State of New Jersey Pension Fund Portfolio Concentration Analysis
As of June 30, 2026, the State Of New Jersey Common Pension Fund A holds nearly all its assets in two sectors: Financial Services and Real Estate. Its portfolio is highly concentrated around three stocks.
The State Of New Jersey Common Pension Fund A, with a total portfolio value of $223,389,657 as of June 30, 2026, demonstrates significant concentration in its holdings. This analysis focuses on the fund's largest positions and overall sector allocation.
The fund's three top holdings by weight completely account for its entire portfolio value, indicating extreme focus. The most substantial position is held in BLUE OWL CAPITAL CORPORATION (OBDC), representing approximately 74.27% of the total assets. This is followed by another large stake in BLUE OWL CAPITAL INC (OWL) at about 13.93%, and a significant portion invested in TPG RE FIN TR INC (TRTX), making up roughly 11.8%.
BLUE OWL CAPITAL CORPORATION (OBDC) is the dominant holding, accounting for a major share of the fund's portfolio. The position in BLUE OWL CAPITAL INC (OWL), while smaller than OBDC, still constitutes a very large allocation within the fund. These two holdings together represent nearly all of the $223 million investment.
The sector breakdown shows that 88.2% of the portfolio is allocated to Financial Services. This allocation includes investments in both BLUE OWL CAPITAL CORPORATION (OBDC) and BLUE OWL CAPITAL INC (OWL), which are part of this sector. The remaining 11.8% is invested in Real Estate, specifically through the holding of TPG RE FIN TR INC (TRTX).
Given that these three stocks represent 100% of the fund's holdings, there is no diversification beyond them. The portfolio relies entirely on performance within Financial Services and Real Estate sectors, primarily driven by its large positions in OBDC and OWL.