Employees Retirement System of Texas
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Employees Retirement System of Texas reported 503 stock positions worth $10.6 billion. Its top holding was Nvidia (NVDA) at 6.6% of the portfolio, followed by Microsoft (MSFT, 6.3%) and Apple (AAPL, 5.9%). Compared with Q2 2025, it opened 79 new positions, sold out of 97, added to 124 and reduced 123. The biggest buy was Apple (AAPL, shares +1%) and the biggest sale Booking (BKNG, shares −87%).
- Most Recent 13F
- Q2 2026
- Location
- AUSTIN, TX
- CIK
- 0001398739
- Portfolio Value
- $10.6B (Q3 2025)
- SEC Filing
- 0001398739-25-000022 ↗ filed Nov 13, 2025
Holdings Value
Holdings 503 stocks · $10.6B
| NVDA Nvidia Corp. | 6.56% | 3,725,494 | $695.1M | Reduce -1.1% |
| MSFT Microsoft Corp. | 6.27% | 1,283,570 | $664.8M | Add +0.3% |
| AAPL Apple Inc. | 5.86% | 2,439,273 | $621.1M | Add +1.0% |
| AMZN Amazon.com Inc. | 3.79% | 1,829,338 | $401.7M | Add +3.8% |
| VEA Vanguard Ftse Developed ETF | 3.78% | 6,687,831 | $400.7M | No change |
| META Meta Platforms Inc. Class A | 2.98% | 430,751 | $316.3M | Reduce -1.1% |
| GOOG Alphabet Inc. Class C | 2.83% | 1,231,120 | $299.8M | Reduce -4.4% |
| AVGO Broadcom Inc. | 2.41% | 774,432 | $255.5M | Reduce -5.9% |
| MA Mastercard Inc. Class A | 2.08% | 388,055 | $220.7M | Add +17.8% |
| TSLA Tesla Inc. | 1.71% | 406,756 | $180.9M | Reduce -0.9% |
| JPM JPMorgan Chase & Co. | 1.64% | 550,700 | $173.7M | Reduce -10.4% |
| LLY Eli Lilly & Co. | 1.33% | 185,300 | $141.4M | Reduce -8.0% |
| NFLX Netflix Inc. | 1.30% | 114,889 | $137.7M | Reduce -3.7% |
| XOM Exxon Mobil Corp. | 1.27% | 1,197,908 | $135.1M | Add +6.7% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 1.25% | 2,562,521 | $132.2M | Add +11.1% |
| WMT Walmart Inc. | 1.11% | 1,143,800 | $117.9M | Reduce -5.3% |
| HD Home Depot Inc. | 1.07% | 280,162 | $113.5M | Add +24.5% |
| GOOGL Alphabet Inc. Class A | 1.05% | 460,072 | $111.8M | Reduce -6.9% |
| UBER Uber Technologies Inc. | 1.05% | 1,138,952 | $111.6M | Add +11.7% |
| PANW Palo Alto Networks Inc. | 1.03% | 534,256 | $108.8M | Reduce -28.1% |
| KO The Coca-Cola Co. | 1.01% | 1,615,982 | $107.2M | Reduce -6.9% |
| PH Parker Hannifin Corp. | 0.97% | 135,536 | $102.8M | Reduce -11.8% |
| BA The Boeing Co. | 0.96% | 472,601 | $102.0M | Add +13.8% |
| UNH Unitedhealth Group Inc. | 0.93% | 285,141 | $98.5M | Reduce -1.7% |
| XLI SS Industrial Select Sector | 0.92% | 631,000 | $97.3M | New |
| NEM Newmont Corp. | 0.89% | 1,125,518 | $94.9M | Add +7.3% |
| COST Costco Wholesale Corp. | 0.86% | 98,349 | $91.0M | Reduce -5.9% |
| CDNS Cadence Design SYS Inc. | 0.85% | 255,953 | $89.9M | Add +14.6% |
| ICE Intercontinental Exchange Inc. | 0.84% | 526,214 | $88.7M | Reduce -0.8% |
| NOW ServiceNow Inc. | 0.83% | 95,569 | $88.0M | Add +33.7% |
| SCHW Schwab (charles) Corp. | 0.83% | 917,350 | $87.6M | Add +16.3% |
| ANET Arista Networks Inc. | 0.81% | 592,544 | $86.3M | Reduce -0.9% |
| AZO AutoZone Inc. | 0.81% | 20,077 | $86.1M | Reduce -0.3% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.80% | 587,929 | $85.0M | Reduce -3.9% |
| MDT Medtronic PLC | 0.80% | 891,232 | $84.9M | Add +1117.0% |
| MSI Motorola Solutions Inc. | 0.77% | 178,669 | $81.7M | Add +2.7% |
| MELI MercadoLibre Inc. | 0.75% | 33,984 | $79.4M | Reduce -0.6% |
| FITB Fifth Third Bancorp | 0.73% | 1,745,400 | $77.8M | Add +26.6% |
| WEC WEC Energy Group Inc. | 0.73% | 671,333 | $76.9M | Reduce -0.9% |
| SYK Stryker Corp. | 0.70% | 200,200 | $74.0M | Reduce -0.8% |
| XBI SS SPDR S&P Biotech ETF | 0.70% | 738,272 | $74.0M | Reduce -13.5% |
| MNDY Monday.com Ltd. | 0.70% | 381,850 | $74.0M | Add +80.1% |
| VRT Vertiv Holdings Co. Class A | 0.70% | 489,110 | $73.8M | Reduce -23.1% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.69% | 636,258 | $72.9M | Reduce -0.9% |
| TMUS T-Mobile US Inc. | 0.69% | 304,336 | $72.9M | Reduce -10.6% |
| CL Colgate-Palmolive Co. | 0.68% | 899,843 | $71.9M | Add +39.5% |
| KKR KKR & Co. Inc. | 0.66% | 540,300 | $70.2M | Add +55.0% |
| NXPI NXP Semiconductors NV | 0.65% | 303,522 | $69.1M | Add +8.5% |
| TMO Thermo Fisher Scientific Inc. | 0.63% | 138,581 | $67.2M | Reduce -0.6% |
| HIG Hartford Insurance Group Inc. | 0.63% | 503,847 | $67.2M | Reduce -22.2% |
| ETR Entergy Corp. | 0.63% | 719,875 | $67.1M | Add +21.5% |
| ETN Eaton Corp. PLC | 0.63% | 178,333 | $66.7M | Reduce -0.9% |
| FLUT Flutter Entertainment PLC-Di | 0.63% | 262,000 | $66.5M | Add +26.8% |
| ALLY Ally Financial Inc. | 0.63% | 1,696,646 | $66.5M | Add +18.3% |
| HUBS HubSpot Inc. | 0.63% | 141,847 | $66.4M | Add +13738.7% |
| MS Morgan Stanley | 0.63% | 417,400 | $66.3M | Reduce -0.9% |
| AXP American Express Co. | 0.62% | 196,400 | $65.2M | Reduce -0.9% |
| DHR Danaher Corp. | 0.59% | 317,738 | $63.0M | Add +9.4% |
| FCX Freeport-McMoran Inc. | 0.59% | 1,591,377 | $62.4M | Reduce -0.7% |
| VTR Ventas Inc. | 0.58% | 883,023 | $61.8M | Reduce -6.2% |
| EQIX Equinix Inc. | 0.58% | 78,688 | $61.6M | Reduce -25.9% |
| WM Waste Management Inc. | 0.57% | 275,761 | $60.9M | Reduce -2.3% |
| ZTS Zoetis Inc. | 0.56% | 405,709 | $59.4M | Reduce -0.6% |
| MNST Monster Beverage Corp. | 0.56% | 879,575 | $59.2M | Reduce -19.3% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.54% | 226,425 | $57.6M | No change |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 0.52% | 177,100 | $54.9M | Reduce -17.5% |
| TDG Transdigm Group Inc. | 0.51% | 41,287 | $54.4M | Add +42.6% |
| BSX Boston Scientific Corp. | 0.51% | 554,951 | $54.2M | Reduce -0.9% |
| PLD Prologis Inc. | 0.51% | 470,267 | $53.9M | Reduce -57.5% |
| LPLA LPL Financial Holdings Inc. | 0.51% | 161,500 | $53.7M | Reduce -0.9% |
| MCK McKesson Corp. | 0.50% | 69,217 | $53.5M | Reduce -6.3% |
| GEHC GE Healthcare Technology | 0.49% | 695,000 | $52.2M | New |
| LNG Cheniere Energy Inc. | 0.49% | 220,073 | $51.7M | Reduce -0.9% |
| FMX Fomento Economico Mex-SP ADR | 0.48% | 514,117 | $50.7M | Add +7.0% |
| ET Energy Transfer LP | 0.47% | 2,884,857 | $49.5M | Reduce -0.9% |
| XLY SS Consumer Disc Select Sect | 0.44% | 196,000 | $47.0M | New |
| MDLZ Mondelez International Inc. Class A | 0.42% | 718,446 | $44.9M | Reduce -0.7% |
| PSA Public Storage | 0.41% | 150,250 | $43.4M | Add +120.7% |
| ODFL Old Dominion Freight Line | 0.38% | 289,819 | $40.8M | Reduce -0.8% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.38% | 1,184,407 | $40.7M | Reduce -0.9% |
| ICLR Icon PLC | 0.38% | 228,523 | $40.0M | Add +4.0% |
| NI Nisource Inc. | 0.36% | 893,429 | $38.7M | Reduce -25.5% |
| ADBE Adobe Inc. | 0.30% | 89,675 | $31.6M | Add +73.5% |
| APH Amphenol Corp. Class A | 0.30% | 254,654 | $31.5M | Add +138.0% |
| PM Philip Morris International | 0.29% | 186,882 | $30.3M | Reduce -13.3% |
| IBB iShares Biotechnology ETF | 0.27% | 196,200 | $28.3M | Reduce -0.9% |
| T AT&T Inc. | 0.21% | 777,090 | $21.9M | Reduce -11.4% |
| MO Altria Group Inc. | 0.17% | 270,562 | $17.9M | Reduce -14.2% |
| CB Chubb Ltd. | 0.17% | 62,996 | $17.8M | Reduce -8.0% |
| PGR Progressive Corp. | 0.16% | 70,017 | $17.3M | Add +16.3% |
| SE Sea Ltd.-ADR | 0.15% | 90,318 | $16.1M | No change |
| XLV SS Health Care Select Sector | 0.15% | 114,100 | $15.9M | New |
| VZ Verizon Communications Inc. | 0.15% | 351,616 | $15.5M | Reduce -15.1% |
| ORCL Oracle Corp. | 0.13% | 49,657 | $14.0M | Add +271.4% |
| TSM Taiwan Semiconductor-SP ADR | 0.13% | 48,800 | $13.6M | Reduce -10.8% |
| CME Cme Group Inc. | 0.13% | 50,197 | $13.6M | Add +19.0% |
| JBL Jabil Inc. | 0.13% | 61,075 | $13.3M | Add +883.5% |
| BKNG Booking Holdings Inc. | 0.11% | 2,238 | $12.1M | Reduce -87.3% |
| AEP American Electric Power | 0.11% | 107,319 | $12.1M | Reduce -24.4% |
| RBLX Roblox Corp. Class A | 0.11% | 85,946 | $11.9M | Reduce -10.9% |
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 | $472.5M | 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: $12.5B.
Portfolio Sells Q2 2025 → Q3 2025
| BKNG Booking Holdings Inc. | Reduce -87.3% | 0.11% | −0.87 |
| PG The Procter & Gamble Co. | Reduce -96.7% | 0.03% | −0.82 |
| PLD Prologis Inc. | Reduce -57.5% | 0.51% | −0.61 |
| MU Micron Technology Inc. | Sold out | 0.00% | −0.60 |
| SBAC SBA Communications Corp. | Reduce -99.9% | 0.00% | −0.55 |
| CMG Chipotle Mexican Grill Inc. | Reduce -96.5% | 0.01% | −0.53 |
| DDOG Datadog Inc. Class A | Reduce -95.0% | 0.03% | −0.49 |
| WELL Welltower Inc. | Sold out | 0.00% | −0.45 |
| PANW Palo Alto Networks Inc. | Reduce -28.1% | 1.03% | −0.44 |
| O Realty Income Corp. | Sold out | 0.00% | −0.25 |
| BRBR Bellring Brands Inc. | Sold out | 0.00% | −0.25 |
| NFLX Netflix Inc. | Reduce -3.7% | 1.30% | −0.24 |
| SPG Simon Property Group Inc. | Sold out | 0.00% | −0.24 |
| DLR Digital Realty Trust Inc. | Sold out | 0.00% | −0.24 |
| EQIX Equinix Inc. | Reduce -25.9% | 0.58% | −0.23 |
| LLY Eli Lilly & Co. | Reduce -8.0% | 1.33% | −0.18 |
| KO The Coca-Cola Co. | Reduce -6.9% | 1.01% | −0.17 |
| HIG Hartford Insurance Group Inc. | Reduce -22.2% | 0.63% | −0.16 |
| EXR Extra Space Storage Inc. | Sold out | 0.00% | −0.15 |
| AJG Arthur J Gallagher & Co. | Reduce -17.5% | 0.52% | −0.14 |
| AVB Avalonbay Communities Inc. | Sold out | 0.00% | −0.14 |
| VICI Vici Properties Inc. | Reduce -99.7% | 0.00% | −0.14 |
| COST Costco Wholesale Corp. | Reduce -5.9% | 0.86% | −0.14 |
| VMRK Vivmark Residential | Sold out | 0.00% | −0.13 |
| IRM Iron Mountain Inc. | Sold out | 0.00% | −0.12 |
| META Meta Platforms Inc. Class A | Reduce -1.1% | 2.98% | −0.11 |
| GLOB Globant SA | Reduce -94.9% | 0.00% | −0.11 |
| MELI MercadoLibre Inc. | Reduce -0.6% | 0.75% | −0.11 |
| NI Nisource Inc. | Reduce -25.5% | 0.36% | −0.10 |
| ICE Intercontinental Exchange Inc. | Reduce -0.8% | 0.84% | −0.10 |
| MNST Monster Beverage Corp. | Reduce -19.3% | 0.56% | −0.10 |
| IBM Intl Business Machines Corp. | Sold out | 0.00% | −0.09 |
| TMUS T-Mobile US Inc. | Reduce -10.6% | 0.69% | −0.09 |
| PM Philip Morris International | Reduce -13.3% | 0.29% | −0.09 |
| VRT Vertiv Holdings Co. Class A | Reduce -23.1% | 0.70% | −0.09 |
| ESS Essex Property Trust Inc. | Sold out | 0.00% | −0.09 |
| MAA Mid-America Apartment Comm | Sold out | 0.00% | −0.08 |
| LPLA LPL Financial Holdings Inc. | Reduce -0.9% | 0.51% | −0.08 |
| FCX Freeport-McMoran Inc. | Reduce -0.7% | 0.59% | −0.08 |
| GLPI Gaming and Leisure Propertie | Sold out | 0.00% | −0.08 |
| DIS The Walt Disney Co. | Reduce -0.9% | 0.69% | −0.08 |
| INVH Invitation Homes Inc. | Sold out | 0.00% | −0.08 |
| JPM JPMorgan Chase & Co. | Reduce -10.4% | 1.64% | −0.08 |
| WPC WP Carey Inc. | Sold out | 0.00% | −0.08 |
| BXP BXP Inc. | Sold out | 0.00% | −0.07 |
| KIM Kimco Realty Corp. | Sold out | 0.00% | −0.07 |
| ODFL Old Dominion Freight Line | Reduce -0.8% | 0.38% | −0.07 |
| HST Host Hotels & Resorts Inc. | Reduce -98.8% | 0.00% | −0.07 |
| SYK Stryker Corp. | Reduce -0.8% | 0.70% | −0.07 |
| REG Regency Centers Corp. | Sold out | 0.00% | −0.07 |
Portfolio Buys Q2 2025 → Q3 2025
| AAPL Apple Inc. | Add +1.0% | 5.86% | +1.09 |
| XLI SS Industrial Select Sector | New | 0.92% | +0.92 |
| MDT Medtronic PLC | Add +1117.0% | 0.80% | +0.74 |
| HUBS HubSpot Inc. | Add +13738.7% | 0.63% | +0.62 |
| GEHC GE Healthcare Technology | New | 0.49% | +0.49 |
| XLY SS Consumer Disc Select Sect | New | 0.44% | +0.44 |
| NEM Newmont Corp. | Add +7.3% | 0.89% | +0.31 |
| MA Mastercard Inc. Class A | Add +17.8% | 2.08% | +0.30 |
| HD Home Depot Inc. | Add +24.5% | 1.07% | +0.28 |
| PSA Public Storage | Add +120.7% | 0.41% | +0.22 |
| KKR KKR & Co. Inc. | Add +55.0% | 0.66% | +0.22 |
| BAC Bank of America Corp. | Add +11.1% | 1.25% | +0.20 |
| APH Amphenol Corp. Class A | Add +138.0% | 0.30% | +0.20 |
| FITB Fifth Third Bancorp | Add +26.6% | 0.73% | +0.19 |
| CDNS Cadence Design SYS Inc. | Add +14.6% | 0.85% | +0.18 |
| ETR Entergy Corp. | Add +21.5% | 0.63% | +0.16 |
| XLV SS Health Care Select Sector | New | 0.15% | +0.15 |
| MSFT Microsoft Corp. | Add +0.3% | 6.27% | +0.14 |
| UBER Uber Technologies Inc. | Add +11.7% | 1.05% | +0.14 |
| SCHW Schwab (charles) Corp. | Add +16.3% | 0.83% | +0.13 |
| BA The Boeing Co. | Add +13.8% | 0.96% | +0.12 |
| NOW ServiceNow Inc. | Add +33.7% | 0.83% | +0.12 |
| CL Colgate-Palmolive Co. | Add +39.5% | 0.68% | +0.11 |
| JBL Jabil Inc. | Add +883.5% | 0.13% | +0.11 |
| XOM Exxon Mobil Corp. | Add +6.7% | 1.27% | +0.11 |
| ADBE Adobe Inc. | Add +73.5% | 0.30% | +0.11 |
| LVS Las Vegas Sands Corp. | New | 0.10% | +0.10 |
| ORCL Oracle Corp. | Add +271.4% | 0.13% | +0.10 |
| ALLY Ally Financial Inc. | Add +18.3% | 0.63% | +0.09 |
| TDG Transdigm Group Inc. | Add +42.6% | 0.51% | +0.09 |
| ICLR Icon PLC | Add +4.0% | 0.38% | +0.07 |
| MSI Motorola Solutions Inc. | Add +2.7% | 0.77% | +0.07 |
| AMZN Amazon.com Inc. | Add +3.8% | 3.79% | +0.06 |
| NXPI NXP Semiconductors NV | Add +8.5% | 0.65% | +0.06 |
| JNJ Johnson & Johnson | New | 0.06% | +0.06 |
| CLS Celestica Inc. | Add +201.0% | 0.08% | +0.06 |
| FLUT Flutter Entertainment PLC-Di | Add +26.8% | 0.63% | +0.06 |
| KLAC KLA Corp. | New | 0.06% | +0.06 |
| MNDY Monday.com Ltd. | Add +80.1% | 0.70% | +0.06 |
| LRCX Lam Research Corp. | Add +59.5% | 0.10% | +0.05 |
| CVS CVS Health Corp. | Add +330.6% | 0.06% | +0.05 |
| GLW Corning Inc. | New | 0.05% | +0.05 |
| WPM Wheaton Precious Metals Corp. | New | 0.04% | +0.04 |
| CRM Salesforce Inc. | Add +139.5% | 0.09% | +0.04 |
| DHR Danaher Corp. | Add +9.4% | 0.59% | +0.04 |
| LOGI Logitech International-Reg | New | 0.04% | +0.04 |
| AEM Agnico Eagle Mines Ltd. | Add +60.5% | 0.07% | +0.04 |
| HBM Hudbay Minerals Inc. | New | 0.04% | +0.04 |
| IDXX Idexx Laboratories Inc. | Add +89.1% | 0.06% | +0.04 |
| PFE Pfizer Inc. | Add +200.9% | 0.05% | +0.03 |
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 |