Employees Retirement System of Texas
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 9, 2026), Employees Retirement System of Texas reported 492 stock positions worth $10.5 billion. Its top holding was Microsoft (MSFT) at 6.6% of the portfolio, followed by Nvidia (NVDA, 6.5%) and Apple (AAPL, 5.9%). Compared with Q3 2025, it opened 61 new positions, sold out of 72, added to 88 and reduced 126. The biggest buy was a new position in Vanguard S&P 500 ETF (VOO) and the biggest sale Vanguard Ftse Developed ETF (VEA, shares −73%).
- Most Recent 13F
- Q2 2026
- Location
- AUSTIN, TX
- CIK
- 0001398739
- Portfolio Value
- $10.5B (Q4 2025)
- SEC Filing
- 0001398739-26-000004 ↗ filed Feb 9, 2026
Holdings Value
Holdings 492 stocks · $10.5B
| MSFT Microsoft Corp. | 6.57% | 1,427,610 | $690.4M | Add +11.2% |
| NVDA Nvidia Corp. | 6.50% | 3,662,968 | $683.1M | Reduce -1.7% |
| AAPL Apple Inc. | 5.87% | 2,268,191 | $616.6M | Reduce -7.0% |
| AMZN Amazon.com Inc. | 4.25% | 1,935,809 | $446.8M | Add +5.8% |
| GOOG Alphabet Inc. Class C | 3.47% | 1,161,911 | $364.6M | Reduce -5.6% |
| AVGO Broadcom Inc. | 2.78% | 844,380 | $292.2M | Add +9.0% |
| META Meta Platforms Inc. Class A | 2.45% | 389,372 | $257.0M | Reduce -9.6% |
| VOO Vanguard S&P 500 ETF | 2.41% | 403,400 | $253.0M | New |
| MA Mastercard Inc. Class A | 2.08% | 382,078 | $218.1M | Reduce -1.5% |
| LLY Eli Lilly & Co. | 1.86% | 182,100 | $195.7M | Reduce -1.7% |
| TSLA Tesla Inc. | 1.71% | 399,856 | $179.8M | Reduce -1.7% |
| JPM JPMorgan Chase & Co. | 1.66% | 541,000 | $174.3M | Reduce -1.8% |
| GOOGL Alphabet Inc. Class A | 1.49% | 499,980 | $156.5M | Add +8.7% |
| XOM Exxon Mobil Corp. | 1.43% | 1,245,746 | $149.9M | Add +4.0% |
| NEM Newmont Corp. | 1.31% | 1,380,471 | $137.8M | Add +22.6% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 1.29% | 2,469,085 | $135.8M | Reduce -3.6% |
| WMT Walmart Inc. | 1.19% | 1,123,700 | $125.2M | Reduce -1.8% |
| PANW Palo Alto Networks Inc. | 1.16% | 661,826 | $121.9M | Add +23.9% |
| PH Parker Hannifin Corp. | 1.11% | 133,236 | $117.1M | Reduce -1.7% |
| KO The Coca-Cola Co. | 1.08% | 1,629,273 | $113.9M | Add +0.8% |
| VEA Vanguard Ftse Developed ETF | 1.07% | 1,798,331 | $112.3M | Reduce -73.1% |
| COST Costco Wholesale Corp. | 1.04% | 126,915 | $109.4M | Add +29.1% |
| FCX Freeport-McMoran Inc. | 0.99% | 2,050,591 | $104.2M | Add +28.9% |
| XLI SS Industrial Select Sector | 0.98% | 662,800 | $102.8M | Add +5.0% |
| TMO Thermo Fisher Scientific Inc. | 0.97% | 175,555 | $101.7M | Add +26.7% |
| UNH Unitedhealth Group Inc. | 0.94% | 299,560 | $98.9M | Add +5.1% |
| HD Home Depot Inc. | 0.90% | 275,875 | $94.9M | Reduce -1.5% |
| DHR Danaher Corp. | 0.90% | 414,438 | $94.9M | Add +30.4% |
| MSI Motorola Solutions Inc. | 0.86% | 236,262 | $90.6M | Add +32.2% |
| CDNS Cadence Design SYS Inc. | 0.86% | 287,581 | $89.9M | Add +12.4% |
| SCHW Schwab (charles) Corp. | 0.85% | 890,067 | $88.9M | Reduce -3.0% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.85% | 578,729 | $88.9M | Reduce -1.6% |
| XBI SS SPDR S&P Biotech ETF | 0.84% | 725,272 | $88.4M | Reduce -1.8% |
| ANET Arista Networks Inc. | 0.83% | 668,391 | $87.6M | Add +12.8% |
| MS Morgan Stanley | 0.82% | 482,500 | $85.7M | Add +15.6% |
| AMD Advanced Micro Devices | 0.80% | 391,075 | $83.8M | New |
| MDT Medtronic PLC | 0.79% | 862,697 | $82.9M | Reduce -3.2% |
| MELI MercadoLibre Inc. | 0.77% | 40,184 | $80.9M | Add +18.2% |
| FITB Fifth Third Bancorp | 0.76% | 1,714,700 | $80.3M | Reduce -1.8% |
| NOW ServiceNow Inc. | 0.74% | 505,757 | $77.5M | Add +5.8% |
| ICE Intercontinental Exchange Inc. | 0.72% | 466,514 | $75.6M | Reduce -11.3% |
| ALLY Ally Financial Inc. | 0.72% | 1,666,846 | $75.5M | Reduce -1.8% |
| AXP American Express Co. | 0.68% | 193,000 | $71.4M | Reduce -1.7% |
| WEC WEC Energy Group Inc. | 0.66% | 659,533 | $69.6M | Reduce -1.8% |
| SYK Stryker Corp. | 0.66% | 197,000 | $69.2M | Reduce -1.6% |
| HIG Hartford Insurance Group Inc. | 0.65% | 495,607 | $68.3M | Reduce -1.6% |
| VTR Ventas Inc. | 0.65% | 881,026 | $68.2M | Reduce -0.2% |
| AZO AutoZone Inc. | 0.64% | 19,777 | $67.1M | Reduce -1.5% |
| MNST Monster Beverage Corp. | 0.63% | 865,049 | $66.3M | Reduce -1.6% |
| BSX Boston Scientific Corp. | 0.62% | 687,751 | $65.6M | Add +23.9% |
| ETR Entergy Corp. | 0.62% | 707,275 | $65.4M | Reduce -1.8% |
| UBER Uber Technologies Inc. | 0.62% | 794,550 | $64.9M | Reduce -30.2% |
| LPLA LPL Financial Holdings Inc. | 0.60% | 176,200 | $62.9M | Add +9.1% |
| TMUS T-Mobile US Inc. | 0.58% | 299,836 | $60.9M | Reduce -1.5% |
| EQIX Equinix Inc. | 0.57% | 78,439 | $60.1M | Reduce -0.3% |
| PLD Prologis Inc. | 0.56% | 462,067 | $59.0M | Reduce -1.7% |
| WM Waste Management Inc. | 0.56% | 267,218 | $58.7M | Reduce -3.1% |
| SPOT Spotify Technology SA | 0.55% | 100,209 | $58.2M | Add +2886.0% |
| MCK McKesson Corp. | 0.53% | 68,117 | $55.9M | Reduce -1.6% |
| ETN Eaton Corp. PLC | 0.53% | 175,233 | $55.8M | Reduce -1.7% |
| FLUT Flutter Entertainment PLC-Di | 0.53% | 257,400 | $55.4M | Reduce -1.8% |
| TDG Transdigm Group Inc. | 0.51% | 40,587 | $54.0M | Reduce -1.7% |
| AME Ametek Inc. | 0.51% | 262,148 | $53.8M | New |
| NXPI NXP Semiconductors NV | 0.51% | 245,181 | $53.2M | Reduce -19.2% |
| NFLX Netflix Inc. | 0.50% | 562,728 | $52.8M | Reduce -51.0% |
| ZTS Zoetis Inc. | 0.48% | 398,709 | $50.2M | Reduce -1.7% |
| FMX Fomento Economico Mex-SP ADR | 0.47% | 493,602 | $49.9M | Reduce -4.0% |
| ET Energy Transfer LP | 0.45% | 2,834,057 | $46.7M | Reduce -1.8% |
| FAST Fastenal Co. | 0.44% | 1,146,011 | $46.0M | Add +780.2% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 0.43% | 174,000 | $45.0M | Reduce -1.8% |
| ODFL Old Dominion Freight Line | 0.43% | 285,219 | $44.7M | Reduce -1.6% |
| TT Trane Technologies PLC | 0.43% | 114,774 | $44.7M | Add +6223.6% |
| SLB SLB Ltd. filed as SLB LIMITED | 0.43% | 1,163,607 | $44.7M | Reduce -1.8% |
| VRT Vertiv Holdings Co. Class A | 0.42% | 273,879 | $44.4M | Reduce -44.0% |
| GEHC GE Healthcare Technology | 0.42% | 535,700 | $43.9M | Reduce -22.9% |
| ISRG Intuitive Surgical Inc. | 0.41% | 76,841 | $43.5M | Add +558.9% |
| LNG Cheniere Energy Inc. | 0.40% | 216,273 | $42.0M | Reduce -1.7% |
| BA The Boeing Co. | 0.39% | 189,201 | $41.1M | Reduce -60.0% |
| TOST Toast Inc. Class A | 0.38% | 1,114,408 | $39.6M | Add +23078.2% |
| PSA Public Storage | 0.36% | 147,650 | $38.3M | Reduce -1.7% |
| WSO Watsco Inc. | 0.36% | 112,601 | $37.9M | Add +1869.2% |
| DXCM Dexcom Inc. | 0.36% | 570,600 | $37.9M | New |
| NI Nisource Inc. | 0.35% | 877,729 | $36.7M | Reduce -1.8% |
| ADBE Adobe Inc. | 0.30% | 89,675 | $31.4M | No change |
| APH Amphenol Corp. Class A | 0.29% | 223,954 | $30.3M | Reduce -12.1% |
| IAU iShares Gold Trust | 0.19% | 244,500 | $19.8M | New |
| PM Philip Morris International | 0.18% | 117,747 | $18.9M | Reduce -37.0% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.16% | 150,623 | $17.1M | Reduce -76.3% |
| FET Forum Energy Technologies Inc. | 0.16% | 441,787 | $16.3M | No change |
| ASML ASML Holding NV-NY Reg SHS | 0.15% | 14,539 | $15.6M | Add +28978.0% |
| LVS Las Vegas Sands Corp. | 0.14% | 221,950 | $14.4M | Add +7.4% |
| CRM Salesforce Inc. | 0.13% | 51,715 | $13.7M | Add +32.4% |
| TSM Taiwan Semiconductor-SP ADR | 0.13% | 43,500 | $13.2M | Reduce -10.9% |
| BMY Bristol-Myers Squibb Co. | 0.13% | 244,257 | $13.2M | No change |
| LRCX Lam Research Corp. | 0.12% | 75,560 | $12.9M | No change |
| MRK Merck & Co. Inc. | 0.12% | 116,454 | $12.3M | No change |
| BKNG Booking Holdings Inc. | 0.11% | 2,238 | $12.0M | No change |
| CB Chubb Ltd. | 0.11% | 37,932 | $11.8M | Reduce -39.8% |
| XLY SS Consumer Disc Select Sect | 0.11% | 96,400 | $11.5M | Reduce -75.4% |
| T AT&T Inc. | 0.11% | 453,134 | $11.3M | Reduce -41.7% |
Other holdings (4): bonds, preferreds, convertibles and warrants · $1.8B (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| VGIT Vanguard Intermediate-Term T | INTER TERM TREAS · principal | 22,211,000 | $1.3B | Reduce -7.0% |
| HYLB Xtrackers Usd High Yield Cor | XTRACK USD HIGH · principal | 11,372,000 | $418.8M | Reduce -10.7% |
| PAAA Pgim Aaa Clo ETF | AAA CLO ETF · principal | 500,000 | $25.6M | New |
| CONMED CORP (CNMD 2.25 06/15/27) | NOTE 2.250% 6/1 · principal | 6,000,000 | $5.7M | No change |
Total filed on the 13F, all lines: $12.3B.
Portfolio Sells Q3 2025 → Q4 2025
| VEA Vanguard Ftse Developed ETF | Reduce -73.1% | 1.07% | −2.71 |
| NFLX Netflix Inc. | Reduce -51.0% | 0.50% | −0.80 |
| MNDY Monday.com Ltd. | Sold out | 0.00% | −0.70 |
| KKR KKR & Co. Inc. | Sold out | 0.00% | −0.66 |
| CL Colgate-Palmolive Co. | Reduce -96.7% | 0.02% | −0.66 |
| HUBS HubSpot Inc. | Reduce -99.7% | 0.00% | −0.62 |
| BA The Boeing Co. | Reduce -60.0% | 0.39% | −0.57 |
| VB Vanguard Most SM-Cap ETF-Usd | Sold out | 0.00% | −0.54 |
| META Meta Platforms Inc. Class A | Reduce -9.6% | 2.45% | −0.54 |
| DIS The Walt Disney Co. | Reduce -76.3% | 0.16% | −0.52 |
| UBER Uber Technologies Inc. | Reduce -30.2% | 0.62% | −0.43 |
| MDLZ Mondelez International Inc. Class A | Sold out | 0.00% | −0.42 |
| ICLR Icon PLC | Reduce -94.8% | 0.02% | −0.36 |
| XLY SS Consumer Disc Select Sect | Reduce -75.4% | 0.11% | −0.33 |
| VRT Vertiv Holdings Co. Class A | Reduce -44.0% | 0.42% | −0.27 |
| IBB iShares Biotechnology ETF | Sold out | 0.00% | −0.27 |
| AZO AutoZone Inc. | Reduce -1.5% | 0.64% | −0.17 |
| HD Home Depot Inc. | Reduce -1.5% | 0.90% | −0.17 |
| XLV SS Health Care Select Sector | Sold out | 0.00% | −0.15 |
| NXPI NXP Semiconductors NV | Reduce -19.2% | 0.51% | −0.15 |
| SE Sea Ltd.-ADR | Reduce -89.7% | 0.01% | −0.14 |
| ORCL Oracle Corp. | Sold out | 0.00% | −0.13 |
| ICE Intercontinental Exchange Inc. | Reduce -11.3% | 0.72% | −0.12 |
| TMUS T-Mobile US Inc. | Reduce -1.5% | 0.58% | −0.11 |
| PM Philip Morris International | Reduce -37.0% | 0.18% | −0.11 |
| FLUT Flutter Entertainment PLC-Di | Reduce -1.8% | 0.53% | −0.10 |
| T AT&T Inc. | Reduce -41.7% | 0.11% | −0.10 |
| ETN Eaton Corp. PLC | Reduce -1.7% | 0.53% | −0.10 |
| VZ Verizon Communications Inc. | Reduce -62.0% | 0.05% | −0.09 |
| MO Altria Group Inc. | Reduce -46.4% | 0.08% | −0.09 |
| AJG Arthur J Gallagher & Co. | Reduce -1.8% | 0.43% | −0.09 |
| LNG Cheniere Energy Inc. | Reduce -1.7% | 0.40% | −0.09 |
| RBLX Roblox Corp. Class A | Reduce -55.9% | 0.03% | −0.08 |
| ZTS Zoetis Inc. | Reduce -1.7% | 0.48% | −0.08 |
| GEHC GE Healthcare Technology | Reduce -22.9% | 0.42% | −0.07 |
| WEC WEC Energy Group Inc. | Reduce -1.8% | 0.66% | −0.06 |
| PGR Progressive Corp. | Reduce -31.6% | 0.10% | −0.06 |
| AEP American Electric Power | Reduce -52.9% | 0.06% | −0.06 |
| CB Chubb Ltd. | Reduce -39.8% | 0.11% | −0.06 |
| DUK Duke Energy Corp. | Reduce -54.6% | 0.04% | −0.05 |
| PFE Pfizer Inc. | Sold out | 0.00% | −0.05 |
| NVDA Nvidia Corp. | Reduce -1.7% | 6.50% | −0.05 |
| CI The Cigna Group | Reduce -39.9% | 0.06% | −0.05 |
| PSA Public Storage | Reduce -1.7% | 0.36% | −0.04 |
| AIG American International Group | Reduce -54.8% | 0.04% | −0.04 |
| V Visa Inc. Class A | Reduce -47.2% | 0.05% | −0.04 |
| EXC Exelon Corp. | Reduce -60.2% | 0.03% | −0.04 |
| EG Everest Group Ltd. | Reduce -44.0% | 0.05% | −0.04 |
| EBAY eBay Inc. | Reduce -42.2% | 0.05% | −0.04 |
| SYK Stryker Corp. | Reduce -1.6% | 0.66% | −0.04 |
Portfolio Buys Q3 2025 → Q4 2025
| VOO Vanguard S&P 500 ETF | New | 2.41% | +2.41 |
| AMD Advanced Micro Devices | New | 0.80% | +0.80 |
| SPOT Spotify Technology SA | Add +2886.0% | 0.55% | +0.53 |
| AME Ametek Inc. | New | 0.51% | +0.51 |
| AMZN Amazon.com Inc. | Add +5.8% | 4.25% | +0.47 |
| GOOGL Alphabet Inc. Class A | Add +8.7% | 1.49% | +0.44 |
| TT Trane Technologies PLC | Add +6223.6% | 0.43% | +0.42 |
| NEM Newmont Corp. | Add +22.6% | 1.31% | +0.42 |
| FCX Freeport-McMoran Inc. | Add +28.9% | 0.99% | +0.40 |
| FAST Fastenal Co. | Add +780.2% | 0.44% | +0.38 |
| TOST Toast Inc. Class A | Add +23078.2% | 0.38% | +0.38 |
| AVGO Broadcom Inc. | Add +9.0% | 2.78% | +0.37 |
| ISRG Intuitive Surgical Inc. | Add +558.9% | 0.41% | +0.37 |
| DXCM Dexcom Inc. | New | 0.36% | +0.36 |
| WSO Watsco Inc. | Add +1869.2% | 0.36% | +0.34 |
| TMO Thermo Fisher Scientific Inc. | Add +26.7% | 0.97% | +0.33 |
| DHR Danaher Corp. | Add +30.4% | 0.90% | +0.31 |
| MSFT Microsoft Corp. | Add +11.2% | 6.57% | +0.30 |
| MS Morgan Stanley | Add +15.6% | 0.82% | +0.19 |
| IAU iShares Gold Trust | New | 0.19% | +0.19 |
| COST Costco Wholesale Corp. | Add +29.1% | 1.04% | +0.18 |
| XOM Exxon Mobil Corp. | Add +4.0% | 1.43% | +0.15 |
| ASML ASML Holding NV-NY Reg SHS | Add +28978.0% | 0.15% | +0.15 |
| PANW Palo Alto Networks Inc. | Add +23.9% | 1.16% | +0.13 |
| BSX Boston Scientific Corp. | Add +23.9% | 0.62% | +0.11 |
| TEL Te Connectivity PLC | Add +1410.8% | 0.10% | +0.10 |
| EMXC iShares MSCI Emr MRK Ex Chna | New | 0.09% | +0.09 |
| LPLA LPL Financial Holdings Inc. | Add +9.1% | 0.60% | +0.09 |
| MSI Motorola Solutions Inc. | Add +32.2% | 0.86% | +0.09 |
| KO The Coca-Cola Co. | Add +0.8% | 1.08% | +0.07 |
| XLI SS Industrial Select Sector | Add +5.0% | 0.98% | +0.06 |
| WPM Wheaton Precious Metals Corp. | Add +94.5% | 0.09% | +0.05 |
| CRM Salesforce Inc. | Add +32.4% | 0.13% | +0.04 |
| PLTR Palantir Technologies Inc. Class A | Add +4600.0% | 0.04% | +0.04 |
| MU Micron Technology Inc. | New | 0.04% | +0.04 |
| AFL Aflac Inc. | New | 0.04% | +0.04 |
| CX Cemex Sab-Spons ADR Part Cer | Add +130.0% | 0.05% | +0.03 |
| LVS Las Vegas Sands Corp. | Add +7.4% | 0.14% | +0.03 |
| UPS United Parcel Service Class B | Add +75.2% | 0.06% | +0.03 |
| HLT Hilton Worldwide Holdings Inc. | Add +389.5% | 0.03% | +0.03 |
| INTU Intuit Inc. | Add +60.6% | 0.07% | +0.03 |
| FTNT Fortinet Inc. | Add +61.7% | 0.07% | +0.02 |
| BRK.B Berkshire Hathaway Inc. Class B | New | 0.02% | +0.02 |
| MELI MercadoLibre Inc. | Add +18.2% | 0.77% | +0.02 |
| VALE Vale SA-SP ADR | New | 0.02% | +0.02 |
| BBD Banco Bradesco-ADR | Add +102.8% | 0.04% | +0.02 |
| LIN Linde PLC | Add +38.5% | 0.10% | +0.02 |
| TECK Teck Resources Ltd.-CLS B | New | 0.02% | +0.02 |
| ANET Arista Networks Inc. | Add +12.8% | 0.83% | +0.02 |
| GFI Gold Fields Ltd.-Spons ADR | New | 0.02% | +0.02 |
Notes & Other Activity Q3 2025 → Q4 2025
| VGIT Vanguard Intermediate-Term T | INTER TERM TREAS · principal | Reduce -7.0% | 22,211,000 | $1.3B |
| HYLB Xtrackers Usd High Yield Cor | XTRACK USD HIGH · principal | Reduce -10.7% | 11,372,000 | $418.8M |
| PAAA Pgim Aaa Clo ETF | AAA CLO ETF · principal | New | 500,000 | $25.6M |
| ANYWHERE RE GRP/REALOGY (HOUS 0.25 06/15/26) | NOTE 0.250% 6/1 · principal | Sold out | 2,000,000 | $2.0Mbefore 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 |