Retirement Systems of Alabama

CIK 0001593051 · Q1 2026

13F Equity AUM

$30.0B

-2.7% QoQ

Positions

947

+4 QoQ

AUM Rank

#313

Top 3%

Skill Alpha (FF)

-0.3%/yr^ns

No Clear Edge

Rank #2,742 · Top 33%

vs S&P -2.8%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 17.7%Top 10: 26.0%Top 20: 35.2%

NVDA5.2%

AAPL4.4%

MSFT3.2%

AMZN2.8%

AVGO2.2%

GOOGL1.9%

IEMG1.8%

EEM1.7%

GOOG1.5%

DFAE1.4%

Others (937)74.0%

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

Sector Allocation

Technology26.2%

Financial Services18.8%

Industrials10.5%

Consumer Cyclical9.1%

Healthcare8.5%

Communication Services7.5%

Real Estate4.5%

Consumer Defensive4.2%

Other10.7%

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

Position Sizing

Positions: 947Median: 0.04%Avg: 0.11%

0–0.5%

916(58.5%)

0.5–1%

19(13.0%)

1–3%

9(15.8%)

3–5%

2(7.6%)

5%+

1(5.2%)

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

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Portfolio Overlap

Shared: 946Unique: 1vs 20 funds

13%Low

947

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

18%

BANK OF AMERICA CORP /DE/

20%

JPMORGAN CHASE & CO

19.5%

BlackRock, Inc.

23.8%

STATE STREET CORP

27.5%

GEODE CAPITAL MANAGEMENT, LLC

26.8%

VANGUARD CAPITAL MANAGEMENT LLC

27.4%

VANGUARD PORTFOLIO MANAGEMENT LLC

32.5%

FMR LLC

31.4%

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

New21Increased412Decreased494Exited17

New Positions

PNFP0.1%

+402K

AHR0.1%

+424K

VRT0.1%

+81K

SOLS0.1%

+195K

AEIS0.1%

+46K

ARWR0.0%

+172K

TTMI0.0%

+127K

MOG/A0.0%

+35K

BROS0.0%

+156K

SITM0.0%

+27K

Increased

KEY0.1%

+1.5M(+746%)

PINS0.1%

+605K(+57%)

DIS0.3%

+586K(+154%)

TTD0.1%

+398K(+44%)

APG0.1%

+363K(+82%)

CXT0.1%

+326K(+550%)

OLN0.0%

+316K(+230%)

VVV0.0%

+248K(+163%)

AMZN2.8%

+243K(+6%)

BRBR0.0%

+239K(+44%)

Decreased

WBD0.1%

-1,733,583(-77%)

SBUX0.1%

-578,813(-71%)

FOXA0.0%

-414,622(-91%)

TJX0.1%

-371,923(-61%)

GTM0.0%

-329,086(-23%)

AKAM0.3%

-325,950(-28%)

PG0.4%

-256,794(-26%)

LOW0.1%

-191,066(-62%)

HUM0.0%

-187,408(-88%)

GM0.2%

-187,041(-19%)

Exited

-229,293

-428,732

-153,312

-300,446

-223,554

-14,187

-92,140

-34,044

QIAGEN NV

-64,200

AMCCD

-491,067

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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