VIRGINIA RETIREMENT SYSTEMS ET Al

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 29, 2025), VIRGINIA RETIREMENT SYSTEMS ET Al reported 932 stock positions worth $14.5 billion. Its top holding was Nvidia (NVDA) at 5.8% of the portfolio, followed by Microsoft (MSFT, 5.6%) and Apple (AAPL, 4.9%). Compared with Q1 2025, it opened 93 new positions, sold out of 176, added to 375 and reduced 324. The biggest buy was Microsoft (MSFT, shares +2%) and the biggest sale Apple (AAPL, shares −4%).

Most Recent 13F
Q2 2026
Location
RICHMOND, VA
CIK
0001005354
Portfolio Value
$14.5B (Q2 2025)
SEC Filing
0001005354-25-000006 ↗ filed Jul 29, 2025

Holdings Value

0$5.0B$10.0B$15.0B$20.0B Q1 2025: $13.5B Q1 2025 Q2 2025: $14.5B $14.5B Q2 2025 Q3 2025: $15.4B Q3 2025 Q4 2025: $16.8B Q4 2025 Q1 2026: $13.5B Q1 2026 Q2 2026: $16.7B Q2 2026

Holdings 932 stocks · $14.5B
NVDA Nvidia Corp. 5.76% 5,280,990 $834.3M Reduce -5.8%
MSFT Microsoft Corp. 5.63% 1,640,300 $815.9M Add +2.2%
AAPL Apple Inc. 4.91% 3,466,823 $711.3M Reduce -4.0%
AMZN Amazon.com Inc. 3.00% 1,979,000 $434.2M Reduce -9.4%
META Meta Platforms Inc. Class A 2.94% 576,796 $425.7M No change
GOOGL Alphabet Inc. Class A 1.51% 1,241,272 $218.7M No change
GOOG Alphabet Inc. Class C 1.20% 983,800 $174.5M Reduce -3.9%
AVGO Broadcom Inc. 1.19% 625,910 $172.5M Add +0.0%
JPM JPMorgan Chase & Co. 1.13% 565,838 $164.0M Reduce -5.7%
JNJ Johnson & Johnson 1.09% 1,031,803 $157.6M No change
GILD Gilead Sciences Inc. 0.98% 1,277,495 $141.6M No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.92% 453,800 $133.8M Add +0.5%
MO Altria Group Inc. 0.87% 2,157,100 $126.5M Reduce -0.2%
VRSN Verisign Inc. 0.86% 429,591 $124.1M Add +23.3%
KR Kroger Co. 0.83% 1,686,400 $121.0M Reduce -1.7%
V Visa Inc. Class A 0.83% 340,021 $120.7M Add +5.3%
TSLA Tesla Inc. 0.83% 377,531 $119.9M Add +9.6%
MRK Merck & Co. Inc. 0.79% 1,455,238 $115.2M Add +26.1%
VZ Verizon Communications Inc. 0.78% 2,611,605 $113.0M Add +0.1%
VICI Vici Properties Inc. filed as VICI PPTYS INC 0.76% 3,385,457 $110.4M Add +114.2%
HCA HCA Healthcare Inc. 0.75% 285,400 $109.3M Add +16.1%
NFLX Netflix Inc. 0.74% 79,813 $106.9M Add +10.7%
BRK.B Berkshire Hathaway Inc. Class B 0.74% 219,707 $106.7M Add +34.3%
CME Cme Group Inc. 0.67% 351,100 $96.8M Add +10.4%
PSA Public Storage 0.65% 321,371 $94.3M Reduce -0.1%
GS Goldman Sachs Group Inc. 0.65% 132,076 $93.5M Reduce -11.8%
MS Morgan Stanley 0.64% 654,400 $92.2M Add +2.7%
KMB Kimberly-Clark Corp. 0.63% 707,300 $91.2M No change
XOM Exxon Mobil Corp. 0.62% 838,372 $90.4M Add +21.2%
LMT Lockheed Martin Corp. 0.62% 194,002 $89.9M No change
UHS Universal Health Services-B 0.60% 482,322 $87.4M No change
FICO Fair Isaac Corp. 0.59% 46,600 $85.2M Reduce -5.1%
CL Colgate-Palmolive Co. 0.58% 922,300 $83.8M No change
PCAR Paccar Inc. 0.58% 880,050 $83.7M No change
FOXA Fox Corp. Class A 0.58% 1,491,500 $83.6M No change
C Citigroup Inc. 0.56% 960,460 $81.8M Reduce -12.0%
PM Philip Morris International 0.56% 448,300 $81.6M Reduce -6.9%
ACI Albertsons Cos Inc. Class A 0.56% 3,787,200 $81.5M Add +101.8%
GDDY GoDaddy Inc. Class A 0.56% 450,700 $81.2M Add +1.7%
T AT&T Inc. 0.55% 2,775,301 $80.3M No change
ABT Abbott Laboratories 0.55% 580,868 $79.0M Reduce -8.5%
CTSH Cognizant Tech Solutions-A 0.52% 960,100 $74.9M Add +43.3%
BKNG Booking Holdings Inc. 0.51% 12,851 $74.4M Add +10.3%
LLY Eli Lilly & Co. 0.50% 93,164 $72.6M Add +3.9%
BMY Bristol-Myers Squibb Co. 0.50% 1,555,496 $72.0M Add +350.2%
GE General Electric filed as GE AEROSPACE 0.49% 273,900 $70.5M Reduce -18.1%
RDN Radian Group Inc. 0.48% 1,935,415 $69.7M No change
SPG Simon Property Group Inc. 0.47% 423,069 $68.0M Add +0.8%
EW Edwards Lifesciences Corp. 0.47% 867,311 $67.8M Add +877.7%
RTX RTX Corp. 0.47% 463,400 $67.7M Add +3.0%
TXT Textron Inc. 0.46% 827,576 $66.4M Add +9.3%
SYF Synchrony Financial 0.44% 965,370 $64.4M Add +18.4%
CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC 0.44% 685,918 $63.1M Add +2.5%
EBAY eBay Inc. 0.43% 845,908 $63.0M Reduce -3.6%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.43% 678,859 $61.9M Reduce -0.3%
YUM Yum! Brands Inc. 0.43% 415,800 $61.6M No change
AFL Aflac Inc. 0.42% 577,978 $61.0M Reduce -10.9%
ANET Arista Networks Inc. 0.42% 591,172 $60.5M Add +81.3%
QCOM Qualcomm Inc. 0.41% 374,629 $59.7M Add +3.4%
TMUS T-Mobile US Inc. 0.41% 250,300 $59.6M Reduce -22.2%
ADBE Adobe Inc. 0.41% 153,714 $59.5M Add +5.3%
LRCX Lam Research Corp. 0.41% 606,375 $59.0M Add +97.8%
ABNB Airbnb Inc. Class A 0.40% 443,399 $58.7M Add +98.7%
CI The Cigna Group 0.40% 176,700 $58.4M No change
MCD McDonald's Corp. 0.40% 199,500 $58.3M Reduce -6.3%
WFC Wells Fargo & Co. 0.40% 723,400 $58.0M Reduce -10.3%
DBX Dropbox Inc. Class A 0.39% 1,989,900 $56.9M Reduce -0.9%
AKAM Akamai Technologies Inc. 0.39% 712,400 $56.8M Add +70.5%
SNA Snap-on Inc. 0.39% 181,872 $56.6M No change
WMT Walmart Inc. 0.38% 570,126 $55.7M Reduce -59.8%
UTHR United Therapeutics Corp. 0.38% 194,000 $55.7M Add +4.2%
COF Capital One Financial Corp. 0.38% 258,922 $55.1M Add +58.4%
MLI Mueller Industries Inc. 0.38% 688,955 $54.8M No change
OC Owens Corning 0.37% 392,885 $54.0M No change
CBOE Cboe Global Markets Inc. 0.37% 230,590 $53.8M Add +66.4%
KLAC KLA Corp. 0.37% 59,813 $53.6M Add +19.4%
AMAT Applied Materials Inc. 0.36% 287,630 $52.7M Add +11.9%
DG Dollar General Corp. 0.36% 451,400 $51.6M New
INCY Incyte Corp. 0.35% 735,325 $50.1M Reduce -14.7%
NVR NVR Inc. 0.34% 6,650 $49.1M Add +3.4%
CAT Caterpillar Inc. 0.33% 122,412 $47.5M No change
GM General Motors Co. 0.32% 957,012 $47.1M Reduce -16.4%
FTNT Fortinet Inc. 0.32% 444,547 $47.0M No change
MA Mastercard Inc. Class A 0.32% 83,562 $47.0M Reduce -45.6%
COST Costco Wholesale Corp. 0.32% 46,807 $46.3M Add +44.0%
PLD Prologis Inc. 0.32% 438,720 $46.1M Add +2.8%
CRM Salesforce Inc. 0.32% 168,901 $46.1M Reduce -2.6%
STX Seagate Technology Holdings 0.32% 318,400 $46.0M Reduce -6.5%
ACN Accenture PLC Class A 0.32% 153,228 $45.8M Add +69.8%
WELL Welltower Inc. 0.31% 295,660 $45.5M Add +6.9%
FAST Fastenal Co. 0.31% 1,059,584 $44.5M Add +45.3%
PLTR Palantir Technologies Inc. Class A 0.31% 326,400 $44.5M Reduce -8.0%
NTRS Northern Trust Corp. 0.30% 348,500 $44.2M No change
STT State Street Corp. 0.29% 397,600 $42.3M No change
EQIX Equinix Inc. 0.28% 51,604 $41.0M No change
HWM Howmet Aerospace Inc. 0.28% 220,000 $40.9M Reduce -35.9%
CNC Centene Corp. 0.28% 745,600 $40.5M New
NEM Newmont Corp. 0.28% 690,700 $40.2M New
PHM Pultegroup Inc. 0.27% 376,531 $39.7M Add +22.5%
CHTR Charter Communications Inc. Class A 0.27% 97,100 $39.7M Add +139.8%

Show all 932 holdings

Portfolio Sells Q1 2025 → Q2 2025
AAPL Apple Inc. Reduce -4.0% 4.91% −1.05
LNG Cheniere Energy Inc. Reduce -93.0% 0.04% −0.57
WMT Walmart Inc. Reduce -59.8% 0.38% −0.54
MCK McKesson Corp. Sold out 0.00% −0.46
CSCO Cisco Systems Inc. Reduce -72.4% 0.14% −0.34
MA Mastercard Inc. Class A Reduce -45.6% 0.32% −0.30
REGN Regeneron Pharmaceuticals Reduce -48.5% 0.19% −0.29
NBIX Neurocrine Biosciences Inc. Reduce -79.7% 0.07% −0.27
ABBV Abbvie Inc. Reduce -41.1% 0.25% −0.27
ALKS Alkermes PLC Sold out 0.00% −0.23
TMUS T-Mobile US Inc. Reduce -22.2% 0.41% −0.23
UNH Unitedhealth Group Inc. Reduce -0.2% 0.27% −0.22
TRV The Travelers Cos Inc. Sold out 0.00% −0.21
EPAM Epam Systems Inc. Reduce -97.4% 0.00% −0.19
EG Everest Group Ltd. Reduce -40.5% 0.20% −0.19
MANH Manhattan Associates Inc. Reduce -51.7% 0.19% −0.18
VRTX Vertex Pharmaceuticals Inc. Sold out 0.00% −0.16
COR Cencora Inc. Sold out 0.00% −0.15
WM Waste Management Inc. Reduce -72.2% 0.05% −0.14
TMO Thermo Fisher Scientific Inc. Sold out 0.00% −0.14
BALL Ball Corp. Sold out 0.00% −0.13
AOS Smith (a.o.) Corp. Sold out 0.00% −0.13
PPL PPL Corp. Reduce -37.9% 0.14% −0.12
DFS Discover Financial Services Sold out 0.00% −0.12
AFL Aflac Inc. Reduce -10.9% 0.42% −0.11
MAS Masco Corp. Reduce -41.3% 0.11% −0.11
DHI D.R. Horton Inc. Reduce -37.5% 0.15% −0.11
MTD Mettler-Toledo International Reduce -38.5% 0.14% −0.11
CPB The Campbell's Company Sold out 0.00% −0.10
NXPI NXP Semiconductors NV Reduce -65.7% 0.06% −0.10
CVS CVS Health Corp. Sold out 0.00% −0.09
MCD McDonald's Corp. Reduce -6.3% 0.40% −0.09
LULU Lululemon Athletica Inc. Reduce -26.6% 0.12% −0.09
SOLV Solventum Corp. Sold out 0.00% −0.09
MO Altria Group Inc. Reduce -0.2% 0.87% −0.09
AMZN Amazon.com Inc. Reduce -9.4% 3.00% −0.09
RF Regions Financial Corp. Reduce -50.7% 0.09% −0.09
EIX Edison International Reduce -22.9% 0.15% −0.09
EOG EOG Resources Inc. Reduce -15.7% 0.23% −0.09
FICO Fair Isaac Corp. Reduce -5.1% 0.59% −0.08
ZM Zoom Communications Inc. Reduce -22.7% 0.26% −0.08
WSM Williams-Sonoma Inc. Reduce -34.3% 0.14% −0.08
ETR Entergy Corp. Reduce -23.1% 0.19% −0.08
ABT Abbott Laboratories Reduce -8.5% 0.55% −0.08
BLK BlackRock Inc. Sold out 0.00% −0.08
KO The Coca-Cola Co. Reduce -27.1% 0.15% −0.08
MMM 3M Co. Reduce -29.4% 0.16% −0.08
GM General Motors Co. Reduce -16.4% 0.32% −0.07
HD Home Depot Inc. Reduce -27.1% 0.15% −0.07
MPC Marathon Petroleum Corp. Reduce -35.8% 0.14% −0.07

Portfolio Buys Q1 2025 → Q2 2025
MSFT Microsoft Corp. Add +2.2% 5.63% +1.16
EW Edwards Lifesciences Corp. Add +877.7% 0.47% +0.42
AVGO Broadcom Inc. Add +0.0% 1.19% +0.41
VICI Vici Properties Inc. Add +114.2% 0.76% +0.38
DG Dollar General Corp. New 0.36% +0.36
BMY Bristol-Myers Squibb Co. Add +350.2% 0.50% +0.34
CNC Centene Corp. New 0.28% +0.28
NEM Newmont Corp. New 0.28% +0.28
ACI Albertsons Cos Inc. Class A Add +101.8% 0.56% +0.26
LRCX Lam Research Corp. Add +97.8% 0.41% +0.24
NFLX Netflix Inc. Add +10.7% 0.74% +0.24
ANET Arista Networks Inc. Add +81.3% 0.42% +0.23
ABNB Airbnb Inc. Class A Add +98.7% 0.40% +0.21
VRSN Verisign Inc. Add +23.3% 0.86% +0.20
TWLO Twilio Inc. Class A Add +163.0% 0.26% +0.18
CCL Carnival Corp. Add +2389.4% 0.17% +0.17
TSLA Tesla Inc. Add +9.6% 0.83% +0.16
CHTR Charter Communications Inc. Class A Add +139.8% 0.27% +0.16
COF Capital One Financial Corp. Add +58.4% 0.38% +0.16
DPZ Domino's Pizza Inc. Add +204.3% 0.24% +0.15
URI United Rentals Inc. Add +1195.7% 0.15% +0.14
AKAM Akamai Technologies Inc. Add +70.5% 0.39% +0.14
AZO AutoZone Inc. New 0.14% +0.14
CBOE Cboe Global Markets Inc. Add +66.4% 0.37% +0.14
CTSH Cognizant Tech Solutions-A Add +43.3% 0.52% +0.14
SYF Synchrony Financial Add +18.4% 0.44% +0.12
HCA HCA Healthcare Inc. Add +16.1% 0.75% +0.12
KLAC KLA Corp. Add +19.4% 0.37% +0.12
BKNG Booking Holdings Inc. Add +10.3% 0.51% +0.11
ELV Elevance Health Inc. New 0.11% +0.11
SYY Sysco Corp. Add +340.8% 0.14% +0.11
ACN Accenture PLC Class A Add +69.8% 0.32% +0.11
FAST Fastenal Co. Add +45.3% 0.31% +0.10
CHKP Check Point Software Tech Add +80.3% 0.25% +0.10
MU Micron Technology Inc. Add +45.9% 0.20% +0.09
HUM Humana Inc. Add +125.0% 0.19% +0.09
LII Lennox International Inc. Add +262.8% 0.13% +0.09
COST Costco Wholesale Corp. Add +44.0% 0.32% +0.09
BRK.B Berkshire Hathaway Inc. Class B Add +34.3% 0.74% +0.09
IBM Intl Business Machines Corp. Add +0.5% 0.92% +0.09
GD General Dynamics Corp. New 0.09% +0.09
AMAT Applied Materials Inc. Add +11.9% 0.36% +0.09
ULTA Ulta Beauty Inc. Add +23.9% 0.27% +0.09
LOW Lowe's Cos Inc. Add +94.4% 0.20% +0.08
MS Morgan Stanley Add +2.7% 0.64% +0.08
BMRN Biomarin Pharmaceutical Inc. Add +239.8% 0.14% +0.08
IDXX Idexx Laboratories Inc. Add +31.5% 0.22% +0.08
MTG Mgic Investment Corp. Add +56.0% 0.20% +0.08
ORCL Oracle Corp. Add +1.0% 0.24% +0.07
NOW ServiceNow Inc. New 0.07% +0.07

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 1,300$16.7BNVDA, AAPL, MSFT, GOOGL, AMZN
Q1 2026 926$13.5BNVDA, MSFT, GOOGL, GOOG, JNJ
Q4 2025 949$16.8BAAPL, NVDA, MSFT, AMZN, GOOGL
Q3 2025 927$15.4BNVDA, MSFT, AAPL, META, AMZN
Q2 2025 932$14.5BNVDA, MSFT, AAPL, AMZN, META
Q1 2025 1,015$13.5BAAPL, NVDA, MSFT, AMZN, META