Retirement Systems of Alabama
Reported US equity positions for Q1 2026 — $30.0B across 947 positions.
| Holding | Reported value | Share of portfolio | Shares |
|---|---|---|---|
| NVDA NVIDIA Corporation | $1.5B | 5.1% | 8,849,634 |
| AAPL Apple Inc. | $1.3B | 4.4% | 5,194,467 |
| MSFT Microsoft Corporation | $957.8M | 3.2% | 2,587,515 |
| AMZN Amazon.com, Inc. | $829.9M | 2.8% | 3,984,816 |
| AVGO Broadcom Inc. | $652.6M | 2.2% | 2,108,623 |
| GOOGL Alphabet Inc. | $568.6M | 1.9% | 1,977,290 |
| IEMG iShares Core MSCI Emerging Markets ETF | $529.0M | 1.8% | 7,584,431 |
| EEM iShares MSCI Emerging Index Fund | $518.6M | 1.7% | 9,131,302 |
| GOOG Alphabet Inc. - Class C Capital Stock | $453.9M | 1.5% | 1,582,306 |
| DFAE Dimensional Emerging Core Equity Market ETF | $429.0M | 1.4% | 12,668,769 |
| META Meta Platforms, Inc. | $402.8M | 1.3% | 703,972 |
| BRK.B Berkshire Hathaway Inc. | $355.2M | 1.2% | 741,297 |
| TSLA Tesla, Inc. | $299.6M | 1.0% | 805,811 |
| JNJ Johnson & Johnson | $296.5M | 1.0% | 1,212,811 |
| JPM JP Morgan Chase & Co. | $257.6M | 0.9% | 875,631 |
| XOM ExxonMobil Holdings Corporation | $237.7M | 0.8% | 1,401,008 |
| CVX Chevron Corporation | $237.1M | 0.8% | 1,145,808 |
| BND Vanguard Total Bond Market ETF | $236.8M | 0.8% | 3,215,296 |
| V Visa Inc. | $222.4M | 0.7% | 735,983 |
| CSCO Cisco Systems, Inc. | $212.9M | 0.7% | 2,743,786 |
| WMT Walmart Inc. | $203.6M | 0.7% | 1,638,203 |
| COST Costco Wholesale Corporation | $193.8M | 0.6% | 194,445 |
| VOO Vanguard S&P 500 ETF | $189.6M | 0.6% | 317,375 |
| MA Mastercard Incorporated | $181.2M | 0.6% | 362,562 |
| ABBV AbbVie Inc. | $172.8M | 0.6% | 794,570 |
| CAT Caterpillar, Inc. | $165.0M | 0.6% | 232,928 |
| BAC Bank of America Corporation | $165.0M | 0.6% | 3,384,831 |
| IBM International Business Machines Corporation | $162.2M | 0.5% | 669,096 |
| AMAT Applied Materials, Inc. | $159.6M | 0.5% | 466,913 |
| LLY Eli Lilly and Company | $154.8M | 0.5% | 168,279 |
| GE GE Aerospace | $150.2M | 0.5% | 529,207 |
| MU Micron Technology, Inc. | $148.9M | 0.5% | 440,887 |
| HD The Home Depot, Inc. | $146.9M | 0.5% | 446,570 |
| PLD Prologis, Inc. | $144.3M | 0.5% | 1,091,705 |
| GS The Goldman Sachs Group, Inc. | $143.1M | 0.5% | 169,140 |
| EQIX Equinix, Inc. | $141.4M | 0.5% | 144,203 |
| KO The Coca-Cola Company | $138.5M | 0.5% | 1,821,823 |
| PM Philip Morris International Inc | $138.3M | 0.5% | 836,624 |
| WFC Wells Fargo & Company | $132.8M | 0.4% | 1,668,002 |
| CRM Salesforce, Inc. | $131.8M | 0.4% | 705,994 |
| MS Morgan Stanley | $129.9M | 0.4% | 789,590 |
| NFLX Netflix, Inc. | $128.1M | 0.4% | 1,332,620 |
| C Citigroup, Inc. | $123.2M | 0.4% | 1,086,502 |
| AMGN Amgen Inc. | $121.1M | 0.4% | 344,265 |
| AXP American Express Company | $112.7M | 0.4% | 372,457 |
| PG The Procter & Gamble Company | $107.9M | 0.4% | 747,130 |
| SCHW The Charles Schwab Corporation | $106.3M | 0.4% | 1,131,480 |
| WELL Welltower Inc. | $106.2M | 0.4% | 537,291 |
| BAC Bank of America Corporation | $106.0M | 0.4% | 2,111,750 |
| HPE Hewlett Packard Enterprise Company | $102.0M | 0.3% | 4,283,127 |
| KLAC KLA Corporation | $100.7M | 0.3% | 68,386 |
| BKNG Booking Holdings Inc. | $99.4M | 0.3% | 23,604 |
| REGN Regeneron Pharmaceuticals, Inc. | $99.1M | 0.3% | 128,285 |
| TMO Thermo Fisher Scientific Inc | $99.0M | 0.3% | 201,354 |
| PFE Pfizer, Inc. | $97.6M | 0.3% | 3,474,970 |
| COP ConocoPhillips | $96.4M | 0.3% | 730,650 |
| AKAM Akamai Technologies, Inc. | $96.4M | 0.3% | 839,359 |
| ISRG Intuitive Surgical, Inc. | $95.9M | 0.3% | 207,944 |
| HWM Howmet Aerospace Inc. | $94.6M | 0.3% | 410,282 |
| DIS The Walt Disney Company | $93.1M | 0.3% | 965,483 |
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 |
|---|---|---|---|---|
| MSFT Microsoft Corporation | Trim | $957.8M | $1.3B | -2% |
| AMZN Amazon.com, Inc. | Add | $829.9M | $863.8M | +6% |
| TSLA Tesla, Inc. | Add | $299.6M | $338.3M | +7% |
| JPM JP Morgan Chase & Co. | Trim | $257.6M | $303.6M | -7% |
| BND Vanguard Total Bond Market ETF | Add | $236.8M | $222.3M | +7% |
| WMT Walmart Inc. | Trim | $203.6M | $195.9M | -7% |
| COST Costco Wholesale Corporation | Add | $193.8M | $140.1M | +20% |
| VOO Vanguard S&P 500 ETF | Trim | $189.6M | $208.7M | -5% |
| HD The Home Depot, Inc. | Add | $146.9M | $111.2M | +38% |
| GS The Goldman Sachs Group, Inc. | Trim | $143.1M | $151.8M | -2% |
| WFC Wells Fargo & Company | Trim | $132.8M | $163.3M | -5% |
| CRM Salesforce, Inc. | Add | $131.8M | $182.3M | +3% |
| MS Morgan Stanley | Trim | $129.9M | $143.6M | -2% |
| PG The Procter & Gamble Company | Trim | $107.9M | $143.9M | -26% |
| WELL Welltower Inc. | Add | $106.2M | $98.3M | +1% |
| HPE Hewlett Packard Enterprise Company | Add | $102.0M | $97.8M | +5% |
| BKNG Booking Holdings Inc. | Add | $99.4M | $102.2M | +24% |
| AKAM Akamai Technologies, Inc. | Trim | $96.4M | $101.7M | -28% |
| HWM Howmet Aerospace Inc. | Trim | $94.6M | $86.7M | -3% |
| DIS The Walt Disney Company | Add | $93.1M | $43.2M | +154% |
| CTSH Cognizant Technology Solutions Corporation | Add | $90.1M | $109.8M | +11% |
| ADBE Adobe Inc. | Add | $87.4M | $115.0M | +9% |
| CMCSA Comcast Corporation | Add | $76.1M | $74.4M | +7% |
| YUM Yum! Brands, Inc. | Add | $66.0M | $52.5M | +22% |
| ZM Zoom Communications, Inc. | Add | $61.0M | $60.8M | +8% |
| MTCH Match Group, Inc. | Trim | $60.5M | $65.2M | -2% |
| CW Curtiss-Wright Corporation | Add | $59.2M | $47.4M | +1% |
| GM General Motors Company | Trim | $58.9M | $79.5M | -19% |
| UTHR United Therapeutics Corporation | Add | $58.3M | $47.4M | +1% |
| VCSH Vanguard Short-Term Corporate Bond ETF | Add | $55.9M | $52.8M | +7% |
| V7780T103 Royal Caribbean Group | Trim | $49.1M | $57.9M | -14% |
| TWLO Twilio Inc. Class A | Add | $46.5M | $52.0M | +1% |
| G6700G107 Nvent Elec PLC | Add | $45.2M | $38.6M | +1% |
| LVS Las Vegas Sands Corp. | Add | $44.6M | $41.1M | +31% |
| WDAY Workday, Inc. | Add | $44.2M | $52.6M | +39% |
| RS Reliance, Inc. | Add | $39.8M | $37.5M | +1% |
| RGA Reinsurance Group of America, Incorporated | Trim | $37.7M | $40.0M | -6% |
| TJX The TJX Companies, Inc. | Trim | $37.7M | $93.4M | -61% |
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.