Arizona State Retirement System

Q4 2025 13F-HR Holdings

Location
Phoenix, AZ
Holdings as of
12/31/2025
Date filed
1/28/2026
Form type
13F-HR
Num holdings
2,048
Total value ($000)
$18,382,625
Net value change ($000)
-380,630 (-2.0%)
New positions
54
Sold out positions
88
Turnover %
0.5%
Sector allocation + QoQ delta (equities-only)
Prev filing: 11/3/2025 Next filing: — SEC filing

Snapshot: Change Analysis

Compared to Q3 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
GOOGL 102,177 24.7%
GOOGL 82,340 23.6%
LLY 66,475 37.0%
MU 36,078 66.0%
AAPL 29,703 2.7%
AMD 22,018 28.7%
AMZN 12,464 2.0%
MRK 12,352 20.1%
LRCX 11,190 22.4%
ISRG 10,882 23.2%
Top Reduces (Value $000, Stocks/ETFs)
MSFT -103,868 -9.7%
META -59,522 -12.8%
ORCL -45,618 -32.8%
NVDA -41,580 -3.1%
NFLX -37,625 -25.3%
HD -20,331 -17.3%
TSLA -18,759 -5.0%
MSTR -13,532 -55.1%
UBER -10,901 -19.2%
COST -10,865 -9.1%
Instrument mix + QoQ Δ (ex-options)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type