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.
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 |