Utah Retirement Systems
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Utah Retirement Systems reported 987 stock positions worth $10.3 billion. Its top holding was Nvidia (NVDA) at 7.0% of the portfolio, followed by Microsoft (MSFT, 6.2%) and Apple (AAPL, 6.0%). Compared with Q2 2025, it opened 23 new positions, sold out of 28, added to 251 and reduced 287. The biggest buy was Nvidia (NVDA, shares +0%) and the biggest sale Netflix (NFLX, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- SALT LAKE CITY, UT
- CIK
- 0001548392
- Portfolio Value
- $10.3B (Q3 2025)
- SEC Filing
- 0001548392-25-000009 ↗ filed Nov 14, 2025
Holdings Value
Holdings 987 stocks · $10.3B
| NVDA Nvidia Corp. | 7.01% | 3,867,582 | $721.6M | Add +0.3% |
| MSFT Microsoft Corp. | 6.17% | 1,225,511 | $634.8M | Add +0.1% |
| AAPL Apple Inc. | 5.96% | 2,409,143 | $613.4M | Reduce -0.8% |
| AMZN Amazon.com Inc. | 3.38% | 1,585,138 | $348.0M | Add +1.8% |
| META Meta Platforms Inc. Class A | 2.57% | 360,716 | $264.9M | Add +0.0% |
| AVGO Broadcom Inc. | 2.45% | 763,103 | $251.8M | Add +0.5% |
| GOOGL Alphabet Inc. Class A | 2.27% | 960,499 | $233.5M | Reduce -0.5% |
| TSLA Tesla Inc. | 2.01% | 464,736 | $206.7M | Add +1.1% |
| GOOG Alphabet Inc. Class C | 1.85% | 782,062 | $190.5M | Reduce -1.5% |
| JPM JPMorgan Chase & Co. | 1.41% | 458,857 | $144.7M | Reduce -0.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.19% | 243,687 | $122.5M | Reduce -0.1% |
| LLY Eli Lilly & Co. | 0.98% | 132,391 | $101.0M | Add +0.3% |
| V Visa Inc. Class A | 0.93% | 281,369 | $96.1M | Reduce -0.6% |
| NFLX Netflix Inc. | 0.82% | 70,036 | $84.0M | Reduce -0.4% |
| XOM Exxon Mobil Corp. | 0.78% | 715,997 | $80.7M | Reduce -0.7% |
| ORCL Oracle Corp. | 0.75% | 273,536 | $76.9M | Add +2.7% |
| MA Mastercard Inc. Class A | 0.74% | 134,468 | $76.5M | Add +0.1% |
| WMT Walmart Inc. | 0.72% | 718,877 | $74.1M | Add +0.4% |
| JNJ Johnson & Johnson | 0.72% | 397,580 | $73.7M | Add +0.1% |
| COST Costco Wholesale Corp. | 0.66% | 73,351 | $67.9M | Add +0.3% |
| ABBV Abbvie Inc. | 0.66% | 292,661 | $67.8M | Add +0.2% |
| HD Home Depot Inc. | 0.65% | 164,538 | $66.7M | Add +0.5% |
| PLTR Palantir Technologies Inc. Class A | 0.64% | 360,872 | $65.8M | Add +4.3% |
| PG The Procter & Gamble Co. | 0.58% | 388,062 | $59.6M | Reduce -0.1% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.56% | 1,114,539 | $57.5M | Add +0.6% |
| GE General Electric filed as GE AEROSPACE | 0.51% | 173,678 | $52.2M | Reduce -1.4% |
| UNH Unitedhealth Group Inc. | 0.50% | 150,379 | $51.9M | Reduce -0.5% |
| CVX Chevron Corp. | 0.48% | 317,311 | $49.3M | Add +17.8% |
| CSCO Cisco Systems Inc. | 0.44% | 657,651 | $45.0M | Add +0.0% |
| WFC Wells Fargo & Co. | 0.43% | 532,835 | $44.7M | Reduce -1.4% |
| AVB Avalonbay Communities Inc. | 0.43% | 226,610 | $43.8M | No change |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.42% | 153,755 | $43.4M | Add +1.2% |
| AMD Advanced Micro Devices | 0.42% | 266,033 | $43.0M | Add +0.2% |
| KO The Coca-Cola Co. | 0.41% | 642,558 | $42.6M | Add +0.3% |
| PM Philip Morris International | 0.41% | 257,368 | $41.7M | Add +0.4% |
| GS Goldman Sachs Group Inc. | 0.38% | 49,683 | $39.6M | Reduce -0.4% |
| ABT Abbott Laboratories | 0.37% | 286,051 | $38.3M | Add +0.3% |
| RTX RTX Corp. | 0.36% | 220,994 | $37.0M | Add +0.7% |
| LIN Linde PLC | 0.36% | 77,604 | $36.9M | Reduce -1.3% |
| CRM Salesforce Inc. | 0.36% | 154,290 | $36.6M | Add +1.0% |
| CAT Caterpillar Inc. | 0.35% | 76,518 | $36.5M | Reduce -2.5% |
| MCD McDonald's Corp. | 0.35% | 118,133 | $35.9M | Reduce -0.3% |
| MRK Merck & Co. Inc. | 0.34% | 416,282 | $34.9M | Reduce -0.2% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.33% | 299,168 | $34.3M | Add +0.0% |
| T AT&T Inc. | 0.32% | 1,159,152 | $32.7M | Reduce -2.5% |
| UBER Uber Technologies Inc. | 0.32% | 332,609 | $32.6M | Reduce -0.4% |
| PEP Pepsico Inc. | 0.31% | 226,502 | $31.8M | Add +0.1% |
| NOW ServiceNow Inc. | 0.31% | 34,155 | $31.4M | Add +0.8% |
| MU Micron Technology Inc. | 0.30% | 184,544 | $30.9M | Add +1.2% |
| INTU Intuit Inc. | 0.30% | 45,087 | $30.8M | Add +0.1% |
| VZ Verizon Communications Inc. | 0.30% | 697,850 | $30.7M | Add +0.4% |
| C Citigroup Inc. | 0.30% | 301,647 | $30.6M | Reduce -2.7% |
| TMO Thermo Fisher Scientific Inc. | 0.29% | 62,407 | $30.3M | Reduce -0.5% |
| MS Morgan Stanley | 0.29% | 190,224 | $30.2M | Add +0.5% |
| AXP American Express Co. | 0.29% | 90,766 | $30.1M | Reduce -0.3% |
| QCOM Qualcomm Inc. | 0.29% | 178,437 | $29.7M | Reduce -2.6% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.29% | 39 | $29.4M | No change |
| BLK BlackRock Inc. | 0.29% | 25,211 | $29.4M | Add +2.5% |
| BKNG Booking Holdings Inc. | 0.28% | 5,376 | $29.0M | Reduce -1.0% |
| GRNT Granite Ridge Resources Inc. | 0.28% | 5,243,683 | $28.4M | No change |
| APP AppLovin Corp. Class A | 0.28% | 39,399 | $28.3M | Reduce -6.1% |
| LRCX Lam Research Corp. | 0.27% | 211,203 | $28.3M | Reduce -0.1% |
| GEV GE Vernova Inc. | 0.27% | 45,180 | $27.8M | Add +0.5% |
| TXN Texas Instruments Inc. | 0.27% | 150,197 | $27.6M | Add +0.1% |
| AMAT Applied Materials Inc. | 0.26% | 132,575 | $27.1M | Reduce -1.1% |
| UDR Udr Inc. | 0.26% | 724,184 | $27.0M | No change |
| SCHW Schwab (charles) Corp. | 0.26% | 281,930 | $26.9M | Add +2.3% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.26% | 184,742 | $26.7M | Reduce -0.7% |
| ISRG Intuitive Surgical Inc. | 0.26% | 58,977 | $26.4M | Add +0.9% |
| BA The Boeing Co. | 0.25% | 119,755 | $25.8M | Reduce -1.9% |
| NEE Nextera Energy Inc. | 0.25% | 340,688 | $25.7M | Add +0.5% |
| ACN Accenture PLC Class A | 0.25% | 103,482 | $25.5M | Add +0.1% |
| AMGN Amgen Inc. | 0.24% | 88,886 | $25.1M | Add +0.5% |
| ANET Arista Networks Inc. | 0.24% | 170,378 | $24.8M | Add +0.3% |
| ADBE Adobe Inc. | 0.24% | 70,332 | $24.8M | Reduce -1.3% |
| SPGI S&P Global Inc. | 0.24% | 50,675 | $24.7M | Reduce -1.2% |
| APH Amphenol Corp. Class A | 0.24% | 199,160 | $24.6M | Add +1.7% |
| ETN Eaton Corp. PLC | 0.24% | 64,762 | $24.2M | Reduce -0.2% |
| INTC Intel Corp. | 0.24% | 722,073 | $24.2M | Add +0.8% |
| PFE Pfizer Inc. | 0.23% | 938,716 | $23.9M | Add +0.4% |
| PGR Progressive Corp. | 0.23% | 96,840 | $23.9M | Add +0.4% |
| BSX Boston Scientific Corp. | 0.23% | 243,829 | $23.8M | Add +0.5% |
| KLAC KLA Corp. | 0.23% | 21,992 | $23.7M | Add +0.3% |
| RY Royal Bank of Canada | 0.23% | 159,007 | $23.4M | Add +0.7% |
| UNP Union Pacific Corp. | 0.23% | 98,830 | $23.4M | Reduce -1.1% |
| LOW Lowe's Cos Inc. | 0.23% | 92,620 | $23.3M | Reduce -0.3% |
| GILD Gilead Sciences Inc. | 0.22% | 205,817 | $22.8M | Add +0.1% |
| HON Honeywell International Inc. | 0.21% | 105,105 | $22.1M | Reduce -1.8% |
| PANW Palo Alto Networks Inc. | 0.21% | 108,552 | $22.1M | Add +1.1% |
| COF Capital One Financial Corp. | 0.21% | 103,876 | $22.1M | Reduce -0.1% |
| SYK Stryker Corp. | 0.20% | 56,880 | $21.0M | Reduce -3.1% |
| DHR Danaher Corp. | 0.20% | 105,430 | $20.9M | Reduce -0.6% |
| BX Blackstone Inc. | 0.20% | 120,954 | $20.7M | Add +1.2% |
| MDT Medtronic PLC | 0.20% | 211,591 | $20.2M | Add +0.1% |
| ADI Analog Devices Inc. | 0.20% | 81,988 | $20.1M | Add +0.4% |
| SHOP Shopify Inc. Class A | 0.20% | 135,481 | $20.1M | Add +0.2% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.19% | 40,360 | $19.8M | Add +4.4% |
| COP Conocophillips | 0.19% | 209,092 | $19.8M | Reduce -1.3% |
| ADP Automatic Data Processing | 0.19% | 67,339 | $19.8M | Reduce -0.4% |
| WELL Welltower Inc. | 0.19% | 110,544 | $19.7M | Add +6.7% |
Portfolio Sells Q2 2025 → Q3 2025
| NFLX Netflix Inc. | Reduce -0.4% | 0.82% | −0.17 |
| V Visa Inc. Class A | Reduce -0.6% | 0.93% | −0.12 |
| IWB iShares Russell 1000 ETF | Sold out | 0.00% | −0.07 |
| PG The Procter & Gamble Co. | Reduce -0.1% | 0.58% | −0.07 |
| HES Hess Corp. | Sold out | 0.00% | −0.07 |
| FISV Fiserv Inc. | Reduce -3.5% | 0.11% | −0.05 |
| ANSS Ansys Inc. | Sold out | 0.00% | −0.05 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.1% | 1.19% | −0.05 |
| CMG Chipotle Mexican Grill Inc. | Reduce -1.0% | 0.08% | −0.05 |
| ADBE Adobe Inc. | Reduce -1.3% | 0.24% | −0.05 |
| BKNG Booking Holdings Inc. | Reduce -1.0% | 0.28% | −0.05 |
| HON Honeywell International Inc. | Reduce -1.8% | 0.21% | −0.05 |
| CMCSA Comcast Corp. Class A | Reduce -1.7% | 0.18% | −0.04 |
| SPGI S&P Global Inc. | Reduce -1.2% | 0.24% | −0.04 |
| T AT&T Inc. | Reduce -2.5% | 0.32% | −0.04 |
| SYK Stryker Corp. | Reduce -3.1% | 0.20% | −0.04 |
| DE Deere & Co. | Reduce -1.1% | 0.18% | −0.04 |
| ELV Elevance Health Inc. | Reduce -1.6% | 0.12% | −0.04 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -0.1% | 0.16% | −0.04 |
| CI The Cigna Group | Reduce -1.6% | 0.12% | −0.03 |
| APO Apollo Global Management Inc. | Reduce -15.1% | 0.09% | −0.03 |
| CARR Carrier Global Corp. | Reduce -3.9% | 0.08% | −0.03 |
| CB Chubb Ltd. | Reduce -5.4% | 0.17% | −0.03 |
| XOM Exxon Mobil Corp. | Reduce -0.7% | 0.78% | −0.03 |
| LIN Linde PLC | Reduce -1.3% | 0.36% | −0.03 |
| NN Nextnav Inc. | Sold out | 0.00% | −0.03 |
| ADP Automatic Data Processing | Reduce -0.4% | 0.19% | −0.03 |
| CHTR Charter Communications Inc. Class A | Reduce -3.6% | 0.04% | −0.03 |
| PYPL PayPal Holdings Inc. | Reduce -3.5% | 0.10% | −0.02 |
| MDLZ Mondelez International Inc. Class A | Reduce -1.9% | 0.13% | −0.02 |
| CL Colgate-Palmolive Co. | Reduce -0.4% | 0.10% | −0.02 |
| WM Waste Management Inc. | Reduce -5.0% | 0.13% | −0.02 |
| JNPR Juniper Networks Inc. | Sold out | 0.00% | −0.02 |
| FIS Fidelity National Info Serv | Reduce -1.3% | 0.06% | −0.02 |
| CNC Centene Corp. | Reduce -2.2% | 0.03% | −0.02 |
| OLO Olo Inc. Class A | Sold out | 0.00% | −0.02 |
| WFC Wells Fargo & Co. | Reduce -1.4% | 0.43% | −0.02 |
| TT Trane Technologies PLC | Reduce -0.7% | 0.15% | −0.02 |
| FICO Fair Isaac Corp. | Reduce -0.7% | 0.06% | −0.02 |
| AIG American International Group | Reduce -5.5% | 0.07% | −0.02 |
| MCO Moody's Corp. | Reduce -0.8% | 0.12% | −0.02 |
| COF Capital One Financial Corp. | Reduce -0.1% | 0.21% | −0.02 |
| EOG EOG Resources Inc. | Reduce -1.7% | 0.10% | −0.02 |
| TMUS T-Mobile US Inc. | Reduce -2.2% | 0.17% | −0.02 |
| QCOM Qualcomm Inc. | Reduce -2.6% | 0.29% | −0.02 |
| BA The Boeing Co. | Reduce -1.9% | 0.25% | −0.02 |
| LULU Lululemon Athletica Inc. | Reduce -6.4% | 0.03% | −0.02 |
| ZTS Zoetis Inc. | Reduce -0.5% | 0.10% | −0.02 |
| DHR Danaher Corp. | Reduce -0.6% | 0.20% | −0.02 |
| FLUT Flutter Entertainment PLC-Di | Reduce -0.6% | 0.07% | −0.02 |
Portfolio Buys Q2 2025 → Q3 2025
| NVDA Nvidia Corp. | Add +0.3% | 7.01% | +0.65 |
| TSLA Tesla Inc. | Add +1.1% | 2.01% | +0.48 |
| AVGO Broadcom Inc. | Add +0.5% | 2.45% | +0.26 |
| PLTR Palantir Technologies Inc. Class A | Add +4.3% | 0.64% | +0.15 |
| ORCL Oracle Corp. | Add +2.7% | 0.75% | +0.14 |
| ABBV Abbvie Inc. | Add +0.2% | 0.66% | +0.09 |
| JNJ Johnson & Johnson | Add +0.1% | 0.72% | +0.08 |
| CVX Chevron Corp. | Add +17.8% | 0.48% | +0.08 |
| INTC Intel Corp. | Add +0.8% | 0.24% | +0.07 |
| MU Micron Technology Inc. | Add +1.2% | 0.30% | +0.07 |
| ANET Arista Networks Inc. | Add +0.3% | 0.24% | +0.06 |
| HOOD Robinhood Markets Inc. Class A | Add +7.0% | 0.17% | +0.06 |
| RBLX Roblox Corp. Class A | Add +13.9% | 0.14% | +0.04 |
| APH Amphenol Corp. Class A | Add +1.7% | 0.24% | +0.04 |
| FIX Comfort Systems USA Inc. | Add +212.2% | 0.05% | +0.04 |
| PGY Pagaya Technologies Ltd. Class A | New | 0.03% | +0.03 |
| RDDT Reddit Inc. Class A | Add +212.2% | 0.04% | +0.03 |
| KGC Kinross Gold Corp. | New | 0.03% | +0.03 |
| INSM Insmed Inc. | Add +225.7% | 0.04% | +0.03 |
| GLW Corning Inc. | Add +1.6% | 0.10% | +0.03 |
| SHOP Shopify Inc. Class A | Add +0.2% | 0.20% | +0.03 |
| ALAB Astera Labs Inc. | Add +174.8% | 0.04% | +0.03 |
| CLS Celestica Inc. | New | 0.03% | +0.03 |
| CYBR Cyberark Software Ltd./Israel | New | 0.03% | +0.03 |
| KLAC KLA Corp. | Add +0.3% | 0.23% | +0.03 |
| WELL Welltower Inc. | Add +6.7% | 0.19% | +0.02 |
| AMD Advanced Micro Devices | Add +0.2% | 0.42% | +0.02 |
| RTX RTX Corp. | Add +0.7% | 0.36% | +0.02 |
| SW Smurfit Westrock PLC | Add +209.2% | 0.04% | +0.02 |
| AEM Agnico Eagle Mines Ltd. | Add +0.5% | 0.09% | +0.02 |
| STX Seagate Technology Holdings | Add +9.8% | 0.05% | +0.02 |
| GEV GE Vernova Inc. | Add +0.5% | 0.27% | +0.02 |
| HD Home Depot Inc. | Add +0.5% | 0.65% | +0.02 |
| PAAS Pan American Silver Corp. | New | 0.02% | +0.02 |
| BLK BlackRock Inc. | Add +2.5% | 0.29% | +0.02 |
| CMI Cummins Inc. | Add +0.7% | 0.09% | +0.02 |
| AGI Alamos Gold Inc. Class A | New | 0.02% | +0.02 |
| MS Morgan Stanley | Add +0.5% | 0.29% | +0.02 |
| SOFI Sofi Technologies Inc. | Add +7.1% | 0.05% | +0.01 |
| BX Blackstone Inc. | Add +1.2% | 0.20% | +0.01 |
| GFL GFL Environmental Inc.-Sub VT | New | 0.01% | +0.01 |
| CVNA Carvana Co. | Add +15.5% | 0.08% | +0.01 |
| STN Stantec Inc. | New | 0.01% | +0.01 |
| MDB Mongodb Inc. | Add +7.0% | 0.04% | +0.01 |
| BKR Baker Hughes Co. | Add +0.1% | 0.08% | +0.01 |
| VRT Vertiv Holdings Co. Class A | Add +4.5% | 0.09% | +0.01 |
| P Everpure Inc. Class A | Add +1.1% | 0.04% | +0.01 |
| TER Teradyne Inc. | Add +2.0% | 0.04% | +0.01 |
| SRE Sempra | Add +2.4% | 0.09% | +0.01 |
| BAC Bank of America Corp. | Add +0.6% | 0.56% | +0.01 |
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 |