CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM

CIK 0000919079 · Q1 2026

13F Equity AUM

$162.5B

-7.1% QoQ

Positions

1,063

-22 QoQ

AUM Rank

#102

Top 0.8%

Skill Alpha (FF)

+0.5%/yr^ns

No Clear Edge

Rank #1,913 · Top 23%

vs S&P -2.0%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 33.4%Top 10: 43.5%Top 20: 52.1%

VOO12.4%

NVDA7.3%

AAPL5.9%

MSFT5.0%

AMZN2.8%

GOOGL2.6%

AVGO2.5%

META2.0%

GOOG1.8%

JPHY1.2%

Others (1053)56.5%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Technology31.6%

Financial Services23.5%

Communication Services8.7%

Healthcare8.1%

Consumer Cyclical7.9%

Industrials7.1%

Consumer Defensive3.6%

Energy3.0%

Other6.6%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 1063Median: 0.02%Avg: 0.09%

0–0.5%

1036(44.0%)

0.5–1%

14(9.1%)

1–3%

9(16.3%)

3–5%

1(5.0%)

5%+

3(25.6%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 1,062Unique: 1vs 20 funds

14.5%Low

1,063

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

20.2%

VANGUARD CAPITAL MANAGEMENT LLC

31.5%

STATE STREET CORP

31%

BlackRock, Inc.

26.6%

BANK OF AMERICA CORP /DE/

22.2%

GEODE CAPITAL MANAGEMENT, LLC

30.4%

JPMORGAN CHASE & CO

21.6%

VANGUARD PORTFOLIO MANAGEMENT LLC

36.3%

FMR LLC

34.7%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New26Increased418Decreased618Exited48

New Positions

IVV0.5%

+1.3M

AMCOR PLC0.0%

+665K

SATS0.0%

+215K

SMTC0.0%

+142K

AXSM0.0%

+51K

VSNT0.0%

+290K

TTMI0.0%

+173K

SANM0.0%

+87K

BMNR0.0%

+711K

FMF0.0%

+117K

Increased

NCLH0.0%

+2.9M(+359%)

KHC0.1%

+2.1M(+95%)

VOO12.4%

+2.0M(+6%)

LRCX0.8%

+2.0M(+51%)

AMZN2.8%

+1.7M(+9%)

UBER0.3%

+1.6M(+39%)

AAPL5.9%

+1.3M(+4%)

INTC0.3%

+1.2M(+11%)

MU0.7%

+1.0M(+46%)

TFC0.1%

+872K(+38%)

Decreased

NVDA7.3%

-8,040,355(-11%)

T0.3%

-4,713,219(-22%)

PFE0.2%

-3,133,806(-22%)

BAC0.5%

-2,719,814(-16%)

MDT0.1%

-2,389,444(-50%)

PEP0.3%

-2,132,310(-40%)

TTD0.0%

-2,057,897(-74%)

GOOG1.8%

-2,037,981(-17%)

JNJ0.9%

-1,444,253(-19%)

BAC0.6%

-1,393,195(-7%)

Exited

CYBR

-85,449

EXK

-337,684

AMCCD

-3,216,051

-132,406

CMA

-242,183

-405,976

-231,304

FYBR

-594,123

PNFP

-135,068

SYU1

-257,550

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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