CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM

CIK 0000919079 · Q2 2026

13F Equity AUM

$177.4B

+9.2% QoQ

Positions

1,060

-3 QoQ

AUM Rank

#364

Top 3%

Skill Alpha (FF)

+1.6%/yr^ns

No Clear Edge

Rank #1,559 · Top 19%

vs S&P +2.2%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 31.6%Top 10: 42.8%Top 20: 53.3%

VOO11.9%

IVV6.4%

NVDA5.2%

AAPL4.8%

MSFT3.3%

AVGO2.7%

AMZN2.5%

GOOGL2.4%

GOOG1.9%

MU1.6%

Others (1050)57.2%

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

Sector Allocation

Technology31.1%

Financial Services28.0%

Communication Services7.8%

Consumer Cyclical7.0%

Industrials7.0%

Healthcare7.0%

Consumer Defensive3.1%

Energy2.5%

Other6.6%

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

Position Sizing

Positions: 1060Median: 0.02%Avg: 0.09%

0–0.5%

1031(41.2%)

0.5–1%

13(8.9%)

1–3%

11(18.2%)

3–5%

2(8.2%)

5%+

3(23.5%)

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

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Portfolio Overlap

Shared: 0Unique: 1,060vs 20 funds

0%Low

1,060

Fund positions

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.

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Position Changes This Quarter

New7Increased493Decreased558Exited10

New Positions

HONEYWELL AEROSPACE …0.1%

+689K

HONEYWELL INTL INC0.1%

+686K

CARNIVAL CORP LTD0.0%

+2.4M

DUPONT DE NEMOURS IN…0.0%

+278K

FEDEX FGHT HLDG CO I…0.0%

+183K

VERSIGENT PLC0.0%

+124K

OCTAVE INTELLIGENCE …0.0%

+463K

Increased

IVV6.4%

+13.9M(+1098%)

PFE0.2%

+6.4M(+59%)

KLAC1.0%

+5.3M(+891%)

BKNG0.2%

+1.6M(+1952%)

TRVC0.5%

+1.6M(+38%)

WMT0.7%

+1.5M(+17%)

AGNC0.0%

+1.2M(+77%)

DVN0.1%

+1.2M(+87%)

YNDX0.2%

+991K(+412%)

BE0.2%

+967K(+240%)

Decreased

NVDA5.2%

-22,264,066(-33%)

AAPL4.8%

-8,071,423(-21%)

MSFT3.3%

-6,111,047(-28%)

CSCO0.5%

-4,978,631(-41%)

INTC0.7%

-3,655,786(-30%)

AMZN2.5%

-3,089,273(-14%)

VOO11.9%

-2,921,971(-9%)

KHC0.0%

-2,650,291(-61%)

GOOGL2.4%

-2,554,436(-17%)

ABT0.1%

-2,329,577(-52%)

Exited

HON

-1,105,154

CCL

-2,359,463

CTRA

-1,565,223

-806,784

-523,815

-77,397

-272,830

-341,333

-217,493

UEO

-25,000

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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