COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS

2. Key Holdings

The portfolio is heavily concentrated in the "Magnificent Seven" and other mega-cap technology leaders, which dominate the top tier of holdings.

• NVIDIA (NVDA) is the largest position, valued at $1.09 billion, representing 5.48% of the total portfolio. Despite a reduction in shares this quarter, it remains the primary growth driver.
• Microsoft (MSFT) and Apple (AAPL) follow closely, occupying the second and third spots with allocations of 4.64% and 4.55%, respectively.
• Invesco S&P 500 Equal Weight ETF (RSP) is a notable outlier among the top five, holding the 4th position at $677.29 million (3.40% of portfolio). This indicates a strategic preference for diversification away from market-cap-weighted indices, mitigating concentration risk inherent in the top tech holdings.
• Other significant positions include Amazon (AMZN), Meta (META), and Broadcom (AVGO), reinforcing the fund's heavy tilt toward technology and communication services.