To The Moon

As the largest public pension system in the United States, Calpers is on the move again. In its latest 13F filing with the U.S. Securities and Exchange Commission (SEC), the fund made several notable adjustments to its portfolio. Overall, the $500B “king of long-term capital” is leaning further into AI and clean energy.

Calpers: Scale & Influence

Calpers currently:

• Serves more than 2 million members

• Manages over $500 billion in assets

• Held $592.37 billion in equity positions as of November 25

It remains one of the most influential long-term institutional investors in global markets.

Here are the key highlights from the filing👇

1. New Position in Clean Energy Star — $Bloom Energy Corp(BE)$

• Initiated a position of 361,883 shares in Bloom Energy (BE.US)

• Worth ~$30.6 million at purchase

• Now valued at ~$341 million based on Tuesday’s close

• BE shares are up 326% YTD

Bloom Energy’s fuel-cell systems allow customers to bypass the traditional power grid. Even more importantly, the company entered a tech partnership with Oracle earlier this year, boosting its visibility.

2. New Position in Drone & Autonomous Systems Maker $AeroVironment(AVAV)$

• Purchased 50,332 shares of AVAV (~$15.8 million at the time)

• Currently valued at just over $14 million

• The stock is up nearly 80% YTD

AeroVironment is a long-established player in unmanned aircraft and autonomous defense systems—a key name in the U.S. defense technology space.

3. Continued AI Accumulation: $Oracle(ORCL)$ + Big Tech

Here’s the part AI investors care most about:

Calpers increased its Oracle (ORCL.US) holdings by 250,000+ shares, bringing its total to 3,021,454 shares. Despite ongoing debate over AI infrastructure spending, Calpers’ stance is clear: it remains confident.

The fund also increased positions in:

• $Meta Platforms, Inc.(META)$

• $Amazon.com(AMZN)$

• $Alphabet(GOOG)$ $Alphabet(GOOGL)$ — both Class A & Class C shares

4. Confidence in $NVIDIA(NVDA)$ Still Maxed Out

The most notable move is Calpers’ continued bet on NVIDIA:

• Raised its holdings from 64,728,856 to 66,062,378 shares

• An increase of roughly 1.33 million shares

With NVIDIA now the world’s most valuable company and the core engine of the AI revolution, Calpers’ message is unmistakable: stay overweight.

5. Structural Adjustments

• Trimmed $Microsoft(MSFT)$ from 21.8M → 19.39M shares

• Fully exited $Acadia Healthcare(ACHC)$ , selling all 134,205 shares (then worth just over $3M). The stock has since fallen 24%

These moves suggest portfolio optimization — shifting capital toward areas with the strongest growth conviction.

💬 Community Discussion — What’s Your Take?

Here are a few prompts to spark your thoughts 👇

1. Does Calpers’ increased exposure to NVIDIA, Oracle, and other AI names indicate an early bet on the next AI upcycle?

2. Does trimming Microsoft signal weakening confidence in its AI competitiveness, or is it simply portfolio balancing?

3. Bloom Energy’s stock has surged over 300% this year — do you think it still has room to run, or is the rally largely priced in?

Looking forward to hearing your views!

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