Retirement Systems of Alabama

Key Holdings

The portfolio is heavily anchored by the "Magnificent Seven" and other dominant technology giants. NVIDIA (NVDA) remains the single largest holding at $1.65 billion, representing 5.36% of the portfolio, despite a minor reduction of $7.33 million during the quarter. The top three positions—NVDA, Apple (AAPL), and Microsoft (MSFT)—are all technology-centric and collectively account for approximately 14.09% of the total portfolio value.

Notably, Apple and Microsoft entered the portfolio as new positions this quarter with massive allocations of $1.42 billion and $1.27 billion, immediately securing the second and third spots. Outside of technology, Broadcom (AVGO) and Amazon (AMZN) round out the top five. The fund also holds substantial positions in ETFs, specifically IEMG and EEM, indicating a strategic allocation to emerging markets. Financial heavyweights such as Berkshire Hathaway (BRK/B) and JPMorgan Chase (JPM) also feature prominently in the top tier, providing exposure to traditional financial services.