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State Board of Administration of Florida Retirement System
The State Board of Administration of Florida (SBA) is the principal independent investment management organization for the State of Florida, headquartered in Tallahassee, FL. It manages the assets of the Florida Retirement System (FRS), as well as other trust funds, special purpose accounts, and investment pools totaling over $200 billion in assets under management. Established by the Florida Constitution, the SBA serves state employees, retirees, and other local entities by investing pension and other public funds. It employs between 500 and 1,000 professionals overseeing a wide range of public and private asset classes, providing comprehensive investment management and advisory services for its clients.
Investment Strategy
The SBA follows a fiduciary and statutory mandate, investing assets for the Florida Retirement System and other clients through a diversified portfolio spanning public equities, fixed income, real estate, private equity, and alternatives. Its approach emphasizes prudent risk management, cost efficiency, and economies of scale through pooled funds where possible. The organization utilizes both internal and external asset managers, with an investment philosophy grounded in long-term returns, discipline, and the stewardship of public resources, under the oversight of a constitutionally established Board of Trustees. The SBA also administers special-purpose funds, catastrophe and bond-related funds, and manages investment pools for various state agencies and public bodies.
Latest 13F Filing Activity
State Board of Administration of Florida Retirement System filed their most recent 13F report on Jun 30, 2025 disclosing 2,120 equity positions with a total 13F market value of $56B. The fund increased holdings in Nvidia Corporation, Microsoft Corp., Broadcom Inc. among other positions. State Board of Administration of Florida Retirement System reduced exposure to Apple Inc., Unitedhealth Group Inc., Berkshire Hathaway Inc. Del among others.
Top Holdings
Equity Positions (2,120)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
N NVDA | NVIDIA CORPORATION | 6.38% | $3.60B | 22,770,084 | $6.14 | $157.99 | +$1.14B |
M MSFT | MICROSOFT CORP | 6.33% | $3.57B | 7,174,129 | $64.68 | $497.41 | +$878.0M |
A AAPL | APPLE INC | 5.21% | $2.94B | 14,309,174 | $32.13 | $205.17 | -$227.9M |
A AMZN | AMAZON COM INC | 3.59% | $2.03B | 9,233,157 | $35.27 | $219.39 | +$300.3M |
M META | META PLATFORMS INC | 2.78% | $1.57B | 2,120,497 | $87.39 | $738.09 | +$345.4M |
Industry Allocation
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