Arizona State Retirement System

Key Holdings

The portfolio is heavily concentrated in the "Magnificent Seven" and associated mega-cap technology stocks, which dominate the top ranks. NVIDIA (NVDA) remains the single largest holding, valued at $1.13 billion (6.49% of the portfolio), despite a reduction in shares during the quarter. Microsoft (MSFT) and Apple (AAPL) follow closely, representing 5.92% and 5.19% of the portfolio, respectively.

Notably, the top four positions—NVDA, MSFT, AAPL, and Amazon (AMZN)—are all classified as Technology or Communication Services, underscoring a heavy bet on the secular growth of artificial intelligence and cloud computing. Beyond technology, the portfolio shows conviction in high-quality financials and industrials, with JPMorgan Chase (JPM) and Berkshire Hathaway (BRK/B) rounding out the top 11. The inclusion of Palantir (PLTR) in the top 25 ($85.34M) is also noteworthy, as it represents a more aggressive growth play within the software sector compared to the stable mega-caps that dominate the rest of the list.