VIRGINIA RETIREMENT SYSTEMS ET Al

CIK 0001005354 · Q2 2026

13F Equity AUM

$16.7B

+24.2% QoQ

Positions

1,300

+374 QoQ

AUM Rank

#377

Top 4%

Skill Alpha (FF)

—

Building track record (7q)

Quarters Tracked

~2 years

Portfolio Concentration

Top 5: 20.0%Top 10: 28.4%Top 20: 37.4%

NVDA6.2%

AAPL5.6%

MSFT3.4%

GOOGL2.4%

AMZN2.4%

GOOG2.2%

MU1.9%

AVGO1.8%

META1.4%

JNJ1.2%

Others (1290)71.6%

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

Sector Allocation

Technology34.9%

Financial Services11.6%

Healthcare10.1%

Consumer Cyclical8.3%

Communication Services8.2%

Industrials8.1%

Real Estate5.8%

Consumer Defensive5.1%

Other7.8%

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

Position Sizing

Positions: 1300Median: 0.01%Avg: 0.08%

0–0.5%

1265(53.4%)

0.5–1%

23(16.1%)

1–3%

9(15.3%)

3–5%

1(3.4%)

5%+

2(11.8%)

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

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Portfolio Overlap

Shared: 0Unique: 1,300vs 20 funds

0%Low

1,300

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

New455Increased474Decreased312Exited80

New Positions

AMGN0.2%

+81K

ADM0.1%

+326K

GLW0.1%

+80K

LITE0.1%

+21K

CRWD0.1%

+21K

BBY0.1%

+201K

CB0.1%

+43K

MRVL0.1%

+48K

DLTR0.1%

+116K

DDOG0.1%

+53K

Increased

AAPL5.6%

+2.3M(+237%)

BAC0.8%

+1.4M(+84%)

AMZN2.4%

+1.3M(+398%)

USB0.3%

+551K(+342%)

DC40.2%

+404K(+298%)

NVDA6.2%

+394K(+8%)

BKNG0.4%

+391K(+3557%)

MAS0.3%

+383K(+168%)

KLAC0.7%

+360K(+710%)

FAST0.3%

+356K(+45%)

Decreased

ACI0.0%

-1,702,367(-86%)

KR0.1%

-857,273(-77%)

CLX0.0%

-532,309(-98%)

RDN0.3%

-431,300(-26%)

BMY0.6%

-429,066(-20%)

VICI0.3%

-406,872(-19%)

PPL0.0%

-399,400(-75%)

MO0.5%

-388,278(-24%)

HST0.1%

-293,301(-30%)

QCOM0.1%

-284,050(-69%)

Exited

-402,700

-556,100

-49,300

-74,375

-381,100

-57,700

-97,479

-54,800

-46,000

-386,739

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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