Institutional Manager · CIK 0001081019

CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM

WEST SACRAMENTO, CA · File #028-04855

Latest AUM

$99.96B

Positions

3,054

Top-10 Concentration

62.2%

Filings

Portfolio Value Over Time

2024-03

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
NEW	ISHARES CORE S P 500 ETF	464287200	+2,958,300	+$2.03B	$0
ADD	NETFLIX INC	NFLX	+5,936,994	+$556.7M	-$742.1M
ADD	SERVICENOW INC	NOW	+1,255,415	+$192.3M	-$245.9M
REDUCE	APPLE INC	AAPL	-526,120	-$143.0M	+$405.0M
REDUCE	NVIDIA CORP	NVDA	-761,369	-$142.0M	-$3.1M
REDUCE	MICROSOFT CORP	MSFT	-172,685	-$83.5M	-$382.4M
REDUCE	TESLA INC	TSLA	-180,075	-$81.0M	+$22.8M
REDUCE	ALPHABET INC CL C	GOOG	-253,092	-$79.4M	+$544.2M
EXITED	BLUE OWL TECHNOLOGY FINANCE	095924106	-4,465,022	-$61.7M	$0
ADD	TEXAS PACIFIC LAND CORP	TPL	+156,628	+$45.0M	-$53.8M

Sector Allocation

Technology

30.8%$30.74B

Consumer Discretionary

9.1%$9.09B

Healthcare

8.6%$8.55B

Industrials

5.9%$5.89B

Financials

5.3%$5.28B

Communication Services

4.2%$4.17B

2.5%$2.50B

2.4%$2.37B

1.2%$1.25B

1.0%$1.03B

1.0%$988.8M

Filing History

Feb 17, 202613F HOLDINGS REPORTQ/E Dec 20253,054 pos · $99.96B
Nov 14, 202513F HOLDINGS REPORTQ/E Sep 20253,047 pos · $97.50B
Aug 14, 202513F HOLDINGS REPORTQ/E Jun 20252,958 pos · $90.04B
May 15, 202513F HOLDINGS REPORTQ/E Mar 20253,055 pos · $80.89B
Apr 8, 202513F HOLDINGS REPORT (Amended)Q/E Mar 20253,086 pos · $81.58B
Apr 4, 202513F HOLDINGS REPORT (Amended)Q/E Mar 20253,076 pos · $85.75B
Mar 18, 202513F HOLDINGS REPORT (Amended)Q/E Mar 20253,065 pos · $85.65B
Feb 14, 202513F HOLDINGS REPORTQ/E Dec 20243,065 pos · $69.27B
Nov 14, 202413F HOLDINGS REPORTQ/E Sep 20243,076 pos · $71.35B
Aug 14, 202413F HOLDINGS REPORTQ/E Jun 20243,086 pos · $68.41B
May 16, 202413F HOLDINGS REPORTQ/E Mar 20243,045 pos · $79.15B
Nov 14, 202313F HOLDINGS REPORTQ/E Dec 20233,101 pos · $65.07B

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	NVIDIA CORP	NVDA	37,569,999	$7.01B	12.16%
2	APPLE INC	AAPL	22,981,011	$6.25B	10.84%
3	MICROSOFT CORP	MSFT	10,967,008	$5.30B	9.21%
4	AMAZON COM INC	AMZN	14,889,763	$3.44B	5.96%
5	ALPHABET INC CL A	GOOG	9,077,332	$2.84B	4.93%
6	BROADCOM INC	AVGO	6,961,668	$2.41B	4.18%
7	ALPHABET INC CL C	GOOG	7,493,706	$2.35B	4.08%
8	META PLATFORMS INC CLASS A	META	3,362,289	$2.22B	3.85%
9	ISHARES CORE S P 500 ETF	464287200	2,958,300	$2.03B	3.52%
10	TESLA INC	TSLA	4,380,570	$1.97B	3.42%
11	JPMORGAN CHASE CO	VYLD	4,260,642	$1.37B	2.38%
12	ELI LILLY CO	LLY	1,244,311	$1.34B	2.32%
13	BERKSHIRE HATHAWAY INC CL B	BRK-A	2,128,287	$1.07B	1.86%
14	VISA INC CLASS A SHARES	V	2,641,814	$926.5M	1.61%
15	JOHNSON JOHNSON	JNJ	3,829,320	$792.5M	1.38%
16	WALMART INC	WMT	6,851,516	$763.3M	1.32%
17	MASTERCARD INC A	MA	1,323,057	$755.3M	1.31%
18	ABBVIE INC	ABBV	2,742,565	$626.6M	1.09%
19	PALANTIR TECHNOLOGIES INC A	PLTR	3,513,425	$624.5M	1.08%
20	NETFLIX INC	NFLX	6,608,496	$619.6M	1.08%