1y return+17.5%S&P 500 +20.9%
3y return+59.1%S&P 500 +68.5%
5y return+60.3%S&P 500 +74.5%
10y return+209.0%S&P 500 +256.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since June 30, 2016: $309 against $357 in the S&P 500.2
California Public Employees Retirement SystemS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| VOOVanguard Index Fds | $21.1B | 11.9% | −8.7% |
| IVVIshares Tr | $11.4B | 6.4% | +1097.6% |
| NVDANvidia Corporation | $9.2B | 5.2% | −32.6% |
| AAPLApple Inc | $8.6B | 4.8% | −21.4% |
| MSFTMicrosoft Corp | $5.9B | 3.3% | −27.9% |
| AVGOBroadcom Inc | $4.7B | 2.7% | −6.1% |
| AMZNAmazon Com Inc | $4.5B | 2.5% | −14.2% |
| GOOGLAlphabet Inc | $4.3B | 2.4% | −17.5% |
| GOOGAlphabet Inc | $3.3B | 1.9% | −9.2% |
| MUMicron Technology Inc | $2.9B | 1.6% | −20.6% |
| METAMeta Platforms Inc | $2.8B | 1.6% | −11.6% |
| TSLATesla Inc | $2.3B | 1.3% | +7.6% |
| JPHYJ P Morgan Exchange Traded F | $2.0B | 1.1% | |
| JPMJpmorgan Chase & Co | $1.9B | 1.0% | −10.4% |
| AMDAdvanced Micro Devices Inc | $1.8B | 1.0% | +11.9% |
| KLACKla Corp | $1.8B | 1.0% | +890.8% |
| LLYEli Lilly & Co | $1.7B | 1.0% | −20.6% |
| LRCXLam Research Corp | $1.6B | 0.9% | −37.9% |
| AMATApplied Matls Inc | $1.5B | 0.9% | +15.5% |
| BRK/BBerkshire Hathaway Inc Del | $1.3B | 0.7% | −7.8% |
| JNJJohnson & Johnson | $1.3B | 0.7% | −17.1% |
| INTCIntel Corp | $1.2B | 0.7% | −29.5% |
| WMTWalmart Inc | $1.2B | 0.7% | +17.2% |
| Exxon Mobil CorpCUSIP 30231G102 | $1.1B | 0.6% | +1.1% |
| VVisa Inc | $1.1B | 0.6% | −3.3% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| NVDANvidia Corporation | June 30, 2020 | +2006.7% | $9.2B |
| AVGOBroadcom Inc | June 30, 2020 | +1096.9% | $4.7B |
| AMATApplied Matls Inc | June 30, 2020 | +1096.1% | $1.5B |
| AMDAdvanced Micro Devices Inc | June 30, 2020 | +1004.1% | $1.8B |
| Seagate Technology Hldngs PlCUSIP G7997R103 | June 30, 2021 | +997.4% | $673.7M |
| CATCaterpillar Inc | June 30, 2020 | +741.8% | $1.0B |
| LLYEli Lilly & Co | June 30, 2020 | +630.6% | $1.7B |
| LRCXLam Research Corp | December 31, 2024 | +499.9% | $1.6B |
| GSGoldman Sachs Group Inc | June 30, 2020 | +411.8% | $679.4M |
| GOOGLAlphabet Inc | June 30, 2020 | +404.0% | $4.3B |
Sold off last quarter
- Honeywell Intl IncCUSIP 438516106 was $249.8M
- Carnival CorpCUSIP 143658300 was $61.1M
- CTRACoterra Energy Inc was $55.0M
- Hologic IncCUSIP 436440101 was $39.6M
- Dupont De Nemours IncCUSIP 26614N102 was $37.0M
- Air Lease CorpCUSIP 00912X302 was $14.1M
- Masimo CorpCUSIP 574795100 was $13.8M
- Sealed Air Corp NewCUSIP 81211K100 was $11.5M
- Clearwater Analytics Hldgs ICUSIP 185123106 was $8.1M
- WLKWestlake Corporation was $2.9M
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +12.3% | +14.8% |
| March 31, 2026 | −4.6% | −4.6% |
| December 31, 2025 | +2.1% | +2.4% |
| September 30, 2025 | +7.5% | +7.8% |
| June 30, 2025 | +9.1% | +10.5% |
| March 31, 2025 | −3.4% | −4.6% |
| December 31, 2024 | +1.0% | +2.1% |
| September 30, 2024 | +6.4% | +5.4% |
| June 30, 2024 | +3.1% | +4.0% |
| March 31, 2024 | +9.4% | +10.0% |
| December 31, 2023 | +10.3% | +11.2% |
| September 30, 2023 | −3.8% | −3.6% |
| June 30, 2023 | +6.5% | +8.3% |
| March 31, 2023 | +5.6% | +7.0% |
| December 31, 2022 | +7.5% | +7.1% |
| September 30, 2022 | −5.6% | −5.3% |
| June 30, 2022 | −14.3% | −16.5% |
| March 31, 2022 | −5.2% | −4.9% |
| December 31, 2021 | +9.1% | +10.7% |
| September 30, 2021 | −0.4% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: California Public Employees Retirement System Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=919079&type=13F-HR&dateb=&owner=include&count=40CIK 919079
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/919079/000091907926000011/Filed August 14, 2026 · accession 0000919079-26-000011