PUBLIC EMPLOYEES RETIREMENT ASSOCIATION OF COLORADO

Colorado's Public Employees Retirement Association manages a $25.5 billion, 1,848-position book, and this quarter's share-flow data reveals three genuine buys hidden behind falling dollar values: Eli Lilly's share count rose 7% (a real $27.4 million addition) even as its position value fell $37.2 million; Broadcom added 3.6% in shares ($24.2 million buy) while its value dropped $55.3 million; and Tesla grew 7.9% in shares ($24.0 million buy) despite a $40.0 million value decline — all three would look like losses of conviction if read by price alone. The clearest outright conviction add was Micron Technology, up 60% in shares for a genuine $78.1 million addition. One line needs a caveat: RTX Corporation shows as both a new $227.9 million position and a sold $218.9 million position under two different CUSIPs in the same quarter — a share-class/CUSIP reissuance, not an actual trade. Alphabet Class A saw the largest real reduction, down 7.9% in shares for a $112.4 million cut.