Retirement Systems of Alabama

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 31, 2025), Retirement Systems of Alabama reported 945 stock positions worth $30.1 billion. Its top holding was Nvidia (NVDA) at 5.5% of the portfolio, followed by Microsoft (MSFT, 4.5%) and Apple (AAPL, 4.4%). Compared with Q2 2025, it opened 29 new positions, sold out of 19, added to 191 and reduced 710. The biggest buy was Apple (AAPL, shares +1%) and the biggest sale Electronic Arts (EA, shares −92%).

Most Recent 13F
Q2 2026
Location
MONTGOMERY, AL
CIK
0001593051
Portfolio Value
$30.1B (Q3 2025)
SEC Filing
0001140361-25-039965 ↗ filed Oct 31, 2025

Holdings Value

0$10.0B$20.0B$30.0B$40.0B Q1 2024: $25.9B Q1 2024 Q2 2024: $25.9B Q2 2024 Q3 2024: $26.7B Q3 2024 Q4 2024: $26.9B Q4 2024 Q1 2025: $25.7B Q1 2025 Q2 2025: $27.9B Q2 2025 Q3 2025: $30.1B $30.1B Q3 2025 Q4 2025: $30.8B Q4 2025 Q1 2026: $30.0B Q1 2026 Q2 2026: $33.2B Q2 2026

Holdings 945 stocks · $30.1B
NVDA Nvidia Corp. 5.52% 8,894,297 $1.7B Reduce -0.3%
MSFT Microsoft Corp. 4.53% 2,631,760 $1.4B Reduce -0.3%
AAPL Apple Inc. 4.44% 5,242,533 $1.3B Add +0.7%
AMZN Amazon.com Inc. 2.70% 3,700,226 $812.5M Add +1.2%
AVGO Broadcom Inc. 2.31% 2,105,111 $694.5M Reduce -0.3%
META Meta Platforms Inc. Class A 1.71% 702,186 $515.7M Reduce -0.5%
IEMG iShares Core MSCI Emerging 1.66% 7,584,431 $500.0M No change
EEM iShares MSCI Emerging Market 1.62% 9,131,302 $487.6M Reduce -0.1%
GOOGL Alphabet Inc. Class A 1.60% 1,981,813 $481.8M Reduce -0.4%
DFAE Dimensional Emerging Core Eq 1.33% 12,668,769 $399.4M No change
GOOG Alphabet Inc. Class C 1.28% 1,585,328 $386.1M Reduce -0.7%
BRK.B Berkshire Hathaway Inc. Class B 1.24% 743,059 $373.6M Add +1.2%
TSLA Tesla Inc. 1.11% 753,025 $334.9M Reduce -5.6%
JPM JPMorgan Chase & Co. 1.00% 949,687 $299.6M Add +4.1%
V Visa Inc. Class A 0.84% 741,347 $253.1M Add +1.7%
JNJ Johnson & Johnson 0.75% 1,214,794 $225.2M Reduce -0.2%
BND Vanguard Total Bond Market 0.75% 3,017,338 $224.4M Reduce -0.6%
VOO Vanguard S&P 500 ETF 0.71% 349,164 $213.8M Reduce -5.5%
MA Mastercard Inc. Class A 0.69% 365,709 $208.0M Add +4.6%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.66% 702,053 $198.1M Add +19.0%
WMT Walmart Inc. 0.65% 1,892,353 $195.0M Reduce -3.2%
CSCO Cisco Systems Inc. 0.63% 2,749,479 $188.1M Add +2.4%
ABBV Abbvie Inc. 0.61% 796,092 $184.3M Reduce -0.3%
CVX Chevron Corp. 0.60% 1,158,282 $179.9M Add +35.2%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.59% 3,429,369 $176.9M Add +1.4%
CRM Salesforce Inc. 0.54% 689,468 $163.4M Add +30.7%
NFLX Netflix Inc. 0.54% 134,246 $161.0M Reduce -5.4%
XOM Exxon Mobil Corp. 0.53% 1,422,991 $160.4M Reduce -1.1%
GE General Electric filed as GE AEROSPACE 0.53% 532,694 $160.2M Reduce -0.5%
PG The Procter & Gamble Co. 0.51% 1,006,489 $154.6M Reduce -0.3%
WFC Wells Fargo & Co. 0.49% 1,768,226 $148.2M Reduce -0.8%
UNH Unitedhealth Group Inc. 0.47% 410,123 $141.6M Add +13.6%
GS Goldman Sachs Group Inc. 0.46% 173,512 $138.2M Reduce -0.7%
COST Costco Wholesale Corp. 0.44% 142,501 $131.9M Add +7.2%
HD Home Depot Inc. 0.44% 323,718 $131.2M Reduce -0.3%
LLY Eli Lilly & Co. 0.43% 169,593 $129.4M Add +0.5%
MS Morgan Stanley 0.43% 810,987 $128.9M Reduce -0.8%
PLD Prologis Inc. 0.42% 1,102,055 $126.2M Reduce -0.1%
AXP American Express Co. 0.41% 374,515 $124.4M Reduce -0.8%
PM Philip Morris International 0.41% 752,246 $122.0M Reduce -0.3%
KO The Coca-Cola Co. 0.40% 1,825,935 $121.1M Reduce -0.3%
HPE Hewlett Packard Enterprise 0.39% 4,796,815 $117.8M Reduce -0.0%
ADBE Adobe Inc. 0.39% 330,118 $116.4M Add +261.0%
EQIX Equinix Inc. 0.38% 145,096 $113.6M Add +5.1%
C Citigroup Inc. 0.37% 1,108,104 $112.5M Reduce -0.7%
CAT Caterpillar Inc. 0.37% 234,055 $111.7M Reduce -0.4%
SCHW Schwab (charles) Corp. 0.36% 1,140,761 $108.9M Reduce -0.2%
QCOM Qualcomm Inc. 0.36% 651,676 $108.4M Reduce -0.8%
UBER Uber Technologies Inc. 0.35% 1,077,919 $105.6M Reduce -0.4%
ORCL Oracle Corp. 0.33% 353,513 $99.4M Reduce -54.0%
MU Micron Technology Inc. 0.33% 590,607 $98.8M Reduce -12.7%
TMO Thermo Fisher Scientific Inc. 0.33% 202,120 $98.0M Reduce -0.2%
BKNG Booking Holdings Inc. 0.33% 18,151 $98.0M Reduce -0.4%
AMGN Amgen Inc. 0.32% 344,758 $97.3M Reduce -0.2%
AMAT Applied Materials Inc. 0.32% 469,547 $96.1M Reduce -0.7%
VZ Verizon Communications Inc. 0.31% 2,115,652 $93.0M Reduce -0.3%
NTAP Netapp Inc. 0.31% 783,579 $92.8M Add +11.9%
CTSH Cognizant Tech Solutions-A 0.30% 1,324,239 $88.8M Add +11.7%
EBAY eBay Inc. 0.29% 973,383 $88.5M Reduce -4.9%
PLTR Palantir Technologies Inc. Class A 0.29% 485,140 $88.5M Add +6.3%
WELL Welltower Inc. 0.29% 496,286 $88.4M Add +1.9%
AKAM Akamai Technologies Inc. 0.29% 1,165,291 $88.3M Add +11.8%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.29% 608,961 $88.0M Reduce -0.3%
HWM Howmet Aerospace Inc. 0.28% 423,225 $83.0M Reduce -0.1%
VBR Vngrd Mrngst SL-CP Val ETF-U 0.27% 382,480 $79.8M No change
PFE Pfizer Inc. 0.26% 3,097,240 $78.9M Reduce -0.2%
NOC Northrop Grumman Corp. 0.26% 129,272 $78.8M Reduce -0.3%
LOW Lowe's Cos Inc. 0.26% 310,432 $78.0M Reduce -0.2%
ISRG Intuitive Surgical Inc. 0.26% 173,706 $77.7M Reduce -0.3%
HCA HCA Healthcare Inc. 0.25% 176,935 $75.4M Reduce -1.2%
UNP Union Pacific Corp. 0.25% 317,718 $75.1M Reduce -0.5%
KLAC KLA Corp. 0.25% 68,701 $74.1M Reduce -0.3%
CB Chubb Ltd. 0.24% 258,486 $73.0M Add +18.9%
REGN Regeneron Pharmaceuticals 0.24% 128,609 $72.3M Reduce -0.4%
MTCH Match Group Inc. 0.24% 2,021,534 $71.4M Reduce -0.1%
AMT American Tower Corp. 0.23% 366,346 $70.5M Reduce -0.1%
CMCSA Comcast Corp. Class A 0.23% 2,234,382 $70.2M Reduce -0.6%
COP Conocophillips 0.23% 736,898 $69.7M Reduce -14.5%
SBUX Starbucks Corp. 0.23% 821,372 $69.5M Add +6.7%
NKE Nike Inc. Class B 0.23% 983,702 $68.6M Add +0.1%
CCI Crown Castle Inc. 0.23% 705,712 $68.1M Add +9.1%
ADP Automatic Data Processing 0.22% 225,439 $66.2M Reduce -0.3%
FIX Comfort Systems USA Inc. 0.21% 77,369 $63.8M Reduce -0.6%
T AT&T Inc. 0.21% 2,256,501 $63.7M Reduce -0.8%
URI United Rentals Inc. 0.21% 66,712 $63.7M Reduce -0.3%
TXN Texas Instruments Inc. 0.21% 343,742 $63.2M Reduce -0.3%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.21% 201,076 $62.3M Add +13.2%
PH Parker Hannifin Corp. 0.21% 81,980 $62.2M Reduce -0.2%
TDG Transdigm Group Inc. 0.20% 46,236 $60.9M Reduce -0.1%
KDP Keurig Dr Pepper Inc. 0.20% 2,379,582 $60.7M Reduce -0.1%
GM General Motors Co. 0.20% 982,224 $59.9M Reduce -0.3%
CAH Cardinal Health Inc. 0.20% 378,291 $59.4M Reduce -0.1%
SHW The Sherwin-Williams Co. 0.20% 170,411 $59.0M Reduce -22.7%
VTR Ventas Inc. 0.20% 841,121 $58.9M Add +0.0%
BMY Bristol-Myers Squibb Co. 0.20% 1,301,706 $58.7M Reduce -0.2%
ZM Zoom Communications Inc. 0.19% 704,563 $58.1M No change
JCI Johnson Controls Internation 0.19% 518,829 $57.0M Reduce -0.3%
PEP Pepsico Inc. 0.19% 405,451 $56.9M Reduce -0.5%
AMD Advanced Micro Devices 0.19% 346,182 $56.0M Reduce -0.5%
WBD Warner Bros Discovery Inc. 0.19% 2,856,706 $55.8M Reduce -18.4%

Show all 945 holdings

Portfolio Sells Q2 2025 → Q3 2025
EA Electronic Arts Inc. Reduce -91.8% 0.03% −0.30
ORCL Oracle Corp. Reduce -54.0% 0.33% −0.27
IBKR Interactive Brokers Gro Class A Reduce -91.0% 0.02% −0.19
CMG Chipotle Mexican Grill Inc. Reduce -73.5% 0.04% −0.18
MSFT Microsoft Corp. Reduce -0.3% 4.53% −0.17
META Meta Platforms Inc. Class A Reduce -0.5% 1.71% −0.15
HES Hess Corp. Sold out 0.00% −0.15
NFLX Netflix Inc. Reduce -5.4% 0.54% −0.14
EME Emcor Group Inc. Reduce -87.0% 0.02% −0.12
TRGP Targa Resources Corp. Reduce -78.8% 0.03% −0.11
CNC Centene Corp. Reduce -83.2% 0.01% −0.10
SW Smurfit Westrock PLC Reduce -84.7% 0.02% −0.10
KEY Keycorp Reduce -88.5% 0.01% −0.10
ACGL Arch Capital Group Ltd. Reduce -77.1% 0.02% −0.09
PM Philip Morris International Reduce -0.3% 0.41% −0.09
CZR Caesars Entertainment Inc. Sold out 0.00% −0.08
ISRG Intuitive Surgical Inc. Reduce -0.3% 0.26% −0.08
KDP Keurig Dr Pepper Inc. Reduce -0.1% 0.20% −0.08
SHW The Sherwin-Williams Co. Reduce -22.7% 0.20% −0.07
PG The Procter & Gamble Co. Reduce -0.3% 0.51% −0.06
KO The Coca-Cola Co. Reduce -0.3% 0.40% −0.06
AMT American Tower Corp. Reduce -0.1% 0.23% −0.06
SKX Skechers USA Inc. Class A Sold out 0.00% −0.05
BND Vanguard Total Bond Market Reduce -0.6% 0.75% −0.05
CMCSA Comcast Corp. Class A Reduce -0.6% 0.23% −0.05
BKNG Booking Holdings Inc. Reduce -0.4% 0.33% −0.05
TDG Transdigm Group Inc. Reduce -0.1% 0.20% −0.05
HRB H&R Block Inc. Reduce -57.5% 0.03% −0.05
SFM Sprouts Farmers Market Inc. Reduce -0.7% 0.07% −0.05
VNOM Viper Energy Inc. Sold out 0.00% −0.05
TXN Texas Instruments Inc. Reduce -0.3% 0.21% −0.05
COP Conocophillips Reduce -14.5% 0.23% −0.05
RNR Renaissancere Holdings Ltd. Reduce -46.6% 0.05% −0.04
VOO Vanguard S&P 500 ETF Reduce -5.5% 0.71% −0.04
WEN The Wendy's Co. Sold out 0.00% −0.04
CL Colgate-Palmolive Co. Reduce -0.2% 0.17% −0.04
CI The Cigna Group Reduce -0.2% 0.16% −0.04
WMT Walmart Inc. Reduce -3.2% 0.65% −0.04
RCL Royal Caribbean Cruises Ltd. Reduce -13.1% 0.18% −0.04
ACN Accenture PLC Class A Reduce -1.1% 0.11% −0.03
INTU Intuit Inc. Reduce -0.8% 0.14% −0.03
SPOT Spotify Technology SA Reduce -10.3% 0.10% −0.03
TXRH Texas Roadhouse Inc. Reduce -11.3% 0.09% −0.03
RPM RPM International Inc. Reduce -25.6% 0.09% −0.03
CE Celanese Corp. Sold out 0.00% −0.03
CAH Cardinal Health Inc. Reduce -0.1% 0.20% −0.03
MDLZ Mondelez International Inc. Class A Reduce -0.2% 0.18% −0.03
ADP Automatic Data Processing Reduce -0.3% 0.22% −0.03
TXNM TXNM Energy Inc. Reduce -53.7% 0.02% −0.03
NOW ServiceNow Inc. Reduce -0.1% 0.14% −0.03

Portfolio Buys Q2 2025 → Q3 2025
AAPL Apple Inc. Add +0.7% 4.44% +0.61
ADBE Adobe Inc. Add +261.0% 0.39% +0.26
CVX Chevron Corp. Add +35.2% 0.60% +0.16
RTX RTX Corp. New 0.16% +0.16
TTD Trade Desk Inc./the Class A New 0.15% +0.15
APP AppLovin Corp. Class A New 0.14% +0.14
CTVA Corteva Inc. Add +418.4% 0.17% +0.13
TWLO Twilio Inc. Class A New 0.12% +0.12
LVS Las Vegas Sands Corp. Add +769.4% 0.11% +0.10
TRU Transunion New 0.08% +0.08
NTNX Nutanix Inc. Class A New 0.08% +0.08
HOOD Robinhood Markets Inc. Class A New 0.08% +0.08
TLN Talen Energy Corp. New 0.08% +0.08
AMCR Amcor PLC Add +568.1% 0.09% +0.07
PLTR Palantir Technologies Inc. Class A Add +6.3% 0.29% +0.07
UNH Unitedhealth Group Inc. Add +13.6% 0.47% +0.07
FTI Technipfmc PLC New 0.07% +0.07
KTOS Kratos Defense & Security New 0.06% +0.06
EQH Equitable Holdings Inc. New 0.06% +0.06
VNOM Viper Energy Inc. Class A New 0.05% +0.05
JPM JPMorgan Chase & Co. Add +4.1% 1.00% +0.05
SSB Southstate Bank Corp. Add +121.3% 0.09% +0.05
EXE Expand Energy Corp. Add +71.8% 0.15% +0.05
AAON Aaon Inc. Add +160.3% 0.07% +0.04
TRV The Travelers Cos Inc. New 0.04% +0.04
NXT Nextpower Inc. New 0.04% +0.04
PWR Quanta Services Inc. New 0.04% +0.04
COR Cencora Inc. New 0.04% +0.04
NTAP Netapp Inc. Add +11.9% 0.31% +0.04
AVAV Aerovironment Inc. New 0.04% +0.04
ELAN Elanco Animal Health Inc. New 0.04% +0.04
ORA Ormat Technologies Inc. Add +169.7% 0.06% +0.04
SCI Service Corp. International Add +87.8% 0.09% +0.04
CNO Cno Financial Group Inc. New 0.04% +0.04
FTNT Fortinet Inc. New 0.04% +0.04
MP MP Materials Corp. New 0.04% +0.04
IBM Intl Business Machines Corp. Add +19.0% 0.66% +0.04
DDOG Datadog Inc. Class A New 0.03% +0.03
EW Edwards Lifesciences Corp. New 0.03% +0.03
ATI Ati Inc. Add +81.2% 0.08% +0.03
TGT Target Corp. New 0.03% +0.03
CRM Salesforce Inc. Add +30.7% 0.54% +0.03
XYZ Block Inc. New 0.03% +0.03
WELL Welltower Inc. Add +1.9% 0.29% +0.03
CAVA Cava Group Inc. Add +161.8% 0.05% +0.02
YUM Yum! Brands Inc. Add +19.7% 0.18% +0.02
BILL Bill Holdings Inc. Add +23.7% 0.09% +0.02
CG The Carlyle Group Inc. Add +20.9% 0.07% +0.02
CB Chubb Ltd. Add +18.9% 0.24% +0.02
VRSN Verisign Inc. New 0.02% +0.02

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 950$33.2BNVDA, AAPL, MSFT, AMZN, AVGO
Q1 2026 947$30.0BNVDA, AAPL, MSFT, AMZN, AVGO
Q4 2025 943$30.8BNVDA, AAPL, MSFT, AMZN, AVGO
Q3 2025 945$30.1BNVDA, MSFT, AAPL, AMZN, AVGO
Q2 2025 935$27.9BNVDA, MSFT, AAPL, AMZN, AVGO
Q1 2025 945$25.7BAAPL, MSFT, NVDA, AMZN, META
Q4 2024 941$26.9BAAPL, NVDA, MSFT, AMZN, AVGO
Q3 2024 944$26.7BAAPL, MSFT, NVDA, AMZN, IEMG
Q2 2024 941$25.9BMSFT, NVDA, AAPL, AMZN, IEMG
Q1 2024 941$25.9BMSFT, AAPL, NVDA, AMZN, IEMG