CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM

View all activity View 13F on SEC

Data as of Q4 2025

Institutional investor tracked via SEC 13F filings. Portfolio snapshot as of 2025-12-31.SEC EDGAR Source

Assets Under Management

$174.9B

Total Positions

1,086

New This Quarter

Filing Period

2025-12-31

Portfolio Allocation

Top holdings by portfolio weight

VOO11.33%

NVDA8.14%

MSFT5.84%

AAPL5.65%

GOOGL2.75%

AVGO2.69%

AMZN2.65%

GOOG2.21%

META2.20%

TSLA1.35%

Other10.98%

Position Outcomes

Best and worst performing positions by estimated return

Top Winners

EME29Q held

EMCOR Group Inc

Avg $101.84 · $49M est. P&L

Est. P&L

+505.79%

APP16Q held

AppLovin Corp

Avg $114.95 · $268.9M est. P&L

Est. P&L

+503.47%

FICO29Q held

Fair Isaac Corp

Avg $296.73 · $58.6M est. P&L

Est. P&L

+488.34%

Top Losers

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Cost basis estimates based on full filing history using quarter-end prices. Actual transaction prices are not disclosed in 13F filings.

Top Holdings(Showing 25 of 1086 — sorted by value)

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Activity:

Stock	Shares	Value	Weight	Price Trend	Avg Buy	Est. P&L	Held	Conviction
VOO VANGUARD INDEX FDS	31.6M	$19.8B	11.3%	—	$551.03	+14.64%	5 qtrs	Increased 74
NVDA NVIDIA Corp	76.4M	$14.2B	8.1%	—	$127.53	+47.05%	29 qtrs	Increased 71
MSFT Microsoft Corp	21.1M	$10.2B	5.8%	—	$224.29	+117.35%	29 qtrs	Increased 68
AAPL Apple Inc	36.4M	$9.9B	5.7%	—	$125.18	+117.94%	29 qtrs	Increased 64
GOOGL Alphabet Inc	15.4M	$4.8B	2.8%	—	$129.45	+142.44%	29 qtrs	Increased 60
AVGO Broadcom Inc	13.6M	$4.7B	2.7%	—	$192.83	+81.43%	29 qtrs	Increased 64
AMZN Amazon.com Inc	20M	$4.6B	2.6%	—	$136.68	+70.12%	29 qtrs	Increased 57
GOOG Alphabet Inc	12.3M	$3.9B	2.2%	—	$122.79	+156.17%	29 qtrs	Increased 60
META Meta Platforms Inc	5.8M	$3.8B	2.2%	—	$293.67	+126.77%	29 qtrs	Decreased 0
TSLA Tesla Inc	5.2M	$2.4B	1.3%	—	$235.15	+93.25%	29 qtrs	Increased 50
JPM JPMORGAN CHASE & CO.	6.8M	$2.2B	1.2%	—	$137.28	+134.54%	29 qtrs	Increased 51
JPHY J P MORGAN EXCHANGE TRADED F	39.9M	$2B	1.2%	—	$48.53	+3.85%	3 qtrs	Unchanged 0
LLY Eli Lilly & Co	1.9M	$2B	1.1%	—	$203.82	+428.87%	29 qtrs	Decreased 0
BRK/B Berkshire Hathaway Inc	3.4M	$1.7B	1.0%	—	—	—	29 qtrs	Decreased 0
JNJ Johnson & Johnson	7.4M	$1.5B	0.9%	—	$114.94	+80.01%	29 qtrs	Decreased 0
V Visa Inc	3.3M	$1.2B	0.7%	—	$152.86	+130.85%	29 qtrs	Decreased 0
BAC Bank of America Corp	19.6M	$1.1B	0.6%	—	$29.81	+85.43%	29 qtrs	Increased 46
MA Mastercard Inc	1.8M	$1B	0.6%	—	$292.36	+97.21%	29 qtrs	Decreased 0
ABBV AbbVie Inc	4.2M	$959.3M	0.5%	—	$117.51	+93.94%	29 qtrs	Decreased 0
WMT Walmart Inc	8.6M	$958.8M	0.5%	—	$51.32	+118.08%	29 qtrs	Decreased 0
COST Costco Wholesale Corp	1.1M	$957.4M	0.5%	—	$547.90	+57.78%	29 qtrs	Decreased 0
XOM Exxon Mobil Corp	8M	$956.8M	0.5%	—	$64.43	+86.54%	29 qtrs	Decreased 0
MRK Merck & Co Inc	8.6M	$901.9M	0.5%	—	$69.40	+52.82%	29 qtrs	Increased 51
CSCO Cisco Systems Inc	11.6M	$890.6M	0.5%	—	$44.02	+74.92%	29 qtrs	Decreased 0
IBM International Business Machines Corp	2.9M	$855.7M	0.5%	—	$105.80	+183.88%	29 qtrs	Decreased 0
Showing 25 of 1,086 results.PROUpgrade to see all →

Accumulation Streaks

Positions with 2+ consecutive quarters of increases — persistent directional conviction.

Security

FULFULLER H B CO

Q1 2024 → Q4 2025+37,434 shares+$825,306

HRIHERC HLDGS INC

Q1 2024 → Q4 2025+17,574 shares+$2.6M

EGPEastGroup Properties Inc

Q2 2024 → Q4 2025+10,994 shares+$1.8M

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Data sourced from SEC EDGAR 13F filings. Not financial advice. Full disclaimer