Institution

Utah Retirement Systems

13F for the quarter to June 30, 2026, filed August 14, 2026 · SEC CIK 1548392

Reported value: $10.5bn
Positions we cover: 995
Copy, a year: +14.3%
Copy Sharpe ratio: 0.78

How copying its 13F would have done

CopyS&P 500 $10,000 copying Utah Retirement Systems'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 −32.1% (S&P 500 −31.8%); beta 1.01; alpha +0.3% a year (t = 0.71); last 12 months +11.6% against +12.1%.

Reported value by quarter

Utah Retirement Systems: 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	$3B
2013-09-30	$3.1B
2013-12-31	$3.4B
2014-03-31	$3.5B
2014-06-30	$3.5B
2014-09-30	$3.5B
2014-12-31	$3.6B
2015-03-31	$3.8B
2015-06-30	$3.8B
2015-09-30	$3.5B
2015-12-31	$3.7B
2016-03-31	$3.7B
2016-06-30	$3.8B
2016-09-30	$3.9B
2016-12-31	$4B
2017-03-31	$4.2B
2017-06-30	$4.3B
2017-09-30	$4.4B
2017-12-31	$4.8B
2018-03-31	$4.7B
2018-06-30	$4.8B
2018-09-30	$5.2B
2018-12-31	$4.4B
2019-03-31	$5B
2019-06-30	$5.2B
2019-09-30	$5.3B
2019-12-31	$5.7B
2020-03-31	$4.6B
2020-06-30	$5.4B
2020-09-30	$6B
2020-12-31	$7B
2021-03-31	$7.2B
2021-06-30	$7.8B
2021-09-30	$7.4B
2021-12-31	$8.1B
2022-03-31	$7.5B
2022-06-30	$6.2B
2022-09-30	$6B
2022-12-31	$6.3T
2023-03-31	$6.9B
2023-06-30	$7.2B
2023-09-30	$7B
2023-12-31	$7.9B
2024-03-31	$8.6B
2024-06-30	$8.4B
2024-09-30	$8.9B
2024-12-31	$9.1B
2025-03-31	$8.7B
2025-06-30	$9.6B
2025-09-30	$10.3B
2025-12-31	$10.5B
2026-03-31	$9.8B
2026-06-30	$10.5B

Holdings and moves

Company	Share of portfolio	Value	Shares	Change in shares
NVDANVIDIA Corporation	6.74%	$708.7m	3.54M	−6.9% Reduced
AAPLApple Inc.	6.04%	$635.2m	2.20M	−6.3% Reduced
MSFTMicrosoft Corporation	4.00%	$420.8m	1.13M	−6.5% Reduced
AMZNAmazon	3.34%	$351.0m	1.47M	−5.6% Reduced
GOOGLAlphabet Inc. (Class A)	3.01%	$316.2m	884.7K	−6.4% Reduced
AVGOBroadcom	2.54%	$266.8m	706.3K	−5.9% Reduced
MUMicron Technology	1.88%	$197.6m	171.2K	−5.8% Reduced
METAMeta Platforms	1.79%	$188.0m	333.7K	−6.0% Reduced
TSLATesla, Inc.	1.77%	$186.6m	443.5K	−3.3% Reduced
LLYLilly (Eli)	1.38%	$145.4m	121.2K	−6.9% Reduced
AMDAdvanced Micro Devices	1.36%	$143.5m	247.0K	−5.7% Reduced
JPMJPMorgan Chase	1.26%	$132.9m	406.0K	−8.1% Reduced
INTCIntel	0.88%	$93.0m	665.8K	−7.4% Reduced
JNJJohnson & Johnson	0.88%	$92.9m	365.9K	−6.5% Reduced
AMATApplied Materials	0.83%	$87.0m	120.4K	−6.7% Reduced
VVisa Inc.	0.82%	$86.0m	250.7K	−8.4% Reduced
LRCXLam Research	0.78%	$82.2m	189.8K	−7.0% Reduced
WMTWalmart	0.72%	$75.5m	666.5K	−5.8% Reduced
CATCaterpillar Inc.	0.70%	$73.4m	69.0K	−8.4% Reduced
CSCOCisco	0.67%	$70.5m	599.9K	−7.3% Reduced
ABBVAbbVie	0.64%	$67.6m	268.8K	−6.7% Reduced
COSTCostco	0.60%	$63.0m	67.4K	−6.6% Reduced
MAMastercard	0.60%	$63.0m	122.6K	−6.2% Reduced
KLACKLA Corporation	0.57%	$59.9m	198.6K	+828.4% Added
GEGE Aerospace	0.56%	$58.6m	156.8K	−7.3% Reduced
BACBank of America	0.54%	$57.2m	1.00M	−6.0% Reduced
UNHUnitedHealth Group	0.54%	$57.0m	137.1K	−7.3% Reduced
HDThe Home Depot	0.51%	$53.4m	151.5K	−6.4% Reduced
PGProcter & Gamble	0.49%	$51.9m	354.1K	−7.3% Reduced
SNDKSandisk	0.48%	$50.2m	22.1K	−4.7% Reduced
MRKMerck & Co.	0.46%	$48.3m	375.6K	−7.0% Reduced
GEVGE Vernova	0.46%	$48.0m	40.9K	−6.9% Reduced
KOThe Coca-Cola Company	0.46%	$48.0m	590.1K	−6.7% Reduced
CVXChevron Corporation	0.44%	$46.7m	281.7K	−7.5% Reduced
NFLXNetflix	0.43%	$45.5m	637.0K	−7.5% Reduced
GSGoldman Sachs	0.42%	$44.3m	43.8K	−8.4% Reduced
PMPhilip Morris International	0.41%	$42.8m	236.8K	−6.5% Reduced
PANWPalo Alto Networks	0.40%	$41.8m	122.4K	−5.9% Reduced
TXNTexas Instruments	0.39%	$41.2m	138.1K	−6.1% Reduced
IBMIBM	0.38%	$40.2m	142.9K	−5.6% Reduced
MRVLMarvell Technology	0.38%	$39.5m	132.4K	−3.8% Reduced
PLTRPalantir Technologies Inc.	0.37%	$39.3m	337.2K	−5.1% Reduced
RTXRTX Corporation	0.37%	$38.9m	204.8K	−5.8% Reduced
WFCWells Fargo	0.37%	$38.4m	465.1K	−7.6% Reduced
ORCLOracle Corporation	0.36%	$38.1m	260.2K	−4.9% Reduced
LINLinde plc	0.35%	$36.3m	70.0K	−8.3% Reduced
CCitigroup	0.34%	$36.2m	258.7K	−8.2% Reduced
MSMorgan Stanley	0.34%	$35.6m	170.2K	−7.7% Reduced
APHAmphenol	0.31%	$32.8m	186.2K	−6.1% Reduced
WDCWestern Digital	0.31%	$32.8m	51.3K	−7.2% Reduced
GLWCorning Inc.	0.29%	$30.7m	120.0K	−5.4% Reduced
AMGNAmgen	0.28%	$29.7m	82.0K	−6.3% Reduced
QCOMQualcomm	0.28%	$29.6m	160.2K	−7.9% Reduced
ADIAnalog Devices	0.28%	$29.4m	74.1K	−6.7% Reduced
MCDMcDonald's	0.28%	$29.1m	107.8K	−7.2% Reduced
CRWDCrowdStrike	0.28%	$29.1m	38.1K	−5.2% Reduced
RYRoyal Bank Of Canada	0.28%	$28.9m	139.6K	−8.9% Reduced
TMOThermo Fisher Scientific	0.27%	$28.3m	56.5K	−8.1% Reduced
PEPPepsiCo	0.27%	$28.1m	207.2K	−7.0% Reduced
NEENextEra Energy	0.27%	$27.8m	317.0K	−6.6% Reduced
AXPAmerican Express	0.26%	$27.3m	80.6K	−8.2% Reduced
ANETArista Networks	0.26%	$26.9m	158.6K	−5.5% Reduced
VZVerizon	0.26%	$26.9m	635.7K	−7.4% Reduced
DISThe Walt Disney Company	0.25%	$25.9m	269.4K	−6.7% Reduced
TJXTJX Companies	0.24%	$25.4m	168.0K	−7.6% Reduced
ETNEaton Corporation	0.24%	$25.1m	59.0K	−7.4% Reduced
BABoeing	0.24%	$25.0m	115.4K	−6.1% Reduced
UNPUnion Pacific Corporation	0.23%	$24.5m	90.1K	−7.3% Reduced
WELLWelltower	0.23%	$24.4m	107.4K	−3.9% Reduced
ABTAbbott Laboratories	0.23%	$23.9m	263.1K	−6.5% Reduced
GILDGilead Sciences	0.23%	$23.8m	188.6K	−6.8% Reduced
DEDeere & Company	0.23%	$23.8m	37.5K	−5.6% Reduced
GRNTGranite Ridge Resources, Inc.	0.22%	$23.1m	5.24M	0.0%
SCHWCharles Schwab Corporation	0.22%	$22.9m	248.2K	−8.6% Reduced
BLKBlackRock	0.21%	$22.3m	23.2K	−6.5% Reduced
STXSeagate Technology	0.20%	$21.5m	22.3K	−6.3% Reduced
UBERUber	0.20%	$21.5m	297.5K	−9.1% Reduced
TAT&T	0.20%	$21.3m	1.03M	−8.5% Reduced
ISRGIntuitive Surgical	0.20%	$21.3m	53.5K	−6.7% Reduced
BKNGBooking Holdings	0.20%	$21.0m	117.5K	+2123.2% Added
PFEPfizer	0.20%	$20.8m	864.5K	−6.4% Reduced
TDToronto Dominion Bank	0.19%	$20.3m	166.8K	−9.3% Reduced
CVSCVS Health	0.19%	$20.2m	194.9K	−4.3% Reduced
DELLDell Technologies	0.19%	$19.9m	46.1K	−9.2% Reduced
VRTVertiv	0.18%	$19.5m	58.2K	−5.8% Reduced
PGRProgressive Corporation	0.18%	$19.4m	88.7K	−6.9% Reduced
COPConocoPhillips	0.18%	$19.2m	185.2K	−8.0% Reduced
VRTXVertex Pharmaceuticals	0.18%	$19.2m	38.6K	−6.5% Reduced
PLDPrologis	0.18%	$19.2m	141.5K	−6.1% Reduced
COFCapital One	0.18%	$19.0m	94.7K	−5.3% Reduced
CRMSalesforce	0.18%	$18.9m	120.7K	−18.6% Reduced
APPApplovin Corp	0.18%	$18.8m	36.4K	−6.0% Reduced
LOWLowe's	0.18%	$18.8m	85.1K	−6.5% Reduced
PHParker Hannifin	0.18%	$18.7m	19.2K	−6.8% Reduced
SPGIS&P Global	0.17%	$18.3m	44.9K	−8.9% Reduced
DHRDanaher Corporation	0.17%	$18.3m	95.9K	−6.2% Reduced
MOAltria	0.17%	$18.3m	253.8K	−7.5% Reduced
CBChubb Limited	0.17%	$18.2m	53.4K	−10.1% Reduced
BMYBristol Myers Squibb	0.17%	$17.9m	310.1K	−6.4% Reduced
SBUXStarbucks	0.17%	$17.7m	173.2K	−6.3% Reduced
SYKStryker Corporation	0.16%	$16.5m	52.5K	−6.1% Reduced
TTTrane Technologies	0.16%	$16.5m	33.5K	−7.5% Reduced
SOSouthern Company	0.16%	$16.4m	171.3K	−4.4% Reduced
PWRQuanta Services	0.15%	$16.3m	22.7K	−5.3% Reduced
HWMHowmet Aerospace	0.15%	$16.2m	60.4K	−7.3% Reduced
CDNSCadence Design Systems Inc	0.15%	$15.7m	41.9K	−5.6% Reduced
LMTLockheed Martin	0.15%	$15.7m	30.8K	−8.0% Reduced
EQIXEquinix	0.15%	$15.6m	15.0K	−5.9% Reduced
NOWServiceNow	0.15%	$15.5m	155.8K	−10.3% Reduced
MDTMedtronic	0.14%	$15.2m	194.8K	−6.6% Reduced
NEMNewmont	0.14%	$15.1m	162.1K	−9.2% Reduced
BNYBNY Mellon	0.14%	$15.1m	104.2K	−7.0% Reduced
PNCPNC Financial Services	0.14%	$15.0m	61.0K	−3.7% Reduced
DUKDuke Energy	0.14%	$15.0m	118.3K	−6.5% Reduced
CMICummins	0.14%	$15.0m	21.0K	−6.3% Reduced
USBU.S. Bancorp	0.14%	$14.3m	236.3K	−6.9% Reduced
FTNTFortinet	0.13%	$14.1m	92.0K	−8.5% Reduced
MCKMcKesson	0.13%	$14.1m	18.6K	−7.3% Reduced
SHOPShopify Inc.	0.13%	$14.0m	122.2K	−8.9% Reduced
DDOGDatadog, Inc.	0.13%	$13.8m	53.2K	+4.8% Added
GDGeneral Dynamics	0.13%	$13.8m	38.9K	−5.4% Reduced
WMBWilliams Companies	0.13%	$13.8m	185.1K	−6.5% Reduced
FCXFreeport-McMoRan	0.13%	$13.7m	217.2K	−6.6% Reduced
ADPAutomatic Data Processing	0.13%	$13.6m	60.9K	−7.2% Reduced
JCIJohnson Controls	0.13%	$13.6m	92.9K	−6.6% Reduced
CSXCSX Corporation	0.13%	$13.4m	282.0K	−7.6% Reduced
BXBlackstone Inc.	0.13%	$13.3m	113.0K	−6.2% Reduced
CMCSAComcast	0.13%	$13.2m	538.3K	−8.4% Reduced
SNOWSnowflake Inc.	0.12%	$12.9m	50.9K	−5.7% Reduced
MMM3M	0.12%	$12.8m	79.3K	−8.6% Reduced
ELVElevance Health	0.12%	$12.7m	33.0K	−8.8% Reduced
SNPSSynopsys Inc	0.12%	$12.6m	28.3K	−8.9% Reduced
WMWaste Management	0.12%	$12.6m	56.5K	−6.0% Reduced
ADBEAdobe Inc.	0.12%	$12.6m	61.3K	−8.0% Reduced
BMOBank Of Montreal	0.12%	$12.5m	70.5K	−9.1% Reduced
TMUST-Mobile US	0.12%	$12.4m	74.0K	−5.5% Reduced
BEBloom Energy	0.12%	$12.3m	40.8K	+72.0% Added
MARMarriott International	0.12%	$12.3m	33.1K	−8.2% Reduced
EMREmerson Electric	0.12%	$12.2m	85.3K	−6.9% Reduced
MRSHMarsh McLennan	0.12%	$12.2m	73.2K	−7.3% Reduced
UPSUnited Parcel Service	0.12%	$12.2m	113.4K	−5.0% Reduced
RCLRoyal Caribbean Group	0.12%	$12.1m	38.2K	−7.3% Reduced
CMECME Group	0.12%	$12.1m	54.9K	−6.2% Reduced
SHWSherwin-Williams	0.12%	$12.1m	35.2K	−6.2% Reduced
CEGConstellation Energy	0.12%	$12.1m	48.7K	−4.0% Reduced
ITWIllinois Tool Works	0.11%	$11.8m	43.7K	−7.3% Reduced
ENBEnbridge Inc	0.11%	$11.8m	217.8K	−8.8% Reduced
HOODRobinhood Markets	0.11%	$11.8m	117.5K	−4.7% Reduced
NETCloudflare, Inc.	0.11%	$11.8m	48.0K	−5.8% Reduced
VLOValero Energy	0.11%	$11.7m	44.9K	−9.1% Reduced

Company	Bought (value)	Shares
KLACKLA Corporation	$53.5m	177.2K
BKNGBooking Holdings	$20.0m	112.3K
HONHoneywell Technologies	$10.9m	48.5K
HONAHoneywell Aerospace	$10.7m	48.5K
CCLCarnival Corporation	$5.5m	193.5K
CVNACarvana	$5.5m	83.3K
BEBloom Energy	$5.2m	17.1K
SPCXSpace Exploration Technologies Corp	$4.7m	27.6K
DDDuPont	$2.8m	21.0K
DVNDevon Energy	$2.8m	67.0K
FDXFFedEx Freight	$2.5m	16.6K
CRDOCredo Technology Group Holding Ltd	$2.3m	8.6K
CRWVCoreweave, Inc.	$2.0m	20.4K
MSTRStrategy Inc	$1.6m	18.3K
STRLSterling Infrastructure, Inc.	$1.3m	1.6K

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

Company	Sold (value)	Shares
NVDANVIDIA Corporation	−$52.7m	−263.3K
AAPLApple Inc.	−$42.6m	−147.1K
MSFTMicrosoft Corporation	−$29.0m	−77.8K
GOOGLAlphabet Inc. (Class A)	−$21.6m	−60.4K
AMZNAmazon	−$20.7m	−86.7K
AVGOBroadcom	−$16.8m	−44.5K
MUMicron Technology	−$12.1m	−10.5K
METAMeta Platforms	−$12.0m	−21.2K
JPMJPMorgan Chase	−$11.7m	−35.7K
LLYLilly (Eli)	−$10.8m	−9.0K
AMDAdvanced Micro Devices	−$8.6m	−14.9K
VVisa Inc.	−$7.9m	−23.0K
INTCIntel	−$7.4m	−52.8K
CATCaterpillar Inc.	−$6.7m	−6.3K
JNJJohnson & Johnson	−$6.5m	−25.4K

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

Company	Value last quarter	Shares
RYTMRhythm Pharmaceuticals, Inc.	$3.7m	42.2K
OMDAOmada Health, Inc.	$985,375	78.4K
LQDALiquidia Corp	$411,781	10.9K
EXLSExlservice Holdings, Inc.	$254,684	8.4K
LOPEGrand Canyon Education, Inc.	$250,114	1.5K
BFAMBright Horizons Family Solutions Inc.	$246,801	3.0K
POSTPost Holdings, Inc.	$241,910	2.4K
AMTMAmentum Holdings, Inc.	$217,481	8.3K
KRMNKarman Holdings Inc.	$215,895	2.7K
WLKWestlake Corp	$210,276	1.8K
HLNEHamilton Lane Inc	$209,933	2.1K
PEGAPegasystems Inc	$208,629	4.9K
XRAYDentsply Sirona Inc.	$122,902	10.6K
PKPark Hotels & Resorts Inc.	$109,301	10.4K
FLOFlowers Foods Inc	$83,945	10.3K
NWLNewell Brands Inc.	$76,602	22.3K
UAAUnder Armour, Inc.	$59,100	10.0K
CLVTClarivate PLC	$47,344	18.7K
COTYCoty Inc.	$36,680	18.2K

Technology38.1%
Financials11.7%
Industrials10.1%
Consumer Discretionary9.6%
Health Care9.3%
Communication Services7.0%
Consumer Staples4.6%
Energy2.9%
Materials2.4%
Utilities2.3%
Real Estate2.0%

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	+14.3%	+13.9%	0.78	0.77	−32.1%	1.01
2018 onwardsJanuary 5, 2018 to November 2, 2026	+13.9%	+13.9%	0.65	0.66	−32.1%	1.02
Last three yearsNovember 3, 2023 to November 2, 2026	+21.1%	+21.8%	1.12	1.16	−17.3%	1.00
Last yearNovember 7, 2025 to November 2, 2026	+13.7%	+14.2%	0.81	0.84	−8.8%	0.96

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.