Utah Retirement Systems
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Utah Retirement Systems reported 992 stock positions worth $9.6 billion. Its top holding was Nvidia (NVDA) at 6.4% of the portfolio, followed by Microsoft (MSFT, 6.4%) and Apple (AAPL, 5.2%). Compared with Q1 2025, it opened 44 new positions, sold out of 13, added to 115 and reduced 622. The biggest buy was Oracle (ORCL, shares +1%) and the biggest sale Apple (AAPL, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- SALT LAKE CITY, UT
- CIK
- 0001548392
- Portfolio Value
- $9.6B (Q2 2025)
- SEC Filing
- 0001085146-25-005115 ↗ filed Aug 14, 2025
Holdings Value
Holdings 992 stocks · $9.6B
| NVDA Nvidia Corp. | 6.36% | 3,856,958 | $609.4M | Reduce -0.5% |
| MSFT Microsoft Corp. | 6.36% | 1,224,592 | $609.1M | Reduce -0.6% |
| AAPL Apple Inc. | 5.20% | 2,428,688 | $498.3M | Reduce -0.5% |
| AMZN Amazon.com Inc. | 3.57% | 1,557,840 | $341.8M | Add +0.2% |
| META Meta Platforms Inc. Class A | 2.78% | 360,703 | $266.2M | Reduce -0.6% |
| AVGO Broadcom Inc. | 2.18% | 759,003 | $209.2M | Reduce -0.4% |
| GOOGL Alphabet Inc. Class A | 1.78% | 964,937 | $170.1M | Reduce -0.8% |
| TSLA Tesla Inc. | 1.53% | 459,838 | $146.1M | Reduce -0.1% |
| GOOG Alphabet Inc. Class C | 1.47% | 793,781 | $140.8M | Reduce -1.3% |
| JPM JPMorgan Chase & Co. | 1.40% | 461,316 | $133.7M | Reduce -0.9% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.24% | 243,982 | $118.5M | Reduce -0.3% |
| LLY Eli Lilly & Co. | 1.07% | 131,992 | $102.9M | Reduce -0.5% |
| V Visa Inc. Class A | 1.05% | 283,155 | $100.5M | Reduce -0.9% |
| NFLX Netflix Inc. | 0.98% | 70,301 | $94.1M | Reduce -0.8% |
| XOM Exxon Mobil Corp. | 0.81% | 721,293 | $77.8M | Reduce -0.9% |
| MA Mastercard Inc. Class A | 0.79% | 134,290 | $75.5M | Reduce -0.6% |
| COST Costco Wholesale Corp. | 0.76% | 73,092 | $72.4M | Reduce -0.5% |
| WMT Walmart Inc. | 0.73% | 716,048 | $70.0M | Reduce -0.4% |
| PG The Procter & Gamble Co. | 0.65% | 388,310 | $61.9M | Reduce -0.6% |
| JNJ Johnson & Johnson | 0.63% | 397,340 | $60.7M | Reduce -0.6% |
| HD Home Depot Inc. | 0.63% | 163,671 | $60.0M | Reduce -0.4% |
| ORCL Oracle Corp. | 0.61% | 266,461 | $58.3M | Add +0.7% |
| ABBV Abbvie Inc. | 0.57% | 292,048 | $54.2M | Reduce -0.5% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.55% | 1,108,341 | $52.4M | Add +0.5% |
| PLTR Palantir Technologies Inc. Class A | 0.49% | 345,913 | $47.2M | Add +1.4% |
| UNH Unitedhealth Group Inc. | 0.49% | 151,082 | $47.1M | Reduce -0.8% |
| PM Philip Morris International | 0.49% | 256,318 | $46.7M | Reduce -0.4% |
| AVB Avalonbay Communities Inc. | 0.48% | 226,610 | $46.1M | Reduce -0.0% |
| CSCO Cisco Systems Inc. | 0.48% | 657,465 | $45.6M | Reduce -0.6% |
| GE General Electric filed as GE AEROSPACE | 0.47% | 176,137 | $45.3M | Reduce -1.2% |
| KO The Coca-Cola Co. | 0.47% | 640,379 | $45.3M | Reduce -0.4% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.47% | 151,888 | $44.8M | Reduce -0.0% |
| WFC Wells Fargo & Co. | 0.45% | 540,684 | $43.3M | Reduce -0.8% |
| CRM Salesforce Inc. | 0.44% | 152,825 | $41.7M | Reduce -0.2% |
| ABT Abbott Laboratories | 0.41% | 285,115 | $38.8M | Reduce -0.5% |
| CVX Chevron Corp. | 0.40% | 269,454 | $38.6M | Reduce -0.6% |
| AMD Advanced Micro Devices | 0.39% | 265,428 | $37.7M | Reduce -0.5% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.39% | 299,125 | $37.1M | Reduce -0.6% |
| LIN Linde PLC | 0.39% | 78,630 | $36.9M | Reduce -1.2% |
| INTU Intuit Inc. | 0.37% | 45,027 | $35.5M | Reduce -0.5% |
| GS Goldman Sachs Group Inc. | 0.37% | 49,865 | $35.3M | Reduce -0.2% |
| NOW ServiceNow Inc. | 0.36% | 33,895 | $34.8M | Reduce -0.3% |
| MCD McDonald's Corp. | 0.36% | 118,483 | $34.6M | Reduce -0.8% |
| T AT&T Inc. | 0.36% | 1,188,484 | $34.4M | No change |
| GRNT Granite Ridge Resources Inc. | 0.35% | 5,243,683 | $33.4M | No change |
| MRK Merck & Co. Inc. | 0.34% | 417,202 | $33.0M | Reduce -0.7% |
| RTX RTX Corp. | 0.33% | 219,521 | $32.1M | Reduce -0.3% |
| ISRG Intuitive Surgical Inc. | 0.33% | 58,429 | $31.8M | Reduce -0.2% |
| BKNG Booking Holdings Inc. | 0.33% | 5,429 | $31.4M | Reduce -1.0% |
| UBER Uber Technologies Inc. | 0.33% | 334,073 | $31.2M | Reduce -0.8% |
| TXN Texas Instruments Inc. | 0.33% | 149,997 | $31.1M | Reduce -0.6% |
| ACN Accenture PLC Class A | 0.32% | 103,345 | $30.9M | Reduce -0.6% |
| CAT Caterpillar Inc. | 0.32% | 78,512 | $30.5M | Reduce -1.8% |
| VZ Verizon Communications Inc. | 0.31% | 694,809 | $30.1M | Reduce -0.4% |
| PEP Pepsico Inc. | 0.31% | 226,302 | $29.9M | Reduce -0.6% |
| UDR Udr Inc. | 0.31% | 724,184 | $29.6M | Reduce -0.0% |
| QCOM Qualcomm Inc. | 0.30% | 183,170 | $29.2M | Reduce -1.0% |
| AXP American Express Co. | 0.30% | 91,058 | $29.0M | Reduce -0.8% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.30% | 39 | $28.4M | No change |
| ADBE Adobe Inc. | 0.29% | 71,223 | $27.6M | Reduce -1.2% |
| SPGI S&P Global Inc. | 0.28% | 51,301 | $27.1M | Reduce -1.1% |
| MS Morgan Stanley | 0.28% | 189,258 | $26.7M | Reduce -0.3% |
| C Citigroup Inc. | 0.28% | 309,890 | $26.4M | Reduce -1.1% |
| BSX Boston Scientific Corp. | 0.27% | 242,518 | $26.0M | Reduce -0.3% |
| BLK BlackRock Inc. | 0.27% | 24,599 | $25.8M | Add +0.6% |
| PGR Progressive Corp. | 0.27% | 96,466 | $25.7M | Reduce -0.4% |
| BA The Boeing Co. | 0.27% | 122,049 | $25.6M | Reduce -1.5% |
| TMO Thermo Fisher Scientific Inc. | 0.27% | 62,728 | $25.4M | Reduce -0.8% |
| SCHW Schwab (charles) Corp. | 0.26% | 275,676 | $25.2M | Add +0.4% |
| HON Honeywell International Inc. | 0.26% | 107,025 | $24.9M | Reduce -1.0% |
| AMGN Amgen Inc. | 0.26% | 88,465 | $24.7M | Reduce -0.5% |
| AMAT Applied Materials Inc. | 0.26% | 134,017 | $24.5M | Reduce -0.5% |
| GEV GE Vernova Inc. | 0.25% | 44,964 | $23.8M | Reduce -0.3% |
| NEE Nextera Energy Inc. | 0.25% | 339,123 | $23.5M | Reduce -0.4% |
| SYK Stryker Corp. | 0.24% | 58,690 | $23.2M | Reduce -2.1% |
| ETN Eaton Corp. PLC | 0.24% | 64,883 | $23.2M | Reduce -0.7% |
| UNP Union Pacific Corp. | 0.24% | 99,977 | $23.0M | Reduce -1.1% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.24% | 186,073 | $23.0M | Reduce -0.9% |
| GILD Gilead Sciences Inc. | 0.24% | 205,644 | $22.8M | Reduce -0.5% |
| PFE Pfizer Inc. | 0.24% | 935,277 | $22.7M | Reduce -0.4% |
| MU Micron Technology Inc. | 0.23% | 182,275 | $22.5M | Reduce -0.0% |
| COF Capital One Financial Corp. | 0.23% | 103,981 | $22.1M | Add +65.9% |
| PANW Palo Alto Networks Inc. | 0.23% | 107,412 | $22.0M | Reduce -0.1% |
| CMCSA Comcast Corp. Class A | 0.23% | 615,553 | $22.0M | Reduce -0.8% |
| DHR Danaher Corp. | 0.22% | 106,047 | $20.9M | Reduce -0.8% |
| ADP Automatic Data Processing | 0.22% | 67,600 | $20.8M | Reduce -0.7% |
| RY Royal Bank of Canada | 0.22% | 157,891 | $20.8M | No change |
| DE Deere & Co. | 0.22% | 40,815 | $20.8M | Reduce -1.1% |
| LOW Lowe's Cos Inc. | 0.22% | 92,876 | $20.6M | Reduce -0.7% |
| LRCX Lam Research Corp. | 0.21% | 211,522 | $20.6M | Reduce -0.8% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.21% | 38,675 | $19.7M | Add +1.5% |
| KLAC KLA Corp. | 0.20% | 21,916 | $19.6M | Reduce -0.4% |
| ADI Analog Devices Inc. | 0.20% | 81,625 | $19.4M | Reduce -0.5% |
| APH Amphenol Corp. Class A | 0.20% | 195,895 | $19.3M | Add +0.2% |
| COP Conocophillips | 0.20% | 211,836 | $19.0M | Reduce -1.1% |
| VRTX Vertex Pharmaceuticals Inc. | 0.20% | 42,533 | $18.9M | Reduce -0.6% |
| SPOT Spotify Technology SA | 0.20% | 24,603 | $18.9M | Add +0.9% |
| CB Chubb Ltd. | 0.20% | 64,996 | $18.8M | Reduce -3.0% |
| MDT Medtronic PLC | 0.19% | 211,410 | $18.4M | Reduce -0.5% |
| TMUS T-Mobile US Inc. | 0.19% | 76,731 | $18.3M | Reduce -1.6% |
Portfolio Sells Q1 2025 → Q2 2025
| AAPL Apple Inc. | Reduce -0.5% | 5.20% | −1.05 |
| UNH Unitedhealth Group Inc. | Reduce -0.8% | 0.49% | −0.43 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.3% | 1.24% | −0.27 |
| LLY Eli Lilly & Co. | Reduce -0.5% | 1.07% | −0.19 |
| XOM Exxon Mobil Corp. | Reduce -0.9% | 0.81% | −0.19 |
| ABBV Abbvie Inc. | Reduce -0.5% | 0.57% | −0.14 |
| JNJ Johnson & Johnson | Reduce -0.6% | 0.63% | −0.13 |
| PG The Procter & Gamble Co. | Reduce -0.6% | 0.65% | −0.12 |
| CVX Chevron Corp. | Reduce -0.6% | 0.40% | −0.12 |
| V Visa Inc. Class A | Reduce -0.9% | 1.05% | −0.11 |
| TMO Thermo Fisher Scientific Inc. | Reduce -0.8% | 0.27% | −0.10 |
| MRK Merck & Co. Inc. | Reduce -0.7% | 0.34% | −0.09 |
| PEP Pepsico Inc. | Reduce -0.6% | 0.31% | −0.08 |
| DFS Discover Financial Services | Sold out | 0.00% | −0.08 |
| AVB Avalonbay Communities Inc. | Reduce -0.0% | 0.48% | −0.08 |
| BMY Bristol-Myers Squibb Co. | Reduce -0.3% | 0.16% | −0.07 |
| FISV Fiserv Inc. | Reduce -1.3% | 0.17% | −0.07 |
| MCD McDonald's Corp. | Reduce -0.8% | 0.36% | −0.07 |
| UDR Udr Inc. | Reduce -0.0% | 0.31% | −0.07 |
| HD Home Depot Inc. | Reduce -0.4% | 0.63% | −0.07 |
| MA Mastercard Inc. Class A | Reduce -0.6% | 0.79% | −0.07 |
| AMGN Amgen Inc. | Reduce -0.5% | 0.26% | −0.06 |
| COP Conocophillips | Reduce -1.1% | 0.20% | −0.06 |
| KO The Coca-Cola Co. | Reduce -0.4% | 0.47% | −0.06 |
| ACN Accenture PLC Class A | Reduce -0.6% | 0.32% | −0.05 |
| VZ Verizon Communications Inc. | Reduce -0.4% | 0.31% | −0.05 |
| TMUS T-Mobile US Inc. | Reduce -1.6% | 0.19% | −0.05 |
| PGR Progressive Corp. | Reduce -0.4% | 0.27% | −0.05 |
| COST Costco Wholesale Corp. | Reduce -0.5% | 0.76% | −0.05 |
| MRSH Marsh & McLennan Cos | Reduce -0.4% | 0.19% | −0.04 |
| LIN Linde PLC | Reduce -1.2% | 0.39% | −0.04 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -0.6% | 0.20% | −0.04 |
| BDX Becton Dickinson and Co. | Reduce -0.8% | 0.09% | −0.04 |
| ELV Elevance Health Inc. | Reduce -1.3% | 0.15% | −0.04 |
| CRM Salesforce Inc. | Reduce -0.2% | 0.44% | −0.04 |
| PFE Pfizer Inc. | Reduce -0.4% | 0.24% | −0.04 |
| CB Chubb Ltd. | Reduce -3.0% | 0.20% | −0.04 |
| LOW Lowe's Cos Inc. | Reduce -0.7% | 0.22% | −0.04 |
| UNP Union Pacific Corp. | Reduce -1.1% | 0.24% | −0.04 |
| CMCSA Comcast Corp. Class A | Reduce -0.8% | 0.23% | −0.03 |
| DHR Danaher Corp. | Reduce -0.8% | 0.22% | −0.03 |
| ABT Abbott Laboratories | Reduce -0.5% | 0.41% | −0.03 |
| SBUX Starbucks Corp. | Reduce -0.3% | 0.18% | −0.03 |
| ESS Essex Property Trust Inc. | Reduce -0.1% | 0.17% | −0.03 |
| NEE Nextera Energy Inc. | Reduce -0.4% | 0.25% | −0.03 |
| REGN Regeneron Pharmaceuticals | Reduce -0.7% | 0.09% | −0.03 |
| INVH Invitation Homes Inc. | Reduce -0.1% | 0.18% | −0.03 |
| SLB SLB Ltd. | Reduce -1.8% | 0.08% | −0.03 |
| ADBE Adobe Inc. | Reduce -1.2% | 0.29% | −0.03 |
| OKE Oneok Inc. | Reduce -0.2% | 0.09% | −0.03 |
Portfolio Buys Q1 2025 → Q2 2025
| ORCL Oracle Corp. | Add +0.7% | 0.61% | +0.18 |
| PLTR Palantir Technologies Inc. Class A | Add +1.4% | 0.49% | +0.16 |
| AMZN Amazon.com Inc. | Add +0.2% | 3.57% | +0.16 |
| COF Capital One Financial Corp. | Add +65.9% | 0.23% | +0.10 |
| HOOD Robinhood Markets Inc. Class A | Add +2.6% | 0.11% | +0.06 |
| COIN Coinbase Global Inc. Class A | Add +0.0% | 0.12% | +0.06 |
| APH Amphenol Corp. Class A | Add +0.2% | 0.20% | +0.05 |
| FANG Diamondback Energy Inc. | Add +148.0% | 0.11% | +0.05 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +1.5% | 0.21% | +0.05 |
| SPOT Spotify Technology SA | Add +0.9% | 0.20% | +0.04 |
| RBLX Roblox Corp. Class A | Add +1.7% | 0.10% | +0.04 |
| RCL Royal Caribbean Cruises Ltd. | Add +1.8% | 0.13% | +0.04 |
| IWB iShares Russell 1000 ETF | Add +99.0% | 0.07% | +0.04 |
| FLUT Flutter Entertainment PLC-Di | Add +46.6% | 0.09% | +0.04 |
| AXON Axon Enterprise Inc. | Add +0.5% | 0.10% | +0.03 |
| VRT Vertiv Holdings Co. Class A | Add +1.4% | 0.08% | +0.03 |
| MSTR Strategy Inc. | Add +3.2% | 0.11% | +0.03 |
| CVNA Carvana Co. | Add +5.5% | 0.07% | +0.02 |
| BAC Bank of America Corp. | Add +0.5% | 0.55% | +0.02 |
| FLEX Flex Ltd. | Add +47.2% | 0.03% | +0.02 |
| DELL Dell Technologies -C | Add +7.6% | 0.07% | +0.02 |
| EMA Emera Inc. | New | 0.02% | +0.02 |
| ZS Zscaler Inc. | Add +0.8% | 0.05% | +0.02 |
| SCHW Schwab (charles) Corp. | Add +0.4% | 0.26% | +0.01 |
| AU Anglogold Ashanti PLC | New | 0.01% | +0.01 |
| BAM Brookfield Asset Mgmt-A | Add +44.2% | 0.04% | +0.01 |
| CPNG Coupang Inc. | Add +1.9% | 0.06% | +0.01 |
| CCL Carnival Corp. | Add +1.1% | 0.05% | +0.01 |
| AMCR Amcor PLC | Add +176.5% | 0.02% | +0.01 |
| INSM Insmed Inc. | New | 0.01% | +0.01 |
| SMCI Super Micro Computer Inc. | Add +0.7% | 0.04% | +0.01 |
| RDDT Reddit Inc. Class A | New | 0.01% | +0.01 |
| TTAN Servicetitan Inc. Class A | New | 0.01% | +0.01 |
| DLR Digital Realty Trust Inc. | Add +0.1% | 0.10% | +0.01 |
| QSR Restaurant Brands Intern | Add +47.8% | 0.04% | +0.01 |
| SFM Sprouts Farmers Market Inc. | New | 0.01% | +0.01 |
| RKLB Rocket Lab Corp. | New | 0.01% | +0.01 |
| CRS Carpenter Technology | New | 0.01% | +0.01 |
| TLN Talen Energy Corp. | New | 0.01% | +0.01 |
| RBRK Rubrik Inc. Class A | Add +75.8% | 0.01% | +0.01 |
| FTAI Ftai Aviation Ltd. | New | 0.01% | +0.01 |
| ONON On Holding AG Class A | New | 0.01% | +0.01 |
| QXO Qxo Inc. | New | 0.01% | +0.01 |
| VIK Viking Holdings Ltd. | New | 0.01% | +0.01 |
| IOT Samsara Inc. Class A | New | 0.01% | +0.01 |
| DKNG Draftkings Inc. Class A | Add +1.5% | 0.03% | +0.01 |
| COOP Mr Cooper Group Inc. | New | 0.01% | +0.01 |
| SSB Southstate Bank Corp. | New | 0.01% | +0.01 |
| AIT Applied Industrial Tech Inc. | New | 0.00% | +0.00 |
| MLI Mueller Industries Inc. | New | 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 |