How is hedge fund similarity measured?

Similarity is computed from each fund's top conviction holdings in their latest 13F filing. Funds are scored by the overlap of distinctive shared positions (the mega-caps that nearly every fund owns are excluded), so the ranking reflects genuinely shared strategy rather than common index exposure.

Hedge Funds Similar to CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM

13F Portfolio OverlapQ1 2026CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM portfolio →

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Most similar hedge funds by 13F overlap

CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM is an institutional investor managing $162.5B across 1,064 U.S. equity positions as of Q1 2026. Based on the overlap of conviction holdings in their latest 13F filings, the hedge funds with portfolios most similar to CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM are PFA Pension, Forsikringsaktieselskab, PBU - The Pension Fund of Early Childhood & Youth Educators, Avanza Fonder AB, with shared positions in $MU, $LRCX, $BAC, $KO, $VZ, $KLAC. The full ranking of 25 similar funds is below.

#1PFA Pension, ForsikringsaktieselskabActive

Some overlap · 10 shared positions

$MU $LRCX $BAC $KO $VZ $KLAC

$33.2B

381 positions

#2PBU - The Pension Fund of Early Childhood & Youth EducatorsActive

Some overlap · 9 shared positions

$LRCX $MU $BAC $KLAC $KO $VZ

$7.7B

190 positions

#3Avanza Fonder ABActive

Some overlap · 9 shared positions

$LRCX $MU $BAC $KLAC $KO $AMGN

$3.6B

484 positions

#4BDF-GESTIONActive

Some overlap · 9 shared positions

$LRCX $MU $BAC $KLAC $KO $AMAT

$749M

144 positions

#5Plato Investment Management LtdPassive

Some overlap · 9 shared positions

$LRCX $MU $BAC $KLAC $KO $VZ

$1.5B

516 positions

#6KLP KAPITALFORVALTNING ASPassive

Some overlap · 10 shared positions

$MU $BAC $LRCX $KO $VZ $KLAC

$25.5B

2,154 positions

#7Lombard Odier Asset Management (Switzerland) SAPassive

Some overlap · 9 shared positions

$MU $LRCX $BAC $KLAC $KO $AMGN

$2.6B

452 positions

#8Cornerstone Select Advisors, LLCPassive

Some overlap · 8 shared positions

$LRCX $MU $BAC $KLAC $VZ $AMGN

$160M

124 positions

#9XPONANCE, INC.Passive

Some overlap · 10 shared positions

$LRCX $MU $KO $BAC $KLAC $AMAT

$14.1B

1,686 positions

#10FJARDE AP-FONDEN /FOURTH SWEDISH NATIONAL PENSION FUNDActive

Some overlap · 9 shared positions

$LRCX $MU $KO $BAC $VZ $MCD

$18.3B

538 positions

#11UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMEPassive

Some overlap · 9 shared positions

$MU $LRCX $BAC $KO $MCD $AMAT

$481.0B

3,807 positions

#12ProShare Advisors LLCActive

Some overlap · 8 shared positions

$LRCX $MU $KLAC $KO $AMGN $MCD

$67.5B

1,865 positions

#13Legal & General Group PlcPassive

Some overlap · 9 shared positions

$MU $LRCX $BAC $KO $AMAT $IBM

$432.4B

3,362 positions

#14Siemens Fonds Invest GmbHPassive

Some overlap · 8 shared positions

$MU $LRCX $BAC $KO $AMGN $MCD

$1.7B

548 positions

#15STATE STREET CORPPassive

Some overlap · 9 shared positions

$MU $BAC $KO $LRCX $AMAT $IBM

$2.9T

4,269 positions

#16Swiss National BankPassive

Some overlap · 9 shared positions

$MU $KO $LRCX $AMAT $IBM $MCD

$173.8B

2,301 positions

#17National Pension ServiceActive

Some overlap · 8 shared positions

$MU $LRCX $BAC $KO $AMAT $IBM

$131.7B

562 positions

#18Income Insurance LtdPassive

Some overlap · 8 shared positions

$MU $LRCX $BAC $KO $AMAT $UNH

$147M

164 positions

#19Invesco Ltd.Passive

Some overlap · 8 shared positions

$LRCX $MU $BAC $AMAT $KLAC $KO

$653.3B

3,739 positions

#20ING GROEP NVPassive

Some overlap · 8 shared positions

$MU $LRCX $BAC $MCD $AMAT $IBM

$16.4B

503 positions

#21Supplemental Annuity Collective Trust of NJPassive

Some overlap · 8 shared positions

$MU $BAC $LRCX $KO $AMAT $UNH

$355M

297 positions

#22DANSKE BANK A/SPassive

Some overlap · 8 shared positions

$MU $LRCX $KO $BAC $KLAC $AMAT

$41.5B

1,179 positions

#23ONEFUND, LLCPassive

Some overlap · 8 shared positions

$MU $BAC $LRCX $KO $AMAT $UNH

$155M

507 positions

#24Kentucky Retirement Systems Insurance Trust FundPassive

Some overlap · 8 shared positions

$MU $BAC $LRCX $KO $AMAT $UNH

$1.5B

492 positions

#25Alpha Family TrustPassive

Some overlap · 7 shared positions

$LRCX $MU $KLAC $KO $AMGN $AMAT

$206M

203 positions

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Similarity is derived from each fund’s latest 13F-HR filing with the SEC. Funds are ranked by the overlap of distinctive conviction holdings; near-universal mega-cap positions are excluded so the ranking reflects shared strategy, not common index exposure. Data is informational only and not investment advice.