California Public Employees Retirement System

California Public Employees Retirement System declares $74.4B in 137 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 41.9% of its $177.4B 13F portfolio. Largest positions: NVIDIA (0.19% of the company) and Apple (0.20% of the company). Over time: $74.4B in 137 of these companies for Q2 2026, against $25.2B in 157 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $2.7B and sold $16.9B of these stocks, at the quarter's prices: a net sale of $14.2B.

Performance of its AI picks

The AI-stock portfolio California Public Employees Retirement System declared for Q2 2026 (Form 13F), held unchanged, returned +3.5% in Q3 2026 (SMH -7.1%), ranked 941 of 1,785 active managers. Over the last 12 months, quarter after quarter: +27.6% (SMH +87.2%), ranked 757 of 1,360 active managers. Over three years, quarter after quarter: +147.8% (SMH +325.8%), ranked 383 of 784 active managers. Over five years, quarter after quarter: +158.6% (SMH +389.8%), ranked 269 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): $9.2B, 46.1M shares, 0.19% of the company, 5.2% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
2. Apple (AAPL): $8.6B, 29.6M shares, 0.20% of the company, 4.8% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
3. Alphabet (GOOGL): $7.6B, 21.4M shares, 0.17% of the company, 4.3% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
4. Microsoft (MSFT): $5.9B, 15.8M shares, 0.21% of the company, 3.3% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
5. Broadcom (AVGO): $4.7B, 12.5M shares, 0.26% of the company, 2.7% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
6. Amazon (AMZN): $4.5B, 18.7M shares, 0.17% of the company, 2.5% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
7. Micron (MU): $2.9B, 2.5M shares, 0.22% of the company, 1.6% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
8. Meta Platforms (META): $2.8B, 5.0M shares, 0.19% of the company, 1.6% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
9. AMD (AMD): $1.8B, 3.1M shares, 0.19% of the company, 1.0% of its portfolio (added this quarter); held since Q4 2019 or earlier
10. KLA (KLAC): $1.8B, 5.9M shares, 0.45% of the company, 1.0% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
11. Lam Research (LRCX): $1.6B, 3.6M shares, 0.29% of the company, 0.89% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
12. Applied Materials (AMAT): $1.5B, 2.1M shares, 0.27% of the company, 0.87% of its portfolio (added this quarter); held since Q4 2019 or earlier
13. Intel (INTC): $1.2B, 8.7M shares, 0.16% of the company, 0.69% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
14. Caterpillar (CAT): $1.0B, 965,570 shares, 0.21% of the company, 0.58% of its portfolio (added this quarter); held since Q4 2019 or earlier
15. Cisco (CSCO): $831.1M, 7.1M shares, 0.18% of the company, 0.47% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier

By sector

• Cloud & AI giants: $29.3B, 39% of its AI holdings, 5 companies
• Chips & compute: $19.7B, 27% of its AI holdings, 19 companies
• Power, electrical & cooling: $5.9B, 8% of its AI holdings, 38 companies
• Equipment & test: $5.4B, 7% of its AI holdings, 11 companies
• Memory & storage: $4.8B, 7% of its AI holdings, 5 companies
• AI software: $3.9B, 5% of its AI holdings, 23 companies
• Interconnect: $2.2B, 3% of its AI holdings, 9 companies
• Servers & systems: $1.1B, 2% of its AI holdings, 9 companies
• Neoclouds & data centers: $1.1B, 2% of its AI holdings, 13 companies
• Optics: $803.2M, 1% of its AI holdings, 5 companies

Biggest changes this quarter

• trimmed NVIDIA (NVDA): -$4.5B at the quarter's price
• trimmed Apple (AAPL): -$2.3B at the quarter's price
• trimmed Microsoft (MSFT): -$2.3B at the quarter's price
• trimmed Alphabet (GOOGL): -$1.2B at the quarter's price
• trimmed Lam Research (LRCX): -$963.0M at the quarter's price
• trimmed Micron (MU): -$759.0M at the quarter's price
• trimmed Amazon (AMZN): -$736.3M at the quarter's price
• trimmed Cisco (CSCO): -$584.8M at the quarter's price
• trimmed Intel (INTC): -$510.5M at the quarter's price
• trimmed Meta Platforms (META): -$368.4M at the quarter's price

Other holders of this size

• Swedbank AB: $68.1B in 111 of these companies
• BNP PARIBAS FINANCIAL MARKETS: $75.4B in 222 of these companies
• Victory Capital Management, Inc.: $65.0B in 203 of these companies
• AQR: $76.7B in 211 of these companies
• SCHRODER INVESTMENT MANAGEMENT GROUP: $64.6B in 124 of these companies
• National Pension Service: $77.8B in 102 of these companies
• PRINCIPAL FINANCIAL GROUP INC: $63.9B in 181 of these companies
• CANADA PENSION PLAN INVESTMENT BOARD: $78.1B in 160 of these companies

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