COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS

Private Equity

COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS is a Private Equity based in Southfield, MI led by Jeffrey Alan Stone, managing $19.9B across 1,649 long positions as of Q3 2025 with NVDA as the largest holding (6% allocation).

Managing PartnerJeffrey Alan Stone

Portfolio Value: $19.9B
Positions: 1,649
Top Holding: NVDA at 5.51%
Last Reported: Q3 2025

Address1 Towne Square, Suite 1570, Southfield, MI, 48076, United States

Top Holdings

Largest long holdings in COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS's portfolio (29.3% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Nvidia NVDA	Semiconductors Technology	$1.1B	5.51%	-$22.7M Sold	0.02% 5.9M shares	≤ Q2 2013 Held for 12y 5m+
2 Microsoft MSFT	Software - Infrastructure Technology	$924.5M	4.66%	-$19.6M Sold	0.02% 1.8M shares	≤ Q2 2013 Held for 12y 5m+
3 Apple AAPL	Consumer Electronics Technology	$907.4M	4.57%	-$25.3M Sold	0.02% 3.6M shares	≤ Q2 2013 Held for 12y 5m+
4 Invesco S&P 500 Equal Weight ETF RSP	ETF ETF	$677.3M	3.41%	+$292.7M Bought	— 3.6M shares	Q2 2023 Held for 2y 5m
5 Amazon AMZN	Specialty Retail Consumer Cyclical	$511.7M	2.58%	+$2.9M Bought	0.02% 2.3M shares	≤ Q2 2013 Held for 12y 5m+
6 Meta Platforms, Inc. META	Internet Content & Information Communication Services	$382.5M	1.93%	-$8.5M Sold	0.02% 520.8K shares	Q3 2013 Held for 12y 2m
7 Broadcom Inc. AVGO	Semiconductors Technology	$372.6M	1.88%	-$7.8M Sold	0.02% 1.1M shares	Q2 2014 Held for 11y 5m
8 Alphabet Inc. GOOGL	Internet Content & Information Communication Services	$339.6M	1.71%	-$7.4M Sold	0.01% 1.4M shares	≤ Q2 2013 Held for 12y 5m+
9 Nextra Energy NEE	Regulated Electric Utilities	$308.3M	1.55%	+$15.5M Bought	0.20% 4.1M shares	≤ Q2 2013 Held for 12y 5m+
10 Tesla, Inc. TSLA	Auto - Manufacturers Consumer Cyclical	$299.7M	1.51%	-$6.0M Sold	0.02% 673.9K shares	Q1 2020 Held for 5y 8m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS's latest filing

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Market Value

$19.9B

Prior: $18.8B

Q/Q Change

+5.68%

+$1.1B

Net Flows % of MV

-4.23%

Turnover Ratio

4.78%

New Purchases

58 stocks

$191.7M

Added To

423 stocks

+$537.4M

Sold Out Of

57 stocks

$499.8M

Reduced Holdings

1,075 stocks

-$1.1B

Increased Positions

Position	Shares Δ	Change
1 Applovin Corporation APP	New	0 → 65.0K +$46.7M
2 Inter & Co. INTR	New	0 → 1.7M +$15.3M
3 Datadog, Inc. DDOG	New	0 → 77.6K +$11.1M
4 Millicom International Cellular TIGO	New	0 → 116.3K +$5.6M
5 The Trade Desk TTD	New	0 → 107.0K +$5.2M

Decreased Positions

Position	Shares Δ	Change
1 iShares Core U.S. Aggregate Bond AGG	Sold	4.0M → 0 −$395.6M
2 Fiserv FI	Sold	136.0K → 0 −$23.4M
3 Hess HES	Sold	68.0K → 0 −$9.4M
4 Ansys ANSS	Sold	21.6K → 0 −$7.6M
5 Haymaker Acquisition Corp. HYAC	Sold	450.0K → 0 −$5.0M

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Analytics

Portfolio insights and performance metrics for COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS

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Sector Allocation

Technology

26.10%

Utilities

12.10%

Financial Services

10.20%

Industrials

8.50%

Consumer Cyclical

8.40%

Communication Services

7.30%

Healthcare

6.70%

Real Estate

5.10%

Energy

4.30%

ETF

3.90%

Consumer Defensive

3.70%

Basic Materials

1.40%

Market Cap Distribution

Mega Cap (> $200B)

42.34%

Large Cap ($10B - $200B)

45.62%

Mid Cap ($2B - $10B)

5.27%

Small Cap ($300M - $2B)

1.10%

Micro Cap ($50M - $300M)

0.36%

Nano Cap (< $50M)

0.36%

N/A (ETF or Unknown)

4.95%

Portfolio Concentration

Top 10 Holdings %

29.3%

Top 20 Holdings %

38.88%

Top 50 Holdings %

53.22%

Top 100 Holdings %

66.1%