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California Public Employees Retirement System
The California Public Employees' Retirement System (CalPERS) is a public pension fund and agency within the California executive branch, headquartered in Sacramento, California. Founded in 1932, it manages pension and health benefits for over 1.5 million California public employees, retirees, and their families, making it the largest public pension fund in the United States. The agency has several hundred employees and is recognized globally as a leader in institutional investing and shareholder activism.
Investment Strategy
CalPERS pursues a diversified, long-term investment strategy across global public and private markets, including equities, fixed income, real estate, private equity, and infrastructure. The system aims to maximize risk-adjusted returns to ensure sustainable retirement and health benefits for California's public employees. CalPERS is known for active governance, shareholder engagement, and emphasis on sustainable investment practices, often lowering assumed returns depending on market outlooks to maintain fiduciary responsibility.
Latest 13F Filing Activity
California Public Employees Retirement System filed their most recent 13F report on Jun 30, 2025 disclosing 1,097 equity positions with a total 13F market value of $157B. The fund increased holdings in Nvidia Corporation, Microsoft Corp., Vanguard Index FDS among other positions. California Public Employees Retirement System reduced exposure to Unitedhealth Group Inc., Berkshire Hathaway Inc. Del, Mcdonalds Corp. among others.
Top Holdings
Equity Positions (1,097)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
V VOO | VANGUARD INDEX FDS | 9.37% | $14.70B | 25,883,852 | $538.56 | $568.03 | +$3.42B |
M MSFT | MICROSOFT CORP | 6.91% | $10.85B | 21,807,466 | $178.92 | $497.41 | +$3.66B |
N NVDA | NVIDIA CORPORATION | 6.51% | $10.23B | 64,728,856 | $41.00 | $157.99 | +$3.89B |
A AAPL | APPLE INC | 4.79% | $7.52B | 36,643,039 | $83.10 | $205.17 | -$180.7M |
A AMZN | AMAZON COM INC | 2.59% | $4.06B | 18,504,621 | $101.17 | $219.39 | +$1.01B |
Industry Allocation
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