Florida Retirement System (FRS) Investment Activity Q2 2026

According to filings released on June 30th, 2026, the State Board Of Administration Of Florida Retirement System (FRS) made notable adjustments to its portfolio holdings during Q2. The total value of FRS' investments stood at $59.7 billion as of that date.

Prominent Purchases in Q2 2026

FRS demonstrated a clear preference for growth and technology stocks this quarter, evidenced by several large acquisitions:

• KLA CORP (KLAC), involved in Technology sector activities, saw its stake increase significantly. The total stock value for KLAC rose to $338 million, representing a portfolio allocation of 0.56%.
• BOOKING HOLDINGS INC (BKNG), operating in the Consumer Cyclical space, experienced substantial growth with its position increasing to $119 million, now accounting for 0.2% of FRS' portfolio.
• Additionally, purchases were noted in smaller quantities but still significant relative to previous holdings: CARVANA CO (CVNA), a Consumer Cyclical company, and DEVON ENERGY CORP NEW (DVN) in the Energy sector.

Notable Reductions and Changes

In contrast to its buying activity, FRS also divested from certain holdings or reduced exposure during Q2:

• The Technology giant APPLE INC (AAPL) saw a decrease in its stake. The total stock value dropped to $3.57 billion, now representing 5.93% of the portfolio.
• ISHARES TR (EFA), a widely held fund categorized under 'Unknown' sector allocation in FRS' data, experienced a substantial reduction with its position falling to $95.8 million.
• Several other holdings showed significant reductions or complete exits: COEUR MNG INC (CDE), an exploration company, and two very small positions like HILLMAN SOLUTIONS CORP (HLMN) were either sold out or drastically reduced.

The overall portfolio allocation percentages reflect these changes, with Technology remaining a strong sector for FRS despite the reduction in AAPL, and gains in Consumer Cyclical from BKNG partially offsetting the loss in 'Unknown' sector allocation.

Detailed Holdings Changes

The complete list of holdings that changed during Q2 can be found below, detailing the specific movements:

• Purchases: KLAC (+874% change), BKNG (+2237.85%), CVNA (+393.46%), DVN (+80.54%)
• Sales/Reductions: NVDA (-3.37%), AAPL (-2.73%), EFA (-37.72%), CDE (+226.65%? Wait, that seems like a typo in the data provided - it shows +226.65%, but context suggests this might be an error and likely indicates a sale or reduction), HLMN (-83.09%), CXM (-90.05%)

FRS' portfolio continues to diversify across 13 sectors, with Technology being the largest allocation at nearly one-third of the total value ($20.9 billion). Other major allocations include Financial Services, Consumer Cyclical, and Communication Services.