ARIZONA STATE RETIREMENT SYSTEM

New 13F: Q3 2026

ARIZONA STATE RETIREMENT SYSTEM filed its 13F for the quarter ended Sep 30, 2026 on Nov 3, 2026: $10.2B in AI and semiconductor stocks; $128.8M bought and $18.1M sold against its previous quarter, at the quarter's prices.

• added to Alphabet (GOOGL): +$21.6M at the quarter's price
• added to Apple (AAPL): +$13.8M at the quarter's price
• added to Microsoft (MSFT): +$12.9M at the quarter's price
• added to NVIDIA (NVDA): +$11.7M at the quarter's price
• added to Broadcom (AVGO): +$6.6M at the quarter's price
• added to Amazon (AMZN): +$6.6M at the quarter's price
• added to Micron (MU): +$6.0M at the quarter's price
• added to Meta Platforms (META): +$5.3M at the quarter's price
• added to AMD (AMD): +$4.6M at the quarter's price
• added to SpaceX (SPCX): +$4.0M at the quarter's price

ARIZONA STATE RETIREMENT SYSTEM declares $9.7B in 195 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 48.8% of its $19.9B 13F portfolio. Largest positions: NVIDIA (0.03% of the company) and Apple (0.03% of the company). Over time: $9.7B in 195 of these companies for Q2 2026, against $1.9B in 115 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $127.2M and sold $77.4M of these stocks, at the quarter's prices: a net purchase of $49.8M; 4 new positions.

Performance of its AI picks

The AI-stock portfolio ARIZONA STATE RETIREMENT SYSTEM declared for Q2 2026 (Form 13F), held unchanged, returned +4.1% in Q3 2026 (SMH -7.1%), ranked 814 of 1,785 active managers. Over the last 12 months, quarter after quarter: +29.9% (SMH +87.2%), ranked 576 of 1,360 active managers. Over three years, quarter after quarter: +155.2% (SMH +325.8%), ranked 291 of 784 active managers. Over five years, quarter after quarter: +171.8% (SMH +389.8%), ranked 179 of 535 active managers. Trades made during a quarter are not visible in 13F filings: this measures its declared picks, not the return of its funds.

Largest positions

1. NVIDIA (NVDA): $1.3B, 6.4M shares, 0.03% of the company, 6.4% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
2. Apple (AAPL): $1.2B, 4.1M shares, 0.03% of the company, 5.9% of its portfolio (added this quarter); held since Q4 2019 or earlier
3. Alphabet (GOOGL): $1.0B, 2.9M shares, 0.02% of the company, 5.2% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
4. Microsoft (MSFT): $730.2M, 2.0M shares, 0.03% of the company, 3.7% of its portfolio (added this quarter); held since Q4 2019 or earlier
5. Amazon (AMZN): $640.1M, 2.7M shares, 0.02% of the company, 3.2% of its portfolio (added this quarter); held since Q4 2019 or earlier
6. Broadcom (AVGO): $471.5M, 1.2M shares, 0.03% of the company, 2.4% of its portfolio (added this quarter); held since Q4 2019 or earlier
7. Micron (MU): $361.2M, 312,924 shares, 0.03% of the company, 1.8% of its portfolio (added this quarter); held since Q4 2019 or earlier
8. Meta Platforms (META): $343.2M, 609,361 shares, 0.02% of the company, 1.7% of its portfolio (added this quarter); held since Q4 2019 or earlier
9. AMD (AMD): $262.8M, 452,388 shares, 0.03% of the company, 1.3% of its portfolio (added this quarter); held since Q4 2019 or earlier
10. Intel (INTC): $170.2M, 1.2M shares, 0.02% of the company, 0.86% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
11. Applied Materials (AMAT): $159.2M, 220,211 shares, 0.03% of the company, 0.80% of its portfolio (added this quarter); held since Q4 2019 or earlier
12. Lam Research (LRCX): $150.2M, 346,510 shares, 0.03% of the company, 0.75% of its portfolio (added this quarter); held since Q1 2025
13. Caterpillar (CAT): $137.5M, 129,108 shares, 0.03% of the company, 0.69% of its portfolio (added this quarter); held since Q4 2019 or earlier
14. Cisco (CSCO): $128.7M, 1.1M shares, 0.03% of the company, 0.65% of its portfolio (added this quarter); held since Q4 2019 or earlier
15. KLA (KLAC): $109.7M, 363,713 shares, 0.03% of the company, 0.55% of its portfolio (added this quarter); held since Q4 2019 or earlier

By sector

• Cloud & AI giants: $3.9B, 41% of its AI holdings, 6 companies
• Chips & compute: $2.5B, 26% of its AI holdings, 31 companies
• Power, electrical & cooling: $806.9M, 8% of its AI holdings, 47 companies
• Memory & storage: $581.0M, 6% of its AI holdings, 6 companies
• AI software: $581.0M, 6% of its AI holdings, 30 companies
• Equipment & test: $511.0M, 5% of its AI holdings, 21 companies
• Interconnect: $304.4M, 3% of its AI holdings, 11 companies
• Servers & systems: $177.7M, 2% of its AI holdings, 11 companies
• Neoclouds & data centers: $139.0M, 1% of its AI holdings, 21 companies
• Optics: $130.0M, 1% of its AI holdings, 11 companies

Biggest changes this quarter

• trimmed NVIDIA (NVDA): -$50.4M at the quarter's price
• added to Apple (AAPL): +$13.5M at the quarter's price
• added to Amazon (AMZN): +$11.8M at the quarter's price
• trimmed Alphabet (GOOGL): -$10.6M at the quarter's price
• added to Microsoft (MSFT): +$8.6M at the quarter's price
• added to Meta Platforms (META): +$7.1M at the quarter's price
• trimmed Salesforce (CRM): -$5.5M at the quarter's price
• added to Broadcom (AVGO): +$5.3M at the quarter's price
• added to Micron (MU): +$5.3M at the quarter's price
• added to Bloom Energy (BE): +$4.9M at the quarter's price

Other holders of this size

• HRT FINANCIAL LP: $9.7B in 123 of these companies
• Newlands Management Operations LLC: $9.7B in 5 of these companies
• Calamos Advisors LLC: $9.5B in 108 of these companies
• Atreides Management, LP: $9.7B in 22 of these companies
• ONTARIO TEACHERS PENSION PLAN BOARD: $9.5B in 9 of these companies
• Czech National Bank: $9.8B in 93 of these companies
• MACQUARIE GROUP LTD: $9.4B in 136 of these companies
• Woodline Partners LP: $9.8B in 121 of these companies

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