CalPERS Investment Activity Analysis: Q2 Changes in Portfolio Holdings

California's Public Employees Retirement System (CalPERS), one of the largest pension funds globally with a portfolio value exceeding $174 billion as of June 30, 2026, has disclosed specific changes in its holdings during this quarter.

The fund manager appears to have focused on adjusting positions within certain sectors. Analysis of the CalPERS portfolio data reveals notable shifts in stock selection and allocation percentages.

Purchasing Specific Stocks: CalPERS has disclosed purchases of specific stocks this quarter. The fund significantly increased its stake in iShares Trust (IVV), boosting the position by over 1 million shares, representing a substantial increase in stock value and allocation percentage from previous quarters.

Additionally, CalPERS disclosed buying KLA Corporation (KLAC), adding nearly 5.3 million shares during the period. The fund also purchased a position in Pfizer Inc. (PFE) and exited some non-standard ticker symbols like N6596X109, AJG, DHI.

Selling Specific Stocks: The pension fund also reported selling or reducing positions in certain stocks during the quarter. Notably, CalPERS sold shares of Apple Inc. (AAPL), decreasing its stake by over 8 million shares (-21.4% change). Similarly, the fund reduced its position in NVIDIA Corporation (NVDA) significantly, cutting holdings by nearly 22 million shares (-32.58%) and also sold a portion of its stake in Microsoft Corp. (MSFT).

The changes extend to other large-cap technology firms like Cisco Systems Inc. (CSCO) and Intel Corporation (INTC), both seeing substantial reductions in their holdings during the quarter.

No Information on Other Activities: CalPERS has not disclosed any purchases or sales activity for other stocks this quarter. Furthermore, no information is available regarding changes to positions held outside of the listed top holdings and changed_holdings categories.