Employees Retirement System of Texas
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Employees Retirement System of Texas reported 519 stock positions worth $10.4 billion. Its top holding was Microsoft (MSFT) at 6.1% of the portfolio, followed by Nvidia (NVDA, 5.7%) and Apple (AAPL, 4.8%). Compared with Q1 2025, it opened 302 new positions, sold out of 42, added to 76 and reduced 93. The biggest buy was a new position in Alphabet Class C (GOOG) and the biggest sale an exit from Invesco S&P 500 Equal Weight (RSP).
- Most Recent 13F
- Q2 2026
- Location
- AUSTIN, TX
- CIK
- 0001398739
- Portfolio Value
- $10.4B (Q2 2025)
- SEC Filing
- 0001398739-25-000013 ↗ filed Aug 13, 2025
Holdings Value
Holdings 519 stocks · $10.4B
| MSFT Microsoft Corp. | 6.13% | 1,279,514 | $636.4M | Add +4.0% |
| NVDA Nvidia Corp. | 5.73% | 3,768,129 | $595.3M | Reduce -0.7% |
| AAPL Apple Inc. | 4.77% | 2,414,514 | $495.4M | Add +23.4% |
| AMZN Amazon.com Inc. | 3.72% | 1,762,977 | $386.8M | Add +6.5% |
| VEA Vanguard Ftse Developed ETF | 3.67% | 6,687,831 | $381.3M | Add +18.8% |
| META Meta Platforms Inc. Class A | 3.10% | 435,738 | $321.6M | Add +16.2% |
| GOOG Alphabet Inc. Class C | 2.20% | 1,288,320 | $228.5M | New |
| AVGO Broadcom Inc. | 2.18% | 823,030 | $226.9M | Reduce -7.1% |
| MA Mastercard Inc. Class A | 1.78% | 329,492 | $185.2M | Add +9.1% |
| JPM JPMorgan Chase & Co. | 1.72% | 614,600 | $178.2M | Reduce -16.7% |
| NFLX Netflix Inc. | 1.54% | 119,355 | $159.8M | Add +3.8% |
| LLY Eli Lilly & Co. | 1.51% | 201,300 | $156.9M | Reduce -7.8% |
| PANW Palo Alto Networks Inc. | 1.46% | 743,245 | $152.1M | Add +92.0% |
| TSLA Tesla Inc. | 1.25% | 410,356 | $130.4M | Reduce -2.6% |
| KO The Coca-Cola Co. | 1.18% | 1,735,949 | $122.8M | Add +7.6% |
| XOM Exxon Mobil Corp. | 1.17% | 1,123,213 | $121.1M | Add +5.6% |
| WMT Walmart Inc. | 1.14% | 1,208,400 | $118.2M | Reduce -2.7% |
| PLD Prologis Inc. | 1.12% | 1,106,209 | $116.3M | Add +11.5% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 1.05% | 2,306,333 | $109.1M | New |
| PH Parker Hannifin Corp. | 1.03% | 153,669 | $107.3M | Reduce -2.7% |
| COST Costco Wholesale Corp. | 1.00% | 104,549 | $103.5M | No change |
| BKNG Booking Holdings Inc. | 0.98% | 17,638 | $102.1M | Add +12.3% |
| ICE Intercontinental Exchange Inc. | 0.94% | 530,214 | $97.3M | Add +17.6% |
| UBER Uber Technologies Inc. | 0.92% | 1,019,708 | $95.1M | Add +6.4% |
| UNH Unitedhealth Group Inc. | 0.87% | 289,960 | $90.5M | Add +30.7% |
| MELI MercadoLibre Inc. | 0.86% | 34,173 | $89.3M | Add +14.3% |
| PG The Procter & Gamble Co. | 0.85% | 551,636 | $87.9M | Reduce -5.5% |
| GOOGL Alphabet Inc. Class A | 0.84% | 494,098 | $87.1M | Add +6.5% |
| BA The Boeing Co. | 0.84% | 415,446 | $87.0M | Add +24.6% |
| EQIX Equinix Inc. | 0.81% | 106,155 | $84.4M | Reduce -1.6% |
| HD Home Depot Inc. | 0.79% | 224,951 | $82.5M | New |
| HIG Hartford Insurance Group Inc. | 0.79% | 647,747 | $82.2M | Reduce -2.3% |
| VRT Vertiv Holdings Co. Class A | 0.79% | 636,355 | $81.7M | Reduce -2.3% |
| TMUS T-Mobile US Inc. | 0.78% | 340,263 | $81.1M | Reduce -1.6% |
| SYK Stryker Corp. | 0.77% | 201,800 | $79.8M | Add +27.6% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.77% | 641,858 | $79.6M | Add +2.5% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.73% | 611,960 | $75.6M | Add +12.4% |
| AZO AutoZone Inc. | 0.72% | 20,136 | $74.7M | Reduce -7.6% |
| NOW ServiceNow Inc. | 0.71% | 71,492 | $73.5M | Reduce -13.5% |
| MSI Motorola Solutions Inc. | 0.70% | 173,968 | $73.1M | Reduce -1.9% |
| SCHW Schwab (charles) Corp. | 0.69% | 788,797 | $72.0M | Reduce -1.0% |
| XBI SS SPDR S&P Biotech ETF | 0.68% | 853,372 | $70.8M | Reduce -1.6% |
| WEC WEC Energy Group Inc. | 0.68% | 677,533 | $70.6M | Add +11.7% |
| FCX Freeport-McMoran Inc. | 0.67% | 1,602,416 | $69.5M | Add +15.8% |
| CDNS Cadence Design SYS Inc. | 0.66% | 223,446 | $68.9M | Reduce -2.7% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 0.66% | 214,600 | $68.7M | Reduce -2.7% |
| MNST Monster Beverage Corp. | 0.66% | 1,089,652 | $68.3M | New |
| MNDY Monday.com Ltd. | 0.64% | 212,064 | $66.7M | Reduce -2.7% |
| WM Waste Management Inc. | 0.62% | 282,278 | $64.6M | Add +0.1% |
| ETN Eaton Corp. PLC | 0.62% | 179,933 | $64.2M | Reduce -28.4% |
| ZTS Zoetis Inc. | 0.61% | 408,020 | $63.6M | Add +8.1% |
| AXP American Express Co. | 0.61% | 198,200 | $63.2M | Reduce -2.6% |
| MU Micron Technology Inc. | 0.60% | 504,144 | $62.1M | Reduce -2.7% |
| ANET Arista Networks Inc. | 0.59% | 597,844 | $61.2M | New |
| NEM Newmont Corp. | 0.59% | 1,049,119 | $61.1M | Reduce -16.8% |
| LPLA LPL Financial Holdings Inc. | 0.59% | 163,000 | $61.1M | Reduce -17.5% |
| NXPI NXP Semiconductors NV | 0.59% | 279,722 | $61.1M | Reduce -2.6% |
| BSX Boston Scientific Corp. | 0.58% | 559,851 | $60.1M | Reduce -5.0% |
| VTR Ventas Inc. | 0.57% | 941,704 | $59.5M | Reduce -2.6% |
| MS Morgan Stanley | 0.57% | 421,200 | $59.3M | Reduce -2.7% |
| FLUT Flutter Entertainment PLC-Di | 0.57% | 206,687 | $59.1M | New |
| CL Colgate-Palmolive Co. | 0.56% | 645,221 | $58.7M | Add +3.6% |
| SBAC SBA Communications Corp. | 0.55% | 244,965 | $57.5M | Reduce -1.8% |
| DHR Danaher Corp. | 0.55% | 290,522 | $57.4M | Add +0.2% |
| FITB Fifth Third Bancorp | 0.55% | 1,379,100 | $56.7M | Reduce -2.7% |
| TMO Thermo Fisher Scientific Inc. | 0.54% | 139,394 | $56.5M | Add +0.7% |
| CMG Chipotle Mexican Grill Inc. | 0.54% | 996,912 | $56.0M | Add +0.8% |
| ALLY Ally Financial Inc. | 0.54% | 1,434,083 | $55.9M | Reduce -2.6% |
| MCK McKesson Corp. | 0.52% | 73,849 | $54.1M | Reduce -9.2% |
| LNG Cheniere Energy Inc. | 0.52% | 222,073 | $54.1M | Reduce -2.7% |
| DDOG Datadog Inc. Class A | 0.52% | 401,711 | $54.0M | Add +12.3% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.52% | 226,425 | $53.7M | No change |
| ET Energy Transfer LP | 0.51% | 2,911,657 | $52.8M | Add +22.1% |
| FMX Fomento Economico Mex-SP ADR | 0.48% | 480,355 | $49.5M | Reduce -0.7% |
| ETR Entergy Corp. | 0.47% | 592,564 | $49.3M | Reduce -18.4% |
| MDLZ Mondelez International Inc. Class A | 0.47% | 723,777 | $48.8M | Reduce -1.2% |
| NI Nisource Inc. | 0.47% | 1,199,262 | $48.4M | Reduce -19.2% |
| ODFL Old Dominion Freight Line | 0.46% | 292,219 | $47.4M | Add +7.0% |
| WELL Welltower Inc. | 0.45% | 305,591 | $47.0M | Reduce -2.5% |
| KKR KKR & Co. Inc. | 0.45% | 348,700 | $46.4M | Reduce -2.7% |
| TDG Transdigm Group Inc. | 0.42% | 28,949 | $44.0M | Reduce -51.7% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.39% | 1,195,407 | $40.4M | Reduce -21.3% |
| PM Philip Morris International | 0.38% | 215,596 | $39.3M | Add +26.1% |
| ICLR Icon PLC | 0.31% | 219,700 | $32.0M | Reduce -1.6% |
| O Realty Income Corp. | 0.25% | 446,183 | $25.7M | New |
| BRBR Bellring Brands Inc. | 0.25% | 440,410 | $25.5M | Reduce -2.3% |
| T AT&T Inc. | 0.24% | 877,572 | $25.4M | Add +7.1% |
| IBB iShares Biotechnology ETF | 0.24% | 198,000 | $25.0M | New |
| SPG Simon Property Group Inc. | 0.24% | 154,442 | $24.8M | Reduce -6.4% |
| DLR Digital Realty Trust Inc. | 0.24% | 141,999 | $24.8M | Reduce -12.9% |
| ADBE Adobe Inc. | 0.19% | 51,671 | $20.0M | New |
| PSA Public Storage | 0.19% | 68,083 | $20.0M | Reduce -20.1% |
| CB Chubb Ltd. | 0.19% | 68,462 | $19.8M | Add +1.2% |
| MO Altria Group Inc. | 0.18% | 315,502 | $18.5M | Add +76.4% |
| VZ Verizon Communications Inc. | 0.17% | 414,240 | $17.9M | Add +11.2% |
| PGR Progressive Corp. | 0.15% | 60,217 | $16.1M | Add +1.1% |
| EXR Extra Space Storage Inc. | 0.15% | 106,507 | $15.7M | Reduce -1.8% |
| AEP American Electric Power | 0.14% | 141,935 | $14.7M | No change |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 0.14% | 451,577 | $14.7M | Reduce -11.0% |
| AVB Avalonbay Communities Inc. | 0.14% | 72,242 | $14.7M | Add +0.1% |
Other holdings (4): 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 | No change |
| HYLB Xtrackers Usd High Yield Cor | XTRACK USD HIGH · principal | 12,732,000 | $470.1M | 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 | $2.0M | No change |
Total filed on the 13F, all lines: $12.3B.
Portfolio Sells Q1 2025 → Q2 2025
| RSP Invesco S&P 500 Equal Weight | Sold out | 0.00% | −4.98 |
| SPY SS SPDR S&P 500 ETF Trust-US | Sold out | 0.00% | −1.64 |
| ACN Accenture PLC Class A | Sold out | 0.00% | −0.64 |
| VRTX Vertex Pharmaceuticals Inc. | Sold out | 0.00% | −0.64 |
| LOW Lowe's Cos Inc. | Reduce -97.9% | 0.01% | −0.57 |
| RCL Royal Caribbean Cruises Ltd. | Sold out | 0.00% | −0.56 |
| TDG Transdigm Group Inc. | Reduce -51.7% | 0.42% | −0.48 |
| LLY Eli Lilly & Co. | Reduce -7.8% | 1.51% | −0.46 |
| CRWD CrowdStrike Holdings Inc. Class A | Reduce -92.0% | 0.05% | −0.45 |
| SLB SLB Ltd. | Reduce -21.3% | 0.39% | −0.31 |
| TOL Toll Brothers Inc. | Sold out | 0.00% | −0.29 |
| JPM JPMorgan Chase & Co. | Reduce -16.7% | 1.72% | −0.26 |
| PG The Procter & Gamble Co. | Reduce -5.5% | 0.85% | −0.24 |
| TMUS T-Mobile US Inc. | Reduce -1.6% | 0.78% | −0.23 |
| ETR Entergy Corp. | Reduce -18.4% | 0.47% | −0.21 |
| AZO AutoZone Inc. | Reduce -7.6% | 0.72% | −0.19 |
| NI Nisource Inc. | Reduce -19.2% | 0.47% | −0.19 |
| AJG Arthur J Gallagher & Co. | Reduce -2.7% | 0.66% | −0.17 |
| VTR Ventas Inc. | Reduce -2.6% | 0.57% | −0.16 |
| EQIX Equinix Inc. | Reduce -1.6% | 0.81% | −0.15 |
| MSI Motorola Solutions Inc. | Reduce -1.9% | 0.70% | −0.15 |
| ETN Eaton Corp. PLC | Reduce -28.4% | 0.62% | −0.13 |
| BRBR Bellring Brands Inc. | Reduce -2.3% | 0.25% | −0.12 |
| ICLR Icon PLC | Reduce -1.6% | 0.31% | −0.12 |
| LPLA LPL Financial Holdings Inc. | Reduce -17.5% | 0.59% | −0.12 |
| GE General Electric | Sold out | 0.00% | −0.11 |
| HIG Hartford Insurance Group Inc. | Reduce -2.3% | 0.79% | −0.11 |
| EXE Expand Energy Corp. | Reduce -75.0% | 0.03% | −0.11 |
| CVX Chevron Corp. | Sold out | 0.00% | −0.10 |
| BUD Anheuser-Busch Inbev-SPN ADR | Sold out | 0.00% | −0.10 |
| XBI SS SPDR S&P Biotech ETF | Reduce -1.6% | 0.68% | −0.09 |
| PSA Public Storage | Reduce -20.1% | 0.19% | −0.09 |
| MCK McKesson Corp. | Reduce -9.2% | 0.52% | −0.08 |
| NEM Newmont Corp. | Reduce -16.8% | 0.59% | −0.08 |
| NOK Nokia Corp.-Spon ADR | Reduce -87.2% | 0.01% | −0.08 |
| MDLZ Mondelez International Inc. Class A | Reduce -1.2% | 0.47% | −0.07 |
| WELL Welltower Inc. | Reduce -2.5% | 0.45% | −0.07 |
| BSX Boston Scientific Corp. | Reduce -5.0% | 0.58% | −0.07 |
| FITB Fifth Third Bancorp | Reduce -2.7% | 0.55% | −0.06 |
| BCS Barclays PLC-Spons ADR | Sold out | 0.00% | −0.06 |
| SPG Simon Property Group Inc. | Reduce -6.4% | 0.24% | −0.06 |
| BP BP PLC-Spons ADR | Reduce -53.6% | 0.03% | −0.06 |
| LNG Cheniere Energy Inc. | Reduce -2.7% | 0.52% | −0.06 |
| TRGP Targa Resources Corp. | Sold out | 0.00% | −0.06 |
| WMT Walmart Inc. | Reduce -2.7% | 1.14% | −0.06 |
| NVS Novartis AG-Sponsored ADR | Sold out | 0.00% | −0.05 |
| ERIC Ericsson (lm) Tel-SP ADR | Sold out | 0.00% | −0.05 |
| ALLY Ally Financial Inc. | Reduce -2.6% | 0.54% | −0.05 |
| DOC Healthpeak Properties Inc. | Reduce -23.7% | 0.07% | −0.05 |
| SBAC SBA Communications Corp. | Reduce -1.8% | 0.55% | −0.05 |
Portfolio Buys Q1 2025 → Q2 2025
| GOOG Alphabet Inc. Class C | New | 2.20% | +2.20 |
| MSFT Microsoft Corp. | Add +4.0% | 6.13% | +1.07 |
| BAC Bank of America Corp. | New | 1.05% | +1.05 |
| HD Home Depot Inc. | New | 0.79% | +0.79 |
| PANW Palo Alto Networks Inc. | Add +92.0% | 1.46% | +0.74 |
| META Meta Platforms Inc. Class A | Add +16.2% | 3.10% | +0.73 |
| MNST Monster Beverage Corp. | New | 0.66% | +0.66 |
| ANET Arista Networks Inc. | New | 0.59% | +0.59 |
| FLUT Flutter Entertainment PLC-Di | New | 0.57% | +0.57 |
| VEA Vanguard Ftse Developed ETF | Add +18.8% | 3.67% | +0.54 |
| NFLX Netflix Inc. | Add +3.8% | 1.54% | +0.36 |
| AMZN Amazon.com Inc. | Add +6.5% | 3.72% | +0.28 |
| O Realty Income Corp. | New | 0.25% | +0.25 |
| IBB iShares Biotechnology ETF | New | 0.24% | +0.24 |
| MELI MercadoLibre Inc. | Add +14.3% | 0.86% | +0.22 |
| BA The Boeing Co. | Add +24.6% | 0.84% | +0.22 |
| ADBE Adobe Inc. | New | 0.19% | +0.19 |
| BKNG Booking Holdings Inc. | Add +12.3% | 0.98% | +0.19 |
| UBER Uber Technologies Inc. | Add +6.4% | 0.92% | +0.15 |
| DDOG Datadog Inc. Class A | Add +12.3% | 0.52% | +0.13 |
| SYK Stryker Corp. | Add +27.6% | 0.77% | +0.12 |
| TSM Taiwan Semiconductor-SP ADR | New | 0.12% | +0.12 |
| GLOB Globant SA | New | 0.11% | +0.11 |
| CME Cme Group Inc. | New | 0.11% | +0.11 |
| APH Amphenol Corp. Class A | New | 0.10% | +0.10 |
| FCX Freeport-McMoran Inc. | Add +15.8% | 0.67% | +0.10 |
| MRK Merck & Co. Inc. | New | 0.09% | +0.09 |
| EG Everest Group Ltd. | New | 0.09% | +0.09 |
| ESS Essex Property Trust Inc. | New | 0.09% | +0.09 |
| EXC Exelon Corp. | New | 0.09% | +0.09 |
| DIS The Walt Disney Co. | Add +2.5% | 0.77% | +0.09 |
| LIN Linde PLC | New | 0.09% | +0.09 |
| ICE Intercontinental Exchange Inc. | Add +17.6% | 0.94% | +0.09 |
| PM Philip Morris International | Add +26.1% | 0.38% | +0.08 |
| EBAY eBay Inc. | New | 0.08% | +0.08 |
| INVH Invitation Homes Inc. | New | 0.08% | +0.08 |
| ORLY O'reilly Automotive Inc. | New | 0.08% | +0.08 |
| XEL Xcel Energy Inc. | New | 0.07% | +0.07 |
| ADP Automatic Data Processing | New | 0.07% | +0.07 |
| RBLX Roblox Corp. Class A | Add +88.0% | 0.10% | +0.06 |
| FERG Ferguson Enterprises Inc. | New | 0.06% | +0.06 |
| VRSN Verisign Inc. | New | 0.06% | +0.06 |
| MO Altria Group Inc. | Add +76.4% | 0.18% | +0.06 |
| KR Kroger Co. | New | 0.06% | +0.06 |
| BMY Bristol-Myers Squibb Co. | Add +190.3% | 0.12% | +0.06 |
| MCO Moody's Corp. | New | 0.06% | +0.06 |
| MTD Mettler-Toledo International | New | 0.06% | +0.06 |
| FTNT Fortinet Inc. | New | 0.06% | +0.06 |
| CTSH Cognizant Tech Solutions-A | New | 0.06% | +0.06 |
| CMS CMS Energy Corp. | New | 0.06% | +0.06 |
Notes & Other Activity Q1 2025 → Q2 2025
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A · principal | Sold out | 100,000 | $59Kbefore 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 |