Commonwealth Of Pennsylvania Public School Empls Retrmt Sys
Reported US equity positions for Q1 2026 — $19.6B across 1,755 positions.
| Holding | Reported value | Share of portfolio | Shares |
|---|---|---|---|
| NVDA NVIDIA Corporation | $987.2M | 5.0% | 5,660,509 |
| AAPL Apple Inc. | $867.9M | 4.4% | 3,419,865 |
| MSFT Microsoft Corporation | $640.3M | 3.3% | 1,729,747 |
| AMZN Amazon.com, Inc. | $473.9M | 2.4% | 2,275,566 |
| GOOGL Alphabet Inc. | $390.0M | 2.0% | 1,356,193 |
| RSP Invesco S&P 500 Equal Weight ETF | $348.8M | 1.8% | 1,817,211 |
| AVGO Broadcom Inc. | $341.8M | 1.7% | 1,104,445 |
| NEE NextEra Energy, Inc. | $337.3M | 1.7% | 3,631,835 |
| GOOG Alphabet Inc. - Class C Capital Stock | $312.5M | 1.6% | 1,089,399 |
| META Meta Platforms, Inc. | $291.5M | 1.5% | 509,487 |
| SPY State Street SPDR S&P 500 ETF Trust | $276.1M | 1.4% | 424,569 |
| IEMG iShares Core MSCI Emerging Markets ETF | $259.4M | 1.3% | 3,718,473 |
| TSLA Tesla, Inc. | $243.5M | 1.2% | 655,137 |
| UNP Union Pacific Corporation | $226.0M | 1.2% | 931,625 |
| BRK.B Berkshire Hathaway Inc. | $204.7M | 1.0% | 427,155 |
| SO The Southern Company | $188.7M | 1.0% | 1,955,065 |
| JPM JP Morgan Chase & Co. | $184.8M | 0.9% | 628,060 |
| DUK Duke Energy Corporation (Holding Company) | $180.7M | 0.9% | 1,380,385 |
| LLY Eli Lilly and Company | $169.8M | 0.9% | 184,588 |
| XOM ExxonMobil Holdings Corporation | $165.2M | 0.8% | 973,468 |
| AMT American Tower Corporation (REIT) | $158.5M | 0.8% | 918,264 |
| WMB The Williams Companies, Inc. | $142.3M | 0.7% | 1,954,680 |
| JNJ Johnson & Johnson | $137.2M | 0.7% | 561,369 |
| WMT Walmart Inc. | $126.9M | 0.6% | 1,021,126 |
| AEP American Electric Power Company, Inc. | $124.6M | 0.6% | 950,691 |
| CSX CSX Corporation | $120.6M | 0.6% | 2,937,185 |
| V Visa Inc. | $118.4M | 0.6% | 391,599 |
| SRE DBA Sempra | $112.5M | 0.6% | 1,158,276 |
| COST Costco Wholesale Corporation | $103.0M | 0.5% | 103,396 |
| KMI Kinder Morgan, Inc. | $102.3M | 0.5% | 3,050,303 |
| NSC Norfolk Southern Corporation | $101.5M | 0.5% | 353,729 |
| LNG Cheniere Energy, Inc. | $96.7M | 0.5% | 340,728 |
| MA Mastercard Incorporated | $94.8M | 0.5% | 189,708 |
| NFLX Netflix, Inc. | $94.6M | 0.5% | 983,522 |
| WELL Welltower Inc. | $94.0M | 0.5% | 475,209 |
| D Dominion Energy, Inc. | $93.6M | 0.5% | 1,514,488 |
| OKE ONEOK, Inc. | $90.8M | 0.5% | 1,004,077 |
| CVX Chevron Corporation | $90.3M | 0.5% | 436,655 |
| ABBV AbbVie Inc. | $89.5M | 0.5% | 411,700 |
| ETR Entergy Corporation | $89.2M | 0.5% | 793,663 |
| MU Micron Technology, Inc. | $88.6M | 0.5% | 262,179 |
| PEO Adams Natural Resources Fund, Inc. | $88.1M | 0.4% | 1,796,401 |
| TRGP Targa Resources, Inc. | $85.5M | 0.4% | 340,948 |
| PLD Prologis, Inc. | $84.4M | 0.4% | 638,325 |
| XEL Xcel Energy Inc. | $83.4M | 0.4% | 1,050,096 |
| PCG Pacific Gas & Electric Co. | $80.0M | 0.4% | 4,554,193 |
| PG The Procter & Gamble Company | $78.2M | 0.4% | 541,359 |
| PLTR Palantir Technologies Inc. | $77.8M | 0.4% | 532,119 |
| AMD Advanced Micro Devices, Inc. | $77.3M | 0.4% | 379,791 |
| CAT Caterpillar, Inc. | $76.8M | 0.4% | 108,385 |
| HD The Home Depot, Inc. | $76.3M | 0.4% | 231,897 |
| PEG Public Service Enterprise Group Incorporated | $76.2M | 0.4% | 941,071 |
| BAC Bank of America Corporation | $75.4M | 0.4% | 1,545,684 |
| CCI Crown Castle Inc. | $75.3M | 0.4% | 926,055 |
| EQIX Equinix, Inc. | $73.4M | 0.4% | 74,890 |
| ED Consolidated Edison, Inc. | $72.4M | 0.4% | 639,705 |
| CSCO Cisco Systems, Inc. | $71.4M | 0.4% | 920,379 |
| MRK Merck & Company, Inc. Common Stock (new) | $69.5M | 0.4% | 578,169 |
| GE GE Aerospace | $69.3M | 0.4% | 244,313 |
| KO The Coca-Cola Company | $68.6M | 0.3% | 901,826 |
Long US equity positions only, as filed. 13F does not cover short positions, cash, bonds or non-US listings, so this is not the whole portfolio.
What changed last quarter
| Holding | Change | Now | Was | Shares |
|---|---|---|---|---|
| RSP Invesco S&P 500 Equal Weight ETF | Trim | $348.8M | $685.7M | -49% |
| NEE NextEra Energy, Inc. | Trim | $337.3M | $330.1M | -12% |
| SPY State Street SPDR S&P 500 ETF Trust | Add | $276.1M | $35.6M | +713% |
| UNP Union Pacific Corporation | Trim | $226.0M | $220.2M | -2% |
| SO The Southern Company | Trim | $188.7M | $180.5M | -6% |
| DUK Duke Energy Corporation (Holding Company) | Trim | $180.7M | $171.3M | -6% |
| AMT American Tower Corporation (REIT) | Trim | $158.5M | $170.7M | -6% |
| WMB The Williams Companies, Inc. | Trim | $142.3M | $125.8M | -7% |
| AEP American Electric Power Company, Inc. | Trim | $124.6M | $121.8M | -10% |
| CSX CSX Corporation | Trim | $120.6M | $108.8M | -2% |
| SRE DBA Sempra | Trim | $112.5M | $108.3M | -6% |
| KMI Kinder Morgan, Inc. | Trim | $102.3M | $90.0M | -7% |
| NSC Norfolk Southern Corporation | Trim | $101.5M | $104.1M | -2% |
| LNG Cheniere Energy, Inc. | Trim | $96.7M | $79.2M | -16% |
| WELL Welltower Inc. | Add | $94.0M | $71.4M | +24% |
| D Dominion Energy, Inc. | Trim | $93.6M | $93.9M | -6% |
| OKE ONEOK, Inc. | Trim | $90.8M | $79.4M | -7% |
| ETR Entergy Corporation | Trim | $89.2M | $77.5M | -5% |
| PEO Adams Natural Resources Fund, Inc. | Trim | $88.1M | $85.1M | -8% |
| TRGP Targa Resources, Inc. | Trim | $85.5M | $67.6M | -7% |
| PLD Prologis, Inc. | Add | $84.4M | $66.3M | +23% |
| XEL Xcel Energy Inc. | Trim | $83.4M | $82.1M | -6% |
| PCG Pacific Gas & Electric Co. | Trim | $80.0M | $76.9M | -5% |
| PEG Public Service Enterprise Group Incorporated | Trim | $76.2M | $79.0M | -4% |
| BAC Bank of America Corporation | Trim | $75.4M | $85.9M | -1% |
| CCI Crown Castle Inc. | Trim | $75.3M | $84.6M | -3% |
| EQIX Equinix, Inc. | Add | $73.4M | $47.0M | +22% |
| ED Consolidated Edison, Inc. | Trim | $72.4M | $67.3M | -6% |
| WEC WEC Energy Group, Inc. | Trim | $66.9M | $69.4M | -12% |
| AEE Ameren Corporation | Trim | $59.3M | $55.3M | -2% |
| WFC Wells Fargo & Company | Trim | $57.4M | $68.1M | -1% |
| ATO Atmos Energy Corporation | Trim | $55.8M | $52.2M | -3% |
| PPL PPL Corporation | Trim | $50.2M | $48.7M | -6% |
| CNP CenterPoint Energy, Inc (Holding Co) | Trim | $49.9M | $46.9M | -6% |
| CEG Constellation Energy Corporation - Common Stock When-Issued | Add | $49.9M | $25.7M | +146% |
| FE FirstEnergy Corp. | Trim | $49.0M | $45.8M | -6% |
| INTC Intel Corporation | Add | $48.3M | $38.5M | +5% |
| T AT&T Inc. | Trim | $47.3M | $41.0M | -1% |
| AWK American Water Works Company, Inc. | Trim | $47.0M | $49.2M | -8% |
| C Citigroup, Inc. | Trim | $46.2M | $48.6M | -2% |
New and exited positions are only shown for managers whose entire filed portfolio fits inside the positions stored here. For a manager filing more than that, a holding leaving the stored set is indistinguishable from a holding being sold, so those are reported as adds and trims only.
What a 13F is
Any institutional manager exercising discretion over more than $100 million in US-listed equities must file a Form 13F with the SEC within 45 days of each quarter end, listing what they held on the last day of that quarter. The threshold was set in 1975 and has never been raised, so the filer population now runs to several thousand.
The four things it does not tell you
- It is stale. A filing describes positions as of quarter end and can arrive 45 days later. A manager who sold everything in week one of the new quarter files the same document as one who held.
- Long US equities only. No short positions, no cash, no bonds, no commodities, no foreign listings. A fund that looks heavily long in a 13F may be hedged in instruments that never appear.
- Not the whole firm. Assets are reported by the entity with discretion, so one manager can file under several CIKs, and the figure here is what that entity reported.
- Confidential treatment exists. A manager can apply to delay disclosing a position while building it. Those holdings appear later, if at all.
Why the biggest filers are not the interesting ones
The largest managers by reported value are index providers — they hold nearly everything, in proportion to the indices they track, because clients asked them to. Reading their filings for conviction is a category error. The filings worth attention are concentrated ones, where a small number of positions make up most of the portfolio, since that reflects a decision rather than a mandate.
The share-of-portfolio column is the one to read for this. A position that is 15% of a fund says something; the same dollar amount at 0.2% of an index tracker does not.
Where this comes from
The SEC's own quarterly Form 13F structured data sets, parsed here rather than bought from a vendor. Holdings are identified in the filings by CUSIP, and the mapping from CUSIP to ticker is the awkward part — that identifier is licensed rather than public, so the mapping is resolved through OpenFIGI and built up over time. Around 95% of reported value currently sits on a resolved ticker; the rest shows its CUSIP.
The rest of the section is on the Markets overview — including insider transactions, which are the same idea at the individual level, and the correlation finder, where each ticker's page carries its institutional ownership.