Employees Retirement System of Texas
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 13, 2026), Employees Retirement System of Texas reported 489 stock positions worth $9.6 billion. Its top holding was Nvidia (NVDA) at 6.4% of the portfolio, followed by Apple (AAPL, 5.4%) and Microsoft (MSFT, 5.3%). Compared with Q4 2025, it opened 89 new positions, sold out of 93, added to 73 and reduced 118. The biggest buy was iShares Gold Trust (IAU, shares +1247%) and the biggest sale an exit from Vanguard S&P 500 ETF (VOO).
- Most Recent 13F
- Q2 2026
- Location
- AUSTIN, TX
- CIK
- 0001398739
- Portfolio Value
- $9.6B (Q1 2026)
- SEC Filing
- 0001398739-26-000006 ↗ filed May 13, 2026
Holdings Value
Holdings 489 stocks · $9.6B
| NVDA Nvidia Corp. | 6.44% | 3,537,789 | $617.0M | Reduce -3.4% |
| AAPL Apple Inc. | 5.42% | 2,044,472 | $518.9M | Reduce -9.9% |
| MSFT Microsoft Corp. | 5.32% | 1,375,556 | $509.2M | Reduce -3.6% |
| AMZN Amazon.com Inc. | 4.03% | 1,852,307 | $385.8M | Reduce -4.3% |
| IAU iShares Gold Trust | 3.03% | 3,293,500 | $290.4M | Add +1247.0% |
| AVGO Broadcom Inc. | 2.74% | 846,858 | $262.1M | Add +0.3% |
| GOOG Alphabet Inc. Class C | 2.63% | 879,180 | $252.2M | Reduce -24.3% |
| XOM Exxon Mobil Corp. | 2.08% | 1,173,657 | $199.1M | Reduce -5.8% |
| META Meta Platforms Inc. Class A | 1.90% | 318,392 | $182.2M | Reduce -18.2% |
| VGK Vanguard Ftse Europe ETF | 1.72% | 1,997,090 | $164.6M | New |
| LLY Eli Lilly & Co. | 1.66% | 172,900 | $159.0M | Reduce -5.0% |
| JPM JPMorgan Chase & Co. | 1.58% | 513,400 | $151.0M | Reduce -5.1% |
| GOOGL Alphabet Inc. Class A | 1.46% | 486,408 | $139.9M | Reduce -2.7% |
| V Visa Inc. Class A | 1.39% | 441,840 | $133.5M | Add +2750.6% |
| WMT Walmart Inc. | 1.38% | 1,066,400 | $132.5M | Reduce -5.1% |
| TSLA Tesla Inc. | 1.37% | 351,756 | $130.8M | Reduce -12.0% |
| MA Mastercard Inc. Class A | 1.36% | 260,521 | $130.2M | Reduce -31.8% |
| NEM Newmont Corp. | 1.26% | 1,115,975 | $120.8M | Reduce -19.2% |
| HD Home Depot Inc. | 1.23% | 357,675 | $117.6M | Add +29.6% |
| COST Costco Wholesale Corp. | 1.22% | 116,761 | $116.3M | Reduce -8.0% |
| VEA Vanguard Ftse Developed ETF | 1.20% | 1,798,331 | $115.2M | No change |
| PH Parker Hannifin Corp. | 1.18% | 126,436 | $113.2M | Reduce -5.1% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 1.17% | 2,303,387 | $112.3M | Reduce -6.7% |
| FCX Freeport-McMoran Inc. | 1.14% | 1,851,433 | $108.8M | Reduce -9.7% |
| NFLX Netflix Inc. | 1.10% | 1,097,470 | $105.5M | Add +95.0% |
| SCHW Schwab (charles) Corp. | 1.06% | 1,076,867 | $101.2M | Add +21.0% |
| PANW Palo Alto Networks Inc. | 1.05% | 628,126 | $100.7M | Reduce -5.1% |
| ABBV Abbvie Inc. | 1.04% | 455,800 | $99.1M | New |
| KO The Coca-Cola Co. | 1.03% | 1,300,000 | $98.9M | Reduce -20.2% |
| MSI Motorola Solutions Inc. | 0.99% | 218,847 | $95.0M | Reduce -7.4% |
| XBI SS SPDR S&P Biotech ETF | 0.92% | 688,272 | $87.9M | Reduce -5.1% |
| CDNS Cadence Design SYS Inc. | 0.91% | 314,717 | $87.5M | Add +9.4% |
| ISRG Intuitive Surgical Inc. | 0.84% | 175,132 | $80.7M | Add +127.9% |
| TMO Thermo Fisher Scientific Inc. | 0.84% | 163,733 | $80.5M | Reduce -6.7% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.83% | 494,971 | $79.0M | Reduce -14.5% |
| ANET Arista Networks Inc. | 0.81% | 635,191 | $78.0M | Reduce -5.0% |
| FITB Fifth Third Bancorp | 0.79% | 1,627,200 | $75.6M | Reduce -5.1% |
| AMD Advanced Micro Devices | 0.79% | 371,175 | $75.5M | Reduce -5.1% |
| ETR Entergy Corp. | 0.79% | 671,175 | $75.4M | Reduce -5.1% |
| MS Morgan Stanley | 0.79% | 457,900 | $75.4M | Reduce -5.1% |
| FAST Fastenal Co. | 0.78% | 1,619,617 | $75.2M | Add +41.3% |
| DHR Danaher Corp. | 0.78% | 395,138 | $74.9M | Reduce -4.7% |
| TMUS T-Mobile US Inc. | 0.78% | 356,246 | $74.8M | Add +18.8% |
| EQIX Equinix Inc. | 0.76% | 74,539 | $73.1M | Reduce -5.0% |
| AME Ametek Inc. | 0.76% | 340,388 | $73.0M | Add +29.9% |
| ALLY Ally Financial Inc. | 0.76% | 1,855,646 | $72.8M | Add +11.3% |
| WEC WEC Energy Group Inc. | 0.76% | 625,933 | $72.5M | Reduce -5.1% |
| ICE Intercontinental Exchange Inc. | 0.75% | 458,403 | $72.1M | Reduce -1.7% |
| ODFL Old Dominion Freight Line | 0.75% | 366,686 | $71.7M | Add +28.6% |
| VTR Ventas Inc. | 0.71% | 832,038 | $68.0M | Reduce -5.6% |
| MDT Medtronic PLC | 0.71% | 780,675 | $67.6M | Reduce -9.5% |
| ET Energy Transfer LP | 0.68% | 3,349,808 | $64.7M | Add +18.2% |
| SYK Stryker Corp. | 0.67% | 195,902 | $64.4M | Reduce -0.6% |
| TT Trane Technologies PLC | 0.67% | 153,342 | $63.9M | Add +33.6% |
| HIG Hartford Insurance Group Inc. | 0.66% | 470,507 | $63.6M | Reduce -5.1% |
| SLB SLB Ltd. filed as SLB LIMITED | 0.66% | 1,225,301 | $63.0M | Add +5.3% |
| ETN Eaton Corp. PLC | 0.65% | 175,233 | $62.7M | No change |
| NOW ServiceNow Inc. | 0.64% | 589,131 | $61.6M | Add +16.5% |
| CCL Carnival Corp. | 0.62% | 2,299,900 | $59.5M | New |
| WM Waste Management Inc. | 0.61% | 253,618 | $58.3M | Reduce -5.1% |
| PLD Prologis Inc. | 0.61% | 438,567 | $58.0M | Reduce -5.1% |
| NXPI NXP Semiconductors NV | 0.59% | 288,562 | $56.8M | Add +17.7% |
| LNG Cheniere Energy Inc. | 0.58% | 197,266 | $56.0M | Reduce -8.8% |
| AXP American Express Co. | 0.58% | 183,808 | $55.6M | Reduce -4.8% |
| PPH Vaneck Pharmaceutical ETF | 0.58% | 531,600 | $55.2M | New |
| SPOT Spotify Technology SA | 0.58% | 113,835 | $55.2M | Add +13.6% |
| EWJ iShares MSCI Japan ETF | 0.52% | 592,400 | $50.0M | New |
| VRT Vertiv Holdings Co. Class A | 0.52% | 198,138 | $49.6M | Reduce -27.6% |
| MNST Monster Beverage Corp. | 0.51% | 679,049 | $49.2M | Reduce -21.5% |
| TDG Transdigm Group Inc. | 0.47% | 38,587 | $44.7M | Reduce -4.9% |
| CAT Caterpillar Inc. | 0.45% | 61,448 | $43.5M | New |
| XRT SS SPDR S&P Retail ETF | 0.44% | 526,600 | $42.4M | New |
| BSX Boston Scientific Corp. | 0.44% | 671,695 | $42.1M | Reduce -2.3% |
| WDC Western Digital Corp. | 0.44% | 155,548 | $42.1M | New |
| WSO Watsco Inc. | 0.41% | 107,201 | $39.0M | Reduce -4.8% |
| NI Nisource Inc. | 0.41% | 832,929 | $38.9M | Reduce -5.1% |
| PSA Public Storage | 0.39% | 138,658 | $37.6M | Reduce -6.1% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 0.37% | 165,200 | $35.8M | Reduce -5.1% |
| BA The Boeing Co. | 0.37% | 179,601 | $35.7M | Reduce -5.1% |
| XLI SS Industrial Select Sector | 0.37% | 219,865 | $35.6M | Reduce -66.8% |
| DXCM Dexcom Inc. | 0.36% | 547,893 | $34.4M | Reduce -4.0% |
| APH Amphenol Corp. Class A | 0.30% | 223,954 | $28.3M | No change |
| TOST Toast Inc. Class A | 0.29% | 1,057,808 | $28.0M | Reduce -5.1% |
| ADBE Adobe Inc. | 0.23% | 89,675 | $21.8M | No change |
| ASML ASML Holding NV-NY Reg SHS filed as ASML HLDG NV | 0.20% | 14,539 | $19.2M | No change |
| LRCX Lam Research Corp. | 0.17% | 75,560 | $16.1M | No change |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.15% | 150,623 | $14.5M | No change |
| SNDK Sandisk Corp. | 0.13% | 20,291 | $12.9M | Reduce -45.9% |
| LVS Las Vegas Sands Corp. | 0.13% | 238,097 | $12.8M | Add +7.3% |
| LIN Linde PLC | 0.12% | 24,091 | $11.9M | No change |
| TSM Taiwan Semiconductor-SP ADR | 0.12% | 35,250 | $11.9M | Reduce -19.0% |
| CVX Chevron Corp. | 0.12% | 53,618 | $11.1M | New |
| WPM Wheaton Precious Metals Corp. | 0.11% | 82,294 | $10.8M | No change |
| EMXC iShares MSCI Emr MRK Ex Chna | 0.11% | 137,000 | $10.8M | No change |
| BMY Bristol-Myers Squibb Co. | 0.11% | 167,645 | $10.2M | Reduce -31.4% |
| FTNT Fortinet Inc. | 0.11% | 123,467 | $10.1M | Add +32.3% |
| CRM Salesforce Inc. | 0.10% | 53,570 | $10.0M | Add +3.6% |
| BKNG Booking Holdings Inc. | 0.10% | 2,261 | $9.5M | Add +1.0% |
| RMD Resmed Inc. | 0.09% | 38,119 | $8.6M | Add +32.5% |
| EW Edwards Lifesciences Corp. | 0.09% | 106,214 | $8.5M | Add +12.9% |
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 | 23,386,000 | $1.4B | Add +5.3% |
| HYLB Xtrackers Usd High Yield Cor | XTRACK USD HIGH · principal | 11,372,000 | $411.2M | No change |
| PAAA Pgim Aaa Clo ETF | AAA CLO ETF · principal | 1,000,000 | $51.2M | Add +100.0% |
| CONMED CORP (CNMD 2.25 06/15/27) | NOTE 2.250% 6/1 · principal | 6,000,000 | $5.8M | No change |
Total filed on the 13F, all lines: $11.4B.
Portfolio Sells Q4 2025 → Q1 2026
| VOO Vanguard S&P 500 ETF | Sold out | 0.00% | −2.41 |
| MSFT Microsoft Corp. | Reduce -3.6% | 5.32% | −1.26 |
| UNH Unitedhealth Group Inc. | Reduce -96.7% | 0.03% | −0.91 |
| GOOG Alphabet Inc. Class C | Reduce -24.3% | 2.63% | −0.84 |
| MELI MercadoLibre Inc. | Sold out | 0.00% | −0.77 |
| MA Mastercard Inc. Class A | Reduce -31.8% | 1.36% | −0.72 |
| AZO AutoZone Inc. | Reduce -99.1% | 0.01% | −0.63 |
| UBER Uber Technologies Inc. | Sold out | 0.00% | −0.62 |
| XLI SS Industrial Select Sector | Reduce -66.8% | 0.37% | −0.61 |
| LPLA LPL Financial Holdings Inc. | Sold out | 0.00% | −0.60 |
| META Meta Platforms Inc. Class A | Reduce -18.2% | 1.90% | −0.54 |
| FLUT Flutter Entertainment PLC-Di | Sold out | 0.00% | −0.53 |
| MCK McKesson Corp. | Reduce -98.1% | 0.01% | −0.52 |
| ZTS Zoetis Inc. | Reduce -98.8% | 0.01% | −0.47 |
| FMX Fomento Economico Mex-SP ADR | Reduce -98.0% | 0.01% | −0.46 |
| AAPL Apple Inc. | Reduce -9.9% | 5.42% | −0.45 |
| GEHC GE Healthcare Technology | Sold out | 0.00% | −0.42 |
| TSLA Tesla Inc. | Reduce -12.0% | 1.37% | −0.35 |
| AMZN Amazon.com Inc. | Reduce -4.3% | 4.03% | −0.23 |
| LLY Eli Lilly & Co. | Reduce -5.0% | 1.66% | −0.20 |
| BSX Boston Scientific Corp. | Reduce -2.3% | 0.44% | −0.18 |
| FET Forum Energy Technologies Inc. | Sold out | 0.00% | −0.16 |
| TMO Thermo Fisher Scientific Inc. | Reduce -6.7% | 0.84% | −0.13 |
| DHR Danaher Corp. | Reduce -4.7% | 0.78% | −0.12 |
| BAC Bank of America Corp. | Reduce -6.7% | 1.17% | −0.12 |
| MNST Monster Beverage Corp. | Reduce -21.5% | 0.51% | −0.12 |
| PANW Palo Alto Networks Inc. | Reduce -5.1% | 1.05% | −0.11 |
| XLY SS Consumer Disc Select Sect | Reduce -97.9% | 0.00% | −0.11 |
| PM Philip Morris International | Reduce -62.1% | 0.08% | −0.10 |
| AXP American Express Co. | Reduce -4.8% | 0.58% | −0.10 |
| CB Chubb Ltd. | Reduce -89.2% | 0.01% | −0.10 |
| JBL Jabil Inc. | Reduce -97.3% | 0.00% | −0.09 |
| TOST Toast Inc. Class A | Reduce -5.1% | 0.29% | −0.08 |
| JPM JPMorgan Chase & Co. | Reduce -5.1% | 1.58% | −0.08 |
| MDT Medtronic PLC | Reduce -9.5% | 0.71% | −0.08 |
| MRK Merck & Co. Inc. | Reduce -76.2% | 0.03% | −0.08 |
| CME Cme Group Inc. | Reduce -86.1% | 0.02% | −0.08 |
| PGR Progressive Corp. | Reduce -64.8% | 0.04% | −0.07 |
| NVDA Nvidia Corp. | Reduce -3.4% | 6.44% | −0.06 |
| CI The Cigna Group | Reduce -88.4% | 0.01% | −0.06 |
| AEP American Electric Power | Sold out | 0.00% | −0.06 |
| AJG Arthur J Gallagher & Co. | Reduce -5.1% | 0.37% | −0.06 |
| ADP Automatic Data Processing | Sold out | 0.00% | −0.05 |
| KO The Coca-Cola Co. | Reduce -20.2% | 1.03% | −0.05 |
| T AT&T Inc. | Reduce -59.0% | 0.06% | −0.05 |
| NEM Newmont Corp. | Reduce -19.2% | 1.26% | −0.05 |
| EG Everest Group Ltd. | Sold out | 0.00% | −0.05 |
| VZ Verizon Communications Inc. | Reduce -96.1% | 0.00% | −0.05 |
| HBM Hudbay Minerals Inc. | Reduce -99.6% | 0.00% | −0.05 |
| TDG Transdigm Group Inc. | Reduce -4.9% | 0.47% | −0.05 |
Portfolio Buys Q4 2025 → Q1 2026
| IAU iShares Gold Trust | Add +1247.0% | 3.03% | +2.84 |
| VGK Vanguard Ftse Europe ETF | New | 1.72% | +1.72 |
| V Visa Inc. Class A | Add +2750.6% | 1.39% | +1.34 |
| ABBV Abbvie Inc. | New | 1.04% | +1.04 |
| CCL Carnival Corp. | New | 0.62% | +0.62 |
| NFLX Netflix Inc. | Add +95.0% | 1.10% | +0.60 |
| PPH Vaneck Pharmaceutical ETF | New | 0.58% | +0.58 |
| EWJ iShares MSCI Japan ETF | New | 0.52% | +0.52 |
| CAT Caterpillar Inc. | New | 0.45% | +0.45 |
| XRT SS SPDR S&P Retail ETF | New | 0.44% | +0.44 |
| WDC Western Digital Corp. | New | 0.44% | +0.44 |
| ISRG Intuitive Surgical Inc. | Add +127.9% | 0.84% | +0.43 |
| FAST Fastenal Co. | Add +41.3% | 0.78% | +0.35 |
| HD Home Depot Inc. | Add +29.6% | 1.23% | +0.32 |
| ODFL Old Dominion Freight Line | Add +28.6% | 0.75% | +0.32 |
| AME Ametek Inc. | Add +29.9% | 0.76% | +0.25 |
| TT Trane Technologies PLC | Add +33.6% | 0.67% | +0.24 |
| SLB SLB Ltd. | Add +5.3% | 0.66% | +0.23 |
| ET Energy Transfer LP | Add +18.2% | 0.68% | +0.23 |
| SCHW Schwab (charles) Corp. | Add +21.0% | 1.06% | +0.21 |
| TMUS T-Mobile US Inc. | Add +18.8% | 0.78% | +0.20 |
| CVX Chevron Corp. | New | 0.12% | +0.12 |
| NXPI NXP Semiconductors NV | Add +17.7% | 0.59% | +0.09 |
| RIO Rio Tinto PLC-Spon ADR | New | 0.08% | +0.08 |
| NOK Nokia Corp.-Spon ADR | Add +343.3% | 0.07% | +0.06 |
| CDNS Cadence Design SYS Inc. | Add +9.4% | 0.91% | +0.06 |
| CNQ Canadian Natural Resources | New | 0.06% | +0.06 |
| MCD McDonald's Corp. | Add +191.1% | 0.07% | +0.05 |
| PBR Petroleo Brasileiro-Spon ADR | Add +298.2% | 0.06% | +0.05 |
| PR Permian Resources Corp. Class A | New | 0.05% | +0.05 |
| ALLY Ally Financial Inc. | Add +11.3% | 0.76% | +0.04 |
| PEP Pepsico Inc. | Add +231.5% | 0.05% | +0.04 |
| MU Micron Technology Inc. | Add +54.6% | 0.07% | +0.04 |
| DPZ Domino's Pizza Inc. | Add +778.6% | 0.04% | +0.04 |
| FTNT Fortinet Inc. | Add +32.3% | 0.11% | +0.03 |
| EOG EOG Resources Inc. | New | 0.03% | +0.03 |
| TRMB Trimble Inc. | New | 0.03% | +0.03 |
| FDX FedEx Corp. | Add +268.1% | 0.03% | +0.03 |
| AFG American Financial Group Inc. | New | 0.02% | +0.02 |
| PNC PNC Financial Services Group | New | 0.02% | +0.02 |
| RMD Resmed Inc. | Add +32.5% | 0.09% | +0.02 |
| SPOT Spotify Technology SA | Add +13.6% | 0.58% | +0.02 |
| E Eni SPA-Sponsored ADR | New | 0.02% | +0.02 |
| SCCO Southern Copper Corp. | Add +2728.8% | 0.02% | +0.02 |
| TXN Texas Instruments Inc. | Add +14.5% | 0.05% | +0.01 |
| CNA Cna Financial Corp. | New | 0.01% | +0.01 |
| BAP Credicorp Ltd. | Add +43.1% | 0.03% | +0.01 |
| ROP Roper Technologies Inc. | New | 0.01% | +0.01 |
| RGA Reinsurance Group of America | Add +2124.5% | 0.01% | +0.01 |
| EW Edwards Lifesciences Corp. | Add +12.9% | 0.09% | +0.01 |
Notes & Other Activity Q4 2025 → Q1 2026
| VGIT Vanguard Intermediate-Term T | INTER TERM TREAS · principal | Add +5.3% | 23,386,000 | $1.4B |
| PAAA Pgim Aaa Clo ETF | AAA CLO ETF · principal | Add +100.0% | 1,000,000 | $51.2M |
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 |