By Mackenzie Tatananni
The California Public Employees' Retirement System, better known as Calpers, is the largest pension system in the U.S. by assets under management. A recent securities filing shows the agency made key changes to its holdings in the fourth quarter.
Calpers took a stake in Qnity Electronics through the purchase of 358,569 shares. The company, which spun off from chemical giant DuPont de Nemours in November, specializes in technology for semiconductor and electronics industries. The fund's stake was worth $44.7 million based on Thursday's closing price of $124.78.
Qnity stock is up 51% in 2026. The firm's fourth-quarter financials, reported on Thursday, pushed shares above the $120 level for the first time. Adjusted earnings blew past analysts' expectations, though sales were in line with consensus views.
Calpers also bought more shares in chip maker Nvidia during the quarter, taking its stake to 76,375,762 shares from 66,062,378 shares. The stake, worth more than $14 billion at the time of filing, has seen its value fall slightly since Nvidia stock tumbled this week on the heels of blowout earnings.
Calpers snapped up IonQ stock ahead of the quantum computing company's fourth-quarter earnings report, boosting its holdings to 562,839 shares from 460,528 shares in the previous quarter. While the stake represents a minuscule part of the fund's overall portfolio, it's nevertheless a vote of confidence in one of the few publicly traded, pure-play quantum companies. The stake, worth just over $25 million at the end of the fourth quarter, was worth $23 million as of Thursday's close.
The Calpers investment office manages assets on behalf of more than 2 million members, making it the largest defined-benefit public pension in the country. As of the end of the trading session on Thursday, the fund managed over $614 billion worth of assets.
Inside Scoop is a regular Barron's feature covering stock transactions by corporate executives and board members -- so-called insiders -- as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.
Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com
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February 27, 2026 13:53 ET (18:53 GMT)
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