Teachers Retirement System of the State of Kentucky
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 5, 2025), Teachers Retirement System of the State of Kentucky reported 1,671 stock positions worth $11.1 billion. Its top holding was Apple (AAPL) at 3.9% of the portfolio, followed by Microsoft (MSFT, 3.7%) and Nvidia (NVDA, 3.6%). Compared with Q4 2024, it opened 32 new positions, sold out of 33, added to 543 and reduced 158. The biggest buy was Meta Platforms Class A (META, shares +16%) and the biggest sale Microsoft (MSFT, shares −3%).
- Most Recent 13F
- Q2 2026
- Location
- FRANKFORT, KY
- CIK
- 0000714142
- Portfolio Value
- $11.1B (Q1 2025)
- SEC Filing
- 0000714142-25-000002 ↗ filed May 5, 2025
Holdings Value
Holdings 1,671 stocks · $11.1B
| AAPL Apple Inc. | 3.89% | 1,939,123 | $430.7M | Add +3.1% |
| MSFT Microsoft Corp. | 3.68% | 1,087,129 | $408.1M | Reduce -3.3% |
| NVDA Nvidia Corp. | 3.56% | 3,643,301 | $394.9M | Add +1.6% |
| AMZN Amazon.com Inc. | 2.96% | 1,721,811 | $327.6M | Add +3.3% |
| META Meta Platforms Inc. Class A | 2.15% | 412,416 | $237.7M | Add +15.8% |
| GOOGL Alphabet Inc. Class A | 1.75% | 1,256,496 | $194.3M | Add +0.8% |
| AVGO Broadcom Inc. | 1.41% | 934,119 | $156.4M | Add +3.2% |
| JPM JPMorgan Chase & Co. | 1.02% | 460,170 | $112.9M | Add +0.6% |
| LLY Eli Lilly & Co. | 1.01% | 136,025 | $112.3M | Add +27.1% |
| NFLX Netflix Inc. | 0.92% | 109,813 | $102.4M | Reduce -3.9% |
| V Visa Inc. Class A | 0.86% | 272,482 | $95.5M | Add +1.5% |
| PGR Progressive Corp. | 0.85% | 332,780 | $94.2M | Add +5.7% |
| GOOG Alphabet Inc. Class C | 0.84% | 596,393 | $93.2M | Add +0.3% |
| UNH Unitedhealth Group Inc. | 0.80% | 169,862 | $89.0M | Reduce -12.8% |
| TSLA Tesla Inc. | 0.71% | 304,875 | $79.0M | Reduce -0.2% |
| AZO AutoZone Inc. | 0.70% | 20,413 | $77.8M | Add +1.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.68% | 141,615 | $75.4M | Add +4.2% |
| WFC Wells Fargo & Co. | 0.65% | 998,834 | $71.7M | Reduce -4.7% |
| QCOM Qualcomm Inc. | 0.63% | 453,912 | $69.7M | Add +5.3% |
| MA Mastercard Inc. Class A | 0.63% | 126,457 | $69.3M | Reduce -10.3% |
| FISV Fiserv Inc. | 0.62% | 310,441 | $68.6M | Add +68.3% |
| CB Chubb Ltd. | 0.59% | 215,497 | $65.1M | Add +0.5% |
| HD Home Depot Inc. | 0.58% | 174,481 | $63.9M | Add +1.8% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.53% | 1,397,847 | $58.3M | Add +1.5% |
| OKE Oneok Inc. | 0.52% | 584,790 | $58.0M | Add +78.7% |
| ABBV Abbvie Inc. | 0.52% | 276,660 | $58.0M | Add +2.1% |
| APO Apollo Global Management Inc. | 0.52% | 420,390 | $57.6M | Add +69.5% |
| PH Parker Hannifin Corp. | 0.52% | 94,056 | $57.2M | Add +5.0% |
| SHEL Shell PLC-ADR | 0.50% | 762,190 | $55.9M | No change |
| XOM Exxon Mobil Corp. | 0.49% | 458,684 | $54.6M | Add +2.2% |
| RTX RTX Corp. | 0.48% | 398,056 | $52.7M | Add +10.1% |
| WMT Walmart Inc. | 0.47% | 587,712 | $51.6M | Add +40.5% |
| COST Costco Wholesale Corp. | 0.47% | 54,526 | $51.6M | Add +2.7% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.46% | 203,724 | $50.7M | Reduce -8.4% |
| ORCL Oracle Corp. | 0.46% | 360,759 | $50.4M | Add +1.7% |
| BKNG Booking Holdings Inc. | 0.45% | 10,729 | $49.4M | Add +32.0% |
| AXP American Express Co. | 0.44% | 182,386 | $49.1M | Reduce -31.6% |
| TTE Totalenergies SE -Spon ADR | 0.44% | 756,550 | $48.9M | Add +0.7% |
| MAS Masco Corp. | 0.43% | 683,962 | $47.6M | Add +12.5% |
| PG The Procter & Gamble Co. | 0.42% | 272,132 | $46.4M | Add +2.8% |
| JBL Jabil Inc. | 0.42% | 340,334 | $46.3M | Reduce -6.6% |
| CFG Citizens Financial Group | 0.42% | 1,124,492 | $46.1M | Add +0.1% |
| DELL Dell Technologies -C | 0.41% | 498,394 | $45.4M | Add +75.4% |
| CRM Salesforce Inc. | 0.40% | 166,807 | $44.8M | Add +1.2% |
| PM Philip Morris International | 0.40% | 278,302 | $44.2M | Reduce -4.5% |
| URI United Rentals Inc. | 0.37% | 66,134 | $41.4M | Reduce -34.9% |
| NOW ServiceNow Inc. | 0.37% | 51,925 | $41.3M | Add +4.2% |
| ABT Abbott Laboratories | 0.37% | 310,816 | $41.2M | Reduce -4.7% |
| RIO Rio Tinto PLC-Spon ADR | 0.36% | 671,370 | $40.3M | No change |
| MS Morgan Stanley | 0.36% | 339,545 | $39.6M | Add +1.1% |
| KR Kroger Co. | 0.36% | 582,353 | $39.4M | Add +28.4% |
| MO Altria Group Inc. | 0.35% | 655,007 | $39.3M | Add +10.9% |
| AMGN Amgen Inc. | 0.35% | 125,617 | $39.1M | Add +1.5% |
| SAN Banco Santander SA-Spon ADR | 0.33% | 5,429,260 | $36.4M | No change |
| KLAC KLA Corp. | 0.33% | 52,990 | $36.0M | Add +5.5% |
| AIG American International Group | 0.32% | 401,646 | $34.9M | Add +10.1% |
| ING ING Groep N.V.-Sponsored ADR | 0.31% | 1,780,630 | $34.9M | Add +0.3% |
| NXPI NXP Semiconductors NV | 0.31% | 181,670 | $34.5M | Add +0.4% |
| VZ Verizon Communications Inc. | 0.31% | 755,330 | $34.3M | Add +1.8% |
| MUFG Mitsubishi Ufj Finl-Spon ADR | 0.31% | 2,509,710 | $34.2M | No change |
| AMP Ameriprise Financial Inc. | 0.31% | 69,978 | $33.9M | Reduce -14.1% |
| CRH CRH PLC | 0.30% | 380,840 | $33.5M | No change |
| HCA HCA Healthcare Inc. | 0.30% | 95,896 | $33.1M | Reduce -7.4% |
| TMO Thermo Fisher Scientific Inc. | 0.30% | 66,284 | $33.0M | Reduce -0.7% |
| AER Aercap Holdings NV | 0.30% | 322,270 | $32.9M | No change |
| BCS Barclays PLC-Spons ADR | 0.30% | 2,133,020 | $32.8M | No change |
| SHOP Shopify Inc. Class A | 0.29% | 339,330 | $32.4M | Reduce -0.8% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.29% | 773,087 | $32.3M | Add +0.5% |
| CMI Cummins Inc. | 0.29% | 103,091 | $32.3M | Add +0.5% |
| TMUS T-Mobile US Inc. | 0.29% | 120,738 | $32.2M | Add +24.3% |
| MCK McKesson Corp. | 0.29% | 47,122 | $31.7M | Add +36.2% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.29% | 56,594 | $31.7M | No change |
| NWG Natwest Group PLC -Spon ADR | 0.28% | 2,643,751 | $31.5M | Reduce -1.1% |
| GILD Gilead Sciences Inc. | 0.28% | 281,233 | $31.5M | Add +204.7% |
| PSX Phillips 66 | 0.28% | 252,730 | $31.2M | Add +23.4% |
| TRGP Targa Resources Corp. | 0.28% | 155,591 | $31.2M | Add +859.0% |
| UBER Uber Technologies Inc. | 0.28% | 426,619 | $31.1M | Add +44.5% |
| JNJ Johnson & Johnson | 0.28% | 185,977 | $30.8M | Add +4.2% |
| VRTX Vertex Pharmaceuticals Inc. | 0.28% | 62,995 | $30.5M | Reduce -0.1% |
| FOXA Fox Corp. Class A | 0.28% | 538,303 | $30.5M | Reduce -4.2% |
| FITB Fifth Third Bancorp | 0.27% | 752,763 | $29.5M | Reduce -42.0% |
| COF Capital One Financial Corp. | 0.26% | 163,488 | $29.3M | Add +9.1% |
| DKS Dick's Sporting Goods Inc. | 0.26% | 145,382 | $29.3M | No change |
| TEVA Teva Pharmaceutical-SP ADR | 0.26% | 1,894,100 | $29.1M | Add +10.8% |
| ADBE Adobe Inc. | 0.26% | 75,830 | $29.1M | Reduce -5.2% |
| DASH DoorDash Inc. Class A | 0.26% | 159,000 | $29.1M | Reduce -1.4% |
| EXE Expand Energy Corp. | 0.26% | 254,164 | $28.3M | Add +5.1% |
| MRSH Marsh & McLennan Cos | 0.26% | 115,802 | $28.3M | Reduce -9.3% |
| BABA Alibaba Group Holding-SP ADR | 0.25% | 209,680 | $27.7M | Add +3.8% |
| NET Cloudflare Inc. Class A | 0.25% | 245,281 | $27.6M | Add +13.5% |
| NVS Novartis AG-Sponsored ADR | 0.25% | 246,250 | $27.5M | No change |
| TPR Tapestry Inc. | 0.25% | 386,399 | $27.2M | Reduce -19.6% |
| MRK Merck & Co. Inc. | 0.25% | 302,843 | $27.2M | Reduce -32.5% |
| RCL Royal Caribbean Cruises Ltd. | 0.24% | 131,645 | $27.0M | Reduce -13.1% |
| GM General Motors Co. | 0.24% | 567,414 | $26.7M | Reduce -4.5% |
| MCD McDonald's Corp. | 0.24% | 84,709 | $26.5M | Add +5.2% |
| NRG NRG Energy Inc. | 0.24% | 275,525 | $26.3M | Add +4.0% |
| PBR Petroleo Brasileiro-Spon ADR | 0.24% | 1,817,730 | $26.1M | No change |
| SPGI S&P Global Inc. | 0.23% | 51,165 | $26.0M | Add +6.9% |
| EMN Eastman Chemical Co. | 0.23% | 292,955 | $25.8M | Add +0.1% |
Other holdings (4): bonds, preferreds, convertibles and warrants · $177K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| WESCO INTERNATIONAL INC (WCC V10.625 PERP A) | COM | 5,382 | $136K | No change |
| LIBERTY BROADBAND CORP (LBRDA 7 PERP A) | COM | 1,404 | $34K | No change |
| VAL.WS Valaris Ltd. -CW28 | *W EXP 04/29/202 | 1,259 | $6K | No change |
| NBRWF Nabors Industries Ltd. -CW26 | WAR | 628 | $1K | No change |
Total filed on the 13F, all lines: $11.1B.
Portfolio Sells Q4 2024 → Q1 2025
| MSFT Microsoft Corp. | Reduce -3.3% | 3.68% | −0.48 |
| TSLA Tesla Inc. | Reduce -0.2% | 0.71% | −0.37 |
| ULTA Ulta Beauty Inc. | Reduce -96.0% | 0.01% | −0.34 |
| LULU Lululemon Athletica Inc. | Reduce -91.0% | 0.02% | −0.30 |
| DECK Deckers Outdoor Corp. | Reduce -92.8% | 0.01% | −0.28 |
| TTD Trade Desk Inc./the Class A | Reduce -36.0% | 0.11% | −0.26 |
| URI United Rentals Inc. | Reduce -34.9% | 0.37% | −0.25 |
| AXP American Express Co. | Reduce -31.6% | 0.44% | −0.25 |
| FITB Fifth Third Bancorp | Reduce -42.0% | 0.27% | −0.22 |
| KEY Keycorp | Reduce -94.8% | 0.01% | −0.21 |
| ON On Semiconductor | Reduce -53.5% | 0.09% | −0.19 |
| MRK Merck & Co. Inc. | Reduce -32.5% | 0.25% | −0.15 |
| NVR NVR Inc. | Reduce -51.8% | 0.10% | −0.13 |
| TXT Textron Inc. | Reduce -52.6% | 0.10% | −0.12 |
| FSLR First Solar Inc. | Reduce -23.2% | 0.13% | −0.10 |
| ROST Ross Stores Inc. | Reduce -71.7% | 0.03% | −0.09 |
| WMB Williams Cos Inc. | Reduce -67.3% | 0.05% | −0.09 |
| SYF Synchrony Financial | Reduce -16.6% | 0.20% | −0.08 |
| BIDU Baidu Inc. - Spon ADR | Sold out | 0.00% | −0.08 |
| AME Ametek Inc. | Reduce -45.3% | 0.09% | −0.07 |
| AMP Ameriprise Financial Inc. | Reduce -14.1% | 0.31% | −0.07 |
| DHR Danaher Corp. | Reduce -38.9% | 0.09% | −0.07 |
| AMX America Movil Sab DE CV | Sold out | 0.00% | −0.06 |
| UNH Unitedhealth Group Inc. | Reduce -12.8% | 0.80% | −0.06 |
| RCL Royal Caribbean Cruises Ltd. | Reduce -13.1% | 0.24% | −0.06 |
| SBUX Starbucks Corp. | Reduce -35.5% | 0.16% | −0.06 |
| LYFT LYFT Inc. Class A | Sold out | 0.00% | −0.06 |
| EXP Eagle Materials Inc. | Reduce -69.5% | 0.02% | −0.06 |
| EL Estee Lauder Companies Class A | Reduce -82.1% | 0.01% | −0.06 |
| CF CF Industries Holdings Inc. | Reduce -83.9% | 0.01% | −0.05 |
| ASML ASML Holding NV-NY Reg SHS | Sold out | 0.00% | −0.05 |
| ADBE Adobe Inc. | Reduce -5.2% | 0.26% | −0.05 |
| STZ Constellation Brands Inc. Class A | Reduce -66.3% | 0.02% | −0.05 |
| EXPE Expedia Group Inc. | Reduce -11.3% | 0.23% | −0.05 |
| CDW CDW Corp. | Reduce -20.1% | 0.14% | −0.05 |
| JBL Jabil Inc. | Reduce -6.6% | 0.42% | −0.04 |
| KB KB Financial Group Inc.-ADR | Reduce -16.1% | 0.18% | −0.04 |
| FLEX Flex Ltd. | Reduce -43.5% | 0.04% | −0.04 |
| GM General Motors Co. | Reduce -4.5% | 0.24% | −0.04 |
| JBTM JBT Marel Corp. | Reduce -19.6% | 0.14% | −0.04 |
| BURL Burlington Stores Inc. | Reduce -7.7% | 0.13% | −0.04 |
| BC Brunswick Corp. | Reduce -71.6% | 0.01% | −0.03 |
| RL Ralph Lauren Corp. | Reduce -10.8% | 0.22% | −0.03 |
| EQNR Equinor ASA-Spon ADR | Sold out | 0.00% | −0.03 |
| TPR Tapestry Inc. | Reduce -19.6% | 0.25% | −0.03 |
| E Eni SPA-Sponsored ADR | Sold out | 0.00% | −0.03 |
| XYZ Block Inc. | Reduce -2.4% | 0.05% | −0.03 |
| SHOP Shopify Inc. Class A | Reduce -0.8% | 0.29% | −0.03 |
| ANF Abercrombie & Fitch Co. Class A | Reduce -44.2% | 0.01% | −0.03 |
| MA Mastercard Inc. Class A | Reduce -10.3% | 0.63% | −0.03 |
Portfolio Buys Q4 2024 → Q1 2025
| META Meta Platforms Inc. Class A | Add +15.8% | 2.15% | +0.31 |
| LLY Eli Lilly & Co. | Add +27.1% | 1.01% | +0.29 |
| FISV Fiserv Inc. | Add +68.3% | 0.62% | +0.29 |
| TRGP Targa Resources Corp. | Add +859.0% | 0.28% | +0.26 |
| OKE Oneok Inc. | Add +78.7% | 0.52% | +0.24 |
| IPG Interpublic Group of Cos Inc. | Add +3307.2% | 0.23% | +0.23 |
| AOS Smith (a.o.) Corp. | Add +4238.7% | 0.23% | +0.22 |
| GILD Gilead Sciences Inc. | Add +204.7% | 0.28% | +0.21 |
| PGR Progressive Corp. | Add +5.7% | 0.85% | +0.19 |
| APO Apollo Global Management Inc. | Add +69.5% | 0.52% | +0.16 |
| GEN Gen Digital Inc. | Add +1588.1% | 0.16% | +0.15 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +4.2% | 0.68% | +0.14 |
| KHC The Kraft Heinz Co. | Add +834.7% | 0.15% | +0.14 |
| AZO AutoZone Inc. | Add +1.7% | 0.70% | +0.14 |
| WMT Walmart Inc. | Add +40.5% | 0.47% | +0.13 |
| YUMC Yum China Holdings Inc. | New | 0.13% | +0.13 |
| UBER Uber Technologies Inc. | Add +44.5% | 0.28% | +0.12 |
| DELL Dell Technologies -C | Add +75.4% | 0.41% | +0.12 |
| V Visa Inc. Class A | Add +1.5% | 0.86% | +0.12 |
| MCK McKesson Corp. | Add +36.2% | 0.29% | +0.11 |
| KR Kroger Co. | Add +28.4% | 0.36% | +0.11 |
| RTX RTX Corp. | Add +10.1% | 0.48% | +0.11 |
| SONY Sony Group Corp. - SP ADR | Add +60.7% | 0.21% | +0.11 |
| CRWD CrowdStrike Holdings Inc. Class A | New | 0.11% | +0.11 |
| TMUS T-Mobile US Inc. | Add +24.3% | 0.29% | +0.10 |
| T AT&T Inc. | Add +52.9% | 0.21% | +0.10 |
| ABBV Abbvie Inc. | Add +2.1% | 0.52% | +0.10 |
| BABA Alibaba Group Holding-SP ADR | Add +3.8% | 0.25% | +0.10 |
| JD Jd.com Inc.-ADR | Add +45.2% | 0.21% | +0.09 |
| BKNG Booking Holdings Inc. | Add +32.0% | 0.45% | +0.09 |
| GS Goldman Sachs Group Inc. | Add +80.7% | 0.21% | +0.09 |
| MO Altria Group Inc. | Add +10.9% | 0.35% | +0.08 |
| AIG American International Group | Add +10.1% | 0.32% | +0.08 |
| TTE Totalenergies SE -Spon ADR | Add +0.7% | 0.44% | +0.08 |
| PSX Phillips 66 | Add +23.4% | 0.28% | +0.08 |
| ING ING Groep N.V.-Sponsored ADR | Add +0.3% | 0.31% | +0.07 |
| AMGN Amgen Inc. | Add +1.5% | 0.35% | +0.07 |
| BTI British American Tob-SP ADR | Add +27.9% | 0.21% | +0.07 |
| XOM Exxon Mobil Corp. | Add +2.2% | 0.49% | +0.07 |
| CB Chubb Ltd. | Add +0.5% | 0.59% | +0.07 |
| FMS Fresenius Medical Care-ADR | New | 0.07% | +0.07 |
| PDD PDD Holdings Inc. | Add +25.8% | 0.18% | +0.07 |
| JPM JPMorgan Chase & Co. | Add +0.6% | 1.02% | +0.06 |
| FHN First Horizon Corp. | Add +41.6% | 0.19% | +0.05 |
| QSR Restaurant Brands Intern | New | 0.05% | +0.05 |
| JNJ Johnson & Johnson | Add +4.2% | 0.28% | +0.05 |
| VZ Verizon Communications Inc. | Add +1.8% | 0.31% | +0.05 |
| QCOM Qualcomm Inc. | Add +5.3% | 0.63% | +0.05 |
| KLAC KLA Corp. | Add +5.5% | 0.33% | +0.05 |
| BP BP PLC-Spons ADR | Add +30.2% | 0.14% | +0.05 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 1,678 | $14.7B | NVDA, AAPL, GOOGL, MSFT, AMZN |
| Q1 2026 | 1,674 | $12.9B | NVDA, AAPL, MSFT, GOOGL, AMZN |
| Q4 2025 | 1,679 | $13.3B | NVDA, MSFT, AAPL, AMZN, GOOGL |
| Q3 2025 | 1,674 | $13.2B | NVDA, MSFT, AAPL, AMZN, GOOGL |
| Q2 2025 | 1,668 | $12.3B | NVDA, MSFT, AAPL, AMZN, META |
| Q1 2025 | 1,671 | $11.1B | AAPL, MSFT, NVDA, AMZN, META |
| Q4 2024 | 1,670 | $11.4B | NVDA, MSFT, AAPL, AMZN, GOOGL |
| Q3 2024 | 1,673 | $11.5B | MSFT, NVDA, AAPL, AMZN, META |
| Q2 2024 | 1,679 | $11.1B | MSFT, NVDA, AAPL, AMZN, GOOGL |
| Q1 2024 | 1,682 | $11.2B | MSFT, NVDA, AMZN, AAPL, META |