COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS

CIK 0001083190 · Q1 2026

13F Equity AUM

$19.6B

-0.6% QoQ

Positions

1,750

+32 QoQ

AUM Rank

#421

Top 3%

Skill Alpha (FF)

-4.5%/yr

Underperformer

Rank #7,230 · Top 88%

vs S&P -6.0%/yr (unadj.)

Quarters Tracked

~4 years

Portfolio Concentration

Top 5: 17.1%Top 10: 25.4%Top 20: 36.1%

NVDA5.0%

AAPL4.4%

MSFT3.3%

AMZN2.4%

GOOGL2.0%

RSP1.8%

AVGO1.7%

NEE1.7%

GOOG1.6%

META1.5%

Others (1740)74.6%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Technology23.5%

Financial Services14.5%

Utilities12.9%

Industrials8.9%

Consumer Cyclical7.7%

Communication Services7.3%

Healthcare6.9%

Real Estate5.5%

Other12.9%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 1750Median: 0.01%Avg: 0.06%

0–0.5%

1719(57.0%)

0.5–1%

16(11.4%)

1–3%

12(18.9%)

3–5%

2(7.7%)

5%+

1(5.0%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 1,615Unique: 135vs 20 funds

21.7%Moderate

1,750

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

29.2%

JPMORGAN CHASE & CO

31.2%

BlackRock, Inc.

37.6%

BANK OF AMERICA CORP /DE/

31.7%

STATE STREET CORP

43.2%

GEODE CAPITAL MANAGEMENT, LLC

42.2%

VANGUARD CAPITAL MANAGEMENT LLC

42.7%

VANGUARD PORTFOLIO MANAGEMENT LLC

49.7%

FMR LLC

41.7%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New117Increased696Decreased831Exited81

New Positions

IEMG1.3%

+3.7M

ASTS0.1%

+288K

VRT0.1%

+89K

PBR0.1%

+587K

CHURCHILL CAP CORP X…0.0%

+500K

SUNBELT RENTALS HOLD…0.0%

+95K

CRANE HBR ACQUISITIO…0.0%

+400K

BLUEROCK ACQUISITION…0.0%

+300K

TWELVE SEAS INVT CO …0.0%

+400K

LAFAYETTE DIGITAL AC…0.0%

+350K

Increased

SPY1.4%

+372K(+713%)

INTR0.1%

+171K(+8%)

DEI0.0%

+155K(+165%)

NJR0.1%

+154K(+614%)

TBBB0.1%

+145K(+64%)

VICI0.1%

+137K(+23%)

PLD0.4%

+119K(+23%)

O0.2%

+117K(+23%)

HBAN0.0%

+117K(+33%)

CEG0.3%

+106K(+146%)

Decreased

RSP1.8%

-1,762,439(-49%)

NEE1.7%

-480,336(-12%)

TME0.0%

-447,776(-42%)

GPATW0.0%

-358,364(-87%)

EQV VENTURES AC CORP…0.0%

-250,000(-42%)

CPRI0.0%

-249,958(-89%)

CROWN RESV ACQUISITI…0.0%

-244,700(-80%)

PCG0.4%

-228,056(-5%)

KMI0.5%

-222,277(-7%)

JACS-UN0.0%

-200,000(-40%)

Exited

-15,610,000

-137,225

-7,630,000

-212,645

-317,888

-7,148,000

-94,000

-500,000

TWELVE SEAS INVT CO …

-600,000

TGNA

-259,360

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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