Pennsylvania’s Public School Employees’ Retirement System (PSERS), which manages pensions for the state’s public school employees, holds investments in over 1,700 publicly traded companies, totaling more than $19.7 billion in stocks, according to a recent filing with the U.S. Securities and Exchange Commission.
The portfolio includes significant holdings in well-known companies such as Tesla, Exxon Mobil, Netflix, and Disney. As of June 2025, PSERS had assets valued at over $81 billion, providing lifelong benefits to approximately 261,000 active members who, on average, receive $63,000 annually.
The largest single holding within the PSERS portfolio is chipmaker Nvidia, representing 5% of the system’s publicly listed holdings and valued at over $1 billion. Nvidia’s stock is the only holding exceeding that threshold, fueled by the company’s role in the artificial intelligence boom and its production of supercomputer parts.
PSERS’ investments span a variety of sectors, including real estate, technology, entertainment, and pharmaceuticals. The system categorizes stocks using codes like “COM” for common stocks, which include companies like Merck, Pepsico, and Starbucks, and “SHS” for stocks similar to common stocks, such as Spotify and Johnson Controls International. Class B stocks include UPS, while Airbnb and Carvana are classified as Class A shares.
The investment portfolio is comprised of public and private equity, private credit, infrastructure, and fixed-income investments, according to PSERS spokesperson Aimee Inama. “PSERS’ investment decisions are guided by its fiduciary responsibility to its members,” Inama stated in an email. “PSERS has a long-term focus through diversification, prudent risk management and strategic asset allocation across a range of asset classes.”
As of June 2025, PSERS was approximately 67% funded, marking an improvement from around 59% in 2021. This increase follows years of underperformance and deferred contributions, issues identified by a state pension review board in 2018. For the 11th consecutive year, the PSERS board has certified the full employer contribution rate, ensuring all required payments are made to work towards full funding.
According to a Form 13F filing from March 31, 2025, PSERS holds 118,391,842 shares of Exxon Mobil Corp. Common stock, valued at $995,475, and 165,849,701 shares of Tesla Inc. Common stock, valued at $639,951.