13F Insight
DOSSIER · 13F-HR · Q1 2026

CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM

$162.5B in tracked AUM across 1,064 positions as of Q1 2026.

CP
CIK 0000919079 · last filed Mar 31, 2026
Total AUM
$162.5B
as of Q1 2026
Holdings
1,064
—
positions
Whale Score
70
70
strong
Activity
—
no data
changes this Q
AI Analysis · Q1 2026

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).

Core-plus construction. The Vanguard S&P 500 ETF (VOO) anchors the book at 12.37% ($20.1B), a passive base over which CalPERS layers direct megacap stakes: NVIDIA (7.33%), Apple (5.89%), Microsoft (4.99%), Amazon (2.79%) and Alphabet (2.59% combined).

De-risking the leaders. The two largest position changes were reductions: NVIDIA (-$2.3B) and Microsoft (-$2.1B), with Alphabet (-$917M), Meta (-$632M) and Broadcom (-$599M) also cut. For a pension with a long horizon and a passive core, this is measured profit-taking after a strong run in mega-cap technology.

Analysis generated by 13F Insight from SEC Form 13F filing data · Q1 2026. Methodology

Quarter at a glance — Q1 2026

Position-change comparison pending.

No quarter-over-quarter changes available.

Top 10 holdings

By portfolio weight as of Q1 2026.

#HoldingValueSharesWeight
01
VOO
VANGUARD INDEX FDS
$21.1B30.7M11.9%02
IVV
ISHARES TR
$11.4B15.2M6.4%03
NVDA
NVIDIA CORPORATION
$9.2B46.1M5.2%04
AAPL
APPLE INC
$8.6B29.6M4.8%05
MSFT
MICROSOFT CORP
$5.9B15.8M3.3%06
AVGO
BROADCOM INC
$4.7B12.5M2.7%07
AMZN
AMAZON COM INC
$4.5B18.7M2.5%08
GOOGL
ALPHABET INC
$4.3B12.1M2.4%09
GOOG
ALPHABET INC
$3.3B9.4M1.9%10
MU
MICRON TECHNOLOGY INC
$2.9B2.5M1.6%

Filing history

2026Q2Jun 30
$177.4B▲ 9.2%
1,061 positionsView →2026Q1Mar 31
$162.5B▼ 7.1%
1,064 positionsView →2025Q4Dec 31
$174.9B▲ 4.7%
1,086 positionsView →2025Q3Sep 30
$167.0B▲ 6.4%
1,089 positionsView →2025Q2Jun 30
$157.0B▲ 9.7%
1,114 positionsLocked2025Q1Mar 31
$143.1B▼ 4.3%
1,118 positionsLocked2024Q4Dec 31
$149.5B▲ 4.6%
1,142 positionsLocked2024Q3Sep 30
$142.9B▲ 4.8%
1,146 positionsLocked2024Q2Jun 30
$136.3B▼ 4.1%
1,167 positionsLocked2024Q1Mar 31
$142.2B▲ 8.0%
1,169 positionsLocked2023Q4Dec 31
$131.7B▲ 13.3%
1,187 positionsLocked2023Q3Sep 30
$116.2B▼ 0.2%
1,190 positionsLocked
Showing 12 of 77