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

0$5.0B$10.0B$15.0B Q1 2024: $9.1B Q1 2024 Q2 2024: $9.1B Q2 2024 Q3 2024: $9.8B Q3 2024 Q4 2024: $10.0B $10.0B Q4 2024 Q1 2025: $9.1B Q1 2025 Q2 2025: $10.4B Q2 2025 Q3 2025: $10.6B Q3 2025 Q4 2025: $10.5B Q4 2025 Q1 2026: $9.6B Q1 2026 Q2 2026: $10.8B Q2 2026

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%
IRM Iron Mountain Inc. filed as IRON MTN INC DEL 0.14% 130,500 $13.7M Add +28.6%
C Citigroup Inc. 0.12% 174,780 $12.3M No change
REG Regency Centers Corp. 0.12% 162,060 $12.0M Add +35.0%
ESS Essex Property Trust Inc. 0.12% 41,000 $11.7M Add +112.4%
ALL Allstate Corp. 0.12% 60,392 $11.6M Add +27.4%
EXE Expand Energy Corp. 0.11% 113,352 $11.3M No change
WTW Willis Towers Watson PLC 0.11% 35,940 $11.3M No change
CB Chubb Ltd. 0.11% 39,604 $10.9M No change
HST Host Hotels & Resorts Inc. 0.11% 618,000 $10.8M Add +29.3%
SE Sea Ltd.-ADR 0.10% 97,580 $10.4M Reduce -17.5%
AMH American Homes 4 Rent- A 0.10% 275,565 $10.3M Add +24.8%
TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC 0.10% 86,512 $10.2M No change
AEP American Electric Power 0.10% 110,234 $10.2M Add +11.0%
CI The Cigna Group 0.10% 35,432 $9.8M Add +19.8%
IBN Icici Bank Ltd.-Spon ADR 0.10% 326,901 $9.8M Add +18.1%
MO Altria Group Inc. 0.09% 180,394 $9.4M Reduce -0.8%
SHOP Shopify Inc. Class A 0.09% 86,360 $9.2M No change
SO The Southern Co. 0.09% 109,404 $9.0M Reduce -9.9%
KR Kroger Co. 0.09% 146,250 $8.9M No change
V Visa Inc. Class A 0.09% 27,866 $8.8M Reduce -30.0%
GLPI Gaming and Leisure Propertie 0.09% 182,164 $8.8M Add +2.3%
MDT Medtronic PLC 0.09% 107,848 $8.6M No change
EG Everest Group Ltd. 0.09% 23,748 $8.6M No change
ELS Equity Lifestyle Properties 0.08% 127,272 $8.5M Add +1.6%
EGP Eastgroup Properties Inc. 0.08% 51,900 $8.3M Add +44.6%
PGR Progressive Corp. 0.08% 34,541 $8.3M Add +112.0%
BXP BXP Inc. 0.08% 107,300 $8.0M Add +17.5%
DASH DoorDash Inc. Class A 0.08% 47,529 $8.0M Add +22.0%
GPN Global Payments Inc. 0.08% 71,000 $8.0M No change
FRT Federal Realty Invs Trust 0.08% 71,000 $7.9M Add +20.3%
DOC Healthpeak Properties Inc. 0.08% 376,712 $7.6M Add +20.9%
GM General Motors Co. 0.07% 140,280 $7.5M No change
INVH Invitation Homes Inc. 0.07% 230,000 $7.4M Reduce -18.7%
STAG Stag Industrial Inc. 0.07% 216,000 $7.3M Add +426.8%
DAL Delta Air Lines Inc. 0.07% 118,544 $7.2M Reduce -13.4%
MAA Mid-America Apartment Comm 0.07% 45,477 $7.0M Reduce -30.6%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.07% 158,455 $7.0M Add +12.7%
CVS CVS Health Corp. 0.07% 154,600 $6.9M Add +33.8%
BP BP PLC-Spons ADR 0.07% 233,354 $6.9M Reduce -29.1%
FET Forum Energy Technologies Inc. 0.07% 441,787 $6.8M No change
NEE Nextera Energy Inc. 0.07% 93,430 $6.7M Reduce -23.1%
SNOW Snowflake Inc. 0.07% 43,235 $6.7M Add +300.3%
CUBE Cubesmart 0.07% 154,500 $6.6M Add +110.2%
AEM Agnico Eagle Mines Ltd. 0.07% 84,041 $6.6M Add +2.0%
HDB HDFC Bank Ltd.-ADR 0.07% 102,820 $6.6M No change
NOK Nokia Corp.-Spon ADR 0.07% 1,465,726 $6.5M Reduce -1.8%
NVO Novo-Nordisk A/S-Spons ADR 0.06% 72,964 $6.3M Add +9.9%
AER Aercap Holdings NV 0.06% 65,018 $6.2M No change
BCS Barclays PLC-Spons ADR 0.06% 454,636 $6.0M Reduce -27.3%
ARE Alexandria Real Estate Equit 0.06% 61,000 $6.0M Reduce -39.0%
RHP Ryman Hospitality Properties 0.06% 56,912 $5.9M Add +9.6%
FR First Industrial Realty TR 0.06% 114,000 $5.7M Add +9.4%
NET Cloudflare Inc. Class A 0.06% 52,087 $5.6M Add +14.0%
SUI Sun Communities Inc. filed as SUN CMNTYS INC 0.06% 45,000 $5.5M Reduce -6.3%
DG Dollar General Corp. 0.05% 71,070 $5.4M Add +61.9%
KIM Kimco Realty Corp. 0.05% 230,000 $5.4M Reduce -2.8%
ESRT Empire State Realty Trust-A 0.05% 512,000 $5.3M Add +81.6%
UDR Udr Inc. 0.05% 118,000 $5.1M Reduce -11.6%
KRG Kite Realty Group Trust 0.05% 202,000 $5.1M Add +110.4%
COLD Americold Realty Trust Inc. 0.05% 237,868 $5.1M Add +6.7%
AXS Axis Capital Holdings Ltd. 0.05% 56,605 $5.0M No change
ADC Agree Realty Corp. 0.05% 71,000 $5.0M Add +177.9%
FDX FedEx Corp. 0.05% 17,578 $4.9M Add +13.6%
ERIC Ericsson (lm) Tel-SP ADR filed as TELEFONAKTIEBOLAGET LM ERICS 0.05% 600,863 $4.8M No change
KRC Kilroy Realty Corp. 0.05% 116,500 $4.7M Reduce -18.3%
WPC WP Carey Inc. 0.05% 86,000 $4.7M Reduce -28.9%
PBR Petroleo Brasileiro-Spon ADR 0.04% 345,563 $4.4M No change
FMC FMC Corp. 0.04% 90,210 $4.4M Add +18.4%
ISRG Intuitive Surgical Inc. 0.04% 8,346 $4.4M Add +16.2%
SKT Tanger Inc. 0.04% 127,000 $4.3M Add +1.6%
NRG NRG Energy Inc. 0.04% 47,600 $4.3M No change
DUOL Duolingo 0.04% 12,921 $4.2M No change
CPT Camden Property Trust 0.04% 35,000 $4.1M No change
XEL Xcel Energy Inc. 0.04% 59,510 $4.0M Reduce -13.7%
CHKP Check Point Software Tech 0.04% 21,304 $4.0M Reduce -27.5%
AXON Axon Enterprise Inc. 0.04% 6,667 $4.0M New
AON Aon PLC Class A 0.04% 10,726 $3.9M No change
AHR American Healthcare REIT Inc. 0.04% 135,000 $3.8M New
CUZ Cousins Properties Inc. 0.04% 125,000 $3.8M Add +155.1%
CE Celanese Corp. 0.04% 53,980 $3.7M New
BNTX Biontech SE-ADR 0.03% 30,388 $3.5M No change
CAG Conagra Brands Inc. 0.03% 124,530 $3.5M No change
MGA Magna International Inc. 0.03% 82,470 $3.4M Add +21.1%
ON On Semiconductor 0.03% 53,790 $3.4M No change
HR Healthcare Realty Trust Inc. 0.03% 200,000 $3.4M New
EIX Edison International 0.03% 42,070 $3.4M Reduce -34.5%
RELX Relx PLC - Spon ADR 0.03% 72,828 $3.3M No change
SHEL Shell PLC-ADR 0.03% 52,710 $3.3M Reduce -18.3%
CMCSA Comcast Corp. Class A 0.03% 87,610 $3.3M Reduce -21.2%
FE Firstenergy Corp. 0.03% 82,410 $3.3M Reduce -14.0%
WDAY Workday Inc. Class A 0.03% 12,637 $3.3M No change
VZ Verizon Communications Inc. 0.03% 81,427 $3.3M Reduce -58.1%
GSK GSK PLC-Spon ADR 0.03% 95,136 $3.2M Reduce -43.3%
OHI Omega Healthcare Investors 0.03% 85,000 $3.2M No change
NLY Annaly Capital Management Inc. 0.03% 174,410 $3.2M No change
SBRA Sabra Health Care REIT Inc. 0.03% 178,630 $3.1M Reduce -34.0%
OKE Oneok Inc. 0.03% 30,016 $3.0M New
VNT Vontier Corp. 0.03% 82,610 $3.0M No change
JNJ Johnson & Johnson 0.03% 20,638 $3.0M Reduce -30.7%
RBLX Roblox Corp. Class A 0.03% 51,297 $3.0M No change
CCK Crown Holdings Inc. 0.03% 35,568 $2.9M No change
LBTYA Liberty Global Ltd. Class A 0.03% 228,334 $2.9M No change
CSR Centerspace 0.03% 43,000 $2.8M Add +59.3%
AFRM Affirm Holdings Inc. 0.03% 46,234 $2.8M No change
CLS Celestica Inc. 0.03% 29,800 $2.8M No change
WSO Watsco Inc. 0.03% 5,718 $2.7M No change
XHR Xenia Hotels & Resorts Inc. 0.03% 175,000 $2.6M New
NNN NNN REIT Inc. 0.03% 63,500 $2.6M Reduce -28.2%
UMH Umh Properties Inc. filed as UMH PPTYS INC 0.03% 136,000 $2.6M New
SIRI Sirius XM Holdings Inc. 0.03% 110,910 $2.5M No change
RPRX Royalty Pharma PLC Class A 0.03% 97,800 $2.5M No change
SNY Sanofi-ADR 0.02% 51,390 $2.5M No change
COP Conocophillips 0.02% 23,990 $2.4M Reduce -19.1%
SG Sweetgreen Inc. Class A 0.02% 74,084 $2.4M No change
BMY Bristol-Myers Squibb Co. 0.02% 41,042 $2.3M Reduce -27.5%
REXR Rexford Industrial Realty Inc. 0.02% 60,000 $2.3M Reduce -59.7%
BDN Brandywine Realty Trust 0.02% 400,000 $2.2M New
VTRS Viatris Inc. 0.02% 173,408 $2.2M No change
BAP Credicorp Ltd. 0.02% 11,706 $2.1M Reduce -46.6%
CVX Chevron Corp. 0.02% 14,610 $2.1M Reduce -20.6%
ENB Enbridge Inc. 0.02% 49,721 $2.1M No change
HHH Howard Hughes Holdings Inc. 0.02% 27,250 $2.1M No change
XYZ Block Inc. 0.02% 24,536 $2.1M No change
NHI Natl Health Investors Inc. filed as NATIONAL HEALTH INVS INC 0.02% 30,000 $2.1M New
TGT Target Corp. 0.02% 15,352 $2.1M No change
ADM Archer-Daniels-Midland Co. 0.02% 40,520 $2.0M No change
TRGP Targa Resources Corp. 0.02% 11,419 $2.0M New
ABEV Ambev SA-ADR 0.02% 1,082,050 $2.0M No change
ALNY Alnylam Pharmaceuticals Inc. 0.02% 8,403 $2.0M No change
CTRE Caretrust REIT Inc. 0.02% 71,000 $1.9M Reduce -45.0%
KKR KKR & Co. Inc. 0.02% 12,879 $1.9M New
AUR Aurora Innovation Inc. 0.02% 301,808 $1.9M No change
PFE Pfizer Inc. 0.02% 71,662 $1.9M No change
KGC Kinross Gold Corp. 0.02% 204,644 $1.9M No change
PODD Insulet Corp. 0.02% 7,250 $1.9M No change
PINS Pinterest Inc. Class A 0.02% 65,059 $1.9M No change
DKNG Draftkings Inc. Class A 0.02% 48,970 $1.8M New
RDDT Reddit Inc. Class A 0.02% 11,034 $1.8M New
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC 0.02% 23,140 $1.7M New
INFY Infosys Ltd.-SP ADR 0.02% 78,699 $1.7M Add +539.1%
AEG Aegon Ltd.-NY Reg SHR 0.02% 289,691 $1.7M Reduce -10.3%
SN Sharkninja Inc. 0.02% 17,293 $1.7M Add +44.0%
GMAB Genmab A/S -SP ADR 0.02% 78,950 $1.6M New
HOOD Robinhood Markets Inc. Class A 0.02% 43,181 $1.6M New
IOT Samsara Inc. Class A 0.02% 36,523 $1.6M No change
MRNA Moderna Inc. 0.02% 38,329 $1.6M No change
INSP Inspire Medical Systems Inc. 0.02% 8,580 $1.6M No change
W Wayfair Inc. Class A 0.02% 35,270 $1.6M Add +28.5%
DOCS Doximity Inc. Class A 0.02% 29,203 $1.6M No change
CHWY Chewy Inc. Class A 0.01% 44,832 $1.5M No change
VNO Vornado Realty Trust 0.01% 35,000 $1.5M New
SPOT Spotify Technology SA 0.01% 3,246 $1.5M Reduce -73.7%
ROKU Roku Inc. 0.01% 19,452 $1.4M No change
EMBJ Embraer SA-Spon ADR 0.01% 37,900 $1.4M Add +9.5%
DVN Devon Energy Corp. 0.01% 42,000 $1.4M No change
OGN Organon & Co. 0.01% 91,480 $1.4M No change
B Barrick Gold Corp. 0.01% 86,949 $1.3M Add +252.8%
NKE Nike Inc. Class B 0.01% 17,332 $1.3M New
SIMO Silicon Motion Technol-ADR 0.01% 23,833 $1.3M No change
PEN Penumbra Inc. 0.01% 5,273 $1.3M Add +31.9%
LINE Lineage Inc. 0.01% 21,077 $1.2M Reduce -37.5%
GH Guardant Health Inc. 0.01% 37,287 $1.1M No change
TEM Tempus AI Inc. Class A 0.01% 29,948 $1.0M No change
ENSG The Ensign Group Inc. 0.01% 7,294 $969K No change
LMND Lemonade Inc. 0.01% 24,459 $897K No change
DNLI Denali Therapeutics Inc. 0.01% 43,769 $892K No change
YETI Yeti Holdings Inc. filed as YETI HLDGS INC 0.01% 20,412 $786K No change
WPM Wheaton Precious Metals Corp. 0.01% 13,870 $780K New
ODD Oddity Tech Ltd. Class A 0.01% 16,686 $701K No change
DB Deutsche Bank AG-Registered 0.01% 40,261 $686K No change
TRMD Torm PLC-A 0.01% 34,450 $670K No change
TBBB BBB Foods Inc. Class A 0.01% 23,010 $651K Reduce -87.6%
WNS WNS Holdings Ltd. filed as WNS HLDGS LTD 0.01% 12,596 $597K No change
SPT Sprout Social Inc. Class A 0.01% 19,035 $585K No change
MMYT Makemytrip Ltd. 0.01% 4,908 $551K New
RIVN Rivian Automotive Inc. Class A 0.01% 41,115 $547K No change
TEVA Teva Pharmaceutical-SP ADR 0.00% 21,180 $467K No change
TX Ternium SA-Sponsored ADR 0.00% 15,791 $459K No change
VTEX Vtex Class A 0.00% 52,238 $308K Add +15.1%
CIG Cia Energetica DE-Spon ADR 0.00% 172,995 $306K No change
RXRX Recursion Pharmaceuticals-A 0.00% 44,679 $302K No change
CYBR Cyberark Software Ltd./Israel 0.00% 789 $263K No change
YALA Yalla Group Ltd. 0.00% 63,751 $259K No change
EXPE Expedia Group Inc. 0.00% 1,371 $255K Reduce -83.2%
TECK Teck Resources Ltd.-CLS B 0.00% 5,669 $230K New
WIX Wix.com Ltd. 0.00% 1,036 $222K No change
GRAB Grab Holdings Ltd. Class A 0.00% 40,353 $190K New
MNDY Monday.com Ltd. 0.00% 793 $187K New
GRVY Gravity Co. Ltd.-Sponsored ADR 0.00% 2,803 $177K No change
HIMX Himax Technologies Inc.-ADR 0.00% 22,010 $177K No change
IFS Intercorp Financial Services 0.00% 5,280 $155K New
EA Electronic Arts Inc. 0.00% 1,014 $148K Reduce -86.3%
OR Osisko Gold Royalties Ltd. 0.00% 7,215 $131K New
EQNR Equinor ASA-Spon ADR 0.00% 4,587 $109K No change
AGI Alamos Gold Inc. Class A 0.00% 5,595 $103K No change
LOGI Logitech International-Reg 0.00% 1,232 $101K Add +89.3%
TV Grupo Televisa SA-Spon ADR 0.00% 49,904 $84K New
GRTUF Granite Real Estate Investme 0.00% 1,549 $75K No change
TAK Takeda Pharmaceutic-SP ADR 0.00% 5,630 $75K No change
CCU Cia Cervecerias Uni-Spon ADR filed as COMPANIA CERVECERIAS UNIDAS 0.00% 5,694 $65K No change
NVMI Nova Ltd. 0.00% 288 $57K No change
DNA Ginkgo Bioworks Holdings Inc. 0.00% 5,432 $53K No change
SANA Sana Biotechnology Inc. 0.00% 29,456 $48K No change
ZIM Zim Integrated Shipping Serv 0.00% 2,106 $45K New
GIB Cgi Inc. 0.00% 375 $41K Reduce -86.9%
Other holdings (6): bonds, preferreds, convertibles and warrants · $1.7B (not counted above)
SecurityClassShares / PrincipalValueChange
VGIT Vanguard Intermediate-Term T INTER TERM TREAS · principal 21,485,000$1.2BNo change
HYLB Xtrackers Usd High Yield Cor XTRACK USD HIGH · principal 12,732,000$459.4MNo change
VNQ Vanguard Real Estate ETF REAL ESTATE ETF · principal 153,404$13.7MAdd +58.8%
CONMED CORP (CNMD 2.25 06/15/27) NOTE 2.250% 6/1 · principal 6,000,000$5.6MNew
ANYWHERE RE GRP/REALOGY (HOUS 0.25 06/15/26) NOTE 0.250% 6/1 · principal 2,000,000$1.8MNo change
BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A · principal 100,000$62KNew

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

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 507$10.8BNVDA, AAPL, MSFT, AMZN, GOOG
Q1 2026 489$9.6BNVDA, AAPL, MSFT, AMZN, IAU
Q4 2025 492$10.5BMSFT, NVDA, AAPL, AMZN, GOOG
Q3 2025 503$10.6BNVDA, MSFT, AAPL, AMZN, VEA
Q2 2025 519$10.4BMSFT, NVDA, AAPL, AMZN, VEA
Q1 2025 259$9.1BMSFT, RSP, AAPL, NVDA, AMZN
Q4 2024Amended 305$10.0BNVDA, AAPL, MSFT, AMZN, RSP
Q3 2024 329$9.8BNVDA, AAPL, MSFT, RSP, AMZN
Q2 2024 310$9.1BNVDA, AAPL, MSFT, AMZN, GOOG
Q1 2024 322$9.1BVOO, MSFT, NVDA, AAPL, AMZN