STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM

2. Key Holdings The portfolio is heavily concentrated in mega-cap technology and communication services leaders.

• NVIDIA Corporation (NVDA) is the dominant position, valued at $4.00 billion, representing a staggering 14.73% of the total portfolio. With 21.42 million shares, the SBA has maintained a massive overweight position in the AI semiconductor leader.
• Meta Platforms (META) and Broadcom Inc (AVGO) follow as the second and third largest holdings, with allocations of 5.39% and 5.12%, respectively.
• Alphabet Inc. appears twice in the top ten (Class A and Class C shares), with a combined value exceeding $2.34 billion, making it effectively the third-largest underlying holding.
• Tesla Inc (TSLA) holds the fifth spot at 4.22% of the portfolio. Collectively, the top ten holdings comprise roughly 45% of the total assets. This high concentration in specific mega-cap growth stocks indicates a strong conviction in the secular growth trends of artificial intelligence, cloud computing, and digital advertising.

3. Sector Allocation The sector allocation reveals a distinct tilt toward Technology and Communication Services, which together comprise the majority of the portfolio's value.

• Technology: At $7.77 billion, this is the largest sector allocation. When including Communication Services ($4.73B), exposure to tech-linked sectors exceeds 46% of the portfolio.
• Communication Services: The second-largest sector at $4.73 billion, driven largely by Meta, Alphabet, and Netflix.
• Financial Services: A traditional defensive stalwart for pensions, this sector totals $2.66 billion, with top positions in JPMorgan Chase, Visa, and Mastercard.
• Consumer Cyclical: Valued at $1.14 billion, led almost entirely by Tesla.
• Other Sectors: Healthcare ($943.69M), Consumer Defensive ($568.00M), and Energy ($559.77M) have significantly smaller allocations, suggesting the portfolio is currently underweight in traditional defensive sectors relative to a standard benchmark like the S&P 500.