CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM

The California State Teachers' Retirement System held $94.5B across 2,925 positions, anchored by the standard megacap core — NVIDIA (6.8%), Apple (6.0%), Microsoft (4.2%), Amazon and Alphabet. The Q1 filing is striking: zero positions were increased and 42 were trimmed, a wholesale rebalancing. The largest reductions were Microsoft (-$1.3B), NVIDIA (-$608M), Apple (-$595M), Amazon (-$404M) and Tesla (-$380M). New money went almost entirely to defensives and income — RTX, GE Vernova, Verizon, PepsiCo and AT&T — while the fund exited Salesforce, Abbott, Thermo Fisher and Disney. Assets declined from $100.0B to $94.5B.