Retirement Systems of Alabama
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 15, 2026), Retirement Systems of Alabama reported 943 stock positions worth $30.8 billion. Its top holding was Nvidia (NVDA) at 5.4% of the portfolio, followed by Apple (AAPL, 4.6%) and Microsoft (MSFT, 4.1%). Compared with Q3 2025, it opened 15 new positions, sold out of 18, added to 109 and reduced 791. The biggest buy was CVS Health (CVS, shares +224%) and the biggest sale Microsoft (MSFT, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- MONTGOMERY, AL
- CIK
- 0001593051
- Portfolio Value
- $30.8B (Q4 2025)
- SEC Filing
- 0001140361-26-001270 ↗ filed Jan 15, 2026
Holdings Value
Holdings 943 stocks · $30.8B
| NVDA Nvidia Corp. | 5.36% | 8,858,792 | $1.7B | Reduce -0.4% |
| AAPL Apple Inc. | 4.61% | 5,220,255 | $1.4B | Reduce -0.4% |
| MSFT Microsoft Corp. | 4.12% | 2,627,257 | $1.3B | Reduce -0.2% |
| AMZN Amazon.com Inc. | 2.80% | 3,742,266 | $863.8M | Add +1.1% |
| AVGO Broadcom Inc. | 2.37% | 2,106,386 | $729.0M | Add +0.1% |
| GOOGL Alphabet Inc. Class A | 2.01% | 1,978,633 | $619.3M | Reduce -0.2% |
| IEMG iShares Core MSCI Emerging | 1.66% | 7,584,431 | $509.8M | No change |
| EEM iShares MSCI Emerging Market | 1.62% | 9,131,302 | $499.6M | No change |
| GOOG Alphabet Inc. Class C | 1.61% | 1,578,396 | $495.3M | Reduce -0.4% |
| META Meta Platforms Inc. Class A | 1.51% | 702,820 | $463.9M | Add +0.1% |
| DFAE Dimensional Emerging Core Eq | 1.34% | 12,668,769 | $412.6M | No change |
| BRK.B Berkshire Hathaway Inc. Class B | 1.21% | 741,989 | $373.0M | Reduce -0.1% |
| TSLA Tesla Inc. | 1.10% | 752,197 | $338.3M | Reduce -0.1% |
| JPM JPMorgan Chase & Co. | 0.99% | 942,236 | $303.6M | Reduce -0.8% |
| V Visa Inc. Class A | 0.84% | 738,004 | $258.8M | Reduce -0.5% |
| JNJ Johnson & Johnson | 0.82% | 1,213,592 | $251.2M | Reduce -0.1% |
| BND Vanguard Total Bond Market | 0.72% | 3,001,761 | $222.3M | Reduce -0.5% |
| CSCO Cisco Systems Inc. | 0.69% | 2,743,070 | $211.3M | Reduce -0.2% |
| VOO Vanguard S&P 500 ETF | 0.68% | 332,799 | $208.7M | Reduce -4.7% |
| MA Mastercard Inc. Class A | 0.67% | 364,052 | $207.8M | Reduce -0.5% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.64% | 669,449 | $198.3M | Reduce -4.6% |
| WMT Walmart Inc. | 0.64% | 1,757,950 | $195.9M | Reduce -7.1% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.61% | 3,404,952 | $187.3M | Reduce -0.7% |
| CRM Salesforce Inc. | 0.59% | 688,061 | $182.3M | Reduce -0.2% |
| ABBV Abbvie Inc. | 0.59% | 795,237 | $181.7M | Reduce -0.1% |
| LLY Eli Lilly & Co. | 0.59% | 168,938 | $181.6M | Reduce -0.4% |
| CVX Chevron Corp. | 0.57% | 1,150,385 | $175.3M | Reduce -0.7% |
| XOM Exxon Mobil Corp. | 0.55% | 1,410,701 | $169.8M | Reduce -0.9% |
| GE General Electric filed as GE AEROSPACE | 0.53% | 530,879 | $163.5M | Reduce -0.3% |
| WFC Wells Fargo & Co. | 0.53% | 1,752,666 | $163.3M | Reduce -0.9% |
| GS Goldman Sachs Group Inc. | 0.49% | 172,741 | $151.8M | Reduce -0.4% |
| PG The Procter & Gamble Co. | 0.47% | 1,003,924 | $143.9M | Reduce -0.3% |
| MS Morgan Stanley | 0.47% | 809,145 | $143.6M | Reduce -0.2% |
| COST Costco Wholesale Corp. | 0.45% | 162,443 | $140.1M | Add +14.0% |
| PLD Prologis Inc. | 0.45% | 1,092,611 | $139.5M | Reduce -0.9% |
| AXP American Express Co. | 0.45% | 373,033 | $138.0M | Reduce -0.4% |
| PM Philip Morris International | 0.44% | 837,203 | $134.3M | Add +11.3% |
| CAT Caterpillar Inc. | 0.43% | 233,677 | $133.9M | Reduce -0.2% |
| C Citigroup Inc. | 0.42% | 1,096,053 | $127.9M | Reduce -1.1% |
| KO The Coca-Cola Co. | 0.41% | 1,823,283 | $127.5M | Reduce -0.1% |
| MU Micron Technology Inc. | 0.41% | 440,664 | $125.8M | Reduce -25.4% |
| NFLX Netflix Inc. | 0.41% | 1,337,436 | $125.4M | Reduce -0.4% |
| AMAT Applied Materials Inc. | 0.39% | 467,833 | $120.2M | Reduce -0.4% |
| ISRG Intuitive Surgical Inc. | 0.38% | 207,942 | $117.8M | Add +19.7% |
| TMO Thermo Fisher Scientific Inc. | 0.38% | 201,496 | $116.8M | Reduce -0.3% |
| ADBE Adobe Inc. | 0.37% | 328,678 | $115.0M | Reduce -0.4% |
| SCHW Schwab (charles) Corp. | 0.37% | 1,132,110 | $113.1M | Reduce -0.8% |
| AMGN Amgen Inc. | 0.37% | 344,470 | $112.7M | Reduce -0.1% |
| HD Home Depot Inc. | 0.36% | 323,234 | $111.2M | Reduce -0.1% |
| QCOM Qualcomm Inc. | 0.36% | 649,447 | $111.1M | Reduce -0.3% |
| EQIX Equinix Inc. | 0.36% | 144,303 | $110.6M | Reduce -0.6% |
| CTSH Cognizant Tech Solutions-A | 0.36% | 1,322,732 | $109.8M | Reduce -0.1% |
| BKNG Booking Holdings Inc. | 0.33% | 19,078 | $102.2M | Add +5.1% |
| AKAM Akamai Technologies Inc. | 0.33% | 1,165,309 | $101.7M | Add +0.0% |
| REGN Regeneron Pharmaceuticals | 0.32% | 128,317 | $99.0M | Reduce -0.2% |
| WELL Welltower Inc. | 0.32% | 529,557 | $98.3M | Add +6.7% |
| HPE Hewlett Packard Enterprise | 0.32% | 4,070,702 | $97.8M | Reduce -15.1% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.30% | 607,740 | $93.4M | Reduce -0.2% |
| UBER Uber Technologies Inc. | 0.29% | 1,075,087 | $87.8M | Reduce -0.3% |
| HWM Howmet Aerospace Inc. | 0.28% | 422,763 | $86.7M | Reduce -0.1% |
| PFE Pfizer Inc. | 0.28% | 3,477,110 | $86.6M | Add +12.3% |
| PLTR Palantir Technologies Inc. Class A | 0.28% | 485,957 | $86.4M | Add +0.2% |
| VZ Verizon Communications Inc. | 0.28% | 2,113,216 | $86.1M | Reduce -0.1% |
| EBAY eBay Inc. | 0.27% | 972,054 | $84.7M | Reduce -0.1% |
| NTAP Netapp Inc. | 0.27% | 783,359 | $83.9M | Reduce -0.0% |
| KLAC KLA Corp. | 0.27% | 68,503 | $83.2M | Reduce -0.3% |
| HCA HCA Healthcare Inc. | 0.27% | 175,977 | $82.2M | Reduce -0.5% |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 0.26% | 382,480 | $81.0M | No change |
| CB Chubb Ltd. | 0.26% | 257,253 | $80.3M | Reduce -0.5% |
| GM General Motors Co. | 0.26% | 977,581 | $79.5M | Reduce -0.5% |
| CAH Cardinal Health Inc. | 0.25% | 377,896 | $77.7M | Reduce -0.1% |
| VGIT Vanguard Intermediate-Term T | 0.25% | 1,269,160 | $76.1M | Add +49.9% |
| BMY Bristol-Myers Squibb Co. | 0.25% | 1,408,599 | $76.0M | Add +8.2% |
| LOW Lowe's Cos Inc. | 0.24% | 310,188 | $74.8M | Reduce -0.1% |
| CMCSA Comcast Corp. Class A | 0.24% | 2,489,780 | $74.4M | Add +11.4% |
| AMD Advanced Micro Devices | 0.24% | 346,341 | $74.2M | Add +0.1% |
| NOC Northrop Grumman Corp. | 0.24% | 129,102 | $73.6M | Reduce -0.1% |
| UNP Union Pacific Corp. | 0.24% | 317,400 | $73.4M | Reduce -0.1% |
| NKE Nike Inc. Class B | 0.23% | 1,130,383 | $72.0M | Add +14.9% |
| PH Parker Hannifin Corp. | 0.23% | 81,567 | $71.7M | Reduce -0.5% |
| ORCL Oracle Corp. | 0.23% | 357,813 | $69.7M | Add +1.2% |
| CVS CVS Health Corp. | 0.23% | 876,611 | $69.6M | Add +224.0% |
| SBUX Starbucks Corp. | 0.22% | 820,752 | $69.1M | Reduce -0.1% |
| COP Conocophillips | 0.22% | 733,356 | $68.6M | Reduce -0.5% |
| KDP Keurig Dr Pepper Inc. | 0.22% | 2,378,821 | $66.6M | Reduce -0.0% |
| VTR Ventas Inc. | 0.21% | 849,738 | $65.8M | Add +1.0% |
| MTCH Match Group Inc. | 0.21% | 2,020,425 | $65.2M | Reduce -0.1% |
| WBD Warner Bros Discovery Inc. | 0.21% | 2,259,890 | $65.1M | Reduce -20.9% |
| UNH Unitedhealth Group Inc. | 0.21% | 192,704 | $63.6M | Reduce -53.0% |
| AMT American Tower Corp. | 0.21% | 361,213 | $63.4M | Reduce -1.4% |
| CCI Crown Castle Inc. | 0.20% | 700,967 | $62.3M | Reduce -0.7% |
| TDG Transdigm Group Inc. | 0.20% | 46,196 | $61.4M | Reduce -0.1% |
| JCI Johnson Controls Internation | 0.20% | 509,245 | $61.0M | Reduce -1.9% |
| ZM Zoom Communications Inc. | 0.20% | 704,563 | $60.8M | No change |
| TXN Texas Instruments Inc. | 0.19% | 343,103 | $59.5M | Reduce -0.2% |
| PEP Pepsico Inc. | 0.19% | 404,280 | $58.0M | Reduce -0.3% |
| ADP Automatic Data Processing | 0.19% | 225,077 | $57.9M | Reduce -0.2% |
| RCL Royal Caribbean Cruises Ltd. | 0.19% | 207,555 | $57.9M | Add +24.3% |
| MMM 3M Co. | 0.19% | 358,234 | $57.4M | Reduce -0.2% |
| T AT&T Inc. | 0.18% | 2,239,369 | $55.6M | Reduce -0.8% |
Portfolio Sells Q3 2025 → Q4 2025
| MSFT Microsoft Corp. | Reduce -0.2% | 4.12% | −0.41 |
| UNH Unitedhealth Group Inc. | Reduce -53.0% | 0.21% | −0.26 |
| FIX Comfort Systems USA Inc. | Reduce -87.2% | 0.03% | −0.18 |
| NVDA Nvidia Corp. | Reduce -0.4% | 5.36% | −0.15 |
| NFLX Netflix Inc. | Reduce -0.4% | 0.41% | −0.13 |
| DD Dupont DE Nemours Inc. | Reduce -76.4% | 0.01% | −0.09 |
| AMCR Amcor PLC | Reduce -85.0% | 0.01% | −0.08 |
| HD Home Depot Inc. | Reduce -0.1% | 0.36% | −0.07 |
| HPE Hewlett Packard Enterprise | Reduce -15.1% | 0.32% | −0.07 |
| HOLX Hologic Inc. | Reduce -47.8% | 0.09% | −0.07 |
| UBER Uber Technologies Inc. | Reduce -0.3% | 0.29% | −0.07 |
| CAG Conagra Brands Inc. | Reduce -90.8% | 0.01% | −0.06 |
| JBHT Hunt (jb) Transprt SVCS Inc. | Reduce -88.9% | 0.01% | −0.05 |
| PG The Procter & Gamble Co. | Reduce -0.3% | 0.47% | −0.05 |
| TDC Teradata Corp. | Sold out | 0.00% | −0.04 |
| BYD Boyd Gaming Corp. | Reduce -66.7% | 0.02% | −0.04 |
| ELF Elf Beauty Inc. | Reduce -37.7% | 0.02% | −0.04 |
| Q Qnity Electronics Inc. | Reduce -76.4% | 0.01% | −0.04 |
| AJG Arthur J Gallagher & Co. | Reduce -0.0% | 0.17% | −0.04 |
| DOCS Doximity Inc. Class A | Reduce -0.0% | 0.05% | −0.04 |
| URI United Rentals Inc. | Reduce -0.3% | 0.17% | −0.04 |
| TTD Trade Desk Inc./the Class A | Reduce -0.1% | 0.11% | −0.04 |
| NTAP Netapp Inc. | Reduce -0.0% | 0.27% | −0.04 |
| KR Kroger Co. | Reduce -53.4% | 0.03% | −0.04 |
| VOO Vanguard S&P 500 ETF | Reduce -4.7% | 0.68% | −0.03 |
| ADP Automatic Data Processing | Reduce -0.2% | 0.19% | −0.03 |
| T AT&T Inc. | Reduce -0.8% | 0.18% | −0.03 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.1% | 1.21% | −0.03 |
| ACI Albertsons Cos Inc. Class A | Reduce -51.1% | 0.03% | −0.03 |
| VZ Verizon Communications Inc. | Reduce -0.1% | 0.28% | −0.03 |
| MDLZ Mondelez International Inc. Class A | Reduce -0.2% | 0.15% | −0.03 |
| CHRD Chord Energy Corp. | Reduce -54.4% | 0.02% | −0.03 |
| CVX Chevron Corp. | Reduce -0.7% | 0.57% | −0.03 |
| AMT American Tower Corp. | Reduce -1.4% | 0.21% | −0.03 |
| LNWO Light & Wonder Inc. | Sold out | 0.00% | −0.03 |
| NOW ServiceNow Inc. | Reduce -0.5% | 0.11% | −0.03 |
| MTCH Match Group Inc. | Reduce -0.1% | 0.21% | −0.03 |
| FISV Fiserv Inc. | Reduce -1.3% | 0.03% | −0.02 |
| CCI Crown Castle Inc. | Reduce -0.7% | 0.20% | −0.02 |
| BND Vanguard Total Bond Market | Reduce -0.5% | 0.72% | −0.02 |
| P Everpure Inc. Class A | Reduce -0.2% | 0.08% | −0.02 |
| ABBV Abbvie Inc. | Reduce -0.1% | 0.59% | −0.02 |
| NOC Northrop Grumman Corp. | Reduce -0.1% | 0.24% | −0.02 |
| OC Owens Corning | Reduce -1.3% | 0.07% | −0.02 |
| ZD Ziff Davis Inc. | Sold out | 0.00% | −0.02 |
| LIN Linde PLC | Reduce -0.7% | 0.14% | −0.02 |
| EBAY eBay Inc. | Reduce -0.1% | 0.27% | −0.02 |
| CART Maplebear Inc. | Reduce -47.5% | 0.03% | −0.02 |
| EQIX Equinix Inc. | Reduce -0.6% | 0.36% | −0.02 |
| COKE Coca-Cola Consolidated Inc. | Reduce -46.1% | 0.04% | −0.02 |
Portfolio Buys Q3 2025 → Q4 2025
| CVS CVS Health Corp. | Add +224.0% | 0.23% | +0.16 |
| WDAY Workday Inc. Class A | Add +431.9% | 0.17% | +0.13 |
| ISRG Intuitive Surgical Inc. | Add +19.7% | 0.38% | +0.12 |
| AMZN Amazon.com Inc. | Add +1.1% | 2.80% | +0.10 |
| MT Arcelormittal-NY Registered | New | 0.10% | +0.10 |
| PINS Pinterest Inc. Class A | New | 0.09% | +0.09 |
| VGIT Vanguard Intermediate-Term T | Add +49.9% | 0.25% | +0.08 |
| AVY Avery Dennison Corp. | Add +87.9% | 0.14% | +0.07 |
| AVGO Broadcom Inc. | Add +0.1% | 2.37% | +0.06 |
| BAH Booz Allen Hamilton Holdings | New | 0.06% | +0.06 |
| CRH CRH PLC | New | 0.06% | +0.06 |
| LITE Lumentum Holdings Inc. | Add +0.8% | 0.10% | +0.06 |
| SPXC SPX Technologies Inc. | New | 0.06% | +0.06 |
| AMD Advanced Micro Devices | Add +0.1% | 0.24% | +0.05 |
| BMY Bristol-Myers Squibb Co. | Add +8.2% | 0.25% | +0.05 |
| HL Hecla Mining Co. | New | 0.05% | +0.05 |
| COHR Coherent Corp. | Add +0.4% | 0.11% | +0.05 |
| NTNX Nutanix Inc. Class A | Add +123.7% | 0.12% | +0.04 |
| CVNA Carvana Co. | New | 0.04% | +0.04 |
| AR Antero Resources Corp. | Add +100.0% | 0.08% | +0.04 |
| DY Dycom Industries Inc. | New | 0.04% | +0.04 |
| BWA Borgwarner Inc. | New | 0.04% | +0.04 |
| STRL Sterling Infrastructure Inc. | New | 0.04% | +0.04 |
| AKAM Akamai Technologies Inc. | Add +0.0% | 0.33% | +0.04 |
| ULS Ul Solutions Inc. Class A | New | 0.03% | +0.03 |
| PM Philip Morris International | Add +11.3% | 0.44% | +0.03 |
| CRBG Corebridge Financial Inc. | Add +241.4% | 0.04% | +0.03 |
| CRS Carpenter Technology | Add +26.1% | 0.08% | +0.03 |
| PATH Uipath Inc. Class A | New | 0.03% | +0.03 |
| GATX Gatx Corp. | Add +112.9% | 0.05% | +0.03 |
| WELL Welltower Inc. | Add +6.7% | 0.32% | +0.03 |
| ARES Ares Management Corp. Class A | New | 0.02% | +0.02 |
| SNDK Sandisk Corp. | New | 0.02% | +0.02 |
| BSY Bentley Systems Inc. Class B | New | 0.02% | +0.02 |
| CELH Celsius Holdings Inc. | Add +99.7% | 0.06% | +0.02 |
| PFE Pfizer Inc. | Add +12.3% | 0.28% | +0.02 |
| VTR Ventas Inc. | Add +1.0% | 0.21% | +0.02 |
| RGLD Royal Gold Inc. | Add +22.2% | 0.07% | +0.02 |
| COST Costco Wholesale Corp. | Add +14.0% | 0.45% | +0.02 |
| TRU Transunion | Add +16.9% | 0.10% | +0.01 |
| ONTO Onto Innovation Inc. | Add +27.9% | 0.04% | +0.01 |
| CHDN Churchill Downs Inc. | Add +6.0% | 0.07% | +0.01 |
| OKTA Okta Inc. | Add +31.0% | 0.07% | +0.01 |
| ROIV Roivant Sciences Ltd. | Add +1.1% | 0.04% | +0.01 |
| INTC Intel Corp. | Add +2.2% | 0.11% | +0.01 |
| NLY Annaly Capital Management Inc. | Add +4.3% | 0.08% | +0.01 |
| RCL Royal Caribbean Cruises Ltd. | Add +24.3% | 0.19% | +0.01 |
| CMCSA Comcast Corp. Class A | Add +11.4% | 0.24% | +0.01 |
| VGSH Vanguard Short-Term Treasury | Add +35.9% | 0.03% | +0.01 |
| UPS United Parcel Service Class B | Add +0.1% | 0.05% | +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 |