOO Vanguard S&P 500 ETF	Add +1313.9%	0.75%	+0.70
CRM Salesforce Inc.	Add +156.5%	0.51%	+0.30
CMCSA Comcast Corp. Class A	Add +177.4%	0.29%	+0.17
VGIT Vanguard Intermediate-Term T	New	0.15%	+0.15
PFE Pfizer Inc.	Add +154.9%	0.27%	+0.15
CL Colgate-Palmolive Co.	Add +270.5%	0.21%	+0.15
YUM Yum! Brands Inc.	Add +384.1%	0.15%	+0.12
VTR Ventas Inc.	Add +150.8%	0.19%	+0.10
KEY Keycorp	Add +707.9%	0.11%	+0.09
IJH iShares Core S&P Midcap ETF	New	0.09%	+0.09
NTAP Netapp Inc.	Add +34.7%	0.27%	+0.09
PLTR Palantir Technologies Inc. Class A	Add +3.6%	0.22%	+0.08
HPE Hewlett Packard Enterprise	Add +4.1%	0.35%	+0.07
OKTA Okta Inc.	New	0.07%	+0.07
COIN Coinbase Global Inc. Class A	New	0.06%	+0.06
APG Api Group Corp.	New	0.05%	+0.05
CCK Crown Holdings Inc.	Add +86.5%	0.10%	+0.05
COF Capital One Financial Corp.	Add +67.5%	0.10%	+0.05
BILL Bill Holdings Inc.	Add +250.2%	0.07%	+0.05
CW Curtiss-Wright Corp.	Add +0.3%	0.15%	+0.05
IBKR Interactive Brokers Gro Class A	Add +0.3%	0.21%	+0.04
WMT Walmart Inc.	Add +3.4%	0.68%	+0.04
PVH PVH Corp.	Add +224.1%	0.05%	+0.04
ELF Elf Beauty Inc.	Add +0.2%	0.06%	+0.03
BBWI Bath & Body Works Inc.	Add +108.3%	0.06%	+0.03
NOW ServiceNow Inc.	Add +0.3%	0.16%	+0.03
VGSH Vanguard Short-Term Treasury	New	0.03%	+0.03
CEG Constellation Energy	Add +0.0%	0.08%	+0.02
CRWD CrowdStrike Holdings Inc. Class A	Add +1.0%	0.10%	+0.02
WWD Woodward Inc.	Add +0.3%	0.12%	+0.02
FLEX Flex Ltd.	Add +0.4%	0.08%	+0.02
NVT Nvent Electric PLC	Add +0.2%	0.10%	+0.02
EVR Evercore Inc. Class A	Add +0.8%	0.11%	+0.02
ASH Ashland Inc.	Add +242.6%	0.04%	+0.02
RBC RBC Bearings Inc.	Add +28.7%	0.07%	+0.02
PEGA Pegasystems Inc.	New	0.02%	+0.02
BRBR Bellring Brands Inc.	Add +96.4%	0.06%	+0.02
CNH CNH Industrial NV	Add +35.0%	0.07%	+0.02
CRS Carpenter Technology	Add +0.1%	0.06%	+0.02
CHWY Chewy Inc. Class A	Add +7.8%	0.07%	+0.02
DLR Digital Realty Trust Inc.	Add +0.3%	0.15%	+0.02
BWXT BWX Technologies Inc.	Add +0.3%	0.06%	+0.02
HIMS Hims & Hers Health Inc.	Add +3.0%	0.04%	+0.02
AXON Axon Enterprise Inc.	Add +1.9%	0.05%	+0.02
DUOL Duolingo	Add +4.0%	0.07%	+0.01
FLS Flowserve Corp.	Add +50.5%	0.05%	+0.01
KEX Kirby Corp.	Add +48.4%	0.04%	+0.01
BA The Boeing Co.	Add +0.4%	0.12%	+0.01
AGCO Agco Corp.	Add +48.7%	0.04%	+0.01

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