ARIZONA STATE RETIREMENT SYSTEM

PHOENIX, AZ · CIK 1558481 · 13F filing filed 2025-08-13

No investment adviser registration (Form ADV) found for this filer. It may be a parent company whose subsidiaries are the registered advisers, a bank or insurer, or a manager based outside the US.

Legal entityArizona State Retirement System (US)

Kindasset owner
Others nearbyPhoenix, AZ

$17.4bn reported value +10.5% vs Q1 2025

2,053positions

32.0%in top 10

48 new 1,572 added 432 reduced 81 sold out vs Q1 2025

Holdings, Q2 2025

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	NVIDIA CORPORATION COM NVDA	NVDA	7,133,813	$1.1bn6.49%	6.49%	Reduced -87.4k	-87,434 -1.2%
2	MICROSOFT CORP COM MSFT	MSFT	2,064,010	$1.0bn5.92%	5.92%	Reduced -14.2k	-14,228 -0.7%
3	APPLE INC COM AAPL	AAPL	4,391,595	$901.0m5.19%	5.19%	Reduced -31.9k	-31,926 -0.7%
4	AMAZON COM INC COM AMZN	AMZN	2,791,362	$612.4m3.53%	3.53%	Added +2.8k	+2,760 0.1%
5	META PLATFORMS INC CL A META	META	640,043	$472.4m2.72%	2.72%	Reduced -3.5k	-3,503 -0.5%
6	BROADCOM INC COM AVGO	AVGO	1,305,653	$359.9m2.07%	2.07%	Reduced -585	-585 -0.0%
7	ALPHABET INC CAP STK CL A GOOGL	GOOGL	1,704,461	$300.4m1.73%	1.73%	Reduced -27.7k	-27,659 -1.6%
8	TESLA INC COM TSLA	TSLA	846,145	$268.8m1.55%	1.55%	Reduced -1.7k	-1,713 -0.2%
9	ALPHABET INC CAP STK CL C GOOG	GOOG	1,445,873	$256.5m1.48%	1.48%	Reduced -30.1k	-30,113 -2.0%
10	JPMORGAN CHASE & CO COM JPM	JPM	817,422	$237.0m1.37%	1.37%	Reduced -2.9k	-2,937 -0.4%
11	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	391,711	$190.3m1.10%	1.10%	Added +1.1k	+1,141 0.3%
12	ELI LILLY & CO COM LLY	LLY	235,567	$183.6m1.06%	1.06%	Reduced -4.0k	-3,994 -1.7%
13	VISA INC COM CL A V	V	503,813	$178.9m1.03%	1.03%	Reduced -10.3k	-10,286 -2.0%
14	NETFLIX INC COM NFLX	NFLX	124,910	$167.3m0.96%	0.96%	Reduced -295	-295 -0.2%
15	EXXON MOBIL CORP COM XOM	XOM	1,264,343	$136.3m0.79%	0.79%	Reduced -25.5k	-25,499 -2.0%
16	MASTERCARD INCORPORATED CL A MA	MA	238,084	$133.8m0.77%	0.77%	Reduced -2.5k	-2,473 -1.0%
17	COSTCO WHSL CORP NEW COM COST	COST	129,683	$128.4m0.74%	0.74%	Reduced -2.9k	-2,919 -2.2%
18	WALMART INC COM WMT	WMT	1,289,018	$126.0m0.73%	0.73%	Reduced -7.7k	-7,651 -0.6%
19	PROCTER AND GAMBLE CO COM PG	PG	685,501	$109.2m0.63%	0.63%	Reduced -5.6k	-5,639 -0.8%
20	JOHNSON & JOHNSON COM JNJ	JNJ	704,501	$107.6m0.62%	0.62%	Reduced -2.1k	-2,071 -0.3%
21	ORACLE CORP COM ORCL	ORCL	491,755	$107.5m0.62%	0.62%	Reduced -4.1k	-4,096 -0.8%
22	HOME DEPOT INC COM HD	HD	290,568	$106.5m0.61%	0.61%	Added +1.7k	+1,741 0.6%
23	BANK AMERICA CORP COM BAC	BAC	2,112,015	$99.9m0.58%	0.58%	Added +136.4k	+136,356 6.9%
24	ABBVIE INC COM ABBV	ABBV	517,148	$96.0m0.55%	0.55%	Reduced -1.5k	-1,459 -0.3%
25	PALANTIR TECHNOLOGIES INC CL A PLTR	PLTR	626,012	$85.3m0.49%	0.49%	Added +8.4k	+8,359 1.4%
26	COCA COLA CO COM KO	KO	1,195,212	$84.6m0.49%	0.49%	Reduced -5.8k	-5,798 -0.5%
27	UNITEDHEALTH GROUP INC COM UNH	UNH	267,409	$83.4m0.48%	0.48%	Reduced -7.0k	-7,029 -2.6%
28	PHILIP MORRIS INTL INC COM PM	PM	455,028	$82.9m0.48%	0.48%	Reduced -1.3k	-1,273 -0.3%
29	CISCO SYS INC COM CSCO	CSCO	1,162,835	$80.7m0.46%	0.46%	Reduced -13.4k	-13,449 -1.1%
30	GE AEROSPACE COM NEW GE	GE	311,834	$80.3m0.46%	0.46%	Added +1.3k	+1,302 0.4%
31	INTERNATIONAL BUSINESS MACHS COM IBM	IBM	271,079	$79.9m0.46%	0.46%	Reduced -2.2k	-2,161 -0.8%
32	SALESFORCE INC COM CRM	CRM	280,941	$76.6m0.44%	0.44%	Added +87	+87 0.0%
33	WELLS FARGO CO NEW COM WFC	WFC	953,534	$76.4m0.44%	0.44%	Added +8.5k	+8,492 0.9%
34	CHEVRON CORP NEW COM CVX	CVX	485,073	$69.5m0.40%	0.40%	Reduced -16.0k	-15,955 -3.2%
35	ABBOTT LABS COM ABT	ABT	507,017	$69.0m0.40%	0.40%	Reduced -2.0k	-1,998 -0.4%
36	ADVANCED MICRO DEVICES INC COM AMD	AMD	474,905	$67.4m0.39%	0.39%	Reduced -1.3k	-1,274 -0.3%
37	DISNEY WALT CO COM DIS	DIS	528,494	$65.5m0.38%	0.38%	Reduced -3.0k	-2,967 -0.6%
38	LINDE PLC SHS LIN	LIN	138,183	$64.8m0.37%	0.37%	Reduced -1.4k	-1,420 -1.0%
39	INTUIT COM INTU	INTU	81,683	$64.3m0.37%	0.37%	Reduced -373	-373 -0.5%
40	GOLDMAN SACHS GROUP INC COM GS	GS	90,861	$64.3m0.37%	0.37%	Reduced -1.3k	-1,262 -1.4%
41	SERVICENOW INC COM NOW	NOW	60,516	$62.2m0.36%	0.36%	Added +61	+61 0.1%
42	MCDONALDS CORP COM MCD	MCD	209,046	$61.1m0.35%	0.35%	Reduced -1.3k	-1,262 -0.6%
43	AT&T INC COM T	T	2,098,491	$60.7m0.35%	0.35%	Reduced -7.3k	-7,262 -0.3%
44	MERCK & CO INC COM MRK	MRK	735,649	$58.2m0.34%	0.34%	Reduced -6.7k	-6,731 -0.9%
45	RTX CORPORATION COM RTX	RTX	390,275	$57.0m0.33%	0.33%	Reduced -342	-342 -0.1%
46	INTUITIVE SURGICAL INC COM NEW ISRG	ISRG	104,679	$56.9m0.33%	0.33%	Added +229	+229 0.2%
47	BOOKING HOLDINGS INC COM BKNG	BKNG	9,564	$55.4m0.32%	0.32%	Reduced -118	-118 -1.2%
48	TEXAS INSTRS INC COM TXN	TXN	265,933	$55.2m0.32%	0.32%	Added +6.2k	+6,248 2.4%
49	ACCENTURE PLC IRELAND SHS CLASS A ACN	ACN	183,014	$54.7m0.32%	0.32%	Reduced -9.5k	-9,547 -5.0%
50	CATERPILLAR INC COM CAT	CAT	139,719	$54.2m0.31%	0.31%	Reduced -2.0k	-1,970 -1.4%
51	VERIZON COMMUNICATIONS INC COM VZ	VZ	1,233,687	$53.4m0.31%	0.31%	Reduced -1.7k	-1,724 -0.1%
52	PEPSICO INC COM PEP	PEP	400,862	$52.9m0.30%	0.30%	Reduced -4.8k	-4,831 -1.2%
53	AMERICAN EXPRESS CO COM AXP	AXP	163,971	$52.3m0.30%	0.30%	Added +3.9k	+3,944 2.5%
54	QUALCOMM INC COM QCOM	QCOM	323,194	$51.5m0.30%	0.30%	Added +6.5k	+6,539 2.1%
55	UBER TECHNOLOGIES INC COM UBER	UBER	550,228	$51.3m0.30%	0.30%	Reduced -5.9k	-5,943 -1.1%
56	MORGAN STANLEY COM NEW MS	MS	353,630	$49.8m0.29%	0.29%	Added +11.4k	+11,364 3.3%
57	S&P GLOBAL INC COM SPGI	SPGI	91,749	$48.4m0.28%	0.28%	Reduced -6.8k	-6,819 -6.9%
58	ADOBE INC COM ADBE	ADBE	124,553	$48.2m0.28%	0.28%	Reduced -3.2k	-3,152 -2.5%
59	CITIGROUP INC COM NEW C	C	550,161	$46.8m0.27%	0.27%	Reduced -4.9k	-4,873 -0.9%
60	BOSTON SCIENTIFIC CORP COM BSX	BSX	432,395	$46.4m0.27%	0.27%	Reduced -22.9k	-22,905 -5.0%
61	BOEING CO COM BA	BA	219,961	$46.1m0.27%	0.27%	Added +392	+392 0.2%
62	SCHWAB CHARLES CORP COM SCHW	SCHW	503,674	$46.0m0.26%	0.26%	Reduced -30.8k	-30,814 -5.8%
63	PROGRESSIVE CORP COM PGR	PGR	171,382	$45.7m0.26%	0.26%	Reduced -537	-537 -0.3%
64	BLACKROCK INC COM BLK	BLK	43,053	$45.2m0.26%	0.26%	Reduced -126	-126 -0.3%
65	THERMO FISHER SCIENTIFIC INC COM TMO	TMO	110,358	$44.7m0.26%	0.26%	Reduced -6.4k	-6,390 -5.5%
66	HONEYWELL INTL INC COM COM		189,571	$44.1m0.25%	0.25%	Reduced -1.2k	-1,181 -0.6%
67	AMGEN INC COM AMGN	AMGN	157,091	$43.9m0.25%	0.25%	Reduced -514	-514 -0.3%
68	APPLIED MATLS INC COM AMAT	AMAT	237,441	$43.5m0.25%	0.25%	Reduced -1.2k	-1,216 -0.5%
69	GE VERNOVA INC COM GEV	GEV	79,910	$42.3m0.24%	0.24%	Reduced -986	-986 -1.2%
70	NEXTERA ENERGY INC COM NEE	NEE	601,811	$41.8m0.24%	0.24%	Reduced -1.7k	-1,688 -0.3%
71	EATON CORP PLC SHS ETN	ETN	114,530	$40.9m0.24%	0.24%	Reduced -1.4k	-1,450 -1.2%
72	GILEAD SCIENCES INC COM GILD	GILD	364,309	$40.4m0.23%	0.23%	Reduced -21.5k	-21,523 -5.6%
73	TJX COS INC NEW COM TJX	TJX	326,576	$40.3m0.23%	0.23%	Reduced -3.3k	-3,333 -1.0%
74	UNION PAC CORP COM UNP	UNP	175,206	$40.3m0.23%	0.23%	Reduced -2.7k	-2,714 -1.5%
75	MICRON TECHNOLOGY INC COM MU	MU	326,500	$40.2m0.23%	0.23%	Reduced -426	-426 -0.1%
76	PFIZER INC COM PFE	PFE	1,658,010	$40.2m0.23%	0.23%	Reduced -5.1k	-5,098 -0.3%
77	CAPITAL ONE FINL CORP COM COF	COF	186,922	$39.8m0.23%	0.23%	Added +75.0k	+75,042 67.1%
78	STRYKER CORPORATION COM SYK	SYK	100,425	$39.7m0.23%	0.23%	Reduced -263	-263 -0.3%
79	PALO ALTO NETWORKS INC COM PANW	PANW	193,445	$39.6m0.23%	0.23%	Added +965	+965 0.5%
80	COMCAST CORP NEW CL A CMCSA	CMCSA	1,102,268	$39.3m0.23%	0.23%	Reduced -30.2k	-30,216 -2.7%
81	DEERE & CO COM DE	DE	75,378	$38.3m0.22%	0.22%	Reduced -553	-553 -0.7%
82	DANAHER CORPORATION COM DHR	DHR	188,241	$37.2m0.21%	0.21%	Reduced -2.5k	-2,530 -1.3%
83	CROWDSTRIKE HLDGS INC CL A CRWD	CRWD	72,463	$36.9m0.21%	0.21%	Added +246	+246 0.3%
84	AUTOMATIC DATA PROCESSING IN COM ADP	ADP	118,880	$36.7m0.21%	0.21%	Reduced -624	-624 -0.5%
85	LAM RESEARCH CORP COM NEW LRCX	LRCX	375,079	$36.5m0.21%	0.21%	Reduced -2.5k	-2,454 -0.7%
86	LOWES COS INC COM LOW	LOW	163,625	$36.3m0.21%	0.21%	Added +4.1k	+4,133 2.6%
87	AMPHENOL CORP CL A APH	APH	354,256	$35.0m0.20%	0.20%	Reduced -6.6k	-6,599 -1.8%
88	MERCADOLIBRE INC COM MELI	MELI	13,317	$34.8m0.20%	0.20%	Reduced -44	-44 -0.3%
89	KLA CORP COM NEW KLAC	KLAC	38,811	$34.8m0.20%	0.20%	Reduced -432	-432 -1.1%
90	ANALOG DEVICES INC COM ADI	ADI	144,897	$34.5m0.20%	0.20%	Reduced -588	-588 -0.4%
91	VERTEX PHARMACEUTICALS INC COM VRTX	VRTX	75,094	$33.4m0.19%	0.19%	Reduced -443	-443 -0.6%
92	CONOCOPHILLIPS COM COP	COP	369,570	$33.2m0.19%	0.19%	Reduced -10.1k	-10,056 -2.6%
93	MEDTRONIC PLC SHS MDT	MDT	374,942	$32.7m0.19%	0.19%	Reduced -1.4k	-1,374 -0.4%
94	CHUBB LIMITED COM CB	CB	111,280	$32.2m0.19%	0.19%	Reduced -1.1k	-1,103 -1.0%
95	ARISTA NETWORKS INC COM SHS ANET	ANET	313,340	$32.1m0.18%	0.18%	Reduced -909	-909 -0.3%
96	BLACKSTONE INC COM BX	BX	213,239	$31.9m0.18%	0.18%	Added +11.6k	+11,599 5.8%
97	T-MOBILE US INC COM TMUS	TMUS	133,440	$31.8m0.18%	0.18%	Reduced -19.8k	-19,764 -12.9%
98	MARSH & MCLENNAN COS INC COM MRSH	MRSH	144,045	$31.5m0.18%	0.18%	Reduced -2.0k	-1,989 -1.4%
99	INTERCONTINENTAL EXCHANGE IN COM ICE	ICE	167,950	$30.8m0.18%	0.18%	Reduced -555	-555 -0.3%
100	STARBUCKS CORP COM SBUX	SBUX	331,991	$30.4m0.18%	0.18%	Reduced -661	-661 -0.2%

Sold out since Q1 2025

Security	Ticker	Shares held before	Value then
DISCOVER FINL SVCS DFS	DFS	72,676	$12.4m72.7k shares
INTRA-CELLULAR THERAPIES INC ITCI	ITCI	27,425	$3.6m27.4k shares
UNITED STATES STL CORP NEW X	X	64,589	$2.7m64.6k shares
BERRY GLOBAL GROUP INC BERY	BERY	33,181	$2.3m33.2k shares
BEACON ROOFING SUPPLY INC BECN	BECN	17,737	$2.2m17.7k shares
ROCKET LAB USA INC		96,561	$1.7m96.6k shares
SOUTHWEST AIRLS CO LUV	LUV	43,359	$1.5m43.4k shares
WESTLAKE CORPORATION WLK	WLK	11,166	$1.1m11.2k shares
H & E EQUIPMENT SERVICES INC HEES	HEES	9,449	$895.7k9.4k shares
SPRINGWORKS THERAPEUTICS INC SWTX	SWTX	17,049	$752.4k17.0k shares
PATTERSON COS INC PDCO	PDCO	24,048	$751.3k24.0k shares
NORDSTROM INC JWN	JWN	28,382	$693.9k28.4k shares
PAYCOR HCM INC		25,842	$579.9k25.8k shares
SANDY SPRING BANCORP INC SASR	SASR	12,944	$361.8k12.9k shares
HELEN OF TROY LTD HELE	HELE	6,540	$349.8k6.5k shares
CABLE ONE INC CABO	CABO	1,290	$342.8k1.3k shares
REDFIN CORP RDFN	RDFN	35,536	$327.3k35.5k shares
EASTERLY GOVT PPTYS INC		28,794	$305.2k28.8k shares
LIONS GATE ENTMNT CORP		38,157	$302.2k38.2k shares
PLAYA HOTELS & RESORTS NV PLYA	PLYA	22,655	$302.0k22.7k shares
FIRST BANCSHARES INC MS FBMS	FBMS	8,502	$287.5k8.5k shares
SOLARWINDS CORP SWI	SWI	14,679	$270.5k14.7k shares
OXFORD INDS INC OXM	OXM	4,279	$251.0k4.3k shares
PACTIV EVERGREEN INC PTVE	PTVE	12,859	$231.6k12.9k shares
HEALTHSTREAM INC HSTM	HSTM	6,942	$223.4k6.9k shares