CalPERS

CalPERS

Period

Q1 2026

Portfolio Date

Mar 31, 2026

Stocks Held

1,057

Market Value

$161.1B

Portfolio Analysis

AIPreview
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I. Institutional Overview

The California Public Employees' Retirement System, widely known as CalPERS, represents one of the most formidable forces in the global financial landscape. As the largest public pension fund in the United States, its investment activities are not merely financial transactions; they are significant market events that signal the long-term strategic shifts of...

With a total of 1,057 holdings, CalPERS maintains a highly diversified posture, reflecting its mandate to provide stable, long-term returns for millions of public employees and retirees. However, a deeper look at the concentration of its assets reveals a "barbell" investment philosophy. While the fund holds over a thousand individual stocks to capture broad...

The institutional "psychological portrait" of CalPERS this quarter is one of strategic realignment and systematic consolidation. The fund appears to be moving away from traditional value conglomerates—most notably evidenced by its total liquidation of a massive position in Berkshire Hathaway—and toward a more streamlined, growth-oriented core. By increasing...

Based on the latest available 13F filing.

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Holdings Value Trend

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Top 5 Holdings

1

$ETF-VOO

Vanguard S&P 500 ETF

12.4%

% of Portfolio

2

$NVDA

NVIDIA Corporation

7.3%

% of Portfolio

3

$AAPL

Apple Inc.

5.9%

% of Portfolio

4

$MSFT

Microsoft Corporation

5.0%

% of Portfolio

5

$AMZN

Amazon.com, Inc.

2.8%

% of Portfolio

Historical Positions

SymbolQ1 2026Q4 2025Q3 2025Q2 2025
ETF-VOO12.4%11.3%9.5%9.4%
NVDA7.3%8.1%7.4%6.5%
AAPL5.9%5.7%5.4%4.8%
MSFT5.0%5.8%6.0%6.9%
AMZN2.8%2.6%2.5%2.6%
GOOGL2.6%2.8%2.0%1.6%
AVGO2.5%2.7%2.3%2.0%
META2.0%2.2%2.6%2.5%
GOOG1.8%2.2%1.6%1.4%
ETF-JPHY1.2%---

Post-Filing Contributors

Price change since reported price, ranked by portfolio contribution

NVDA+17.47%
ETF-VOO+13.50%
GOOGL+24.42%
AAPL+16.49%
MU+194.78%

Post-Filing Detractors

Price change since reported price, ranked by portfolio contribution

XOM-13.59%
JNJ-2.50%
ABT-17.31%
CVX-10.19%
MCD-8.37%

Sector Analysis

Energy3.6%
Others1.7%
Utilities2.4%
Financials10.7%
Healthcare9.6%
Technology37.4%
Industrials8.6%
Real Estate2.0%

Trading Summary

1

$ETF-IVV

0.5%

2

$SATS

0.0%

3

$ARWR

0.0%

4

$AXSM

0.0%

5

$CRCL

0.0%

6

$CRWV

0.0%

7

$FCFS

0.0%

8

$FORM

0.0%

9

$HL

0.0%

10

$IREN

0.0%

11

$PRIM

0.0%

12

$ROIV

0.0%

13

$SANM

0.0%

14

$SITM

0.0%

15

$SMTC

0.0%

16

$TTMI

0.0%

17

$UEC

0.0%

18

$VSNT

0.0%

All Holdings

1

$ETF-VOO

12.4%

2

$NVDA

7.3%

3

$AAPL

5.9%

4

$MSFT

5.0%

5

$AMZN

2.8%

6

$GOOGL

2.6%

7

$AVGO

2.5%

8

$META

2.0%

9

$GOOG

1.8%

10

$ETF-JPHY

1.2%

11

$TSLA

1.2%

12

$JPM

1.1%

13

$LLY

1.0%

14

$JNJ

0.9%

15

$XOM

0.8%

16

$LRCX

0.8%

17

$WMT

0.7%

18

$MU

0.7%

19

$V

0.6%

20

$COST

0.6%

21

$CSCO

0.6%

22

$BAC

0.6%

23

$MRK

0.6%

24

$KLAC

0.5%

25

$MA

0.5%

26

$ETF-IVV

0.5%

27

$ABBV

0.5%

28

$KO

0.5%

29

$NFLX

0.5%

30

$VZ

0.5%

31

$CVX

0.4%

32

$PG

0.4%

33

$HD

0.4%

34

$AMGN

0.4%

35

$MCD

0.4%

36

$AMAT

0.4%

37

$CAT

0.4%

38

$IBM

0.4%

39

$UNH

0.4%

40

$GS

0.4%

41

$PLTR

0.3%

42

$GE

0.3%

43

$AMD

0.3%

44

$INTC

0.3%

45

$WFC

0.3%

46

$RTX

0.3%

47

$PEP

0.3%

48

$GILD

0.3%

49

$DE

0.3%

50

$T

0.3%