Institution

California Public Employees Retirement System

13F for the quarter to June 30, 2026, filed August 14, 2026 · SEC CIK 919079

Reported value: $177.4bn
Positions we cover: 1,030
Copy, a year: +13.9%
Copy Sharpe ratio: 0.74

How copying its 13F would have done

CopyS&P 500 $10,000 copying California Public Employees Retirement System's filed holdings in companies we cover from August 9, 2013, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −31.9% (S&P 500 −31.8%); beta 0.98; alpha +0.3% a year (t = 0.46); last 12 months +11.9% against +12.1%.

Reported value by quarter

California Public Employees Retirement System: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).

View chart data

Period	Reported value
2013-06-30	$49.8B
2013-09-30	$54B
2013-12-31	$69.7B
2014-03-31	$70B
2014-06-30	$73.5B
2014-09-30	$72.4B
2014-12-31	$72.4B
2015-03-31	$72.4B
2015-06-30	$66.6B
2015-09-30	$58.9B
2015-12-31	$63.3B
2016-03-31	$62B
2016-06-30	$61.8B
2016-09-30	$60.8B
2016-12-31	$59.6B
2017-03-31	$61.3B
2017-06-30	$62.5B
2017-09-30	$67.3B
2017-12-31	$74B
2018-03-31	$70.2B
2018-06-30	$72.3B
2018-09-30	$77.6B
2018-12-31	$71.3B
2019-03-31	$81.2B
2019-06-30	$84.7B
2019-09-30	$100.7B
2019-12-31	$110.4B
2020-03-31	$82.6B
2020-06-30	$101.4B
2020-09-30	$112.4B
2020-12-31	$129.7B
2021-03-31	$131.4B
2021-06-30	$133.3B
2021-09-30	$134B
2021-12-31	$149.4B
2022-03-31	$128.7B
2022-06-30	$106.9B
2022-09-30	$108.7B
2022-12-31	$117.3T
2023-03-31	$112.7B
2023-06-30	$116.5B
2023-09-30	$116.2B
2023-12-31	$131.7B
2024-03-31	$142.2B
2024-06-30	$136.3B
2024-09-30	$142.9B
2024-12-31	$149.5B
2025-03-31	$143.1B
2025-06-30	$157B
2025-09-30	$167B
2025-12-31	$174.9B
2026-03-31	$162.5B
2026-06-30	$177.4B

Holdings and moves

Company	Share of portfolio	Value	Shares	Change in shares
NVDANVIDIA Corporation	5.20%	$9.2bn	46.07M	−32.6% Reduced
AAPLApple Inc.	4.83%	$8.6bn	29.64M	−21.4% Reduced
MSFTMicrosoft Corporation	3.32%	$5.9bn	15.80M	−27.9% Reduced
AVGOBroadcom	2.66%	$4.7bn	12.48M	−6.1% Reduced
AMZNAmazon	2.51%	$4.5bn	18.70M	−14.2% Reduced
GOOGLAlphabet Inc. (Class A)	2.43%	$4.3bn	12.08M	−17.5% Reduced
MUMicron Technology	1.65%	$2.9bn	2.53M	−20.6% Reduced
METAMeta Platforms	1.58%	$2.8bn	4.96M	−11.6% Reduced
TSLATesla, Inc.	1.32%	$2.3bn	5.57M	+7.6% Added
JPMJPMorgan Chase	1.04%	$1.9bn	5.65M	−10.4% Reduced
AMDAdvanced Micro Devices	1.01%	$1.8bn	3.09M	+11.9% Added
KLACKLA Corporation	1.00%	$1.8bn	5.89M	+890.8% Added
LLYLilly (Eli)	0.97%	$1.7bn	1.44M	−20.6% Reduced
LRCXLam Research	0.89%	$1.6bn	3.65M	−37.9% Reduced
AMATApplied Materials	0.87%	$1.5bn	2.14M	+15.5% Added
JNJJohnson & Johnson	0.71%	$1.3bn	4.97M	−17.1% Reduced
INTCIntel	0.69%	$1.2bn	8.73M	−29.5% Reduced
WMTWalmart	0.66%	$1.2bn	10.28M	+17.2% Added
VVisa Inc.	0.59%	$1.1bn	3.07M	−3.3% Reduced
CATCaterpillar Inc.	0.58%	$1.0bn	965.6K	+9.7% Added
MAMastercard	0.56%	$1.0bn	1.95M	+12.5% Added
COSTCostco	0.53%	$945.2m	1.01M	+7.3% Added
BACBank of America	0.52%	$914.4m	16.05M	−11.9% Reduced
ABBVAbbVie	0.49%	$862.7m	3.43M	−7.8% Reduced
CSCOCisco	0.47%	$831.1m	7.08M	−41.3% Reduced
UNHUnitedHealth Group	0.45%	$799.8m	1.92M	−12.0% Reduced
CCitigroup	0.45%	$798.5m	5.71M	+38.3% Added
PGProcter & Gamble	0.45%	$788.5m	5.38M	+8.7% Added
GEGE Aerospace	0.41%	$731.3m	1.96M	−1.5% Reduced
SNDKSandisk	0.40%	$707.7m	311.2K	+33.7% Added
KOThe Coca-Cola Company	0.40%	$700.8m	8.62M	−13.4% Reduced
MRKMerck & Co.	0.39%	$693.7m	5.40M	−26.9% Reduced
GSGoldman Sachs	0.38%	$679.4m	671.7K	−3.8% Reduced
STXSeagate Technology	0.38%	$673.7m	698.1K	+93.7% Added
HDThe Home Depot	0.37%	$649.5m	1.84M	−13.1% Reduced
GEVGE Vernova	0.36%	$633.0m	538.8K	+18.2% Added
CVXChevron Corporation	0.34%	$601.1m	3.63M	+4.8% Added
WFCWells Fargo	0.33%	$581.2m	7.03M	+2.6% Added
MRVLMarvell Technology	0.32%	$569.4m	1.91M	−27.5% Reduced
NFLXNetflix	0.32%	$560.9m	7.86M	+1.3% Added
PLTRPalantir Technologies Inc.	0.31%	$544.3m	4.67M	+21.0% Added
AMGNAmgen	0.30%	$541.8m	1.50M	−24.1% Reduced
VZVerizon	0.29%	$521.9m	12.33M	−14.5% Reduced
WDCWestern Digital	0.28%	$490.4m	767.8K	+14.3% Added
IBMIBM	0.27%	$484.5m	1.72M	−30.5% Reduced
TXNTexas Instruments	0.27%	$482.9m	1.62M	−9.9% Reduced
RTXRTX Corporation	0.27%	$480.7m	2.53M	−10.2% Reduced
PANWPalo Alto Networks	0.26%	$462.4m	1.36M	−5.9% Reduced
DEDeere & Company	0.25%	$446.2m	703.4K	−17.4% Reduced
APHAmphenol	0.25%	$445.3m	2.53M	−19.0% Reduced
MSMorgan Stanley	0.25%	$442.3m	2.12M	−12.6% Reduced
GLWCorning Inc.	0.24%	$427.0m	1.67M	+18.5% Added
QCOMQualcomm	0.24%	$425.7m	2.30M	−28.5% Reduced
LINLinde plc	0.24%	$422.2m	813.5K	−0.4%
PFEPfizer	0.23%	$415.7m	17.26M	+59.2% Added
BEBloom Energy	0.23%	$414.8m	1.37M	+239.9% Added
ADIAnalog Devices	0.23%	$402.0m	1.01M	−4.3% Reduced
UBERUber	0.21%	$381.2m	5.28M	−6.0% Reduced
ANETArista Networks	0.21%	$379.5m	2.23M	+4.0% Added
PEPPepsiCo	0.21%	$376.8m	2.78M	−14.1% Reduced
ORCLOracle Corporation	0.21%	$365.2m	2.49M	−10.2% Reduced
NEENextEra Energy	0.20%	$364.1m	4.15M	−9.2% Reduced
TJXTJX Companies	0.20%	$355.3m	2.35M	+9.7% Added
GILDGilead Sciences	0.20%	$352.6m	2.79M	−22.2% Reduced
WELLWelltower	0.20%	$352.3m	1.55M	+9.3% Added
MCDMcDonald's	0.20%	$351.8m	1.30M	−36.4% Reduced
TMOThermo Fisher Scientific	0.20%	$349.3m	696.8K	0.0%
TAT&T	0.19%	$341.9m	16.52M	+1.5% Added
NBISNebius Group N.V.	0.19%	$340.1m	1.23M	+412.4% Added
AXPAmerican Express	0.19%	$331.6m	980.5K	−23.0% Reduced
CRWDCrowdStrike	0.18%	$319.6m	418.8K	+36.6% Added
ACNAccenture	0.18%	$317.9m	2.55M	+57.8% Added
DISThe Walt Disney Company	0.18%	$312.5m	3.25M	+3.2% Added
MPWRMonolithic Power Systems, Inc.	0.17%	$309.5m	223.9K	+40.2% Added
PGRProgressive Corporation	0.17%	$306.9m	1.40M	−1.4% Reduced
PLDPrologis	0.17%	$301.2m	2.22M	+14.2% Added
BKNGBooking Holdings	0.17%	$298.1m	1.67M	+1952.2% Added
UNPUnion Pacific Corporation	0.16%	$289.6m	1.06M	−20.8% Reduced
COPConocoPhillips	0.16%	$286.7m	2.76M	−4.9% Reduced
SCHWCharles Schwab Corporation	0.15%	$275.6m	2.99M	−1.3% Reduced
VRTVertiv	0.15%	$264.2m	789.1K	+11.3% Added
BMYBristol Myers Squibb	0.15%	$263.4m	4.57M	−12.7% Reduced
APPApplovin Corp	0.15%	$259.7m	504.1K	+3.2% Added
ETNEaton Corporation	0.14%	$257.5m	604.3K	−30.3% Reduced
BLKBlackRock	0.14%	$256.9m	267.2K	−2.4% Reduced
CRMSalesforce	0.14%	$255.3m	1.63M	−24.0% Reduced
ISRGIntuitive Surgical	0.14%	$252.8m	635.7K	+2.4% Added
SPGIS&P Global	0.14%	$249.1m	611.6K	−1.8% Reduced
PHParker Hannifin	0.14%	$247.4m	252.9K	+4.1% Added
DHRDanaher Corporation	0.13%	$235.6m	1.24M	−33.4% Reduced
COFCapital One	0.13%	$234.4m	1.17M	+4.9% Added
CVSCVS Health	0.13%	$233.9m	2.26M	−10.9% Reduced
TTTrane Technologies	0.13%	$233.0m	474.4K	−30.9% Reduced
TELTE Connectivity	0.13%	$231.6m	1.15M	+34.4% Added
VRTXVertex Pharmaceuticals	0.13%	$222.3m	447.5K	−11.1% Reduced
SYKStryker Corporation	0.12%	$219.5m	697.3K	+10.8% Added
DELLDell Technologies	0.12%	$218.5m	506.3K	−60.3% Reduced
LOWLowe's	0.12%	$218.1m	989.0K	−37.8% Reduced
CEGConstellation Energy	0.12%	$214.6m	864.1K	+52.0% Added
CBChubb Limited	0.12%	$212.5m	623.7K	−24.9% Reduced
LMTLockheed Martin	0.12%	$211.6m	415.4K	−24.6% Reduced
CMCSAComcast	0.12%	$208.6m	8.50M	−9.2% Reduced
PWRQuanta Services	0.12%	$207.9m	288.8K	+5.1% Added
SPGSimon Property Group	0.12%	$207.9m	929.6K	+62.2% Added
CMICummins	0.12%	$204.1m	286.2K	+3.5% Added
NEMNewmont	0.12%	$203.5m	2.18M	+7.6% Added
PNCPNC Financial Services	0.11%	$202.9m	824.2K	−2.7% Reduced
USBU.S. Bancorp	0.11%	$202.1m	3.35M	+2.5% Added
HWMHowmet Aerospace	0.11%	$201.6m	749.8K	−20.0% Reduced
SHWSherwin-Williams	0.11%	$200.9m	583.4K	+12.6% Added
BABoeing	0.11%	$199.9m	923.4K	−7.2% Reduced
MSIMotorola Solutions	0.11%	$197.7m	476.2K	+25.5% Added
SBUXStarbucks	0.11%	$197.2m	1.93M	−16.2% Reduced
PCARPaccar	0.11%	$196.7m	1.64M	−4.3% Reduced
GDGeneral Dynamics	0.11%	$196.6m	555.0K	−6.0% Reduced
DUKDuke Energy	0.11%	$195.7m	1.55M	−17.9% Reduced
SOSouthern Company	0.11%	$194.5m	2.03M	−3.1% Reduced
ABTAbbott Laboratories	0.11%	$194.0m	2.14M	−52.1% Reduced
MCKMcKesson	0.11%	$193.2m	255.6K	−21.1% Reduced
NXPINXP Semiconductors	0.11%	$192.4m	684.5K	−57.0% Reduced
BNYBNY Mellon	0.11%	$190.8m	1.32M	−10.7% Reduced
EMREmerson Electric	0.11%	$188.0m	1.31M	−3.5% Reduced
ADBEAdobe Inc.	0.10%	$184.4m	899.5K	−18.1% Reduced
CDNSCadence Design Systems Inc	0.10%	$183.4m	488.7K	+3.1% Added
FTNTFortinet	0.10%	$182.5m	1.19M	−5.2% Reduced
NOWServiceNow	0.10%	$180.3m	1.82M	−11.5% Reduced
EQIXEquinix	0.10%	$176.9m	169.7K	−10.1% Reduced
MDTMedtronic	0.10%	$175.5m	2.24M	−6.5% Reduced
INTUIntuit	0.10%	$174.0m	666.9K	−3.7% Reduced
CSXCSX Corporation	0.10%	$168.3m	3.54M	+3.0% Added
VLOValero Energy	0.09%	$165.9m	636.8K	−3.7% Reduced
WMBWilliams Companies	0.09%	$164.9m	2.22M	−0.1%
AMTAmerican Tower	0.09%	$162.4m	993.1K	+5.9% Added
FCXFreeport-McMoRan	0.09%	$162.2m	2.58M	+3.3% Added
ITWIllinois Tool Works	0.09%	$160.6m	593.9K	+15.5% Added
TFCTruist Financial	0.09%	$158.3m	3.18M	+0.5%
ELVElevance Health	0.09%	$157.6m	407.5K	+28.9% Added
MPCMarathon Petroleum	0.09%	$157.1m	614.4K	+14.4% Added
SLBSchlumberger	0.09%	$156.4m	3.36M	−0.3%
TRVThe Travelers Companies	0.09%	$155.7m	471.7K	−26.0% Reduced
JCIJohnson Controls	0.09%	$155.7m	1.07M	−1.0% Reduced
ADPAutomatic Data Processing	0.09%	$155.3m	693.4K	−34.6% Reduced
EOGEOG Resources	0.09%	$155.1m	1.20M	−3.7% Reduced
DASHDoorDash	0.09%	$153.7m	832.8K	+73.8% Added
HONHoneywell Technologies	0.09%	$153.6m	686.1K	New
GMGeneral Motors	0.09%	$152.7m	1.98M	+2.9% Added
FIXComfort Systems USA	0.09%	$152.4m	76.9K	−1.5% Reduced
HONAHoneywell Aerospace	0.09%	$152.4m	689.4K	New
MELIMercadolibre Inc	0.09%	$151.3m	89.1K	+39.3% Added
MCOMoody's Corporation	0.09%	$150.8m	332.9K	+13.1% Added

Company	Bought (value)	Shares
KLACKLA Corporation	$1.6bn	5.30M
STXSeagate Technology	$325.9m	337.8K
BEBloom Energy	$292.7m	967.1K
BKNGBooking Holdings	$283.6m	1.59M
NBISNebius Group N.V.	$273.8m	991.3K
CCitigroup	$221.3m	1.58M
AMATApplied Materials	$207.2m	286.6K
AMDAdvanced Micro Devices	$190.1m	327.2K
SNDKSandisk	$178.4m	78.5K
WMTWalmart	$170.7m	1.51M
TSLATesla, Inc.	$166.3m	395.5K
PFEPfizer	$154.6m	6.42M
HONHoneywell Technologies	$153.6m	686.1K
HONAHoneywell Aerospace	$152.4m	689.4K
ACNAccenture	$116.5m	935.8K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

Company	Sold (value)	Shares
NVDANVIDIA Corporation	−$4.5bn	−22.26M
AAPLApple Inc.	−$2.3bn	−8.07M
MSFTMicrosoft Corporation	−$2.3bn	−6.11M
LRCXLam Research	−$963.0m	−2.22M
GOOGLAlphabet Inc. (Class A)	−$912.9m	−2.55M
MUMicron Technology	−$759.0m	−657.6K
AMZNAmazon	−$736.3m	−3.09M
CSCOCisco	−$584.8m	−4.98M
INTCIntel	−$510.5m	−3.66M
LLYLilly (Eli)	−$448.6m	−374.0K
METAMeta Platforms	−$368.4m	−654.0K
DELLDell Technologies	−$332.4m	−770.5K
AVGOBroadcom	−$305.4m	−808.4K
JNJJohnson & Johnson	−$260.3m	−1.03M
NXPINXP Semiconductors	−$255.1m	−907.8K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

Company	Value last quarter	Shares
WLKWestlake Corp	$2.9m	25.0K

Technology40.3%
Financials11.0%
Industrials10.4%
Consumer Discretionary9.2%
Health Care9.1%
Communication Services7.2%
Consumer Staples4.1%
Energy2.4%
Real Estate2.2%
Utilities2.2%
Materials1.9%

Share of the value held in companies we cover, by sector.

Period	Copy, a year	S&P 500	Sharpe	S&P 500	Biggest drop	Beta
Whole backtestAugust 9, 2013 to November 2, 2026	+13.9%	+13.9%	0.74	0.73	−31.9%	0.98
2018 onwardsJanuary 5, 2018 to November 2, 2026	+12.8%	+13.9%	0.61	0.66	−31.9%	0.97
Last three yearsNovember 3, 2023 to November 2, 2026	+20.2%	+21.8%	1.11	1.16	−15.2%	0.95
Last yearNovember 7, 2025 to November 2, 2026	+13.9%	+14.2%	0.80	0.84	−8.6%	0.99

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.