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CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM Cuts Portfolio Down to Size in 1st Quarter

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May 18, 2022
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CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM recently filed their 13F report for the first quarter of 2022, which ended on 2022-03-31.

The 13F report details which stocks were in a guru’s equity portfolio at the end of the quarter, though investors should note that these filings are limited in scope, containing only a snapshot of long positions in U.S.-listed stocks and American depository receipts as of the quarter’s end. They are not required to include international holdings, short positions or other types of investments. Still, even this limited filing can provide valuable information.

The California State Teachers Retirement System, or CalSTRS for short, is the largest educator only pension fund in the world, providing retirement, disability, and survivor benefits since its establishment in 1913. The company was established by law and is a government owned agency, currently a part of California’s Government Operations Agency. CalSTRS is the 13th largest pension fund in the world with approximate total assets of over $193 billion as of 2015. Currently, the pension fund is closing in on its 900 thousandth member with approximately two thirds of its members made of inactive and active members who contribute and the latter third made of service retirement, disability, and survivor benefit members. These members come from over 1700 public employers including school districts, community college districts, county offices of education, and regional occupational programs. Total benefit payments, as of 2014, numbered over $12 billion total. Members are retiring at approximately 10,000, or more, a year with the median at being around 62. Investment returns have all been decently positive in recent years except for during the 2008 and 2009 financial crisis. Its assets are mostly allocated in the global equity sector, which makes up over half of its total assets invested, with other funds allocated in fixed income, private equity, real estate, and cash, among other less significant sectors, in order of decreasing allocation amounts. CalSTRS currently operates on a $177 million budget, employing 965 employees. The pension fund utilizes a hybrid system in its financial security package for its members that consists of a traditional defined benefit program, a cash balance plan defined benefit supplement program, and a defined contribution plan Pension2 in which the former two have mandatory participation and the latter has optional participation. The CalSTRS investment portfolio include stocks, bonds, real estate, and short-term investments with some of its investment policies including Global Equity Investment, Corporate Governance Program and Portfolio, Home Loan Program, Divestment, and Responsible Contractor policies.

As of the latest 13F report, the guru’s equity portfolio contained 3208 stocks valued at a total of $75,897,000,000. The top holdings were AAPL(6.32%), MSFT(5.00%), and AMZN(3.29%).

According to GuruFocus data, these were CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM’s top five trades of the quarter.

Apple Inc


CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM reduced their investment in NAS:AAPL by 1,682,778 shares. The trade had a 0.35% impact on the equity portfolio. During the quarter, the stock traded for an average price of $168.23.

On 05/18/2022, Apple Inc traded for a price of $140.82 per share and a market cap of $2,279,197,188,000. The stock has returned 18.90% over the past year.

GuruFocus gives the company a financial strength rating of 7 out of 10 and a profitability rating of 10 out of 10.

In terms of valuation, Apple Inc has a price-earnings ratio of 22.86, a price-book ratio of 33.88, a price-earnings-to-growth (PEG) ratio of 1.61, a EV-to-Ebitda ratio of 17.67 and a price-sales ratio of 6.05.

The price-to-GF Value ratio is 0.85, earning the stock a GF Value rank of 7.

Microsoft Corp


CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM reduced their investment in NAS:MSFT by 772,575 shares. The trade had a 0.3% impact on the equity portfolio. During the quarter, the stock traded for an average price of $300.8.

On 05/18/2022, Microsoft Corp traded for a price of $254.08 per share and a market cap of $1,900,272,740,000. The stock has returned 9.79% over the past year.

GuruFocus gives the company a financial strength rating of 8 out of 10 and a profitability rating of 10 out of 10.

In terms of valuation, Microsoft Corp has a price-earnings ratio of 26.52, a price-book ratio of 11.66, a price-earnings-to-growth (PEG) ratio of 1.26, a EV-to-Ebitda ratio of 18.87 and a price-sales ratio of 9.95.

The price-to-GF Value ratio is 0.85, earning the stock a GF Value rank of 7.

Amazon.com Inc


CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM reduced their investment in NAS:AMZN by 42,558 shares. The trade had a 0.17% impact on the equity portfolio. During the quarter, the stock traded for an average price of $3092.09.

On 05/18/2022, Amazon.com Inc traded for a price of $2142.25 per share and a market cap of $1,089,806,450,000. The stock has returned -29.45% over the past year.

GuruFocus gives the company a financial strength rating of 6 out of 10 and a profitability rating of 9 out of 10.

In terms of valuation, Amazon.com Inc has a price-earnings ratio of 51.70, a price-book ratio of 8.15, a price-earnings-to-growth (PEG) ratio of 1.23, a EV-to-Ebitda ratio of 18.90 and a price-sales ratio of 2.28.

The price-to-GF Value ratio is 0.57, earning the stock a GF Value rank of 8.

Xilinx Inc


The guru sold out of their 486,757-share investment in NAS:XLNX. Previously, the stock had a 0.12% weight in the equity portfolio. Shares traded for an average price of $197.27 during the quarter.

On 05/18/2022, Xilinx Inc traded for a price of $194.92 per share and a market cap of $48,414,621,000. The stock has returned 40.44% over the past year.

There is insufficient data to calculate the stock’s financial strength and profitability ratings.

In terms of valuation, Xilinx Inc has a price-earnings ratio of 52.54, a price-book ratio of 13.17, a price-earnings-to-growth (PEG) ratio of 6.33, a EV-to-Ebitda ratio of 37.83 and a price-sales ratio of 13.26.

Alphabet Inc


CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM reduced their investment in NAS:GOOG by 32,532 shares. The trade had a 0.11% impact on the equity portfolio. During the quarter, the stock traded for an average price of $2718.53.

On 05/18/2022, Alphabet Inc traded for a price of $2248.02 per share and a market cap of $1,478,801,802,000. The stock has returned -0.88% over the past year.

GuruFocus gives the company a financial strength rating of 9 out of 10 and a profitability rating of 10 out of 10.

In terms of valuation, Alphabet Inc has a price-earnings ratio of 20.29, a price-book ratio of 5.80, a price-earnings-to-growth (PEG) ratio of 0.76, a EV-to-Ebitda ratio of 13.43 and a price-sales ratio of 5.60.

The price-to-GF Value ratio is 0.82, earning the stock a GF Value rank of 9.


Please note, the numbers and facts quoted are as of the writing of this article and may not factor in the latest trading data or company announcements.

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