Utah Retirement Systems
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Utah Retirement Systems reported 983 stock positions worth $10.5 billion. Its top holding was Nvidia (NVDA) at 6.9% of the portfolio, followed by Apple (AAPL, 6.2%) and Microsoft (MSFT, 5.6%). Compared with Q3 2025, it opened 11 new positions, sold out of 17, added to 111 and reduced 227. The biggest buy was Micron Technology (MU, shares +0%) and the biggest sale Microsoft (MSFT, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- SALT LAKE CITY, UT
- CIK
- 0001548392
- Portfolio Value
- $10.5B (Q4 2025)
- SEC Filing
- 0001548392-26-000001 ↗ filed Feb 17, 2026
Holdings Value
Holdings 983 stocks · $10.5B
| NVDA Nvidia Corp. | 6.86% | 3,866,891 | $721.2M | Reduce -0.0% |
| AAPL Apple Inc. | 6.23% | 2,408,738 | $654.8M | Reduce -0.0% |
| MSFT Microsoft Corp. | 5.64% | 1,225,361 | $592.6M | Reduce -0.0% |
| AMZN Amazon.com Inc. | 3.48% | 1,584,914 | $365.8M | Reduce -0.0% |
| GOOGL Alphabet Inc. Class A | 2.86% | 960,403 | $300.6M | Reduce -0.0% |
| AVGO Broadcom Inc. | 2.51% | 763,047 | $264.1M | Reduce -0.0% |
| GOOG Alphabet Inc. Class C | 2.33% | 782,002 | $245.4M | Reduce -0.0% |
| META Meta Platforms Inc. Class A | 2.27% | 360,742 | $238.1M | Add +0.0% |
| TSLA Tesla Inc. | 1.99% | 465,207 | $209.2M | Add +0.1% |
| JPM JPMorgan Chase & Co. | 1.40% | 455,644 | $146.8M | Reduce -0.7% |
| LLY Eli Lilly & Co. | 1.35% | 132,364 | $142.2M | Reduce -0.0% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.17% | 243,724 | $122.5M | Add +0.0% |
| V Visa Inc. Class A | 0.94% | 280,356 | $98.3M | Reduce -0.4% |
| XOM Exxon Mobil Corp. | 0.81% | 710,196 | $85.5M | Reduce -0.8% |
| JNJ Johnson & Johnson | 0.78% | 397,599 | $82.3M | Add +0.0% |
| WMT Walmart Inc. | 0.76% | 718,830 | $80.1M | Reduce -0.0% |
| MA Mastercard Inc. Class A | 0.73% | 133,958 | $76.5M | Reduce -0.4% |
| ABBV Abbvie Inc. | 0.64% | 292,702 | $66.9M | Add +0.0% |
| NFLX Netflix Inc. | 0.62% | 700,220 | $65.7M | No change |
| PLTR Palantir Technologies Inc. Class A | 0.61% | 360,898 | $64.1M | Add +0.0% |
| COST Costco Wholesale Corp. | 0.60% | 73,336 | $63.2M | Reduce -0.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.58% | 1,109,327 | $61.0M | Reduce -0.5% |
| AMD Advanced Micro Devices | 0.54% | 266,078 | $57.0M | Add +0.0% |
| HD Home Depot Inc. | 0.54% | 164,504 | $56.6M | Reduce -0.0% |
| PG The Procter & Gamble Co. | 0.53% | 388,082 | $55.6M | Add +0.0% |
| ORCL Oracle Corp. | 0.51% | 275,039 | $53.6M | Add +0.6% |
| GE General Electric filed as GE AEROSPACE | 0.51% | 173,137 | $53.3M | Reduce -0.3% |
| AVB Avalonbay Communities Inc. | 0.50% | 292,621 | $53.1M | Add +29.1% |
| MU Micron Technology Inc. | 0.50% | 184,606 | $52.7M | Add +0.0% |
| CSCO Cisco Systems Inc. | 0.48% | 657,616 | $50.7M | Reduce -0.0% |
| UNH Unitedhealth Group Inc. | 0.47% | 150,348 | $49.6M | Reduce -0.0% |
| WFC Wells Fargo & Co. | 0.47% | 528,511 | $49.3M | Reduce -0.8% |
| CVX Chevron Corp. | 0.46% | 314,840 | $48.0M | Reduce -0.8% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.43% | 153,724 | $45.5M | Reduce -0.0% |
| KO The Coca-Cola Co. | 0.43% | 642,526 | $44.9M | Reduce 0.0% |
| CAT Caterpillar Inc. | 0.42% | 76,503 | $43.8M | Reduce -0.0% |
| MRK Merck & Co. Inc. | 0.42% | 416,297 | $43.8M | Add +0.0% |
| GS Goldman Sachs Group Inc. | 0.41% | 49,308 | $43.3M | Reduce -0.8% |
| PM Philip Morris International | 0.39% | 257,415 | $41.3M | Add +0.0% |
| CRM Salesforce Inc. | 0.39% | 154,259 | $40.9M | Reduce -0.0% |
| RTX RTX Corp. | 0.39% | 221,049 | $40.5M | Add +0.0% |
| TMO Thermo Fisher Scientific Inc. | 0.34% | 62,394 | $36.2M | Reduce -0.0% |
| MCD McDonald's Corp. | 0.34% | 118,109 | $36.1M | Reduce -0.0% |
| LRCX Lam Research Corp. | 0.34% | 210,036 | $36.0M | Reduce -0.6% |
| ABT Abbott Laboratories | 0.34% | 286,093 | $35.8M | Add +0.0% |
| C Citigroup Inc. | 0.33% | 298,959 | $34.9M | Reduce -0.9% |
| AMAT Applied Materials Inc. | 0.32% | 132,520 | $34.1M | Reduce -0.0% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.32% | 299,207 | $34.0M | Add +0.0% |
| MS Morgan Stanley | 0.32% | 190,285 | $33.8M | Add +0.0% |
| AXP American Express Co. | 0.32% | 90,259 | $33.4M | Reduce -0.6% |
| ISRG Intuitive Surgical Inc. | 0.32% | 58,758 | $33.3M | Reduce -0.4% |
| LIN Linde PLC | 0.31% | 77,588 | $33.1M | Reduce -0.0% |
| PEP Pepsico Inc. | 0.31% | 226,556 | $32.5M | Add +0.0% |
| QCOM Qualcomm Inc. | 0.29% | 178,437 | $30.5M | No change |
| INTU Intuit Inc. | 0.28% | 45,078 | $29.9M | Reduce -0.0% |
| GEV GE Vernova Inc. | 0.28% | 45,171 | $29.5M | Reduce -0.0% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.28% | 39 | $29.4M | No change |
| AMGN Amgen Inc. | 0.28% | 88,868 | $29.1M | Reduce -0.0% |
| BKNG Booking Holdings Inc. | 0.27% | 5,375 | $28.8M | Reduce -0.0% |
| T AT&T Inc. | 0.27% | 1,153,499 | $28.7M | Reduce -0.5% |
| VZ Verizon Communications Inc. | 0.27% | 697,807 | $28.4M | Reduce -0.0% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.27% | 184,742 | $28.4M | No change |
| SCHW Schwab (charles) Corp. | 0.27% | 281,973 | $28.2M | Add +0.0% |
| ACN Accenture PLC Class A | 0.26% | 103,461 | $27.8M | Reduce -0.0% |
| NEE Nextera Energy Inc. | 0.26% | 341,992 | $27.5M | Add +0.4% |
| UBER Uber Technologies Inc. | 0.26% | 332,640 | $27.2M | Add +0.0% |
| RY Royal Bank of Canada | 0.26% | 159,007 | $27.1M | No change |
| APH Amphenol Corp. Class A | 0.26% | 199,983 | $27.0M | Add +0.4% |
| BLK BlackRock Inc. | 0.26% | 25,206 | $27.0M | Reduce -0.0% |
| INTC Intel Corp. | 0.25% | 724,279 | $26.7M | Add +0.3% |
| KLAC KLA Corp. | 0.25% | 21,908 | $26.6M | Reduce -0.4% |
| NOW ServiceNow Inc. | 0.25% | 173,504 | $26.6M | Add +1.6% |
| APP AppLovin Corp. Class A | 0.25% | 39,391 | $26.5M | Reduce -0.0% |
| SPGI S&P Global Inc. | 0.25% | 50,457 | $26.4M | Reduce -0.4% |
| BA The Boeing Co. | 0.25% | 120,941 | $26.3M | Add +1.0% |
| TXN Texas Instruments Inc. | 0.25% | 150,166 | $26.1M | Reduce -0.0% |
| GILD Gilead Sciences Inc. | 0.24% | 205,817 | $25.3M | No change |
| COF Capital One Financial Corp. | 0.24% | 103,855 | $25.2M | Reduce -0.0% |
| GRNT Granite Ridge Resources Inc. | 0.23% | 5,243,683 | $24.6M | No change |
| ADBE Adobe Inc. | 0.23% | 69,915 | $24.5M | Reduce -0.6% |
| DHR Danaher Corp. | 0.23% | 104,968 | $24.0M | Reduce -0.4% |
| PFE Pfizer Inc. | 0.22% | 938,624 | $23.4M | Reduce -0.0% |
| BSX Boston Scientific Corp. | 0.22% | 243,879 | $23.3M | Add +0.0% |
| UNP Union Pacific Corp. | 0.22% | 98,810 | $22.9M | Reduce -0.0% |
| LOW Lowe's Cos Inc. | 0.21% | 92,601 | $22.3M | Reduce -0.0% |
| ANET Arista Networks Inc. | 0.21% | 170,378 | $22.3M | No change |
| ADI Analog Devices Inc. | 0.21% | 81,971 | $22.2M | Reduce -0.0% |
| PGR Progressive Corp. | 0.21% | 96,820 | $22.0M | Reduce -0.0% |
| SHOP Shopify Inc. Class A | 0.21% | 135,481 | $21.8M | No change |
| WELL Welltower Inc. | 0.20% | 111,542 | $20.7M | Add +0.9% |
| ETN Eaton Corp. PLC | 0.20% | 64,749 | $20.6M | Reduce -0.0% |
| HON Honeywell International Inc. | 0.20% | 105,070 | $20.5M | Reduce -0.0% |
| MDT Medtronic PLC | 0.19% | 211,591 | $20.3M | No change |
| PANW Palo Alto Networks Inc. | 0.19% | 109,307 | $20.1M | Add +0.7% |
| PLD Prologis Inc. | 0.19% | 156,819 | $20.0M | Add +2.3% |
| SYK Stryker Corp. | 0.19% | 56,869 | $20.0M | Reduce -0.0% |
| COP Conocophillips | 0.19% | 208,341 | $19.5M | Reduce -0.4% |
| VRTX Vertex Pharmaceuticals Inc. | 0.18% | 42,490 | $19.3M | Reduce -0.0% |
| CB Chubb Ltd. | 0.18% | 61,135 | $19.1M | Reduce -0.6% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.18% | 40,513 | $19.0M | Add +0.4% |
Portfolio Sells Q3 2025 → Q4 2025
| MSFT Microsoft Corp. | Reduce -0.0% | 5.64% | −0.53 |
| UDR Udr Inc. | Reduce -92.5% | 0.02% | −0.24 |
| NVDA Nvidia Corp. | Reduce -0.0% | 6.86% | −0.15 |
| HD Home Depot Inc. | Reduce -0.0% | 0.54% | −0.11 |
| COST Costco Wholesale Corp. | Reduce -0.0% | 0.60% | −0.06 |
| FISV Fiserv Inc. | Reduce -0.3% | 0.06% | −0.06 |
| T AT&T Inc. | Reduce -0.5% | 0.27% | −0.05 |
| LIN Linde PLC | Reduce -0.0% | 0.31% | −0.04 |
| ETN Eaton Corp. PLC | Reduce -0.0% | 0.20% | −0.04 |
| HOOD Robinhood Markets Inc. Class A | Reduce -0.1% | 0.13% | −0.04 |
| K Kellanova | Sold out | 0.00% | −0.04 |
| UNH Unitedhealth Group Inc. | Reduce -0.0% | 0.47% | −0.03 |
| SPOT Spotify Technology SA | Reduce -0.1% | 0.14% | −0.03 |
| DASH DoorDash Inc. Class A | Reduce -0.1% | 0.13% | −0.03 |
| BLK BlackRock Inc. | Reduce -0.0% | 0.26% | −0.03 |
| VZ Verizon Communications Inc. | Reduce -0.0% | 0.27% | −0.03 |
| ADP Automatic Data Processing | Reduce -0.0% | 0.16% | −0.03 |
| AZO AutoZone Inc. | Reduce -0.1% | 0.09% | −0.03 |
| ORLY O'reilly Automotive Inc. | Reduce -0.4% | 0.12% | −0.03 |
| FANG Diamondback Energy Inc. | Reduce -24.6% | 0.08% | −0.02 |
| APP AppLovin Corp. Class A | Reduce -0.0% | 0.25% | −0.02 |
| PGR Progressive Corp. | Reduce -0.0% | 0.21% | −0.02 |
| CVX Chevron Corp. | Reduce -0.8% | 0.46% | −0.02 |
| ELS Equity Lifestyle Properties | Reduce -51.9% | 0.02% | −0.02 |
| TXN Texas Instruments Inc. | Reduce -0.0% | 0.25% | −0.02 |
| CDNS Cadence Design SYS Inc. | Reduce -0.1% | 0.13% | −0.02 |
| HON Honeywell International Inc. | Reduce -0.0% | 0.20% | −0.02 |
| URI United Rentals Inc. | Reduce -0.7% | 0.08% | −0.02 |
| MPC Marathon Petroleum Corp. | Reduce -0.4% | 0.08% | −0.02 |
| IPG Interpublic Group of Cos Inc. | Sold out | 0.00% | −0.02 |
| LNG Cheniere Energy Inc. | Reduce -1.1% | 0.07% | −0.02 |
| MRSH Marsh & McLennan Cos | Reduce -0.1% | 0.14% | −0.02 |
| PYPL PayPal Holdings Inc. | Reduce -0.6% | 0.09% | −0.02 |
| MA Mastercard Inc. Class A | Reduce -0.4% | 0.73% | −0.02 |
| INTU Intuit Inc. | Reduce -0.0% | 0.28% | −0.01 |
| TT Trane Technologies PLC | Reduce -0.1% | 0.14% | −0.01 |
| SYK Stryker Corp. | Reduce -0.0% | 0.19% | −0.01 |
| FLUT Flutter Entertainment PLC-Di | Reduce -3.2% | 0.06% | −0.01 |
| LOW Lowe's Cos Inc. | Reduce -0.0% | 0.21% | −0.01 |
| CMCSA Comcast Corp. Class A | Reduce -0.4% | 0.17% | −0.01 |
| DHI D.R. Horton Inc. | Reduce -0.5% | 0.06% | −0.01 |
| DUK Duke Energy Corp. | Reduce -0.1% | 0.14% | −0.01 |
| NOC Northrop Grumman Corp. | Reduce -0.1% | 0.12% | −0.01 |
| SHW The Sherwin-Williams Co. | Reduce -0.4% | 0.12% | −0.01 |
| CHTR Charter Communications Inc. Class A | Reduce -1.8% | 0.03% | −0.01 |
| CARR Carrier Global Corp. | Reduce -0.3% | 0.07% | −0.01 |
| LEN Lennar Corp. Class A | Reduce -2.7% | 0.04% | −0.01 |
| PFE Pfizer Inc. | Reduce -0.0% | 0.22% | −0.01 |
| ITW Illinois Tool Works | Reduce -0.4% | 0.11% | −0.01 |
| UNP Union Pacific Corp. | Reduce -0.0% | 0.22% | −0.01 |
Portfolio Buys Q3 2025 → Q4 2025
| MU Micron Technology Inc. | Add +0.0% | 0.50% | +0.20 |
| AMD Advanced Micro Devices | Add +0.0% | 0.54% | +0.12 |
| MAA Mid-America Apartment Comm | Add +460.8% | 0.14% | +0.12 |
| AVB Avalonbay Communities Inc. | Add +29.1% | 0.50% | +0.08 |
| MRK Merck & Co. Inc. | Add +0.0% | 0.42% | +0.08 |
| JNJ Johnson & Johnson | Add +0.0% | 0.78% | +0.07 |
| IWB iShares Russell 1000 ETF | New | 0.06% | +0.06 |
| WBD Warner Bros Discovery Inc. | Add +0.1% | 0.11% | +0.03 |
| MS Morgan Stanley | Add +0.0% | 0.32% | +0.03 |
| RTX RTX Corp. | Add +0.0% | 0.39% | +0.03 |
| SUI Sun Communities Inc. | Add +110.1% | 0.05% | +0.03 |
| CRCL Circle Internet Group Inc. | Add +1384.8% | 0.03% | +0.02 |
| PLD Prologis Inc. | Add +2.3% | 0.19% | +0.02 |
| INTC Intel Corp. | Add +0.3% | 0.25% | +0.02 |
| APH Amphenol Corp. Class A | Add +0.4% | 0.26% | +0.02 |
| OMC Omnicom Group | Add +66.6% | 0.04% | +0.02 |
| OMDA Omada Health Inc. | New | 0.01% | +0.01 |
| NEE Nextera Energy Inc. | Add +0.4% | 0.26% | +0.01 |
| INSM Insmed Inc. | Add +4.1% | 0.05% | +0.01 |
| EXR Extra Space Storage Inc. | Add +32.9% | 0.06% | +0.01 |
| CVNA Carvana Co. | Add +0.7% | 0.09% | +0.01 |
| LITE Lumentum Holdings Inc. | Add +3.8% | 0.01% | +0.01 |
| RKT Rocket Cos Inc. Class A | Add +276.4% | 0.01% | +0.01 |
| SCHW Schwab (charles) Corp. | Add +0.0% | 0.27% | +0.01 |
| NDAQ Nasdaq Inc. | Add +3.3% | 0.06% | +0.01 |
| COHR Coherent Corp. | Add +1.6% | 0.01% | +0.01 |
| EL Estee Lauder Companies Class A | Add +1.5% | 0.04% | +0.01 |
| RIVN Rivian Automotive Inc. Class A | Add +0.6% | 0.02% | +0.01 |
| DAL Delta Air Lines Inc. | Add +0.3% | 0.03% | +0.01 |
| WELL Welltower Inc. | Add +0.9% | 0.20% | +0.01 |
| VTR Ventas Inc. | Add +1.2% | 0.06% | +0.00 |
| TRNO Terreno Realty Corp. | New | 0.00% | +0.00 |
| RGLD Royal Gold Inc. | Add +7.8% | 0.02% | +0.00 |
| ASTS Ast Spacemobile Inc. | Add +15.5% | 0.01% | +0.00 |
| INCY Incyte Corp. | Add +0.6% | 0.02% | +0.00 |
| SCCO Southern Copper Corp. | Add +0.8% | 0.02% | +0.00 |
| BRKR Bruker Corp. | New | 0.00% | +0.00 |
| AMTM Amentum Holdings Inc. | New | 0.00% | +0.00 |
| AMKR Amkor Technology Inc. | New | 0.00% | +0.00 |
| NLY Annaly Capital Management Inc. | Add +2.2% | 0.02% | +0.00 |
| TNL Travel + Leisure Co. | New | 0.00% | +0.00 |
| MSGS Madison Square Garden Sports | New | 0.00% | +0.00 |
| RL Ralph Lauren Corp. | Add +0.7% | 0.02% | +0.00 |
| BHF Brighthouse Financial Inc. | New | 0.00% | +0.00 |
| VKTX Viking Therapeutics Inc. | New | 0.00% | +0.00 |
| RBRK Rubrik Inc. Class A | Add +51.0% | 0.01% | +0.00 |
| SHC Sotera Health Co. | New | 0.00% | +0.00 |
| RPRX Royalty Pharma PLC Class A | Add +0.9% | 0.02% | +0.00 |
| CFLT Confluent Inc. Class A | Add +4.7% | 0.00% | +0.00 |
| AGNC AGNC Investment Corp. | Add +1.1% | 0.02% | +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 |