New Mexico Educational Retirement Board

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed December 15, 2025), New Mexico Educational Retirement Board reported 906 stock positions worth $3.2 billion. Its top holding was Nvidia (NVDA) at 6.4% of the portfolio, followed by Microsoft (MSFT, 5.4%) and Apple (AAPL, 5.3%). Compared with Q2 2025, it opened 17 new positions, sold out of 17, added to 33 and reduced 478. The biggest buy was a new position in AppLovin Class A (APP) and the biggest sale Microsoft (MSFT, shares −3%).

Most Recent 13F
Q2 2026
Location
SANTA FE, NM
CIK
0000862469
Portfolio Value
$3.2B (Q3 2025)
SEC Filing
0000862469-25-000008 ↗ filed Dec 15, 2025

Holdings Value

0$1.0B$2.0B$3.0B$4.0B Q1 2024: $2.8B Q1 2024 Q2 2024: $2.9B Q2 2024 Q3 2024: $3.0B Q3 2024 Q4 2024: $3.0B Q4 2024 Q1 2025: $2.8B Q1 2025 Q2 2025: $3.1B Q2 2025 Q3 2025: $3.2B $3.2B Q3 2025 Q4 2025: $3.4B Q4 2025 Q1 2026: $3.3B Q1 2026 Q2 2026: $4.0B Q2 2026

Holdings 906 stocks · $3.2B
NVDA Nvidia Corp. 6.38% 1,101,780 $205.6M Reduce -3.9%
MSFT Microsoft Corp. 5.40% 335,747 $173.9M Reduce -3.4%
AAPL Apple Inc. 5.29% 669,964 $170.6M Reduce -4.5%
AMZN Amazon.com Inc. 2.99% 438,100 $96.2M Reduce -0.6%
META Meta Platforms Inc. Class A 2.23% 98,050 $72.0M Reduce -3.7%
AVGO Broadcom Inc. 2.18% 212,460 $70.1M Reduce -2.7%
GOOGL Alphabet Inc. Class A 1.98% 262,920 $63.9M Reduce -3.7%
TSLA Tesla Inc. 1.75% 126,600 $56.3M Reduce -3.0%
GOOG Alphabet Inc. Class C 1.60% 212,080 $51.7M Reduce -4.6%
BRK.B Berkshire Hathaway Inc. Class B 1.29% 82,857 $41.7M Reduce -3.3%
JPM JPMorgan Chase & Co. 1.23% 125,550 $39.6M Reduce -4.6%
LLY Eli Lilly & Co. 0.84% 35,508 $27.1M Reduce -3.5%
V Visa Inc. Class A 0.82% 77,334 $26.4M Reduce -4.2%
NFLX Netflix Inc. 0.72% 19,221 $23.0M Reduce -4.0%
XOM Exxon Mobil Corp. 0.68% 194,753 $22.0M Reduce -5.2%
MA Mastercard Inc. Class A 0.65% 36,610 $20.8M Reduce -4.4%
ORCL Oracle Corp. 0.64% 73,490 $20.7M Reduce -2.1%
JNJ Johnson & Johnson 0.63% 108,685 $20.2M Reduce -3.4%
WMT Walmart Inc. 0.62% 195,179 $20.1M Reduce -3.8%
PLTR Palantir Technologies Inc. Class A 0.58% 102,700 $18.7M Add +7.2%
COST Costco Wholesale Corp. 0.58% 20,065 $18.6M Reduce -2.9%
ABBV Abbvie Inc. 0.57% 79,755 $18.5M Reduce -3.4%
HD Home Depot Inc. 0.56% 44,892 $18.2M Reduce -3.2%
PG The Procter & Gamble Co. 0.51% 105,968 $16.3M Reduce -3.7%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.47% 296,054 $15.3M Reduce -5.1%
GE General Electric filed as GE AEROSPACE 0.45% 48,177 $14.5M Reduce -4.8%
UNH Unitedhealth Group Inc. 0.44% 41,020 $14.2M Reduce -4.7%
CVX Chevron Corp. 0.42% 86,692 $13.5M Add +11.0%
WFC Wells Fargo & Co. 0.38% 147,016 $12.3M Reduce -5.5%
CSCO Cisco Systems Inc. 0.38% 179,774 $12.3M Reduce -3.5%
AMD Advanced Micro Devices 0.37% 73,250 $11.9M Reduce -3.4%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.37% 41,947 $11.8M Reduce -3.0%
KO The Coca-Cola Co. 0.36% 175,020 $11.6M Reduce -3.4%
PM Philip Morris International 0.35% 70,311 $11.4M Reduce -3.3%
GS Goldman Sachs Group Inc. 0.34% 13,889 $11.1M Reduce -5.5%
ABT Abbott Laboratories 0.33% 78,602 $10.5M Reduce -3.1%
CRM Salesforce Inc. 0.32% 43,386 $10.3M Reduce -2.9%
CAT Caterpillar Inc. 0.31% 21,202 $10.1M Reduce -6.2%
RTX RTX Corp. 0.31% 60,376 $10.1M Reduce -2.9%
LIN Linde PLC 0.31% 21,236 $10.1M Reduce -4.5%
MCD McDonald's Corp. 0.30% 32,319 $9.8M Reduce -3.6%
MRK Merck & Co. Inc. 0.30% 113,486 $9.5M Reduce -4.0%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.29% 81,255 $9.3M Reduce -4.0%
UBER Uber Technologies Inc. 0.29% 94,500 $9.3M Reduce -4.0%
T AT&T Inc. 0.28% 325,062 $9.2M Reduce -3.1%
MS Morgan Stanley 0.28% 55,810 $8.9M Reduce -3.8%
APP AppLovin Corp. Class A 0.27% 12,200 $8.8M New
PEP Pepsico Inc. 0.27% 61,985 $8.7M Reduce -3.3%
INTU Intuit Inc. 0.27% 12,678 $8.7M Reduce -3.1%
NOW ServiceNow Inc. 0.27% 9,350 $8.6M Reduce -3.1%
C Citigroup Inc. 0.27% 84,426 $8.6M Reduce -4.5%
MU Micron Technology Inc. 0.26% 50,475 $8.4M Reduce -2.5%
VZ Verizon Communications Inc. 0.26% 190,471 $8.4M Reduce -3.2%
AXP American Express Co. 0.26% 24,963 $8.3M Reduce -3.9%
TMO Thermo Fisher Scientific Inc. 0.26% 17,062 $8.3M Reduce -4.5%
QCOM Qualcomm Inc. 0.26% 49,557 $8.2M Reduce -4.6%
BKNG Booking Holdings Inc. 0.24% 1,448 $7.8M Reduce -6.5%
LRCX Lam Research Corp. 0.24% 57,830 $7.7M Reduce -3.8%
BLK BlackRock Inc. 0.24% 6,589 $7.7M Reduce -3.0%
GEV GE Vernova Inc. 0.24% 12,319 $7.6M Reduce -4.6%
TXN Texas Instruments Inc. 0.23% 41,054 $7.5M Reduce -3.8%
AMAT Applied Materials Inc. 0.23% 36,686 $7.5M Reduce -4.7%
SCHW Schwab (charles) Corp. 0.23% 77,187 $7.4M Reduce -3.1%
BA The Boeing Co. 0.23% 34,095 $7.4M Reduce -2.3%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.23% 50,480 $7.3M Reduce -4.2%
ISRG Intuitive Surgical Inc. 0.22% 16,142 $7.2M Reduce -3.0%
NEE Nextera Energy Inc. 0.22% 93,032 $7.0M Reduce -3.2%
ACN Accenture PLC Class A 0.22% 28,250 $7.0M Reduce -3.4%
SPGI S&P Global Inc. 0.21% 14,186 $6.9M Reduce -4.7%
AMGN Amgen Inc. 0.21% 24,295 $6.9M Reduce -3.2%
ADBE Adobe Inc. 0.21% 19,218 $6.8M Reduce -6.8%
ANET Arista Networks Inc. 0.21% 46,500 $6.8M Reduce -3.7%
APH Amphenol Corp. Class A 0.21% 54,660 $6.8M Reduce -3.0%
INTC Intel Corp. 0.21% 197,070 $6.6M Reduce -2.2%
ETN Eaton Corp. PLC 0.21% 17,660 $6.6M Reduce -4.3%
PFE Pfizer Inc. 0.20% 256,800 $6.5M Reduce -3.0%
PGR Progressive Corp. 0.20% 26,475 $6.5M Reduce -3.3%
BSX Boston Scientific Corp. 0.20% 66,862 $6.5M Reduce -2.9%
KLAC KLA Corp. 0.20% 5,980 $6.5M Reduce -4.8%
UNP Union Pacific Corp. 0.20% 26,988 $6.4M Reduce -4.6%
LOW Lowe's Cos Inc. 0.20% 25,277 $6.4M Reduce -4.5%
GILD Gilead Sciences Inc. 0.19% 56,226 $6.2M Reduce -3.4%
COF Capital One Financial Corp. 0.19% 28,852 $6.1M Reduce -3.0%
FIX Comfort Systems USA Inc. 0.19% 7,400 $6.1M No change
HON Honeywell International Inc. 0.19% 28,986 $6.1M Reduce -4.6%
PANW Palo Alto Networks Inc. 0.19% 29,900 $6.1M Reduce -2.3%
SYK Stryker Corp. 0.18% 15,509 $5.7M Reduce -3.1%
DHR Danaher Corp. 0.18% 28,735 $5.7M Reduce -4.3%
BX Blackstone Inc. 0.17% 33,000 $5.6M Reduce -2.1%
CRWD CrowdStrike Holdings Inc. Class A 0.17% 11,300 $5.5M Add +3.7%
MDT Medtronic PLC 0.17% 57,987 $5.5M Reduce -3.2%
ADI Analog Devices Inc. 0.17% 22,386 $5.5M Reduce -3.5%
COP Conocophillips 0.17% 56,998 $5.4M Reduce -5.8%
ADP Automatic Data Processing 0.17% 18,343 $5.4M Reduce -3.7%
CMCSA Comcast Corp. Class A 0.16% 168,216 $5.3M Reduce -5.7%
P Everpure Inc. Class A filed as PURE STORAGE INC 0.16% 62,800 $5.3M No change
DE Deere & Co. 0.16% 11,402 $5.2M Reduce -4.2%
TMUS T-Mobile US Inc. 0.16% 21,550 $5.2M Reduce -5.3%
MO Altria Group Inc. 0.16% 76,095 $5.0M Reduce -3.9%
WELL Welltower Inc. 0.16% 28,048 $5.0M Add +1.4%

Show all 906 holdings

Portfolio Sells Q2 2025 → Q3 2025
MSFT Microsoft Corp. Reduce -3.4% 5.40% −0.24
META Meta Platforms Inc. Class A Reduce -3.7% 2.23% −0.22
AMZN Amazon.com Inc. Reduce -0.6% 2.99% −0.17
NFLX Netflix Inc. Reduce -4.0% 0.72% −0.16
EME Emcor Group Inc. Reduce -78.5% 0.04% −0.12
IBKR Interactive Brokers Gro Class A Reduce -77.7% 0.04% −0.12
V Visa Inc. Class A Reduce -4.2% 0.82% −0.12
LLY Eli Lilly & Co. Reduce -3.5% 0.84% −0.10
COST Costco Wholesale Corp. Reduce -2.9% 0.58% −0.09
CRM Salesforce Inc. Reduce -2.9% 0.32% −0.08
PM Philip Morris International Reduce -3.3% 0.35% −0.08
ISRG Intuitive Surgical Inc. Reduce -3.0% 0.22% −0.07
ACN Accenture PLC Class A Reduce -3.4% 0.22% −0.07
INTU Intuit Inc. Reduce -3.1% 0.27% −0.07
PG The Procter & Gamble Co. Reduce -3.7% 0.51% −0.07
BRK.B Berkshire Hathaway Inc. Class B Reduce -3.3% 1.29% −0.07
HES Hess Corp. Sold out 0.00% −0.06
KO The Coca-Cola Co. Reduce -3.4% 0.36% −0.06
NOW ServiceNow Inc. Reduce -3.1% 0.27% −0.06
MA Mastercard Inc. Class A Reduce -4.4% 0.65% −0.06
SKX Skechers USA Inc. Class A Sold out 0.00% −0.06
TXN Texas Instruments Inc. Reduce -3.8% 0.23% −0.06
DIS The Walt Disney Co. Reduce -4.0% 0.29% −0.05
ADBE Adobe Inc. Reduce -6.8% 0.21% −0.05
BKNG Booking Holdings Inc. Reduce -6.5% 0.24% −0.05
FISV Fiserv Inc. Reduce -6.0% 0.10% −0.05
IBM Intl Business Machines Corp. Reduce -3.0% 0.37% −0.05
ANSS Ansys Inc. Sold out 0.00% −0.05
CMCSA Comcast Corp. Class A Reduce -5.7% 0.16% −0.04
CMG Chipotle Mexican Grill Inc. Reduce -4.4% 0.07% −0.04
SPGI S&P Global Inc. Reduce -4.7% 0.21% −0.04
HON Honeywell International Inc. Reduce -4.6% 0.19% −0.04
XOM Exxon Mobil Corp. Reduce -5.2% 0.68% −0.04
CSCO Cisco Systems Inc. Reduce -3.5% 0.38% −0.04
BSX Boston Scientific Corp. Reduce -2.9% 0.20% −0.04
DE Deere & Co. Reduce -4.2% 0.16% −0.04
PGR Progressive Corp. Reduce -3.3% 0.20% −0.04
ELV Elevance Health Inc. Reduce -5.5% 0.10% −0.03
VRTX Vertex Pharmaceuticals Inc. Reduce -3.3% 0.14% −0.03
ABT Abbott Laboratories Reduce -3.1% 0.33% −0.03
CI The Cigna Group Reduce -7.7% 0.11% −0.03
CHX Championx Corp. Sold out 0.00% −0.03
T AT&T Inc. Reduce -3.1% 0.28% −0.03
VNOM Viper Energy Inc. Sold out 0.00% −0.03
AMT American Tower Corp. Reduce -3.2% 0.13% −0.03
SYK Stryker Corp. Reduce -3.1% 0.18% −0.03
FTNT Fortinet Inc. Reduce -3.4% 0.07% −0.03
LIN Linde PLC Reduce -4.5% 0.31% −0.03
TDG Transdigm Group Inc. Reduce -3.9% 0.10% −0.03
UPS United Parcel Service Class B Reduce -2.9% 0.09% −0.03

Portfolio Buys Q2 2025 → Q3 2025
APP AppLovin Corp. Class A New 0.27% +0.27
PLTR Palantir Technologies Inc. Class A Add +7.2% 0.58% +0.16
HOOD Robinhood Markets Inc. Class A New 0.15% +0.15
NTNX Nutanix Inc. Class A New 0.13% +0.13
TLN Talen Energy Corp. New 0.12% +0.12
TRU Transunion New 0.10% +0.10
FTI Technipfmc PLC New 0.10% +0.10
KTOS Kratos Defense & Security New 0.10% +0.10
TWLO Twilio Inc. Class A New 0.10% +0.10
AVAV Aerovironment Inc. New 0.06% +0.06
DDOG Datadog Inc. Class A New 0.06% +0.06
ELAN Elanco Animal Health Inc. New 0.06% +0.06
MP MP Materials Corp. New 0.06% +0.06
XYZ Block Inc. New 0.06% +0.06
CVX Chevron Corp. Add +11.0% 0.42% +0.05
VNOM Viper Energy Inc. Class A New 0.04% +0.04
ECHO Echostar Corp. Class A Add +7.3% 0.06% +0.04
CG The Carlyle Group Inc. Add +23.4% 0.10% +0.03
TTD Trade Desk Inc./the Class A New 0.03% +0.03
EVR Evercore Inc. Class A Add +9.6% 0.08% +0.02
DKS Dick's Sporting Goods Inc. Add +13.1% 0.10% +0.02
WELL Welltower Inc. Add +1.4% 0.16% +0.02
PSKY Paramount Skydance Class B New 0.02% +0.02
COLB Columbia Banking System Inc. Add +43.3% 0.05% +0.02
HIMS Hims & Hers Health Inc. Add +13.7% 0.08% +0.01
REXR Rexford Industrial Realty Inc. Add +14.7% 0.07% +0.01
WCC Wesco International Inc. Add +11.1% 0.07% +0.01
SHC Sotera Health Co. Add +80.2% 0.02% +0.01
SNPS Synopsys Inc. Add +16.4% 0.13% +0.01
WTRG Essential Utilities Inc. Add +9.4% 0.07% +0.01
CHWY Chewy Inc. Class A Add +24.4% 0.06% +0.01
AMCR Amcor PLC Add +53.3% 0.03% +0.01
FYBR Frontier Communications Pare Add +13.4% 0.06% +0.01
ONB Old National Bancorp Add +13.7% 0.05% +0.00
ETR Entergy Corp. Add +1.0% 0.06% +0.00
VTR Ventas Inc. Add +4.1% 0.04% +0.00
OXY Occidental Petroleum Corp. Add +1.6% 0.05% +0.00
STWD Starwood Property Trust Inc. Add +13.4% 0.04% +0.00
CDP Copt Defense Properties Add +1.3% 0.02% +0.00
WALGREENS BOOTS ALLIANCE New 0.00% 0.00
SLB SLB Ltd. Add +2.9% 0.07% −0.00
ED Consolidated Edison Inc. Add +0.6% 0.05% −0.00
BRO Brown & Brown Inc. Add +14.4% 0.04% −0.00
CTRA Coterra Energy Inc. Add +0.3% 0.03% −0.00
COIN Coinbase Global Inc. Class A Add +5.5% 0.10% −0.00
EXE Expand Energy Corp. Add +1.0% 0.03% −0.00
CART Maplebear Inc. Add +14.4% 0.04% −0.01
CAVA Cava Group Inc. Add +23.4% 0.04% −0.01
KDP Keurig Dr Pepper Inc. Add +16.7% 0.05% −0.01
CRWD CrowdStrike Holdings Inc. Class A Add +3.7% 0.17% −0.01

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 907$4.0BNVDA, AAPL, MSFT, AMZN, GOOGL
Q1 2026 906$3.3BNVDA, AAPL, MSFT, AMZN, GOOGL
Q4 2025 906$3.4BNVDA, AAPL, MSFT, AMZN, GOOGL
Q3 2025 906$3.2BNVDA, MSFT, AAPL, AMZN, META
Q2 2025 906$3.1BNVDA, MSFT, AAPL, AMZN, META
Q1 2025 905$2.8BAAPL, MSFT, NVDA, AMZN, META
Q4 2024 905$3.0BAAPL, NVDA, MSFT, AMZN, META
Q3 2024 906$3.0BAAPL, MSFT, NVDA, AMZN, META
Q2 2024 906$2.9BMSFT, NVDA, AAPL, AMZN, META
Q1 2024Amended 905$2.8BMSFT, AAPL, NVDA, AMZN, META