# VIRGINIA RETIREMENT SYSTEMS ET Al

> Institutional holdings reported to the SEC as of Q4 2025 on Form 13F. CIK 1005354. Source: https://holderbook.com/funds/1005354-virginia-retirement-systems-et-al/

- Reported value: $16.8B
- Positions: 949
- Weight of the ten largest: 33.7%
- Filed: 2026-02-04

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $1.1B | 3,880,040 | 6.3% | 23 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $938.2M | 5,030,390 | 5.6% | 23 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $845.0M | 1,747,280 | 5.0% | 23 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $642.3M | 2,782,900 | 3.8% | 23 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $526.2M | 1,681,072 | 3.1% | 23 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $435.0M | 658,974 | 2.6% | 23 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $334.4M | 966,310 | 2.0% | 23 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $328.6M | 1,047,100 | 2.0% | 23 |
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $319.9M | 467,000 | 1.9% | 1 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $239.8M | 1,158,903 | 1.4% | 23 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $158.3M | 351,931 | 0.9% | 17 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $145.6M | 1,306,726 | 0.9% | 23 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $142.8M | 1,356,338 | 0.8% | 23 |
| GILEAD SCIENCES INC | [GILD](https://holderbook.com/stocks/GILD/) | $142.0M | 1,156,695 | 0.8% | 9 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $140.1M | 434,698 | 0.8% | 23 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $137.4M | 391,641 | 0.8% | 23 |
| HCA HEALTHCARE INC | [HCA](https://holderbook.com/stocks/HCA/) | $134.8M | 288,820 | 0.8% | 23 |
| BRISTOL-MYERS SQUIBB CO | [BMY](https://holderbook.com/stocks/BMY/) | $120.5M | 2,234,496 | 0.7% | 23 |
| DOLLAR GEN CORP | [DG](https://holderbook.com/stocks/DG/) | $120.2M | 905,400 | 0.7% | 3 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $117.6M | 2,887,805 | 0.7% | 23 |
| ALTRIA GROUP INC | [MO](https://holderbook.com/stocks/MO/) | $114.9M | 1,992,500 | 0.7% | 23 |
| YUM BRANDS INC | [YUM](https://holderbook.com/stocks/YUM/) | $113.8M | 752,000 | 0.7% | 22 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $113.8M | 398,586 | 0.7% | 4 |
| ABBOTT LABORATORIES | [ABT](https://holderbook.com/stocks/ABT/) | $113.2M | 903,768 | 0.7% | 23 |
| AT&T INC | [T](https://holderbook.com/stocks/T/) | $111.6M | 4,494,203 | 0.7% | 23 |
| UNIVERSAL HLTH SVCS INC | [UHS](https://holderbook.com/stocks/UHS/) | $103.3M | 473,822 | 0.6% | 8 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $102.3M | 95,204 | 0.6% | 23 |
| GOLDMAN SACHS GROUP INC | [GS](https://holderbook.com/stocks/GS/) | $101.8M | 115,836 | 0.6% | 4 |
| COLGATE PALMOLIVE CO | [CL](https://holderbook.com/stocks/CL/) | $100.2M | 1,268,600 | 0.6% | 4 |
| LAM RESEARCH CORP | [LRCX](https://holderbook.com/stocks/LRCX/) | $99.6M | 581,805 | 0.6% | 4 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $98.5M | 195,887 | 0.6% | 23 |
| PACCAR INC | [PCAR](https://holderbook.com/stocks/PCAR/) | $89.1M | 813,750 | 0.5% | 23 |
| KROGER CO | [KR](https://holderbook.com/stocks/KR/) | $87.3M | 1,397,900 | 0.5% | 19 |
| TEXTRON INC | [TXT](https://holderbook.com/stocks/TXT/) | $81.7M | 937,700 | 0.5% | 16 |
| CBOE GLOBAL MKTS INC | [CBOE](https://holderbook.com/stocks/CBOE/) | $81.1M | 322,990 | 0.5% | 23 |
| COGNIZANT TECHNOLOGY SOLUTIO | [CTSH](https://holderbook.com/stocks/CTSH/) | $79.8M | 961,375 | 0.5% | 4 |
| GE AEROSPACE | [GE](https://holderbook.com/stocks/GE/) | $79.6M | 258,380 | 0.5% | 6 |
| FOX CORP | [FOXA](https://holderbook.com/stocks/FOXA/) | $79.4M | 1,086,300 | 0.5% | 4 |
| EBAY INC. | [EBAY](https://holderbook.com/stocks/EBAY/) | $79.1M | 908,608 | 0.5% | 7 |
| CITIGROUP INC | [C](https://holderbook.com/stocks/C/) | $79.1M | 677,960 | 0.5% | 23 |
| SIMON PPTY GROUP INC NEW | [SPG](https://holderbook.com/stocks/SPG/) | $78.6M | 424,830 | 0.5% | 23 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $77.2M | 260,740 | 0.5% | 4 |
| MORGAN STANLEY | [MS](https://holderbook.com/stocks/MS/) | $76.7M | 432,000 | 0.5% | 6 |
| INCYTE CORP | [INCY](https://holderbook.com/stocks/INCY/) | $75.9M | 768,325 | 0.5% | 14 |
| NETFLIX INC | [NFLX](https://holderbook.com/stocks/NFLX/) | $75.2M | 802,380 | 0.4% | 23 |
| BOOKING HOLDINGS INC | [BKNG](https://holderbook.com/stocks/BKNG/) | $74.8M | 13,961 | 0.4% | 8 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $74.3M | 325,111 | 0.4% | 23 |
| VERISIGN INC | [VRSN](https://holderbook.com/stocks/VRSN/) | $73.1M | 300,931 | 0.4% | 13 |
| SNAP ON INC | [SNA](https://holderbook.com/stocks/SNA/) | $73.0M | 211,732 | 0.4% | 23 |
| WELLTOWER INC | [WELL](https://holderbook.com/stocks/WELL/) | $72.2M | 389,160 | 0.4% | 23 |
| PUBLIC STORAGE | [PSA](https://holderbook.com/stocks/PSA/) | $70.6M | 272,171 | 0.4% | 23 |
| QUALCOMM INC | [QCOM](https://holderbook.com/stocks/QCOM/) | $70.5M | 412,429 | 0.4% | 21 |
| RADIAN GROUP INC | [RDN](https://holderbook.com/stocks/RDN/) | $69.7M | 1,935,415 | 0.4% | 23 |
| KLA CORP | [KLAC](https://holderbook.com/stocks/KLAC/) | $67.9M | 55,913 | 0.4% | 23 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $67.4M | 559,672 | 0.4% | 23 |
| GENERAL MTRS CO | [GM](https://holderbook.com/stocks/GM/) | $66.6M | 818,712 | 0.4% | 23 |
| APPLOVIN CORP | [APP](https://holderbook.com/stocks/APP/) | $66.4M | 98,565 | 0.4% | 2 |
| CME GROUP INC | [CME](https://holderbook.com/stocks/CME/) | $65.9M | 241,300 | 0.4% | 4 |
| ZOOM COMMUNICATIONS INC | [ZM](https://holderbook.com/stocks/ZM/) | $64.9M | 751,624 | 0.4% | 4 |
| VICI PPTYS INC | [VICI](https://holderbook.com/stocks/VICI/) | $60.6M | 2,154,640 | 0.4% | 23 |
| ADOBE INC | [ADBE](https://holderbook.com/stocks/ADBE/) | $60.2M | 172,121 | 0.4% | 23 |
| DUKE ENERGY CORP NEW | [DUK](https://holderbook.com/stocks/DUK/) | $60.2M | 513,905 | 0.4% | 4 |
| PROLOGIS INC. | [PLD](https://holderbook.com/stocks/PLD/) | $60.1M | 470,520 | 0.4% | 23 |
| ARISTA NETWORKS INC | [ANET](https://holderbook.com/stocks/ANET/) | $60.0M | 457,880 | 0.4% | 4 |
| MUELLER INDS INC | [MLI](https://holderbook.com/stocks/MLI/) | $59.1M | 514,755 | 0.4% | 12 |
| SYSCO CORP | [SYY](https://holderbook.com/stocks/SYY/) | $59.1M | 801,400 | 0.4% | 4 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $58.7M | 365,700 | 0.3% | 4 |
| BANK OF NY MELLON CORP | [BNY](https://holderbook.com/stocks/BNY/) | $58.1M | 500,159 | 0.3% | 7 |
| EDWARDS LIFESCIENCES CORP | [EW](https://holderbook.com/stocks/EW/) | $57.6M | 675,711 | 0.3% | 10 |
| PALANTIR TECHNOLOGIES INC | [PLTR](https://holderbook.com/stocks/PLTR/) | $57.3M | 322,300 | 0.3% | 4 |
| KIMBERLY-CLARK CORP | [KMB](https://holderbook.com/stocks/KMB/) | $57.3M | 567,700 | 0.3% | 6 |
| NORTHROP GRUMMAN CORP | [NOC](https://holderbook.com/stocks/NOC/) | $56.4M | 98,868 | 0.3% | 4 |
| EMCOR GROUP INC | [EME](https://holderbook.com/stocks/EME/) | $56.0M | 91,573 | 0.3% | 6 |
| PRICE T ROWE GROUP INC | [TROW](https://holderbook.com/stocks/TROW/) | $56.0M | 546,700 | 0.3% | 6 |
| SEAGATE TECHNOLOGY HLDNGS PL | [STX](https://holderbook.com/stocks/STX/) | $55.0M | 199,800 | 0.3% | 4 |
| T-MOBILE US INC | [TMUS](https://holderbook.com/stocks/TMUS/) | $54.7M | 269,500 | 0.3% | 5 |
| LOCKHEED MARTIN CORP | [LMT](https://holderbook.com/stocks/LMT/) | $53.1M | 109,702 | 0.3% | 23 |
| WESTERN DIGITAL CORP | [WDC](https://holderbook.com/stocks/WDC/) | $51.1M | 296,694 | 0.3% | 3 |
| STATE STR CORP | [STT](https://holderbook.com/stocks/STT/) | $49.6M | 384,500 | 0.3% | 4 |
| ALBERTSONS COMPANIES INC | [ACI](https://holderbook.com/stocks/ACI/) | $49.6M | 2,887,200 | 0.3% | 5 |
| APTIV PLC | [APTV](https://holderbook.com/stocks/APTV/) | $49.4M | 649,312 | 0.3% | 4 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $49.3M | 161,200 | 0.3% | 23 |
| THE CIGNA GROUP | [CI](https://holderbook.com/stocks/CI/) | $48.6M | 176,700 | 0.3% | 4 |
| FEDEX CORP | [FDX](https://holderbook.com/stocks/FDX/) | $48.6M | 168,128 | 0.3% | 7 |
| UNITED RENTALS INC | [URI](https://holderbook.com/stocks/URI/) | $48.5M | 59,940 | 0.3% | 23 |
| ULTA BEAUTY INC | [ULTA](https://holderbook.com/stocks/ULTA/) | $48.5M | 80,160 | 0.3% | 10 |
| SYNCHRONY FINANCIAL | [SYF](https://holderbook.com/stocks/SYF/) | $48.2M | 577,970 | 0.3% | 9 |
| NVR INC | [NVR](https://holderbook.com/stocks/NVR/) | $47.8M | 6,560 | 0.3% | 23 |
| TE CONNECTIVITY PLC | [TEL](https://holderbook.com/stocks/TEL/) | $47.6M | 209,100 | 0.3% | 4 |
| GODADDY INC | [GDDY](https://holderbook.com/stocks/GDDY/) | $46.7M | 376,500 | 0.3% | 4 |
| ILLUMINA INC | [ILMN](https://holderbook.com/stocks/ILMN/) | $45.6M | 348,011 | 0.3% | 2 |
| CLOROX CO DEL | [CLX](https://holderbook.com/stocks/CLX/) | $45.5M | 451,700 | 0.3% | 4 |
| IDEXX LABS INC | [IDXX](https://holderbook.com/stocks/IDXX/) | $45.4M | 67,088 | 0.3% | 8 |
| ACCENTURE PLC IRELAND | [ACN](https://holderbook.com/stocks/ACN/) | $45.3M | 168,928 | 0.3% | 23 |
| SALESFORCE INC | [CRM](https://holderbook.com/stocks/CRM/) | $45.2M | 170,501 | 0.3% | 23 |
| GAMING & LEISURE P | [GLPI](https://holderbook.com/stocks/GLPI/) | $44.9M | 1,003,629 | 0.3% | 23 |
| FORTINET INC | [FTNT](https://holderbook.com/stocks/FTNT/) | $44.5M | 560,747 | 0.3% | 10 |
| AKAMAI TECHNOLOGIES INC | [AKAM](https://holderbook.com/stocks/AKAM/) | $44.5M | 509,800 | 0.3% | 6 |
| PRUDENTIAL FINL INC | [PRU](https://holderbook.com/stocks/PRU/) | $43.2M | 382,900 | 0.3% | 23 |
| NEWMONT CORP | [NEM](https://holderbook.com/stocks/NEM/) | $42.9M | 430,000 | 0.3% | 3 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q4 2025 | +2.3% | +2.4% | -0.1% | 100% |
| Q3 2025 | +7.4% | +7.8% | -0.4% | 100% |
| Q2 2025 | +8.6% | +10.5% | -1.8% | 100% |
| Q4 2023 | +11.3% | +11.2% | +0.1% | 100% |
| Q3 2023 | -3.2% | -3.6% | +0.4% | 100% |
| Q2 2023 | +6.7% | +8.3% | -1.5% | 100% |
| Q1 2023 | +5.7% | +7.0% | -1.4% | 100% |
| Q4 2022 | +6.9% | +7.1% | -0.1% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q4 2025 | $16.8B | 949 |
| Q3 2025 | $15.4B | 927 |
| Q2 2025 | $14.5B | 932 |
| Q1 2025 | $13.5B | 1,014 |
| Q3 2023 | $10.1B | 934 |
| Q2 2023 | $10.4B | 962 |
| Q1 2023 | $9.7B | 1,025 |
| Q4 2022 | $9.6B | 1,114 |
| Q3 2022 | $8.8B | 1,144 |
| Q1 2022 | $10.7B | 1,106 |
| Q4 2021 | $14.7B | 1,097 |
| Q3 2021 | $9.8B | 979 |