Teacher Retirement System of Texas
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 1, 2025), Teacher Retirement System of Texas reported 2,054 stock positions worth $23.8 billion. Its top holding was Nvidia (NVDA) at 5.0% of the portfolio, followed by Microsoft (MSFT, 4.4%) and Apple (AAPL, 4.0%). Compared with Q1 2025, it opened 62 new positions, sold out of 86, added to 1,175 and reduced 813. The biggest buy was a new position in iShares MSCI Emr MRK Ex Chna (EMXC) and the biggest sale iShares Core S&P 500 ETF (IVV, shares −80%).
- Most Recent 13F
- Q2 2026
- Location
- AUSTIN, TX
- CIK
- 0000796848
- Portfolio Value
- $23.8B (Q2 2025)
- SEC Filing
- 0000796848-25-000006 ↗ filed Aug 1, 2025
Holdings Value
Holdings 2,054 stocks · $23.8B
| NVDA Nvidia Corp. | 4.96% | 7,478,082 | $1.2B | Reduce -5.7% |
| MSFT Microsoft Corp. | 4.45% | 2,128,908 | $1.1B | Reduce -5.3% |
| AAPL Apple Inc. | 3.99% | 4,626,696 | $949.3M | Reduce -6.6% |
| AMZN Amazon.com Inc. | 2.59% | 2,811,112 | $616.7M | Reduce -6.5% |
| META Meta Platforms Inc. Class A | 2.04% | 659,320 | $486.6M | Reduce -9.9% |
| GOOGL Alphabet Inc. Class A | 1.80% | 2,426,905 | $427.7M | Reduce -9.5% |
| VOO Vanguard S&P 500 ETF | 1.62% | 681,104 | $386.9M | Reduce -15.3% |
| EMXC iShares MSCI Emr MRK Ex Chna | 1.62% | 6,098,476 | $385.1M | New |
| AVGO Broadcom Inc. | 1.50% | 1,298,584 | $358.0M | Reduce -6.6% |
| IVV iShares Core S&P 500 ETF | 1.33% | 511,779 | $317.8M | Reduce -80.2% |
| TSLA Tesla Inc. | 1.03% | 769,809 | $244.5M | Reduce -5.9% |
| JPM JPMorgan Chase & Co. | 1.02% | 836,670 | $242.6M | Reduce -11.5% |
| LLY Eli Lilly & Co. | 1.00% | 304,244 | $237.2M | Reduce -9.3% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.85% | 416,843 | $202.5M | Reduce -6.3% |
| NFLX Netflix Inc. | 0.77% | 137,362 | $183.9M | Reduce -17.0% |
| MA Mastercard Inc. Class A | 0.72% | 304,223 | $171.0M | Reduce -5.3% |
| GOOG Alphabet Inc. Class C | 0.70% | 933,283 | $165.6M | Add +10.6% |
| V Visa Inc. Class A | 0.69% | 464,469 | $164.9M | Reduce -5.6% |
| XOM Exxon Mobil Corp. | 0.64% | 1,411,995 | $152.2M | Reduce -3.3% |
| SPOT Spotify Technology SA | 0.63% | 196,071 | $150.5M | Add +2.0% |
| WMT Walmart Inc. | 0.57% | 1,393,736 | $136.3M | Reduce -12.2% |
| JNJ Johnson & Johnson | 0.56% | 877,089 | $134.0M | Reduce -6.3% |
| HD Home Depot Inc. | 0.56% | 364,040 | $133.5M | Add +3.7% |
| COST Costco Wholesale Corp. | 0.53% | 128,199 | $126.9M | Reduce -3.5% |
| PG The Procter & Gamble Co. | 0.50% | 752,240 | $119.8M | Reduce -5.2% |
| MELI MercadoLibre Inc. | 0.50% | 45,698 | $119.4M | Add +8.9% |
| LIN Linde PLC | 0.48% | 244,026 | $114.5M | Reduce -4.8% |
| UNH Unitedhealth Group Inc. | 0.48% | 364,384 | $113.7M | Reduce -15.7% |
| PM Philip Morris International | 0.47% | 619,304 | $112.8M | Reduce -2.1% |
| CSCO Cisco Systems Inc. | 0.47% | 1,615,753 | $112.1M | Reduce -10.3% |
| PLTR Palantir Technologies Inc. Class A | 0.46% | 805,547 | $109.8M | Add +8.1% |
| ABBV Abbvie Inc. | 0.45% | 578,491 | $107.4M | Reduce -17.4% |
| CRM Salesforce Inc. | 0.44% | 386,952 | $105.5M | Add +10.6% |
| INDA iShares MSCI India ETF | 0.44% | 1,874,038 | $104.3M | Reduce -67.1% |
| WFC Wells Fargo & Co. | 0.43% | 1,291,959 | $103.5M | Reduce -9.8% |
| BSX Boston Scientific Corp. | 0.42% | 931,793 | $100.1M | Add +6.9% |
| WCN Waste Connections Inc. | 0.39% | 496,110 | $92.6M | Add +17.2% |
| BKNG Booking Holdings Inc. | 0.39% | 15,986 | $92.5M | Reduce -7.6% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.39% | 1,955,338 | $92.5M | Add +3.6% |
| RBRK Rubrik Inc. Class A | 0.39% | 1,032,463 | $92.5M | Add +20.9% |
| GE General Electric filed as GE AEROSPACE | 0.38% | 355,000 | $91.4M | Reduce -22.4% |
| KO The Coca-Cola Co. | 0.38% | 1,277,883 | $90.4M | Reduce -14.8% |
| AZO AutoZone Inc. | 0.38% | 24,319 | $90.3M | Add +219.2% |
| ISRG Intuitive Surgical Inc. | 0.37% | 160,985 | $87.5M | Reduce -15.2% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.36% | 290,427 | $85.6M | Reduce -15.5% |
| FLUT Flutter Entertainment PLC-Di | 0.36% | 298,574 | $85.3M | Reduce -8.8% |
| MRK Merck & Co. Inc. | 0.35% | 1,063,054 | $84.2M | Reduce -6.9% |
| ORCL Oracle Corp. | 0.35% | 376,103 | $82.2M | Reduce 0.0% |
| PEGA Pegasystems Inc. | 0.34% | 1,516,532 | $82.1M | Add +151.4% |
| ABT Abbott Laboratories | 0.34% | 601,052 | $81.7M | Reduce -18.4% |
| ADBE Adobe Inc. | 0.34% | 209,560 | $81.1M | Reduce -1.9% |
| INTU Intuit Inc. | 0.33% | 100,858 | $79.4M | Reduce -1.4% |
| QCOM Qualcomm Inc. | 0.33% | 489,873 | $78.0M | Reduce -11.2% |
| PEP Pepsico Inc. | 0.33% | 588,267 | $77.7M | Reduce -0.1% |
| APG Api Group Corp. | 0.32% | 1,489,184 | $76.0M | Reduce -0.7% |
| GEV GE Vernova Inc. | 0.32% | 141,784 | $75.0M | Add +27.0% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.31% | 597,767 | $73.8M | Reduce -4.7% |
| SYK Stryker Corp. | 0.30% | 181,246 | $71.7M | Reduce -11.3% |
| CMCSA Comcast Corp. Class A | 0.30% | 1,996,724 | $71.3M | Reduce -4.5% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.30% | 299,349 | $70.9M | No change |
| BUR Burford Capital Ltd. | 0.30% | 4,950,035 | $70.6M | Reduce -16.4% |
| ACN Accenture PLC Class A | 0.30% | 236,002 | $70.5M | Reduce -33.2% |
| ANET Arista Networks Inc. | 0.29% | 670,370 | $68.6M | Add +1.6% |
| VZ Verizon Communications Inc. | 0.29% | 1,579,597 | $68.3M | Add +4.7% |
| GDX Vaneck Gold Miners ETF | 0.29% | 1,306,000 | $68.0M | Add +99.1% |
| IJR iShares Core S&P Small-Cap E | 0.28% | 617,457 | $67.5M | No change |
| AXP American Express Co. | 0.28% | 211,387 | $67.4M | Reduce -7.5% |
| PANW Palo Alto Networks Inc. | 0.28% | 328,824 | $67.3M | Add +117.8% |
| CVX Chevron Corp. | 0.28% | 468,686 | $67.1M | Reduce -19.1% |
| CI The Cigna Group | 0.28% | 201,138 | $66.5M | Add +79.5% |
| CERT Certara Inc. | 0.28% | 5,674,485 | $66.4M | Add +25.3% |
| ADP Automatic Data Processing | 0.28% | 214,307 | $66.1M | Reduce -9.8% |
| T AT&T Inc. | 0.28% | 2,272,546 | $65.8M | Reduce -9.8% |
| SPGI S&P Global Inc. | 0.28% | 124,243 | $65.5M | Reduce -9.3% |
| TXN Texas Instruments Inc. | 0.27% | 309,326 | $64.2M | Reduce -4.3% |
| CASY Casey's General Stores Inc. | 0.27% | 125,760 | $64.2M | Add +23.6% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.27% | 515,072 | $63.9M | Add +4.9% |
| DOV Dover Corp. | 0.27% | 347,303 | $63.6M | Reduce -6.0% |
| MO Altria Group Inc. | 0.27% | 1,077,264 | $63.2M | Reduce -2.8% |
| CAT Caterpillar Inc. | 0.26% | 161,307 | $62.6M | Reduce -8.1% |
| ELV Elevance Health Inc. | 0.26% | 158,790 | $61.8M | Add +1.7% |
| APH Amphenol Corp. Class A | 0.26% | 624,099 | $61.6M | Reduce -26.4% |
| AMAT Applied Materials Inc. | 0.26% | 335,893 | $61.5M | Reduce -6.5% |
| NOW ServiceNow Inc. | 0.26% | 59,734 | $61.4M | Reduce -15.0% |
| UNP Union Pacific Corp. | 0.26% | 266,052 | $61.2M | Reduce -7.2% |
| MCD McDonald's Corp. | 0.26% | 208,882 | $61.0M | Add +2.0% |
| PGR Progressive Corp. | 0.26% | 227,601 | $60.7M | Add +9.3% |
| GLD SPDR Gold Shares | 0.25% | 195,300 | $59.5M | Add +79.3% |
| ILMN Illumina Inc. | 0.25% | 620,358 | $59.2M | Reduce -7.4% |
| SARO Standardaero Inc. | 0.24% | 1,835,336 | $58.1M | Add +20.4% |
| KLAC KLA Corp. | 0.24% | 63,851 | $57.2M | Reduce -8.6% |
| GS Goldman Sachs Group Inc. | 0.24% | 80,789 | $57.2M | Reduce -6.3% |
| APP AppLovin Corp. Class A | 0.23% | 159,868 | $56.0M | Add +83.5% |
| ADSK Autodesk Inc. | 0.23% | 177,055 | $54.8M | Reduce -5.0% |
| BJ Bj's Wholesale Club Holdings filed as BJS WHSL CLUB HLDGS INC | 0.23% | 506,635 | $54.6M | Add +22.1% |
| VRTX Vertex Pharmaceuticals Inc. | 0.23% | 122,373 | $54.5M | Reduce -3.5% |
| LOW Lowe's Cos Inc. | 0.23% | 243,973 | $54.1M | Add +2.4% |
| CL Colgate-Palmolive Co. | 0.23% | 595,310 | $54.1M | Add +27.8% |
| TT Trane Technologies PLC | 0.23% | 123,604 | $54.1M | Reduce -15.9% |
| GDXJ Vaneck Junior Gold Miners | 0.22% | 784,000 | $53.0M | Add +104.2% |
Portfolio Sells Q1 2025 → Q2 2025
| IVV iShares Core S&P 500 ETF | Reduce -80.2% | 1.33% | −4.74 |
| INDA iShares MSCI India ETF | Reduce -67.1% | 0.44% | −0.78 |
| AAPL Apple Inc. | Reduce -6.6% | 3.99% | −0.61 |
| UNH Unitedhealth Group Inc. | Reduce -15.7% | 0.48% | −0.47 |
| VWO Vanguard Ftse Emerging Marke | Sold out | 0.00% | −0.45 |
| KSA Ishrs MSCI Saudi Arabia ETF | Reduce -67.1% | 0.09% | −0.19 |
| ACN Accenture PLC Class A | Reduce -33.2% | 0.30% | −0.16 |
| ABBV Abbvie Inc. | Reduce -17.4% | 0.45% | −0.16 |
| LLY Eli Lilly & Co. | Reduce -9.3% | 1.00% | −0.16 |
| TMO Thermo Fisher Scientific Inc. | Reduce -29.1% | 0.21% | −0.15 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -6.3% | 0.85% | −0.14 |
| EEMV iShares MSCI Emg MKT Min Vol | Sold out | 0.00% | −0.14 |
| CVX Chevron Corp. | Reduce -19.1% | 0.28% | −0.12 |
| CMTG Claros Mortgage Trust Inc. | Sold out | 0.00% | −0.12 |
| CRWV Coreweave Inc. Class A | Sold out | 0.00% | −0.11 |
| U Unity Software Inc. | Reduce -95.0% | 0.01% | −0.11 |
| NOC Northrop Grumman Corp. | Reduce -43.5% | 0.12% | −0.10 |
| VOO Vanguard S&P 500 ETF | Reduce -15.3% | 1.62% | −0.10 |
| BDX Becton Dickinson and Co. | Reduce -64.2% | 0.03% | −0.09 |
| KWT iShares MSCI Kuwait ETF | Reduce -83.8% | 0.02% | −0.09 |
| STVN Stevanato Group SPA | Sold out | 0.00% | −0.09 |
| XOM Exxon Mobil Corp. | Reduce -3.3% | 0.64% | −0.09 |
| JNJ Johnson & Johnson | Reduce -6.3% | 0.56% | −0.09 |
| CMI Cummins Inc. | Reduce -54.5% | 0.08% | −0.08 |
| KGS Kodiak Gas Services Inc. | Reduce -98.5% | 0.00% | −0.08 |
| MRSH Marsh & McLennan Cos | Reduce -31.5% | 0.13% | −0.08 |
| EPAM Epam Systems Inc. | Reduce -88.0% | 0.01% | −0.08 |
| OVV Ovintiv Inc. | Reduce -84.2% | 0.01% | −0.08 |
| MRK Merck & Co. Inc. | Reduce -6.9% | 0.35% | −0.07 |
| DD Dupont DE Nemours Inc. | Reduce -68.3% | 0.03% | −0.07 |
| TSN Tyson Foods Inc. Class A | Reduce -39.7% | 0.08% | −0.07 |
| MAS Masco Corp. | Reduce -50.2% | 0.06% | −0.07 |
| MMM 3M Co. | Reduce -35.9% | 0.14% | −0.07 |
| SNPS Synopsys Inc. | Reduce -62.0% | 0.06% | −0.07 |
| KO The Coca-Cola Co. | Reduce -14.8% | 0.38% | −0.07 |
| SEIC Sei Investments Company | Reduce -70.2% | 0.04% | −0.07 |
| ABT Abbott Laboratories | Reduce -18.4% | 0.34% | −0.06 |
| PG The Procter & Gamble Co. | Reduce -5.2% | 0.50% | −0.06 |
| EOG EOG Resources Inc. | Reduce -49.0% | 0.06% | −0.06 |
| TMUS T-Mobile US Inc. | Reduce -15.1% | 0.20% | −0.06 |
| ITW Illinois Tool Works | Reduce -32.0% | 0.13% | −0.06 |
| COP Conocophillips | Reduce -24.1% | 0.11% | −0.06 |
| UAE iShares MSCI Uae ETF | Reduce -67.1% | 0.03% | −0.06 |
| DTE DTE Energy Company | Reduce -33.5% | 0.10% | −0.06 |
| TW Tradeweb Markets Inc. Class A | Reduce -20.7% | 0.21% | −0.06 |
| LH Labcorp Holdings Inc. | Reduce -72.2% | 0.03% | −0.06 |
| MSI Motorola Solutions Inc. | Reduce -22.4% | 0.16% | −0.05 |
| WELL Welltower Inc. | Reduce -26.1% | 0.15% | −0.05 |
| RTX RTX Corp. | Reduce -26.4% | 0.22% | −0.05 |
| NTAP Netapp Inc. | Reduce -56.7% | 0.06% | −0.05 |
Portfolio Buys Q1 2025 → Q2 2025
| EMXC iShares MSCI Emr MRK Ex Chna | New | 1.62% | +1.62 |
| AZO AutoZone Inc. | Add +219.2% | 0.38% | +0.26 |
| PLTR Palantir Technologies Inc. Class A | Add +8.1% | 0.46% | +0.20 |
| SPOT Spotify Technology SA | Add +2.0% | 0.63% | +0.19 |
| PANW Palo Alto Networks Inc. | Add +117.8% | 0.28% | +0.17 |
| GEV GE Vernova Inc. | Add +27.0% | 0.32% | +0.17 |
| RBRK Rubrik Inc. Class A | Add +20.9% | 0.39% | +0.17 |
| PEGA Pegasystems Inc. | Add +151.4% | 0.34% | +0.17 |
| MELI MercadoLibre Inc. | Add +8.9% | 0.50% | +0.16 |
| GDX Vaneck Gold Miners ETF | Add +99.1% | 0.29% | +0.16 |
| GOOG Alphabet Inc. Class C | Add +10.6% | 0.70% | +0.15 |
| APP AppLovin Corp. Class A | Add +83.5% | 0.23% | +0.14 |
| GDXJ Vaneck Junior Gold Miners | Add +104.2% | 0.22% | +0.13 |
| CI The Cigna Group | Add +79.5% | 0.28% | +0.13 |
| GLD SPDR Gold Shares | Add +79.3% | 0.25% | +0.12 |
| ANSS Ansys Inc. | Add +578.5% | 0.13% | +0.11 |
| UBER Uber Technologies Inc. | Add +50.2% | 0.21% | +0.10 |
| COR Cencora Inc. | Add +224.9% | 0.14% | +0.10 |
| CAH Cardinal Health Inc. | Add +78.6% | 0.17% | +0.09 |
| CERT Certara Inc. | Add +25.3% | 0.28% | +0.09 |
| CASY Casey's General Stores Inc. | Add +23.6% | 0.27% | +0.09 |
| ANET Arista Networks Inc. | Add +1.6% | 0.29% | +0.07 |
| SARO Standardaero Inc. | Add +20.4% | 0.24% | +0.07 |
| NG Novagold Resources Inc. | Add +518.9% | 0.08% | +0.07 |
| YUM Yum! Brands Inc. | Add +89.0% | 0.15% | +0.07 |
| SCHW Schwab (charles) Corp. | Add +31.5% | 0.19% | +0.07 |
| RS Reliance Inc. | Add +351.6% | 0.08% | +0.07 |
| DIS The Walt Disney Co. | Add +4.9% | 0.27% | +0.07 |
| FANG Diamondback Energy Inc. | Add +327.4% | 0.09% | +0.07 |
| SLV iShares Silver Trust | New | 0.06% | +0.06 |
| BAC Bank of America Corp. | Add +3.6% | 0.39% | +0.06 |
| KR Kroger Co. | Add +49.6% | 0.16% | +0.06 |
| ESAB Esab Corp. | Add +282.1% | 0.08% | +0.06 |
| RDDT Reddit Inc. Class A | Add +880.5% | 0.06% | +0.06 |
| BSX Boston Scientific Corp. | Add +6.9% | 0.42% | +0.05 |
| AMX America Movil Sab DE CV | Add +23.4% | 0.15% | +0.05 |
| SNDK Sandisk Corp. | Add +319.6% | 0.07% | +0.05 |
| CRM Salesforce Inc. | Add +10.6% | 0.44% | +0.05 |
| BMRN Biomarin Pharmaceutical Inc. | Add +234.5% | 0.08% | +0.05 |
| GD General Dynamics Corp. | Add +35.1% | 0.16% | +0.05 |
| SN Sharkninja Inc. | Add +306.0% | 0.06% | +0.05 |
| ECG Everus Construction Group | Add +121.5% | 0.07% | +0.05 |
| IONS Ionis Pharmaceuticals Inc. | Add +33.5% | 0.11% | +0.05 |
| AEM Agnico Eagle Mines Ltd. | Add +180.0% | 0.07% | +0.05 |
| CR Crane Co. | Add +75.0% | 0.09% | +0.05 |
| AMRZ Amrize Ltd. | New | 0.05% | +0.05 |
| JXN Jackson Financial Inc. Class A | Add +188.6% | 0.07% | +0.05 |
| ALLE Allegion PLC | Add +66.5% | 0.10% | +0.05 |
| COF Capital One Financial Corp. | Add +52.6% | 0.10% | +0.05 |
| CL Colgate-Palmolive Co. | Add +27.8% | 0.23% | +0.05 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 1,510 | $37.3B | VOO, SPCX, NVDA, AAPL, MSFT |
| Q1 2026 | 1,478 | $24.0B | NVDA, AAPL, MSFT, AMZN, GOOGL |
| Q4 2025 | 1,619 | $28.9B | VOO, NVDA, AAPL, MSFT, AMZN |
| Q3 2025 | 2,023 | $24.9B | VOO, NVDA, AAPL, MSFT, AMZN |
| Q2 2025 | 2,054 | $23.8B | NVDA, MSFT, AAPL, AMZN, META |
| Q1 2025 | 2,077 | $24.0B | IVV, AAPL, NVDA, MSFT, AMZN |
| Q4 2024 | 1,538 | $27.7B | IVV, AAPL, NVDA, MSFT, AMZN |
| Q3 2024 | 1,484 | $21.0B | AAPL, MSFT, NVDA, GOOGL, AMZN |
| Q2 2024 | 1,556 | $17.6B | MSFT, AAPL, NVDA, INFA, GOOGL |
| Q1 2024 | 1,657 | $15.7B | MSFT, AAPL, NVDA, AMZN, GOOGL |