VIRGINIA RETIREMENT SYSTEMS ET Al

2. Key Holdings

The portfolio is heavily dominated by the "Magnificent Seven" and associated technology giants, which constitute the largest portions of the fund's assets.

• Top Concentration: The top three positions—NVIDIA (NVDA), Microsoft (MSFT), and Apple (AAPL)—account for 17.86% of the total portfolio value. NVIDIA is the single largest holding at $991.19 million (6.43%), followed closely by Microsoft at $885.85 million (5.75%) and Apple at $875.40 million (5.68%).
• Mega-Cap Tech Dominance: Beyond the top three, Meta Platforms (META) ($415.51M), Amazon (AMZN) ($400.41M), and Alphabet (GOOGL/GOOG) ($543.23M combined) maintain significant weightings. This heavy allocation to mega-cap technology indicates a strong conviction in the structural growth of the digital economy and artificial intelligence infrastructure.
• Other Notable Holdings: The fund holds substantial positions in Broadcom (AVGO) ($240.74M) and Tesla (TSLA) ($148.95M), further reinforcing the technology and consumer cyclical tilt. The presence of Johnson & Johnson (JNJ) at $214.88M serves as a defensive anchor within the top tier.