State of New Jersey Common Pension Fund D

The portfolio is top-heavy, with the top 10 holdings accounting for approximately 30.5% of the total assets under management. This suggests a core-satellite strategy where a significant portion of the capital is concentrated in mega-cap technology leaders, while the remaining capital is spread across a wide array of sectors and smaller positions to mitigate risk.

2. Key Holdings

The portfolio is heavily anchored in the "Magnificent Seven" and related technology leaders, which dominate the top ranks.

• NVIDIA (NVDA) is the single largest holding, valued at $1.59 billion, representing 5.84% of the total portfolio. This significant bet underscores the fund's conviction in the AI and semiconductor sectors.
• Apple (AAPL) and Microsoft (MSFT) follow as the third and fourth largest holdings, with allocations of 4.88% and 4.69%, respectively.
• iShares Core MSCI Emerging Markets (IEMG) is the second largest holding at $1.49 billion (5.47%). This is the most prominent passive position, indicating a strategic tilt toward international growth markets outside the US.
• Vanguard Real Estate ETF (VNQ) holds the fifth spot at $786 million (2.89%), providing significant exposure to the real estate sector.