Employees Retirement System of Texas
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 28, 2025), Employees Retirement System of Texas reported 305 stock positions worth $10.0 billion. Its top holding was Nvidia (NVDA) at 5.4% of the portfolio, followed by Apple (AAPL, 5.0%) and Microsoft (MSFT, 4.1%). Compared with Q3 2024, it opened 29 new positions, sold out of 53, added to 75 and reduced 58. The biggest buy was Unitedhealth (UNH, shares +760%) and the biggest sale an exit from Vici Properties (VICI).
- Most Recent 13F
- Q2 2026
- Location
- AUSTIN, TX
- CIK
- 0001398739
- Portfolio Value
- $10.0B (Q4 2024)
- SEC Filing
- 0001398739-25-000006 ↗ filed Feb 28, 2025
Holdings Value
Holdings 305 stocks · $10.0B
| NVDA Nvidia Corp. | 5.38% | 3,996,011 | $536.6M | Add +2.2% |
| AAPL Apple Inc. | 4.96% | 1,978,631 | $495.5M | No change |
| MSFT Microsoft Corp. | 4.09% | 969,365 | $408.6M | Add +1.9% |
| AMZN Amazon.com Inc. | 3.88% | 1,767,053 | $387.7M | Reduce -2.5% |
| RSP Invesco S&P 500 Equal Weight | 3.61% | 2,056,072 | $360.3M | No change |
| GOOG Alphabet Inc. Class C | 2.74% | 1,436,271 | $273.5M | Reduce -3.7% |
| META Meta Platforms Inc. Class A | 2.47% | 421,520 | $246.8M | Add +0.5% |
| AVGO Broadcom Inc. | 2.20% | 945,949 | $219.3M | Add +2.1% |
| JPM JPMorgan Chase & Co. | 1.84% | 765,800 | $183.6M | No change |
| VEA Vanguard Ftse Developed ETF | 1.78% | 3,706,161 | $177.2M | No change |
| TSLA Tesla Inc. | 1.73% | 426,983 | $172.4M | Add +20.7% |
| MA Mastercard Inc. Class A | 1.70% | 321,559 | $169.3M | No change |
| LLY Eli Lilly & Co. | 1.59% | 205,168 | $158.4M | Add +6.1% |
| WMT Walmart Inc. | 1.29% | 1,423,689 | $128.6M | Reduce -3.2% |
| NOW ServiceNow Inc. | 1.22% | 115,201 | $122.1M | No change |
| UNH Unitedhealth Group Inc. | 1.21% | 238,512 | $120.7M | Add +760.3% |
| NFLX Netflix Inc. | 1.15% | 128,787 | $114.8M | No change |
| XOM Exxon Mobil Corp. | 1.08% | 1,001,782 | $107.8M | Reduce -3.5% |
| CRM Salesforce Inc. | 1.08% | 322,000 | $107.7M | No change |
| COST Costco Wholesale Corp. | 1.03% | 112,149 | $102.8M | No change |
| PLD Prologis Inc. | 1.02% | 960,055 | $101.5M | Add +2.9% |
| GOOGL Alphabet Inc. Class A | 0.92% | 483,308 | $91.5M | No change |
| PH Parker Hannifin Corp. | 0.91% | 143,186 | $91.1M | Reduce -18.2% |
| PG The Procter & Gamble Co. | 0.91% | 540,928 | $90.7M | No change |
| ETR Entergy Corp. | 0.91% | 1,191,800 | $90.4M | No change |
| DDOG Datadog Inc. Class A | 0.88% | 616,021 | $88.0M | No change |
| ACN Accenture PLC Class A | 0.88% | 248,402 | $87.4M | No change |
| HON Honeywell International Inc. | 0.86% | 378,572 | $85.5M | No change |
| WFC Wells Fargo & Co. | 0.86% | 1,216,900 | $85.5M | No change |
| TMUS T-Mobile US Inc. | 0.83% | 375,900 | $83.0M | Add +21.0% |
| MDY State Street SPDR S&P Midcap | 0.81% | 141,500 | $80.6M | Add +30.4% |
| XBI SS SPDR S&P Biotech ETF | 0.79% | 877,272 | $79.0M | Add +33.5% |
| PANW Palo Alto Networks Inc. | 0.77% | 423,700 | $77.1M | No change |
| KO The Coca-Cola Co. | 0.77% | 1,234,731 | $76.9M | Reduce -9.5% |
| TDG Transdigm Group Inc. | 0.77% | 60,529 | $76.7M | No change |
| NI Nisource Inc. | 0.76% | 2,066,800 | $76.0M | No change |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.76% | 679,057 | $75.6M | No change |
| LPLA LPL Financial Holdings Inc. | 0.76% | 231,500 | $75.6M | Add +37.5% |
| LNG Cheniere Energy Inc. | 0.75% | 346,698 | $74.5M | No change |
| MRK Merck & Co. Inc. | 0.74% | 745,324 | $74.1M | Reduce -3.8% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.73% | 606,000 | $73.2M | No change |
| EQIX Equinix Inc. | 0.73% | 77,370 | $73.0M | Add +55.4% |
| ETN Eaton Corp. PLC | 0.71% | 213,650 | $70.9M | Reduce -16.3% |
| AZO AutoZone Inc. | 0.71% | 22,000 | $70.4M | No change |
| INTU Intuit Inc. | 0.69% | 110,000 | $69.1M | No change |
| ICE Intercontinental Exchange Inc. | 0.68% | 456,100 | $68.0M | Reduce -5.5% |
| BKNG Booking Holdings Inc. | 0.68% | 13,600 | $67.6M | New |
| TMO Thermo Fisher Scientific Inc. | 0.68% | 129,700 | $67.5M | No change |
| AXP American Express Co. | 0.67% | 224,300 | $66.6M | No change |
| MS Morgan Stanley | 0.66% | 522,000 | $65.6M | Reduce -20.8% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 0.63% | 223,000 | $63.3M | No change |
| CRWD CrowdStrike Holdings Inc. Class A | 0.63% | 183,803 | $62.9M | No change |
| HIG Hartford Insurance Group Inc. | 0.62% | 569,000 | $62.2M | No change |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.61% | 1,591,235 | $61.0M | Add +2.6% |
| MDLZ Mondelez International Inc. Class A | 0.61% | 1,018,700 | $60.8M | No change |
| FITB Fifth Third Bancorp | 0.61% | 1,433,900 | $60.6M | No change |
| CMG Chipotle Mexican Grill Inc. | 0.60% | 1,000,000 | $60.3M | No change |
| GLOB Globant SA | 0.60% | 277,096 | $59.4M | No change |
| AMP Ameriprise Financial Inc. | 0.58% | 108,400 | $57.7M | No change |
| RCL Royal Caribbean Cruises Ltd. | 0.58% | 250,000 | $57.7M | No change |
| SYK Stryker Corp. | 0.58% | 160,000 | $57.6M | No change |
| LOW Lowe's Cos Inc. | 0.57% | 231,000 | $57.0M | No change |
| CDNS Cadence Design SYS Inc. | 0.57% | 189,000 | $56.8M | No change |
| FCX Freeport-McMoran Inc. | 0.57% | 1,488,802 | $56.7M | Add +24.9% |
| NXPI NXP Semiconductors NV | 0.55% | 265,600 | $55.2M | No change |
| DHR Danaher Corp. | 0.55% | 240,300 | $55.2M | New |
| VB Vanguard Most SM-Cap ETF-Usd | 0.55% | 226,425 | $54.4M | No change |
| ALLY Ally Financial Inc. | 0.54% | 1,489,200 | $53.6M | No change |
| BSX Boston Scientific Corp. | 0.53% | 596,300 | $53.3M | Reduce -15.7% |
| CL Colgate-Palmolive Co. | 0.53% | 578,500 | $52.6M | Reduce -11.3% |
| VRT Vertiv Holdings Co. Class A | 0.52% | 458,107 | $52.0M | No change |
| MELI MercadoLibre Inc. | 0.51% | 30,200 | $51.4M | Add +1321.2% |
| ZTS Zoetis Inc. | 0.51% | 314,000 | $51.2M | No change |
| BRK.B Berkshire Hathaway Inc. Class B | 0.49% | 108,390 | $49.1M | No change |
| VRTX Vertex Pharmaceuticals Inc. | 0.49% | 121,600 | $49.0M | Add +3.0% |
| MSI Motorola Solutions Inc. | 0.49% | 105,000 | $48.5M | No change |
| WM Waste Management Inc. | 0.48% | 239,079 | $48.2M | No change |
| SBAC SBA Communications Corp. | 0.48% | 235,300 | $48.0M | Reduce -12.3% |
| NEM Newmont Corp. | 0.48% | 1,275,642 | $47.5M | Add +6.2% |
| ICLR Icon PLC | 0.47% | 225,800 | $47.4M | Add +82.0% |
| STZ Constellation Brands Inc. Class A | 0.47% | 213,300 | $47.1M | No change |
| MCK McKesson Corp. | 0.47% | 82,200 | $46.8M | Reduce -17.3% |
| MU Micron Technology Inc. | 0.46% | 540,594 | $45.5M | No change |
| FMX Fomento Economico Mex-SP ADR | 0.42% | 486,584 | $41.6M | Add +3.3% |
| WELL Welltower Inc. | 0.40% | 320,000 | $40.3M | Add +7.0% |
| ODFL Old Dominion Freight Line | 0.38% | 217,464 | $38.4M | No change |
| WEC WEC Energy Group Inc. | 0.37% | 393,000 | $37.0M | No change |
| MNST Monster Beverage Corp. | 0.37% | 697,700 | $36.7M | No change |
| TOL Toll Brothers Inc. | 0.32% | 249,900 | $31.5M | No change |
| DLR Digital Realty Trust Inc. | 0.31% | 174,999 | $31.0M | Add +14.4% |
| T AT&T Inc. | 0.30% | 1,304,302 | $29.7M | Add +7.8% |
| SPG Simon Property Group Inc. | 0.26% | 153,579 | $26.4M | No change |
| O Realty Income Corp. | 0.26% | 488,183 | $26.1M | Add +19.0% |
| PSA Public Storage | 0.22% | 74,611 | $22.3M | Reduce -6.3% |
| APP AppLovin Corp. Class A | 0.22% | 68,760 | $22.3M | Reduce -19.7% |
| PM Philip Morris International | 0.21% | 170,972 | $20.6M | Reduce -1.4% |
| VMRK Vivmark Residential filed as EQUITY RESIDENTIAL | 0.19% | 258,020 | $18.5M | Add +24.0% |
| AVB Avalonbay Communities Inc. | 0.19% | 84,000 | $18.5M | Add +9.5% |
| EXR Extra Space Storage Inc. | 0.18% | 118,745 | $17.8M | Add +29.4% |
| VTR Ventas Inc. | 0.15% | 257,899 | $15.2M | Add +21.4% |
Other holdings (6): bonds, preferreds, convertibles and warrants · $1.7B (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| VGIT Vanguard Intermediate-Term T | INTER TERM TREAS · principal | 21,485,000 | $1.2B | No change |
| HYLB Xtrackers Usd High Yield Cor | XTRACK USD HIGH · principal | 12,732,000 | $459.4M | No change |
| VNQ Vanguard Real Estate ETF | REAL ESTATE ETF · principal | 153,404 | $13.7M | Add +58.8% |
| CONMED CORP (CNMD 2.25 06/15/27) | NOTE 2.250% 6/1 · principal | 6,000,000 | $5.6M | New |
| ANYWHERE RE GRP/REALOGY (HOUS 0.25 06/15/26) | NOTE 0.250% 6/1 · principal | 2,000,000 | $1.8M | No change |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A · principal | 100,000 | $62K | New |
Total filed on the 13F, all lines: $11.7B.
Portfolio Sells Q3 2024 → Q4 2024
| VICI Vici Properties Inc. | Sold out | 0.00% | −0.78 |
| AME Ametek Inc. | Sold out | 0.00% | −0.69 |
| ELV Elevance Health Inc. | Sold out | 0.00% | −0.67 |
| HUM Humana Inc. | Sold out | 0.00% | −0.54 |
| H Hyatt Hotels Corp. Class A | Sold out | 0.00% | −0.45 |
| TSCO Tractor Supply Company | Sold out | 0.00% | −0.42 |
| CRL Charles River Laboratories | Sold out | 0.00% | −0.40 |
| BMRN Biomarin Pharmaceutical Inc. | Sold out | 0.00% | −0.35 |
| KO The Coca-Cola Co. | Reduce -9.5% | 0.77% | −0.23 |
| PH Parker Hannifin Corp. | Reduce -18.2% | 0.91% | −0.22 |
| SBAC SBA Communications Corp. | Reduce -12.3% | 0.48% | −0.18 |
| CL Colgate-Palmolive Co. | Reduce -11.3% | 0.53% | −0.17 |
| XOM Exxon Mobil Corp. | Reduce -3.5% | 1.08% | −0.17 |
| MRK Merck & Co. Inc. | Reduce -3.8% | 0.74% | −0.16 |
| ETN Eaton Corp. PLC | Reduce -16.3% | 0.71% | −0.16 |
| ICE Intercontinental Exchange Inc. | Reduce -5.5% | 0.68% | −0.11 |
| BSX Boston Scientific Corp. | Reduce -15.7% | 0.53% | −0.07 |
| PSA Public Storage | Reduce -6.3% | 0.22% | −0.07 |
| PECO Phillips Edison & Company Inc. | Sold out | 0.00% | −0.07 |
| ARE Alexandria Real Estate Equit | Reduce -39.0% | 0.06% | −0.06 |
| VZ Verizon Communications Inc. | Reduce -58.1% | 0.03% | −0.06 |
| NU Nu Holdings Ltd./Cayman Isl-A | Sold out | 0.00% | −0.06 |
| REXR Rexford Industrial Realty Inc. | Reduce -59.7% | 0.02% | −0.05 |
| TBBB BBB Foods Inc. Class A | Reduce -87.6% | 0.01% | −0.05 |
| MS Morgan Stanley | Reduce -20.8% | 0.66% | −0.05 |
| TSN Tyson Foods Inc. Class A | Sold out | 0.00% | −0.04 |
| CME Cme Group Inc. | Sold out | 0.00% | −0.04 |
| EXC Exelon Corp. | Sold out | 0.00% | −0.04 |
| NEE Nextera Energy Inc. | Reduce -23.1% | 0.07% | −0.04 |
| GSK GSK PLC-Spon ADR | Reduce -43.3% | 0.03% | −0.04 |
| BP BP PLC-Spons ADR | Reduce -29.1% | 0.07% | −0.04 |
| MAA Mid-America Apartment Comm | Reduce -30.6% | 0.07% | −0.04 |
| XRAY Dentsply Sirona Inc. | Sold out | 0.00% | −0.04 |
| CBOE Cboe Global Markets Inc. | Sold out | 0.00% | −0.03 |
| KB KB Financial Group Inc.-ADR | Sold out | 0.00% | −0.03 |
| MCK McKesson Corp. | Reduce -17.3% | 0.47% | −0.03 |
| DUK Duke Energy Corp. | Sold out | 0.00% | −0.03 |
| SPOT Spotify Technology SA | Reduce -73.7% | 0.01% | −0.03 |
| WPC WP Carey Inc. | Reduce -28.9% | 0.05% | −0.03 |
| APLE Apple Hospitality REIT Inc. | Sold out | 0.00% | −0.03 |
| BAX Baxter International Inc. | Sold out | 0.00% | −0.03 |
| INVH Invitation Homes Inc. | Reduce -18.7% | 0.07% | −0.03 |
| GTLS Chart Industries Inc. | Sold out | 0.00% | −0.03 |
| NVS Novartis AG-Sponsored ADR | Sold out | 0.00% | −0.03 |
| CNQ Canadian Natural Resources | Sold out | 0.00% | −0.03 |
| D Dominion Energy Inc. | Sold out | 0.00% | −0.03 |
| JAZZ Jazz Pharmaceuticals PLC | Sold out | 0.00% | −0.03 |
| DEA Easterly Govt Pptys Inc. | Sold out | 0.00% | −0.02 |
| CDP Copt Defense Properties | Sold out | 0.00% | −0.02 |
| V Visa Inc. Class A | Reduce -30.0% | 0.09% | −0.02 |
Portfolio Buys Q3 2024 → Q4 2024
| UNH Unitedhealth Group Inc. | Add +760.3% | 1.21% | +1.04 |
| TSLA Tesla Inc. | Add +20.7% | 1.73% | +0.78 |
| BKNG Booking Holdings Inc. | New | 0.68% | +0.68 |
| AVGO Broadcom Inc. | Add +2.1% | 2.20% | +0.56 |
| DHR Danaher Corp. | New | 0.55% | +0.55 |
| NVDA Nvidia Corp. | Add +2.2% | 5.38% | +0.51 |
| MELI MercadoLibre Inc. | Add +1321.2% | 0.51% | +0.47 |
| LPLA LPL Financial Holdings Inc. | Add +37.5% | 0.76% | +0.36 |
| EQIX Equinix Inc. | Add +55.4% | 0.73% | +0.28 |
| TMUS T-Mobile US Inc. | Add +21.0% | 0.83% | +0.18 |
| MDY State Street SPDR S&P Midcap | Add +30.4% | 0.81% | +0.17 |
| XBI SS SPDR S&P Biotech ETF | Add +33.5% | 0.79% | +0.13 |
| ICLR Icon PLC | Add +82.0% | 0.47% | +0.11 |
| ESS Essex Property Trust Inc. | Add +112.4% | 0.12% | +0.06 |
| DLR Digital Realty Trust Inc. | Add +14.4% | 0.31% | +0.06 |
| STAG Stag Industrial Inc. | Add +426.8% | 0.07% | +0.06 |
| SNOW Snowflake Inc. | Add +300.3% | 0.07% | +0.05 |
| PGR Progressive Corp. | Add +112.0% | 0.08% | +0.04 |
| AXON Axon Enterprise Inc. | New | 0.04% | +0.04 |
| AHR American Healthcare REIT Inc. | New | 0.04% | +0.04 |
| CE Celanese Corp. | New | 0.04% | +0.04 |
| HR Healthcare Realty Trust Inc. | New | 0.03% | +0.03 |
| REG Regency Centers Corp. | Add +35.0% | 0.12% | +0.03 |
| ADC Agree Realty Corp. | Add +177.9% | 0.05% | +0.03 |
| OKE Oneok Inc. | New | 0.03% | +0.03 |
| VMRK Vivmark Residential | Add +24.0% | 0.19% | +0.03 |
| XHR Xenia Hotels & Resorts Inc. | New | 0.03% | +0.03 |
| CUBE Cubesmart | Add +110.2% | 0.07% | +0.03 |
| UMH Umh Properties Inc. | New | 0.03% | +0.03 |
| T AT&T Inc. | Add +7.8% | 0.30% | +0.03 |
| KRG Kite Realty Group Trust | Add +110.4% | 0.05% | +0.03 |
| ALL Allstate Corp. | Add +27.4% | 0.12% | +0.02 |
| CUZ Cousins Properties Inc. | Add +155.1% | 0.04% | +0.02 |
| DASH DoorDash Inc. Class A | Add +22.0% | 0.08% | +0.02 |
| BDN Brandywine Realty Trust | New | 0.02% | +0.02 |
| HST Host Hotels & Resorts Inc. | Add +29.3% | 0.11% | +0.02 |
| ESRT Empire State Realty Trust-A | Add +81.6% | 0.05% | +0.02 |
| NHI Natl Health Investors Inc. | New | 0.02% | +0.02 |
| TRGP Targa Resources Corp. | New | 0.02% | +0.02 |
| KKR KKR & Co. Inc. | New | 0.02% | +0.02 |
| NET Cloudflare Inc. Class A | Add +14.0% | 0.06% | +0.02 |
| DKNG Draftkings Inc. Class A | New | 0.02% | +0.02 |
| RDDT Reddit Inc. Class A | New | 0.02% | +0.02 |
| EL Estee Lauder Companies Class A | New | 0.02% | +0.02 |
| AMH American Homes 4 Rent- A | Add +24.8% | 0.10% | +0.02 |
| GMAB Genmab A/S -SP ADR | New | 0.02% | +0.02 |
| HOOD Robinhood Markets Inc. Class A | New | 0.02% | +0.02 |
| DG Dollar General Corp. | Add +61.9% | 0.05% | +0.02 |
| META Meta Platforms Inc. Class A | Add +0.5% | 2.47% | +0.02 |
| EGP Eastgroup Properties Inc. | Add +44.6% | 0.08% | +0.01 |
Notes & Other Activity Q3 2024 → Q4 2024
| VNQ Vanguard Real Estate ETF | REAL ESTATE ETF · principal | Add +58.8% | 153,404 | $13.7M |
| FORUM ENERGY TECHNOLOGIE (FET 9 08/04/25) | NOTE 9.000% 8/0 · principal | Sold out | 6,585,505 | $6.4Mbefore exit |
| CONMED CORP (CNMD 2.25 06/15/27) | NOTE 2.250% 6/1 · principal | New | 6,000,000 | $5.6M |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A · principal | New | 100,000 | $62K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 507 | $10.8B | NVDA, AAPL, MSFT, AMZN, GOOG |
| Q1 2026 | 489 | $9.6B | NVDA, AAPL, MSFT, AMZN, IAU |
| Q4 2025 | 492 | $10.5B | MSFT, NVDA, AAPL, AMZN, GOOG |
| Q3 2025 | 503 | $10.6B | NVDA, MSFT, AAPL, AMZN, VEA |
| Q2 2025 | 519 | $10.4B | MSFT, NVDA, AAPL, AMZN, VEA |
| Q1 2025 | 259 | $9.1B | MSFT, RSP, AAPL, NVDA, AMZN |
| Q4 2024Amended | 305 | $10.0B | NVDA, AAPL, MSFT, AMZN, RSP |
| Q3 2024 | 329 | $9.8B | NVDA, AAPL, MSFT, RSP, AMZN |
| Q2 2024 | 310 | $9.1B | NVDA, AAPL, MSFT, AMZN, GOOG |
| Q1 2024 | 322 | $9.1B | VOO, MSFT, NVDA, AAPL, AMZN |