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Retirement Systems of Alabama
The Retirement Systems of Alabama (RSA) is a public pension fund headquartered in Montgomery, Alabama, serving as the sole statewide retirement system for public employees, educators, and judges in Alabama. Established in 1939, RSA administers pension benefits and health plans for state, education, judicial, and local government employees, including the Teachers’ Retirement System (TRS), Employees’ Retirement System (ERS), Judicial Retirement Fund (JRF), and associated health and deferred compensation plans. As of 2025, RSA manages approximately $56.1 billion in assets across 24 funds. The firm is led by CEO David G. Bronner and plays a critical role in managing retirement security for thousands of Alabamians, with a focus on effective investment and sound benefit management. RSA employs over 350 staff members.
Investment Strategy
RSA employs a long-term, diversified investment strategy aimed at preserving the financial health of its pension systems while maximizing returns. Asset allocation includes domestic and international equities, fixed income (domestic and government bonds), real estate, money market instruments, agency securities, and mortgage-backed securities. The fund’s policy is to allocate investments in a manner that best reflects policy standards, with careful attention to risk management and return optimization. RSA actively adapts its portfolio in response to changing market environments and aims for strong performance relative to peer public funds.
Latest 13F Filing Activity
Retirement Systems of Alabama filed their most recent 13F report on Jun 30, 2025 disclosing 925 equity positions with a total 13F market value of $28B. The fund increased holdings in Nvidia Corporation, Microsoft Corp., Broadcom Inc. among other positions. Retirement Systems of Alabama reduced exposure to SPDR S&P 500 Etf TR, Apple Inc., Unitedhealth Group Inc. among others.
Top Holdings
Equity Positions (925)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
N NVDA | NVIDIA CORPORATION | 5.04% | $1.41B | 8,922,414 | $12.51 | $157.99 | +$459.4M |
M MSFT | MICROSOFT CORP | 4.70% | $1.31B | 2,641,004 | $32.37 | $497.41 | +$314.3M |
A AAPL | APPLE INC | 3.82% | $1.07B | 5,208,317 | $16.82 | $205.17 | -$101.4M |
A AMZN | AMAZON COM INC | 2.87% | $802.4M | 3,657,428 | $24.79 | $219.39 | +$101.2M |
A AVGO | BROADCOM INC | 2.08% | $581.8M | 2,110,720 | $47.49 | $275.65 | +$222.1M |
Industry Allocation
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