---
title: "CalPERS' $174.90B Q4 Blueprint: One Giant Index Core, Then AI Mega-Caps"
type: research
slug: calpers-q4-2025-174b-index-core-growth-balance
canonical_url: https://13finsight.com/research/calpers-q4-2025-174b-index-core-growth-balance
published_at: 2026-03-22T17:00:43.089Z
updated_at: 2026-03-23T06:59:59.863Z
author: Sarah Mitchell
author_title: Education Editor
author_url: https://13finsight.com/authors/sarah-mitchell
word_count: 432
locale: en
source: 13F Insight
---

# CalPERS' $174.90B Q4 Blueprint: One Giant Index Core, Then AI Mega-Caps

> CalPERS reported $174.90B in Q4 2025, with VOO at 11.89% and a top-10 concentration of 47.0%, combining passive core exposure with concentrated mega-cap growth.

CalPERS ended 2025Q4 with $174.90B in 13F assets, and the structure is easy to read: a large index anchor in VOO at 11.89%, then a heavy layer of mega-cap growth names led by NVDA, MSFT, and AAPL. TL;DR Canonical AUM: $174.90B in 2025Q4. Top concentration: Top-1 is 11.9%; top-5 is 35.4%; top-10 is 47.0%. Largest position: VOO at $19.81B and 11.89%. Mega-cap stack: NVDA ($14.24B), MSFT ($10.22B), AAPL ($9.89B), GOOGL ($4.81B). AUM trend: Rose from $143.11B in ’25 Q1 to $174.90B in ’25 Q4. Portfolio shape: Holdings count moved from 1,169 (’24 Q1) to 1,086 (’25 Q4), suggesting gradual consolidation. Filing Snapshot Manager: California Public Employees Retirement System (CalPERS)Quarter: 2025Q4Canonical AUM: $174.90BWhaleScore: 75.75 The key structure: core index + concentrated growth satellites The top line in this filing is the VOO exposure at $19.81B. Around that core, CalPERS holds outsized single-name allocations to growth leaders: NVIDIA at $14.24B, Microsoft at $10.22B, Apple at $9.89B, and Alphabet Class A at $4.81B. This two-layer design can make sense for a large pension allocator: the index core keeps broad market tracking characteristics while satellites add targeted return drivers. What changed through 2024-2025 AUM climbed from $136.35B in ’24 Q2 to $174.90B in ’25 Q4. At the same time, holdings counts trended lower (from 1,169 in ’24 Q1 to 1,086 in ’25 Q4). The read-through is not just market beta tailwind—it also looks like active simplification of the portfolio menu. How to read this as an individual investor CalPERS is not behaving like a high-turnover stock picker here. The filing shows a deliberate blend: broad-market foundation plus a handful of large conviction exposures. If you track smart money by risk architecture, this is a textbook core-satellite institutional build. Related research D. E. Shaw’s low-concentration scale-up in Q4 2025 Vanguard’s Q4 2025 mega-cap reweighting Jane Street’s ETF-heavy concentration model Q&A What was CalPERS’ 13F AUM in Q4 2025? CalPERS reported a canonical 13F AUM of $174.90B in 2025Q4. What is the largest position in CalPERS’ filing? The largest disclosed holding is VOO at $19.81B, representing 11.89% of the portfolio. How concentrated is CalPERS in its top holdings? Top-5 concentration is 35.4% and top-10 concentration is 47.0%, indicating meaningful weight in a limited set of large positions. Did CalPERS’ AUM trend up during 2025? Yes. The AUM sequence moved from $143.11B in 2025Q1 to $156.97B in 2025Q2, $167.04B in 2025Q3, and $174.90B in 2025Q4. Can I treat “NEW position” labels in this data as fresh buys? Not directly. For large filers these labels can be artifacts in extracted datasets, so they should be validated with dedicated position-change comparisons.

## FAQ

### What was CalPERS' 13F AUM in Q4 2025?

CalPERS reported $174.90B in canonical 13F assets for 2025Q4.

### What is CalPERS' largest disclosed holding in Q4 2025?

VOO was the largest disclosed position at $19.81B, or 11.89% of the filing.

### How concentrated is CalPERS' top book?

The top 5 positions account for 35.4% and the top 10 account for 47.0% of the portfolio.

### Which mega-cap stocks are most prominent in CalPERS' Q4 2025 filing?

Key mega-cap exposures include NVDA ($14.24B), MSFT ($10.22B), AAPL ($9.89B), and GOOGL ($4.81B).

### Did CalPERS' AUM increase over 2025?

Yes. The AUM climbed from $143.11B in 2025Q1 to $174.90B in 2025Q4.

---

Source: 13F Insight — https://13finsight.com/research/calpers-q4-2025-174b-index-core-growth-balance
Author: Sarah Mitchell — https://13finsight.com/authors/sarah-mitchell
Last updated: 2026-03-23T06:59:59.863Z