CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM

The California Public Employees' Retirement System reported $162.5B across 1,064 positions for Q1 2026, down from $174.9B. CalPERS pairs a passive core — Vanguard S&P 500 (VOO) at 12.37% — with direct megacap holdings led by NVIDIA (7.33%), Apple (5.89%) and Microsoft (4.99%). The quarter's defining action was de-risking the AI leaders: NVIDIA was cut by $2.3B and Microsoft by $2.1B, the two largest changes, while the pension added new positions in Chevron ($716M), Caterpillar ($623M), Intel ($547M) and RTX ($544M).