Employees Retirement System of Texas
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 13, 2025), Employees Retirement System of Texas reported 259 stock positions worth $9.1 billion. Its top holding was Microsoft (MSFT) at 5.1% of the portfolio, followed by Invesco S&P 500 Equal Weight (RSP, 5.0%) and Apple (AAPL, 4.8%). Compared with Q4 2024, it opened 35 new positions, sold out of 81, added to 70 and reduced 99. The biggest buy was a new position in SS SPDR S&P 500 ETF Trust-US (SPY) and the biggest sale an exit from Alphabet Class C (GOOG).
- Most Recent 13F
- Q2 2026
- Location
- AUSTIN, TX
- CIK
- 0001398739
- Portfolio Value
- $9.1B (Q1 2025)
- SEC Filing
- 0001398739-25-000011 ↗ filed May 13, 2025
Holdings Value
Holdings 259 stocks · $9.1B
| MSFT Microsoft Corp. | 5.05% | 1,230,429 | $461.9M | Add +26.9% |
| RSP Invesco S&P 500 Equal Weight | 4.98% | 2,629,372 | $455.5M | Add +27.9% |
| AAPL Apple Inc. | 4.75% | 1,955,831 | $434.4M | Reduce -1.1% |
| NVDA Nvidia Corp. | 4.50% | 3,793,638 | $411.2M | Reduce -5.1% |
| AMZN Amazon.com Inc. | 3.44% | 1,654,644 | $314.8M | Reduce -6.4% |
| VEA Vanguard Ftse Developed ETF | 3.13% | 5,629,961 | $286.2M | Add +51.9% |
| META Meta Platforms Inc. Class A | 2.37% | 375,022 | $216.1M | Reduce -11.0% |
| JPM JPMorgan Chase & Co. | 1.98% | 737,500 | $180.9M | Reduce -3.7% |
| LLY Eli Lilly & Co. | 1.97% | 218,356 | $180.3M | Add +6.4% |
| MA Mastercard Inc. Class A | 1.81% | 302,059 | $165.6M | Reduce -6.1% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.64% | 268,300 | $150.1M | New |
| AVGO Broadcom Inc. | 1.62% | 886,030 | $148.3M | Reduce -6.3% |
| XOM Exxon Mobil Corp. | 1.38% | 1,063,953 | $126.5M | Add +6.2% |
| UNH Unitedhealth Group Inc. | 1.27% | 221,800 | $116.2M | Reduce -7.0% |
| KO The Coca-Cola Co. | 1.26% | 1,614,000 | $115.6M | Add +30.7% |
| PLD Prologis Inc. | 1.21% | 992,438 | $110.9M | Add +3.4% |
| TSLA Tesla Inc. | 1.19% | 421,356 | $109.2M | Reduce -1.3% |
| WMT Walmart Inc. | 1.19% | 1,241,900 | $109.0M | Reduce -12.8% |
| NFLX Netflix Inc. | 1.17% | 115,046 | $107.3M | Reduce -10.7% |
| PG The Procter & Gamble Co. | 1.09% | 583,557 | $99.5M | Add +7.9% |
| COST Costco Wholesale Corp. | 1.08% | 104,549 | $98.9M | Reduce -6.8% |
| PH Parker Hannifin Corp. | 1.05% | 157,869 | $96.0M | Add +10.3% |
| TMUS T-Mobile US Inc. | 1.01% | 345,637 | $92.2M | Reduce -8.1% |
| EQIX Equinix Inc. | 0.96% | 107,919 | $88.0M | Add +39.5% |
| AZO AutoZone Inc. | 0.91% | 21,800 | $83.1M | Reduce -0.9% |
| TDG Transdigm Group Inc. | 0.91% | 59,929 | $82.9M | Reduce -1.0% |
| HIG Hartford Insurance Group Inc. | 0.90% | 663,300 | $82.1M | Add +16.6% |
| ICE Intercontinental Exchange Inc. | 0.85% | 450,900 | $77.8M | Reduce -1.1% |
| MSI Motorola Solutions Inc. | 0.85% | 177,328 | $77.6M | Add +68.9% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 0.83% | 220,500 | $76.1M | Reduce -1.1% |
| BKNG Booking Holdings Inc. | 0.79% | 15,700 | $72.3M | Add +15.4% |
| GOOGL Alphabet Inc. Class A | 0.79% | 464,168 | $71.8M | Reduce -4.0% |
| XBI SS SPDR S&P Biotech ETF | 0.77% | 867,172 | $70.3M | Reduce -1.1% |
| UBER Uber Technologies Inc. | 0.76% | 958,008 | $69.8M | New |
| TMO Thermo Fisher Scientific Inc. | 0.75% | 138,500 | $68.9M | Add +6.8% |
| ETN Eaton Corp. PLC | 0.75% | 251,482 | $68.4M | Add +17.7% |
| VTR Ventas Inc. | 0.73% | 967,029 | $66.5M | Add +275.0% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.73% | 544,500 | $66.3M | Reduce -10.2% |
| WEC WEC Energy Group Inc. | 0.72% | 606,390 | $66.1M | Add +54.3% |
| PANW Palo Alto Networks Inc. | 0.72% | 387,174 | $66.1M | Reduce -8.6% |
| NOW ServiceNow Inc. | 0.72% | 82,672 | $65.8M | Reduce -28.2% |
| WM Waste Management Inc. | 0.71% | 282,018 | $65.3M | Add +18.0% |
| LPLA LPL Financial Holdings Inc. | 0.71% | 197,600 | $64.6M | Reduce -14.6% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.70% | 1,519,785 | $63.5M | Reduce -4.5% |
| SCHW Schwab (charles) Corp. | 0.68% | 797,000 | $62.4M | New |
| ZTS Zoetis Inc. | 0.68% | 377,400 | $62.1M | Add +20.2% |
| ETR Entergy Corp. | 0.68% | 726,641 | $62.1M | Reduce -39.0% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.68% | 626,334 | $61.8M | Reduce -7.8% |
| NEM Newmont Corp. | 0.67% | 1,260,942 | $60.9M | Reduce -1.1% |
| NI Nisource Inc. | 0.65% | 1,483,561 | $59.5M | Reduce -28.2% |
| BSX Boston Scientific Corp. | 0.65% | 589,500 | $59.5M | Reduce -1.1% |
| DHR Danaher Corp. | 0.65% | 289,900 | $59.4M | Add +20.6% |
| SYK Stryker Corp. | 0.64% | 158,200 | $58.9M | Reduce -1.1% |
| ACN Accenture PLC Class A | 0.64% | 188,323 | $58.8M | Reduce -24.2% |
| CDNS Cadence Design SYS Inc. | 0.64% | 229,546 | $58.4M | Add +21.4% |
| CL Colgate-Palmolive Co. | 0.64% | 622,712 | $58.3M | Add +7.6% |
| MELI MercadoLibre Inc. | 0.64% | 29,900 | $58.3M | Reduce -1.0% |
| VRTX Vertex Pharmaceuticals Inc. | 0.64% | 120,200 | $58.3M | Reduce -1.1% |
| BA The Boeing Co. | 0.62% | 333,379 | $56.9M | New |
| FITB Fifth Third Bancorp | 0.61% | 1,417,400 | $55.6M | Reduce -1.1% |
| SBAC SBA Communications Corp. | 0.60% | 249,549 | $54.9M | Add +6.1% |
| AXP American Express Co. | 0.60% | 203,600 | $54.8M | Reduce -9.2% |
| MCK McKesson Corp. | 0.60% | 81,300 | $54.7M | Reduce -1.1% |
| NXPI NXP Semiconductors NV | 0.60% | 287,322 | $54.6M | Add +8.2% |
| ALLY Ally Financial Inc. | 0.59% | 1,472,100 | $53.7M | Reduce -1.1% |
| LOW Lowe's Cos Inc. | 0.58% | 228,400 | $53.3M | Reduce -1.1% |
| MNDY Monday.com Ltd. | 0.58% | 217,864 | $53.0M | Add +27373.4% |
| LNG Cheniere Energy Inc. | 0.58% | 228,173 | $52.8M | Reduce -34.2% |
| FCX Freeport-McMoran Inc. | 0.57% | 1,384,202 | $52.4M | Reduce -7.0% |
| RCL Royal Caribbean Cruises Ltd. | 0.56% | 247,200 | $50.8M | Reduce -1.1% |
| MS Morgan Stanley | 0.55% | 432,800 | $50.5M | Reduce -17.1% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.55% | 226,425 | $50.2M | No change |
| MDLZ Mondelez International Inc. Class A | 0.54% | 732,700 | $49.7M | Reduce -28.1% |
| CMG Chipotle Mexican Grill Inc. | 0.54% | 988,500 | $49.6M | Reduce -1.1% |
| WELL Welltower Inc. | 0.53% | 313,507 | $48.0M | Reduce -2.0% |
| FMX Fomento Economico Mex-SP ADR | 0.52% | 483,949 | $47.2M | Reduce -0.5% |
| VRT Vertiv Holdings Co. Class A | 0.51% | 651,033 | $47.0M | Add +42.1% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.50% | 130,420 | $46.0M | Reduce -29.0% |
| ODFL Old Dominion Freight Line | 0.49% | 273,219 | $45.2M | Add +25.6% |
| MU Micron Technology Inc. | 0.49% | 518,044 | $45.0M | Reduce -4.2% |
| ET Energy Transfer LP | 0.48% | 2,384,424 | $44.3M | New |
| KKR KKR & Co. Inc. | 0.45% | 358,300 | $41.4M | Add +2682.1% |
| ICLR Icon PLC | 0.43% | 223,200 | $39.1M | Reduce -1.1% |
| DDOG Datadog Inc. Class A | 0.39% | 357,844 | $35.5M | Reduce -41.9% |
| BRBR Bellring Brands Inc. | 0.37% | 450,700 | $33.6M | New |
| SPG Simon Property Group Inc. | 0.30% | 164,942 | $27.4M | Add +7.4% |
| PM Philip Morris International | 0.30% | 170,972 | $27.1M | No change |
| TOL Toll Brothers Inc. | 0.29% | 247,100 | $26.1M | Reduce -1.1% |
| PSA Public Storage | 0.28% | 85,183 | $25.5M | Add +14.2% |
| DLR Digital Realty Trust Inc. | 0.26% | 162,999 | $23.4M | Reduce -6.9% |
| T AT&T Inc. | 0.25% | 819,459 | $23.2M | Reduce -37.2% |
| CB Chubb Ltd. | 0.22% | 67,647 | $20.4M | Add +70.8% |
| VZ Verizon Communications Inc. | 0.18% | 372,576 | $16.9M | Add +357.6% |
| PGR Progressive Corp. | 0.18% | 59,544 | $16.9M | Add +72.4% |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 0.18% | 507,348 | $16.6M | New |
| EXR Extra Space Storage Inc. | 0.18% | 108,507 | $16.1M | Reduce -8.6% |
| AEP American Electric Power | 0.17% | 141,935 | $15.5M | Add +28.8% |
| AVB Avalonbay Communities Inc. | 0.17% | 72,133 | $15.5M | Reduce -14.1% |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 0.16% | 172,324 | $14.8M | Add +32.0% |
| CI The Cigna Group | 0.15% | 41,362 | $13.6M | Add +16.7% |
Other holdings (5): bonds, preferreds, convertibles and warrants · $1.9B (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| VGIT Vanguard Intermediate-Term T | INTER TERM TREAS · principal | 23,875,000 | $1.4B | Add +11.1% |
| HYLB Xtrackers Usd High Yield Cor | XTRACK USD HIGH · principal | 12,732,000 | $460.3M | No change |
| CONMED CORP (CNMD 2.25 06/15/27) | NOTE 2.250% 6/1 · principal | 6,000,000 | $5.7M | No change |
| ANYWHERE RE GRP/REALOGY (HOUS 0.25 06/15/26) | NOTE 0.250% 6/1 · principal | 2,000,000 | $1.9M | No change |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A · principal | 100,000 | $59K | No change |
Total filed on the 13F, all lines: $11.0B.
Portfolio Sells Q4 2024 → Q1 2025
| GOOG Alphabet Inc. Class C | Sold out | 0.00% | −2.74 |
| CRM Salesforce Inc. | Sold out | 0.00% | −1.08 |
| NVDA Nvidia Corp. | Reduce -5.1% | 4.50% | −0.88 |
| HON Honeywell International Inc. | Sold out | 0.00% | −0.86 |
| WFC Wells Fargo & Co. | Sold out | 0.00% | −0.86 |
| MDY State Street SPDR S&P Midcap | Sold out | 0.00% | −0.81 |
| MRK Merck & Co. Inc. | Sold out | 0.00% | −0.74 |
| INTU Intuit Inc. | Sold out | 0.00% | −0.69 |
| GLOB Globant SA | Sold out | 0.00% | −0.60 |
| AMP Ameriprise Financial Inc. | Reduce -99.5% | 0.00% | −0.58 |
| AVGO Broadcom Inc. | Reduce -6.3% | 1.62% | −0.57 |
| TSLA Tesla Inc. | Reduce -1.3% | 1.19% | −0.53 |
| NOW ServiceNow Inc. | Reduce -28.2% | 0.72% | −0.50 |
| DDOG Datadog Inc. Class A | Reduce -41.9% | 0.39% | −0.49 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -99.5% | 0.00% | −0.49 |
| STZ Constellation Brands Inc. Class A | Sold out | 0.00% | −0.47 |
| AMZN Amazon.com Inc. | Reduce -6.4% | 3.44% | −0.44 |
| MNST Monster Beverage Corp. | Sold out | 0.00% | −0.37 |
| O Realty Income Corp. | Sold out | 0.00% | −0.26 |
| ACN Accenture PLC Class A | Reduce -24.2% | 0.64% | −0.23 |
| ETR Entergy Corp. | Reduce -39.0% | 0.68% | −0.23 |
| APP AppLovin Corp. Class A | Sold out | 0.00% | −0.22 |
| AAPL Apple Inc. | Reduce -1.1% | 4.75% | −0.21 |
| LNG Cheniere Energy Inc. | Reduce -34.2% | 0.58% | −0.17 |
| GOOGL Alphabet Inc. Class A | Reduce -4.0% | 0.79% | −0.13 |
| CRWD CrowdStrike Holdings Inc. Class A | Reduce -29.0% | 0.50% | −0.13 |
| C Citigroup Inc. | Sold out | 0.00% | −0.12 |
| ESS Essex Property Trust Inc. | Sold out | 0.00% | −0.12 |
| NI Nisource Inc. | Reduce -28.2% | 0.65% | −0.11 |
| META Meta Platforms Inc. Class A | Reduce -11.0% | 2.37% | −0.11 |
| MS Morgan Stanley | Reduce -17.1% | 0.55% | −0.10 |
| WMT Walmart Inc. | Reduce -12.8% | 1.19% | −0.10 |
| SO The Southern Co. | Sold out | 0.00% | −0.09 |
| KR Kroger Co. | Sold out | 0.00% | −0.09 |
| EG Everest Group Ltd. | Sold out | 0.00% | −0.09 |
| DIS The Walt Disney Co. | Reduce -7.8% | 0.68% | −0.08 |
| GPN Global Payments Inc. | Sold out | 0.00% | −0.08 |
| GM General Motors Co. | Sold out | 0.00% | −0.07 |
| INVH Invitation Homes Inc. | Sold out | 0.00% | −0.07 |
| DAL Delta Air Lines Inc. | Sold out | 0.00% | −0.07 |
| TTD Trade Desk Inc./the Class A | Reduce -40.7% | 0.03% | −0.07 |
| BAC Bank of America Corp. | Sold out | 0.00% | −0.07 |
| CVS CVS Health Corp. | Sold out | 0.00% | −0.07 |
| AXP American Express Co. | Reduce -9.2% | 0.60% | −0.07 |
| MDLZ Mondelez International Inc. Class A | Reduce -28.1% | 0.54% | −0.07 |
| NVO Novo-Nordisk A/S-Spons ADR | Sold out | 0.00% | −0.06 |
| AER Aercap Holdings NV | Sold out | 0.00% | −0.06 |
| CMG Chipotle Mexican Grill Inc. | Reduce -1.1% | 0.54% | −0.06 |
| DLR Digital Realty Trust Inc. | Reduce -6.9% | 0.26% | −0.06 |
| DG Dollar General Corp. | Sold out | 0.00% | −0.05 |
Portfolio Buys Q4 2024 → Q1 2025
| SPY SS SPDR S&P 500 ETF Trust-US | New | 1.64% | +1.64 |
| RSP Invesco S&P 500 Equal Weight | Add +27.9% | 4.98% | +1.37 |
| VEA Vanguard Ftse Developed ETF | Add +51.9% | 3.13% | +1.36 |
| MSFT Microsoft Corp. | Add +26.9% | 5.05% | +0.96 |
| UBER Uber Technologies Inc. | New | 0.76% | +0.76 |
| SCHW Schwab (charles) Corp. | New | 0.68% | +0.68 |
| BA The Boeing Co. | New | 0.62% | +0.62 |
| MNDY Monday.com Ltd. | Add +27373.4% | 0.58% | +0.58 |
| VTR Ventas Inc. | Add +275.0% | 0.73% | +0.58 |
| KO The Coca-Cola Co. | Add +30.7% | 1.26% | +0.49 |
| ET Energy Transfer LP | New | 0.48% | +0.48 |
| KKR KKR & Co. Inc. | Add +2682.1% | 0.45% | +0.43 |
| LLY Eli Lilly & Co. | Add +6.4% | 1.97% | +0.39 |
| BRBR Bellring Brands Inc. | New | 0.37% | +0.37 |
| MSI Motorola Solutions Inc. | Add +68.9% | 0.85% | +0.36 |
| WEC WEC Energy Group Inc. | Add +54.3% | 0.72% | +0.35 |
| XOM Exxon Mobil Corp. | Add +6.2% | 1.38% | +0.30 |
| HIG Hartford Insurance Group Inc. | Add +16.6% | 0.90% | +0.27 |
| EQIX Equinix Inc. | Add +39.5% | 0.96% | +0.23 |
| WM Waste Management Inc. | Add +18.0% | 0.71% | +0.23 |
| PLD Prologis Inc. | Add +3.4% | 1.21% | +0.20 |
| VICI Vici Properties Inc. | New | 0.18% | +0.18 |
| PG The Procter & Gamble Co. | Add +7.9% | 1.09% | +0.18 |
| ZTS Zoetis Inc. | Add +20.2% | 0.68% | +0.17 |
| VZ Verizon Communications Inc. | Add +357.6% | 0.18% | +0.15 |
| PH Parker Hannifin Corp. | Add +10.3% | 1.05% | +0.14 |
| AIG American International Group | New | 0.13% | +0.13 |
| DUK Duke Energy Corp. | New | 0.13% | +0.13 |
| SBAC SBA Communications Corp. | Add +6.1% | 0.60% | +0.12 |
| BKNG Booking Holdings Inc. | Add +15.4% | 0.79% | +0.11 |
| CB Chubb Ltd. | Add +70.8% | 0.22% | +0.11 |
| CL Colgate-Palmolive Co. | Add +7.6% | 0.64% | +0.11 |
| GE General Electric | New | 0.11% | +0.11 |
| ODFL Old Dominion Freight Line | Add +25.6% | 0.49% | +0.11 |
| PGR Progressive Corp. | Add +72.4% | 0.18% | +0.10 |
| DHR Danaher Corp. | Add +20.6% | 0.65% | +0.10 |
| BUD Anheuser-Busch Inbev-SPN ADR | New | 0.10% | +0.10 |
| IBM Intl Business Machines Corp. | New | 0.09% | +0.09 |
| CVX Chevron Corp. | Add +283.5% | 0.10% | +0.08 |
| TMO Thermo Fisher Scientific Inc. | Add +6.8% | 0.75% | +0.08 |
| CDNS Cadence Design SYS Inc. | Add +21.4% | 0.64% | +0.07 |
| AEP American Electric Power | Add +28.8% | 0.17% | +0.07 |
| PSA Public Storage | Add +14.2% | 0.28% | +0.06 |
| MAA Mid-America Apartment Comm | Add +47.5% | 0.12% | +0.05 |
| NVS Novartis AG-Sponsored ADR | New | 0.05% | +0.05 |
| ITUB Itau Unibanco H-Spon PRF ADR | New | 0.05% | +0.05 |
| CI The Cigna Group | Add +16.7% | 0.15% | +0.05 |
| BRX Brixmor Property Group Inc. | New | 0.05% | +0.05 |
| WPC WP Carey Inc. | Add +58.1% | 0.09% | +0.05 |
| NXPI NXP Semiconductors NV | Add +8.2% | 0.60% | +0.04 |
Notes & Other Activity Q4 2024 → Q1 2025
| VGIT Vanguard Intermediate-Term T | INTER TERM TREAS · principal | Add +11.1% | 23,875,000 | $1.4B |
| VNQ Vanguard Real Estate ETF | REAL ESTATE ETF · principal | Sold out | 153,404 | $13.7Mbefore exit |
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 |