Utah Retirement Systems
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Utah Retirement Systems reported 960 stock positions worth $8.7 billion. Its top holding was Apple (AAPL) at 6.3% of the portfolio, followed by Microsoft (MSFT, 5.3%) and Nvidia (NVDA, 4.8%). Compared with Q4 2024, it opened 7 new positions, sold out of 26, added to 63 and reduced 290. The biggest buy was Visa Class A (V, shares +9%) and the biggest sale Nvidia (NVDA, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- SALT LAKE CITY, UT
- CIK
- 0001548392
- Portfolio Value
- $8.7B (Q1 2025)
- SEC Filing
- 0001085146-25-003174 ↗ filed May 15, 2025
Holdings Value
Holdings 960 stocks · $8.7B
| AAPL Apple Inc. | 6.25% | 2,440,758 | $542.2M | Add +2.8% |
| MSFT Microsoft Corp. | 5.33% | 1,231,977 | $462.5M | Reduce -0.1% |
| NVDA Nvidia Corp. | 4.85% | 3,876,559 | $420.1M | Reduce -0.2% |
| AMZN Amazon.com Inc. | 3.41% | 1,554,818 | $295.8M | Reduce -0.2% |
| META Meta Platforms Inc. Class A | 2.41% | 362,920 | $209.2M | Reduce -0.2% |
| GOOGL Alphabet Inc. Class A | 1.74% | 973,233 | $150.5M | Reduce -0.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.50% | 244,753 | $130.4M | Reduce -0.2% |
| AVGO Broadcom Inc. | 1.47% | 761,794 | $127.5M | Add +1.0% |
| GOOG Alphabet Inc. Class C | 1.45% | 804,111 | $125.6M | Reduce -0.2% |
| TSLA Tesla Inc. | 1.38% | 460,342 | $119.3M | Reduce -0.2% |
| JPM JPMorgan Chase & Co. | 1.32% | 465,337 | $114.1M | Reduce -0.2% |
| LLY Eli Lilly & Co. | 1.26% | 132,624 | $109.5M | Reduce -0.1% |
| V Visa Inc. Class A | 1.16% | 285,719 | $100.1M | Add +9.3% |
| XOM Exxon Mobil Corp. | 1.00% | 728,227 | $86.6M | Reduce -2.2% |
| UNH Unitedhealth Group Inc. | 0.92% | 152,336 | $79.8M | Reduce -0.1% |
| MA Mastercard Inc. Class A | 0.85% | 135,062 | $74.0M | Reduce -0.1% |
| COST Costco Wholesale Corp. | 0.80% | 73,430 | $69.4M | Reduce -0.2% |
| PG The Procter & Gamble Co. | 0.77% | 390,825 | $66.6M | Reduce -0.2% |
| JNJ Johnson & Johnson | 0.76% | 399,639 | $66.3M | Reduce -0.1% |
| NFLX Netflix Inc. | 0.76% | 70,869 | $66.1M | Reduce -0.2% |
| WMT Walmart Inc. | 0.73% | 719,074 | $63.1M | Reduce -0.1% |
| ABBV Abbvie Inc. | 0.71% | 293,516 | $61.5M | Reduce -0.1% |
| HD Home Depot Inc. | 0.69% | 164,290 | $60.2M | Reduce -0.2% |
| AVB Avalonbay Communities Inc. | 0.56% | 226,696 | $48.7M | No change |
| KO The Coca-Cola Co. | 0.53% | 643,221 | $46.1M | Reduce -0.1% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.53% | 1,103,278 | $46.0M | Reduce -0.1% |
| CVX Chevron Corp. | 0.52% | 271,107 | $45.4M | Reduce -5.2% |
| CRM Salesforce Inc. | 0.47% | 153,084 | $41.1M | Reduce -0.1% |
| PM Philip Morris International | 0.47% | 257,416 | $40.9M | Reduce -0.1% |
| CSCO Cisco Systems Inc. | 0.47% | 661,347 | $40.8M | Reduce -0.1% |
| WFC Wells Fargo & Co. | 0.45% | 545,107 | $39.1M | Reduce -1.4% |
| ABT Abbott Laboratories | 0.44% | 286,441 | $38.0M | Reduce -0.1% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.44% | 151,955 | $37.8M | Reduce -0.2% |
| MRK Merck & Co. Inc. | 0.43% | 420,144 | $37.7M | Reduce -0.1% |
| MCD McDonald's Corp. | 0.43% | 119,378 | $37.3M | Reduce -0.1% |
| LIN Linde PLC | 0.43% | 79,600 | $37.1M | Reduce -0.1% |
| ORCL Oracle Corp. | 0.43% | 264,742 | $37.0M | Add +1.6% |
| GE General Electric filed as GE AEROSPACE | 0.41% | 178,332 | $35.7M | Reduce -0.1% |
| PEP Pepsico Inc. | 0.39% | 227,673 | $34.1M | Reduce -0.1% |
| T AT&T Inc. | 0.39% | 1,188,484 | $33.6M | No change |
| UDR Udr Inc. | 0.38% | 724,417 | $32.7M | No change |
| ACN Accenture PLC Class A | 0.37% | 103,940 | $32.4M | Reduce -0.1% |
| GRNT Granite Ridge Resources Inc. | 0.37% | 5,243,683 | $31.9M | No change |
| VZ Verizon Communications Inc. | 0.37% | 697,786 | $31.7M | Reduce -0.1% |
| TMO Thermo Fisher Scientific Inc. | 0.36% | 63,267 | $31.5M | Reduce -0.1% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.36% | 39 | $31.1M | No change |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.34% | 300,884 | $29.7M | Reduce -0.1% |
| RTX RTX Corp. | 0.34% | 220,183 | $29.2M | Reduce -0.1% |
| ISRG Intuitive Surgical Inc. | 0.33% | 58,529 | $29.0M | Reduce -0.1% |
| PLTR Palantir Technologies Inc. Class A | 0.33% | 340,963 | $28.8M | Add +2.2% |
| QCOM Qualcomm Inc. | 0.33% | 185,009 | $28.4M | Reduce -0.1% |
| INTU Intuit Inc. | 0.32% | 45,244 | $27.8M | Reduce -0.2% |
| AMGN Amgen Inc. | 0.32% | 88,896 | $27.7M | Reduce -0.1% |
| ADBE Adobe Inc. | 0.32% | 72,093 | $27.6M | Reduce -2.0% |
| PGR Progressive Corp. | 0.32% | 96,839 | $27.4M | Reduce -0.1% |
| AMD Advanced Micro Devices | 0.32% | 266,721 | $27.4M | Reduce -0.1% |
| GS Goldman Sachs Group Inc. | 0.31% | 49,965 | $27.3M | Reduce -1.8% |
| TXN Texas Instruments Inc. | 0.31% | 150,819 | $27.1M | Reduce -0.1% |
| NOW ServiceNow Inc. | 0.31% | 33,993 | $27.1M | Reduce -0.1% |
| CAT Caterpillar Inc. | 0.30% | 79,925 | $26.4M | Reduce -1.5% |
| SPGI S&P Global Inc. | 0.30% | 51,869 | $26.4M | Reduce -0.2% |
| BKNG Booking Holdings Inc. | 0.29% | 5,485 | $25.3M | Reduce -0.2% |
| AXP American Express Co. | 0.28% | 91,774 | $24.7M | Reduce -1.3% |
| BSX Boston Scientific Corp. | 0.28% | 243,247 | $24.5M | Reduce -0.2% |
| UBER Uber Technologies Inc. | 0.28% | 336,646 | $24.5M | Reduce -0.2% |
| NEE Nextera Energy Inc. | 0.28% | 340,369 | $24.1M | Reduce -0.2% |
| UNP Union Pacific Corp. | 0.28% | 101,075 | $23.9M | Reduce -0.2% |
| PFE Pfizer Inc. | 0.27% | 938,984 | $23.8M | Reduce -0.2% |
| GILD Gilead Sciences Inc. | 0.27% | 206,731 | $23.2M | Reduce -0.1% |
| BLK BlackRock Inc. | 0.27% | 24,450 | $23.1M | Reduce -0.2% |
| CMCSA Comcast Corp. Class A | 0.26% | 620,845 | $22.9M | Reduce -1.4% |
| HON Honeywell International Inc. | 0.26% | 108,096 | $22.9M | No change |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.26% | 187,706 | $22.9M | Reduce -0.2% |
| COP Conocophillips | 0.26% | 214,308 | $22.5M | Reduce -0.1% |
| SYK Stryker Corp. | 0.26% | 59,976 | $22.3M | No change |
| C Citigroup Inc. | 0.26% | 313,445 | $22.3M | Reduce -0.2% |
| MS Morgan Stanley | 0.26% | 189,872 | $22.2M | Reduce -1.4% |
| DHR Danaher Corp. | 0.25% | 106,934 | $21.9M | Reduce -0.2% |
| LOW Lowe's Cos Inc. | 0.25% | 93,546 | $21.8M | Reduce -1.6% |
| SCHW Schwab (charles) Corp. | 0.25% | 274,697 | $21.5M | Add +11.1% |
| BA The Boeing Co. | 0.24% | 123,856 | $21.1M | Add +5.5% |
| ADP Automatic Data Processing | 0.24% | 68,101 | $20.8M | Reduce -0.2% |
| TMUS T-Mobile US Inc. | 0.24% | 77,981 | $20.8M | Reduce -2.6% |
| VRTX Vertex Pharmaceuticals Inc. | 0.24% | 42,803 | $20.8M | Reduce -0.2% |
| FISV Fiserv Inc. | 0.24% | 93,783 | $20.7M | Reduce -0.2% |
| BMY Bristol-Myers Squibb Co. | 0.24% | 335,890 | $20.5M | Reduce -0.2% |
| CB Chubb Ltd. | 0.23% | 67,017 | $20.2M | Reduce -0.2% |
| MRSH Marsh & McLennan Cos | 0.23% | 81,557 | $19.9M | Reduce -0.2% |
| AMAT Applied Materials Inc. | 0.23% | 134,728 | $19.6M | Reduce -2.4% |
| DE Deere & Co. | 0.22% | 41,263 | $19.4M | Reduce -1.4% |
| MDT Medtronic PLC | 0.22% | 212,451 | $19.1M | Reduce -0.2% |
| INVH Invitation Homes Inc. | 0.22% | 536,340 | $18.7M | No change |
| SBUX Starbucks Corp. | 0.21% | 187,658 | $18.4M | Reduce -0.2% |
| PANW Palo Alto Networks Inc. | 0.21% | 107,510 | $18.3M | No change |
| RY Royal Bank of Canada | 0.21% | 157,891 | $17.8M | No change |
| ETN Eaton Corp. PLC | 0.20% | 65,327 | $17.8M | Reduce -0.2% |
| ESS Essex Property Trust Inc. | 0.20% | 56,049 | $17.2M | No change |
| PLD Prologis Inc. | 0.20% | 152,993 | $17.1M | Reduce -0.2% |
| MO Altria Group Inc. | 0.19% | 280,822 | $16.9M | Reduce -0.2% |
| AMT American Tower Corp. | 0.19% | 77,303 | $16.8M | Reduce -0.2% |
Portfolio Sells Q4 2024 → Q1 2025
| NVDA Nvidia Corp. | Reduce -0.2% | 4.85% | −0.90 |
| TSLA Tesla Inc. | Reduce -0.2% | 1.38% | −0.68 |
| MSFT Microsoft Corp. | Reduce -0.1% | 5.33% | −0.39 |
| AMZN Amazon.com Inc. | Reduce -0.2% | 3.41% | −0.35 |
| GOOGL Alphabet Inc. Class A | Reduce -0.1% | 1.74% | −0.30 |
| GOOG Alphabet Inc. Class C | Reduce -0.2% | 1.45% | −0.24 |
| IWB iShares Russell 1000 ETF | Reduce -76.4% | 0.04% | −0.12 |
| CRM Salesforce Inc. | Reduce -0.1% | 0.47% | −0.09 |
| NOW ServiceNow Inc. | Reduce -0.1% | 0.31% | −0.09 |
| ANET Arista Networks Inc. | Reduce -0.2% | 0.15% | −0.06 |
| DOCS Doximity Inc. Class A | Reduce -90.6% | 0.01% | −0.05 |
| ADBE Adobe Inc. | Reduce -2.0% | 0.32% | −0.04 |
| AMD Advanced Micro Devices | Reduce -0.1% | 0.32% | −0.04 |
| BX Blackstone Inc. | Reduce -0.2% | 0.19% | −0.03 |
| ETN Eaton Corp. PLC | Reduce -0.2% | 0.20% | −0.03 |
| KKR KKR & Co. Inc. | Reduce -0.2% | 0.15% | −0.03 |
| PYPL PayPal Holdings Inc. | Reduce -0.2% | 0.13% | −0.03 |
| ACN Accenture PLC Class A | Reduce -0.1% | 0.37% | −0.03 |
| DIS The Walt Disney Co. | Reduce -0.1% | 0.34% | −0.03 |
| MRK Merck & Co. Inc. | Reduce -0.1% | 0.43% | −0.03 |
| APP AppLovin Corp. Class A | Reduce -1.5% | 0.13% | −0.02 |
| AMAT Applied Materials Inc. | Reduce -2.4% | 0.23% | −0.02 |
| APO Apollo Global Management Inc. | Reduce -0.2% | 0.14% | −0.02 |
| CAT Caterpillar Inc. | Reduce -1.5% | 0.30% | −0.02 |
| CMG Chipotle Mexican Grill Inc. | Reduce -0.2% | 0.13% | −0.02 |
| CCEP Coca-Cola Europacific Partne | Sold out | 0.00% | −0.02 |
| AXP American Express Co. | Reduce -1.3% | 0.28% | −0.02 |
| LULU Lululemon Athletica Inc. | Reduce -1.3% | 0.06% | −0.02 |
| SW Smurfit Westrock PLC | Reduce -50.8% | 0.01% | −0.02 |
| DHR Danaher Corp. | Reduce -0.2% | 0.25% | −0.02 |
| GM General Motors Co. | Reduce -9.7% | 0.09% | −0.02 |
| DLR Digital Realty Trust Inc. | Reduce -0.2% | 0.09% | −0.02 |
| UPS United Parcel Service Class B | Reduce -0.2% | 0.15% | −0.01 |
| MAR Marriott International Class A | Reduce -1.5% | 0.10% | −0.01 |
| FDX FedEx Corp. | Reduce -2.5% | 0.10% | −0.01 |
| GLOB Globant SA | Reduce -67.1% | 0.00% | −0.01 |
| MS Morgan Stanley | Reduce -1.4% | 0.26% | −0.01 |
| HD Home Depot Inc. | Reduce -0.2% | 0.69% | −0.01 |
| CE Celanese Corp. | Reduce -67.7% | 0.00% | −0.01 |
| RHI Robert Half Inc. | Reduce -67.5% | 0.00% | −0.01 |
| TREX Trex Company Inc. | Reduce -67.4% | 0.00% | −0.01 |
| BLK BlackRock Inc. | Reduce -0.2% | 0.27% | −0.01 |
| NTAP Netapp Inc. | Reduce -1.6% | 0.03% | −0.01 |
| BKNG Booking Holdings Inc. | Reduce -0.2% | 0.29% | −0.01 |
| STZ Constellation Brands Inc. Class A | Reduce -1.3% | 0.06% | −0.01 |
| MTN Vail Resorts Inc. | Reduce -67.1% | 0.00% | −0.01 |
| BRKR Bruker Corp. | Reduce -67.4% | 0.00% | −0.01 |
| BWA Borgwarner Inc. | Reduce -67.6% | 0.00% | −0.01 |
| GNTX Gentex Corp. | Reduce -67.5% | 0.00% | −0.01 |
| WEX Wex Inc. | Reduce -67.8% | 0.00% | −0.01 |
Portfolio Buys Q4 2024 → Q1 2025
| V Visa Inc. Class A | Add +9.3% | 1.16% | +0.24 |
| CRH CRH PLC | Add +207.8% | 0.12% | +0.08 |
| MSTR Strategy Inc. | Add +184.1% | 0.08% | +0.06 |
| PLTR Palantir Technologies Inc. Class A | Add +2.2% | 0.33% | +0.05 |
| FLUT Flutter Entertainment PLC-Di | New | 0.05% | +0.05 |
| AJG Arthur J Gallagher & Co. | Add +13.9% | 0.16% | +0.05 |
| SCHW Schwab (charles) Corp. | Add +11.1% | 0.25% | +0.05 |
| NEM Newmont Corp. | Add +20.4% | 0.11% | +0.04 |
| INTC Intel Corp. | Add +1.6% | 0.19% | +0.03 |
| SNOW Snowflake Inc. | Add +52.4% | 0.09% | +0.03 |
| RBA RB Global Inc. | Add +208.4% | 0.04% | +0.03 |
| COR Cencora Inc. | Add +4.2% | 0.09% | +0.02 |
| NN Nextnav Inc. | New | 0.02% | +0.02 |
| AEP American Electric Power | Add +1.1% | 0.11% | +0.02 |
| IBKR Interactive Brokers Gro Class A | Add +207.2% | 0.03% | +0.02 |
| MELI MercadoLibre Inc. | Add +0.3% | 0.12% | +0.02 |
| NTRA Natera Inc. | Add +206.6% | 0.03% | +0.02 |
| IP International Paper Co. | Add +51.0% | 0.05% | +0.02 |
| EQT Eqt Corp. | Add +21.0% | 0.06% | +0.02 |
| NU Nu Holdings Ltd./Cayman Isl-A | Add +38.0% | 0.06% | +0.02 |
| TEM Tempus AI Inc. Class A | New | 0.02% | +0.02 |
| BA The Boeing Co. | Add +5.5% | 0.24% | +0.01 |
| KDP Keurig Dr Pepper Inc. | Add +6.3% | 0.08% | +0.01 |
| ABNB Airbnb Inc. Class A | Add +17.9% | 0.10% | +0.01 |
| OKE Oneok Inc. | Add +6.3% | 0.12% | +0.01 |
| VICI Vici Properties Inc. | Add +1.2% | 0.07% | +0.01 |
| CSGP Costar Group Inc. | Add +2.3% | 0.06% | +0.01 |
| NET Cloudflare Inc. Class A | Add +1.7% | 0.07% | +0.01 |
| ES Eversource Energy | Add +2.3% | 0.04% | +0.01 |
| RBRK Rubrik Inc. Class A | New | 0.00% | +0.00 |
| FTS Fortis Inc. | Add +1.5% | 0.03% | +0.00 |
| AMPL Amplitude Inc. Class A | Add +24.5% | 0.02% | +0.00 |
| SUI Sun Communities Inc. | Add +1.4% | 0.03% | +0.00 |
| DT Dynatrace Inc. | Add +21.7% | 0.03% | +0.00 |
| EPR Epr Properties | New | 0.00% | +0.00 |
| NEU Newmarket Corp. | New | 0.00% | +0.00 |
| PRGO Perrigo Co. PLC | New | 0.00% | +0.00 |
| AGNC AGNC Investment Corp. | Add +6.1% | 0.02% | +0.00 |
| RJF Raymond James Financial Inc. | Add +10.2% | 0.05% | +0.00 |
| REXR Rexford Industrial Realty Inc. | Add +1.5% | 0.02% | +0.00 |
| SCCO Southern Copper Corp. | Add +0.7% | 0.02% | +0.00 |
| SGMT Sagimet Biosciences Inc. Class A | Add +108.1% | 0.00% | +0.00 |
| VNOM Viper Energy Inc. | Add +26.5% | 0.00% | +0.00 |
| ADT Adt Inc. | Add +11.6% | 0.00% | +0.00 |
| POST Post Holdings Inc. | Add +7.5% | 0.00% | +0.00 |
| DTM DT Midstream Inc. | Add +3.9% | 0.01% | +0.00 |
| BEN Franklin Templeton Inc. | Add +8.4% | 0.00% | +0.00 |
| RYN Rayonier Inc. | Add +1.8% | 0.00% | +0.00 |
| VRT Vertiv Holdings Co. Class A | Add +51.0% | 0.05% | +0.00 |
| CUZ Cousins Properties Inc. | Add +6.8% | 0.00% | +0.00 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 1,027 | $10.5B | NVDA, AAPL, MSFT, AMZN, GOOGL |
| Q1 2026 | 974 | $9.8B | NVDA, AAPL, MSFT, AMZN, GOOGL |
| Q4 2025 | 983 | $10.5B | NVDA, AAPL, MSFT, AMZN, GOOGL |
| Q3 2025 | 987 | $10.3B | NVDA, MSFT, AAPL, AMZN, META |
| Q2 2025 | 992 | $9.6B | NVDA, MSFT, AAPL, AMZN, META |
| Q1 2025 | 960 | $8.7B | AAPL, MSFT, NVDA, AMZN, META |
| Q4 2024 | 977 | $9.1B | AAPL, NVDA, MSFT, AMZN, META |
| Q3 2024 | 986 | $8.9B | AAPL, MSFT, NVDA, AMZN, META |
| Q2 2024 | 973 | $8.4B | MSFT, AAPL, NVDA, AMZN, META |
| Q1 2024 | 972 | $8.6B | MSFT, AAPL, NVDA, AMZN, META |