Utah Retirement Systems

CIK 0001548392 · Q1 2026

13F Equity AUM

$9.8B

-6.9% QoQ

Positions

974

-9 QoQ

AUM Rank

#649

Top 5%

Skill Alpha (FF)

+0.3%/yr^ns

No Clear Edge

Rank #2,044 · Top 25%

vs S&P -1.4%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 23.5%Top 10: 33.3%Top 20: 42.3%

NVDA6.8%

AAPL6.1%

MSFT4.6%

AMZN3.3%

GOOGL2.8%

AVGO2.4%

GOOG2.3%

META2.1%

TSLA1.7%

JPM1.3%

Others (964)66.7%

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

Sector Allocation

Technology31.7%

Financial Services12.4%

Communication Services9.9%

Consumer Cyclical9.6%

Healthcare9.3%

Industrials8.5%

Energy4.9%

Consumer Defensive4.5%

Other9.1%

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

Position Sizing

Positions: 974Median: 0.03%Avg: 0.10%

0–0.5%

945(52.6%)

0.5–1%

16(10.5%)

1–3%

9(16.1%)

3–5%

2(7.9%)

5%+

2(12.9%)

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

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Portfolio Overlap

Shared: 973Unique: 1vs 20 funds

13.3%Low

974

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)

GEODE CAPITAL MANAGEMENT, LLC

28.3%

BlackRock, Inc.

24.5%

VANGUARD CAPITAL MANAGEMENT LLC

28.9%

MORGAN STANLEY

18.5%

BANK OF AMERICA CORP /DE/

20.5%

JPMORGAN CHASE & CO

19.9%

STATE STREET CORP

27.3%

FMR LLC

32%

VANGUARD PORTFOLIO MANAGEMENT LLC

32.6%

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

New21Increased81Decreased583Exited30

New Positions

RYTM0.0%

+42K

BE0.0%

+24K

AMCOR PLC0.0%

+75K

CRWV0.0%

+32K

SUNBELT RENTALS HOLD…0.0%

+45K

MDLN0.0%

+17K

PNFP0.0%

+8K

BATL0.0%

+190K

VSNT0.0%

+8K

RYN0.0%

+16K

Increased

HBAN0.1%

+83K(+34%)

6RJ00.1%

+58K(+265%)

FTI0.1%

+44K(+206%)

FITB0.1%

+37K(+34%)

PANW0.2%

+21K(+19%)

ALEC0.0%

+21K(+15%)

COHR0.1%

+20K(+244%)

SNDK0.1%

+16K(+225%)

XPO0.0%

+13K(+205%)

FTAIN0.0%

+11K(+207%)

Decreased

INVH0.0%

-436,550(-81%)

AVB0.0%

-269,536(-92%)

HST0.0%

-89,860(-45%)

MAA0.0%

-88,472(-82%)

AVTR0.0%

-75,800(-68%)

AAPL6.1%

-66,462(-3%)

NVDA6.8%

-61,710(-2%)

ACI0.0%

-47,734(-72%)

ESS0.0%

-45,623(-82%)

BAC0.5%

-41,536(-4%)

Exited

-198,922

-30,186

-21,118

-5,529

-25,397

-121,789

-108,378

-8,677

-2,461

-3,142

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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