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Livermore
Livermore
ZHEN

Arizona State Retirement System

SEC CIK
0001558481
Latest filing
Aug 7, 2026

Holdings in Q4 2025

Holdings as of Dec 31, 2025, filed Jan 28, 2026. Long positions only; changes compare share counts with Q3 2025.

Institution overview
Positions
2,048
−33 vs. Q3 2025
Portfolio value
$18.4B
−$380.6M (−2.0%) vs. Q3 2025
Filed
Jan 28, 2026
SEC
Holdings of Arizona State Retirement System in Q4 2025
SecurityClassSharesValue% of portfolioShare changeActionHistory
NVDANVIDIA CorpStock6,905,742$1.29B7.0%−219,895−3.1%ReducedHistory
AAPLApple Inc.Stock4,194,593$1.14B6.2%−167,181−3.8%ReducedHistory
MSFTMicrosoft CorpStock1,993,631$964.2M5.2%−68,399−3.3%ReducedHistory
AMZNAmazon Com IncStock2,708,304$625.1M3.4%−82,002−2.9%ReducedHistory
GOOGLAlphabet Inc.Stock1,646,513$515.4M2.8%−53,127−3.1%ReducedHistory
AVGOBroadcom Inc.Stock1,265,651$438.0M2.4%−39,246−3.0%ReducedHistory
GOOGAlphabet Inc.Stock1,375,984$431.8M2.3%−58,810−4.1%ReducedHistory
METAMeta Platforms, Inc.Stock615,238$406.1M2.2%−18,812−3.0%ReducedHistory
TSLATesla, Inc.Stock795,441$357.7M1.9%−51,126−6.0%ReducedHistory
JPMJPMorgan Chase & CoStock769,098$247.8M1.3%−42,288−5.2%ReducedHistory
LLYEli Lilly & CoStock228,869$246.0M1.3%−6,368−2.7%ReducedHistory
BRK.BBerkshire Hathaway IncStock388,841$195.5M1.1%−6,939−1.8%ReducedHistory
VVisa Inc.Stock485,236$170.2M0.9%−14,579−2.9%ReducedHistory
XOMExxonMobil Holdings CorpCOM1,207,146$145.3M0.8%−51,417−4.1%ReducedHistory
JNJJohnson & JohnsonStock679,300$140.6M0.8%−23,356−3.3%ReducedHistory
MAMastercard IncStock243,464$139.0M0.8%−6,784−2.7%ReducedHistory
WMTWalmart Inc.Stock1,228,207$136.8M0.7%−53,724−4.2%ReducedHistory
PLTRPalantir Technologies Inc.Stock640,375$113.8M0.6%−20,866−3.2%ReducedHistory
ABBVAbbVie Inc.Stock496,417$113.4M0.6%−19,457−3.8%ReducedHistory
NFLXNetflix IncStock1,187,920$111.4M0.6%−54,900−4.4%ReducedConverted for a 10-for-1 splitHistory
COSTCostco Wholesale CorpStock126,417$109.0M0.6%−3,094−2.4%ReducedHistory
BACBank of America CorpStock1,977,535$108.8M0.6%−112,854−5.4%ReducedHistory
AMDAdvanced Micro Devices IncStock460,531$98.6M0.5%−12,975−2.7%ReducedHistory
HDHome Depot, Inc.Stock283,002$97.4M0.5%−7,509−2.6%ReducedHistory
PGProcter & Gamble CoStock667,023$95.6M0.5%−17,754−2.6%ReducedHistory
ORCLOracle CorpStock479,853$93.5M0.5%−14,905−3.0%ReducedHistory
GEGeneral Electric CoStock298,164$91.8M0.5%−13,342−4.3%ReducedHistory
MUMicron Technology IncStock318,004$90.8M0.5%−8,819−2.7%ReducedHistory
CSCOCisco Systems, Inc.Stock1,129,159$87.0M0.5%−32,639−2.8%ReducedHistory
UNHUnitedHealth Group IncStock255,224$84.3M0.5%−9,739−3.7%ReducedHistory
WFCWells Fargo & CompanyStock900,959$84.0M0.5%−39,509−4.2%ReducedHistory
CVXChevron CorpStock550,056$83.8M0.5%−22,552−3.9%ReducedHistory
KOCoca Cola CoStock1,166,603$81.6M0.4%−28,087−2.4%ReducedHistory
IBMInternational Business Machines CorpStock262,932$77.9M0.4%−8,293−3.1%ReducedHistory
CATCaterpillar IncStock132,423$75.9M0.4%−4,905−3.6%ReducedHistory
GSGoldman Sachs Group IncStock84,678$74.4M0.4%−4,925−5.5%ReducedHistory
MRKMerck & Co., Inc.Stock702,282$73.9M0.4%−31,306−4.3%ReducedHistory
CRMSalesforce, Inc.Stock268,679$71.2M0.4%−10,392−3.7%ReducedHistory
PMPhilip Morris International Inc.Stock439,866$70.6M0.4%−14,746−3.2%ReducedHistory
RTXRTX CorpStock380,394$69.8M0.4%−9,799−2.5%ReducedHistory
ABTAbbott LaboratoriesStock494,902$62.0M0.3%−13,152−2.6%ReducedHistory
TMOThermo Fisher Scientific Inc.Stock106,998$62.0M0.3%−3,270−3.0%ReducedHistory
MCDMcDonalds CorpStock200,268$61.2M0.3%−8,567−4.1%ReducedHistory
LRCXLam Research CorpStock357,563$61.2M0.3%−15,984−4.3%ReducedHistory
CCitigroup IncStock520,467$60.7M0.3%−17,191−3.2%ReducedHistory
MSMorgan StanleyStock336,232$59.7M0.3%−13,772−3.9%ReducedHistory
AMATApplied Materials IncStock226,438$58.2M0.3%−7,920−3.4%ReducedHistory
AXPAmerican Express CoStock156,070$57.7M0.3%−7,602−4.6%ReducedHistory
DISWalt Disney CoStock507,136$57.7M0.3%−17,868−3.4%ReducedHistory
ISRGIntuitive Surgical IncCOM NEW101,868$57.7M0.3%−2,803−2.7%ReducedHistory
LINLinde PLCStock133,700$57.0M0.3%−3,768−2.7%ReducedHistory
PEPPepsiCo IncStock384,202$55.1M0.3%−16,201−4.0%ReducedHistory
INTUIntuit Inc.Stock78,730$52.2M0.3%−2,733−3.4%ReducedHistory
QCOMQualcomm IncStock300,937$51.5M0.3%−14,963−4.7%ReducedHistory
TAT&T Inc.Stock2,040,155$50.7M0.3%−61,208−2.9%ReducedHistory
GEVGE Vernova Inc.Stock76,880$50.2M0.3%−2,837−3.6%ReducedHistory
AMGNAmgen IncStock151,395$49.6M0.3%−5,634−3.6%ReducedHistory
SCHWSchwab Charles CorpStock492,113$49.2M0.3%−11,921−2.4%ReducedHistory
TJXTJX Companies IncStock319,560$49.1M0.3%−6,193−1.9%ReducedHistory
BKNGBooking Holdings Inc.Stock9,118$48.8M0.3%−385−4.1%ReducedHistory
VZVerizon Communications IncStock1,191,291$48.5M0.3%−40,001−3.2%ReducedHistory
BABoeing CoStock219,577$47.7M0.3%−639−0.3%ReducedHistory
NEENextera Energy IncStock588,634$47.3M0.3%−12,875−2.1%ReducedHistory
ACNAccenture plcStock175,311$47.0M0.3%−6,569−3.6%ReducedHistory
INTCIntel CorpStock1,273,875$47.0M0.3%+210.0%AddedHistory
APHAmphenol CorpCL A347,038$46.9M0.3%−6,236−1.8%ReducedHistory
SPGIS&P Global Inc.Stock88,703$46.4M0.3%−2,990−3.3%ReducedHistory
UBERUber Technologies, IncStock562,268$45.9M0.2%−17,950−3.1%ReducedHistory
NOWServiceNow, Inc.Stock292,807$44.9M0.2%−9,528−3.2%ReducedConverted for a 5-for-1 splitHistory
KLACKLA CorpCOM NEW36,848$44.8M0.2%−1,771−4.6%ReducedHistory
TXNTexas Instruments IncStock256,584$44.5M0.2%−8,722−3.3%ReducedHistory
BLKBlackRock, Inc.Stock41,588$44.5M0.2%−1,407−3.3%ReducedHistory
APPAppLovin CorpCOM CL A65,104$43.9M0.2%−2,290−3.4%ReducedHistory
COFCapital One Financial CorpStock180,862$43.8M0.2%−6,089−3.3%ReducedHistory
GILDGilead Sciences, Inc.Stock351,709$43.2M0.2%−11,561−3.2%ReducedHistory
DHRDanaher CorpStock181,341$41.5M0.2%−6,790−3.6%ReducedHistory
ADBEAdobe Inc.Stock118,419$41.4M0.2%−5,462−4.4%ReducedHistory
BSXBoston Scientific CorpStock420,931$40.1M0.2%−11,163−2.6%ReducedHistory
PFEPfizer IncStock1,599,728$39.8M0.2%−61,293−3.7%ReducedHistory
ANETArista Networks, Inc.Stock303,115$39.7M0.2%−8,686−2.8%ReducedHistory
UNPUnion Pacific CorpStock169,921$39.3M0.2%−4,563−2.6%ReducedHistory
LOWLowes Companies IncStock157,973$38.1M0.2%−5,637−3.4%ReducedHistory
ADIAnalog Devices IncStock138,965$37.7M0.2%−5,957−4.1%ReducedHistory
PGRProgressive CorpStock164,244$37.4M0.2%−6,982−4.1%ReducedHistory
WELLWelltower Inc.REIT192,892$35.8M0.2%+1,850+1.0%AddedHistory
HONHoneywell International IncCOM181,609$35.4M0.2%−6,077−3.2%ReducedHistory
PANWPalo Alto Networks IncStock190,704$35.1M0.2%−4,025−2.1%ReducedHistory
ETNEaton Corp plcStock110,034$35.0M0.2%−4,280−3.7%ReducedHistory
MDTMedtronic plcStock361,379$34.7M0.2%−12,795−3.4%ReducedHistory
SYKStryker CorpStock97,835$34.4M0.2%−2,640−2.6%ReducedHistory
DEDeere & CoStock72,230$33.6M0.2%−2,944−3.9%ReducedHistory
CBChubb LtdStock107,071$33.4M0.2%−4,140−3.7%ReducedHistory
PLDPrologis, Inc.REIT261,441$33.4M0.2%−9,546−3.5%ReducedHistory
CRWDCrowdStrike Holdings, Inc.Stock70,826$33.2M0.2%−1,964−2.7%ReducedHistory
COPConocoPhillipsStock351,399$32.9M0.2%−17,269−4.7%ReducedHistory
VRTXVertex Pharmaceuticals IncStock72,293$32.8M0.2%−2,701−3.6%ReducedHistory
BXBlackstone Inc.COM206,393$31.8M0.2%−6,690−3.1%ReducedHistory
PHParker-Hannifin CorpStock35,863$31.5M0.2%−1,454−3.9%ReducedHistory
CEGConstellation Energy CorpStock88,233$31.2M0.2%−3,296−3.6%ReducedHistory
CMCSAComcast CorpStock1,037,999$31.0M0.2%−49,613−4.6%ReducedHistory

Sold out since Q3 2025 (82)

Positions held at the end of Q3 2025 that are gone from this filing.

Positions of Arizona State Retirement System sold out since Q3 2025
SecurityClassShares in Q3 2025Value in Q3 2025% of portfolio in Q3 2025History
KKellanovaStock81,978$6.72M<0.1%History
COOPMaverick Merger Sub 2, LLCCOM18,909$3.99M<0.1%History
IPGInterpublic Group of Companies, Inc.COM109,409$3.05M<0.1%History
LNWOLight & Wonder, Inc.COM24,955$2.09M<0.1%History
AEMAgnico Eagle Mines LtdStock8,901$1.50M<0.1%History
MRUSMerus N.V.COM15,427$1.45M<0.1%History
SPRSpirit AeroSystems Holdings, Inc.COM CL A34,716$1.34M<0.1%History
ALEAllete IncCOM NEW17,152$1.14M<0.1%History
BBarrick Mining CorpStock30,484$999.0K<0.1%History
WPMWheaton Precious Metals Corp.COM8,050$900.3K<0.1%History
WNSWNS (Holdings) LtdCOM SHS11,424$871.3K<0.1%History
INFAInformatica Inc.COM CL A34,700$861.9K<0.1%History
AKROAkero Therapeutics, Inc.COM16,503$783.6K<0.1%History
FNVFranco Nevada CorpStock3,400$757.9K<0.1%History
HBIHanesbrands Inc.COM104,646$689.6K<0.1%History
PINCPremier, Inc.CL A24,362$677.3K<0.1%History
GFIGold Fields LtdSPONSORED ADR15,884$666.5K<0.1%History
AUAngloGold Ashanti PLCCOM SHS8,927$627.8K<0.1%History
VBTXVeritex Holdings, Inc.COM16,059$538.5K<0.1%History
KGCKinross Gold CorpCOM21,592$536.6K<0.1%History
AVDXAvidXchange Holdings, Inc.COM51,926$516.7K<0.1%History
ETNB89bio, Inc.COM32,398$476.3K<0.1%History
SCSSteelcase IncCL A25,503$438.7K<0.1%History
MRCMRC Global Inc.COM25,177$363.1K<0.1%History
VRNTVerint Systems IncCOM17,794$360.3K<0.1%History
PGREParamount Group, Inc.COM51,898$339.4K<0.1%History
VMEOVimeo, Inc.COMMON STOCK43,564$337.6K<0.1%History
MTSRMetsera, Inc.COM6,205$324.7K<0.1%History
HSIIHeidrick & Struggles International IncCOM6,094$303.3K<0.1%History
PROPROS Holdings, Inc.COM12,744$292.0K<0.1%History
PAASPan American Silver CorpStock7,531$291.7K<0.1%History
CBRLCracker Barrel Old Country Store, IncCOM6,258$275.7K<0.1%History
NTGRNetgear, Inc.COM8,079$261.7K<0.1%History
AGIAlamos Gold IncStock7,384$257.4K<0.1%History
CABOCable One, Inc.COM1,416$250.7K<0.1%History
IASIntegral Ad Science Holding Corp.COM24,415$248.3K<0.1%History
ODPODP CorpCOM8,419$234.5K<0.1%History
TRTootsie Roll Industries IncCOM5,565$233.3K<0.1%History
Aris Water Solutions, Inc.04041L106CLASS A COM9,176$226.3K<0.1%–
IIIVi3 Verticals, Inc.COM CL A6,852$222.4K<0.1%History
IIINInsteel Industries IncCOM5,744$220.2K<0.1%History
MMIMarcus & Millichap, Inc.COM7,496$220.0K<0.1%History
TREELendingTree, Inc.COM3,395$219.8K<0.1%History
DFHDream Finders Homes, Inc.COM CL A8,472$219.6K<0.1%History
RGRSturm Ruger & Co IncStock4,899$213.0K<0.1%History
ETDEthan Allen Interiors IncCOM7,148$210.6K<0.1%History
CNXNPC Connection IncCOM3,378$209.4K<0.1%History
BZHBeazer Homes USA IncCOM NEW8,519$209.1K<0.1%History
AOSLAlpha & Omega Semiconductor LtdSHS7,459$208.6K<0.1%History
GICGlobal Industrial CoCOM5,676$208.1K<0.1%History
HMYHarmony Gold Mining Co LtdADR11,385$206.6K<0.1%History
NXRTNexPoint Residential Trust, Inc.COM6,362$205.0K<0.1%History
MLNKMeridianLink, Inc.COMMON STOCK10,278$204.8K<0.1%History
HSTMHealthstream IncCOM7,204$203.4K<0.1%History
CMPCompass Minerals International IncStock10,468$201.0K<0.1%History
MCBMetropolitan Bank Holding Corp.COM2,682$200.7K<0.1%History
PSIXPower Solutions International, Inc.Stock2,037$200.1K<0.1%History
AMTBAmerant Bancorp Inc.CL A10,382$200.1K<0.1%History
GNKGenco Shipping & Trading LtdSHS10,806$192.3K<0.1%History
ICHRIchor Holdings, Ltd.SHS10,068$176.4K<0.1%History
EQXEquinox Gold Corp.COM13,562$152.2K<0.1%History
THRYThryv Holdings, Inc.COM NEW12,263$147.9K<0.1%History
IVRInvesco Mortgage Capital Inc.COM19,513$147.5K<0.1%History
FPIFarmland Partners Inc.COM12,928$140.7K<0.1%History
NFBKNorthfield Bancorp, Inc.COM11,353$134.0K<0.1%History
XRXXerox Holdings CorpCOM NEW35,271$132.6K<0.1%History
IAGIamgold CorpCOM10,235$132.3K<0.1%History
CALCaleres IncCOM10,000$130.4K<0.1%History
PTLOPortillo's Inc.COM CL A20,048$129.3K<0.1%History
OECOrion S.A.COM16,651$126.2K<0.1%History
SITCSITE Centers Corp.COM13,967$125.8K<0.1%History
BTGB2GOLD CorpCOM23,422$115.9K<0.1%History
TWITitan International IncCOM15,080$114.0K<0.1%History
ACHAccendra Health IncStock22,671$108.8K<0.1%History
New Gold Inc Cda644535106COM13,996$100.5K<0.1%–
AGLagilon health, inc.COM91,870$94.6K<0.1%History
PUBMPubMatic, Inc.COM CL A11,305$93.6K<0.1%History
EOLSEvolus, Inc.COM14,309$87.9K<0.1%History
THTarget Hospitality Corp.COM10,279$87.2K<0.1%History
ARKOARKO Corp.COM15,160$69.3K<0.1%History
WESTWestrock Coffee CoCOM11,193$54.4K<0.1%History
REPLReplimune Group, Inc.COM11,397$47.8K<0.1%History