Teachers Retirement System of the State of Kentucky
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 7, 2025), Teachers Retirement System of the State of Kentucky reported 1,668 stock positions worth $12.3 billion. Its top holding was Nvidia (NVDA) at 4.6% of the portfolio, followed by Microsoft (MSFT, 4.5%) and Apple (AAPL, 3.3%). Compared with Q1 2025, it opened 22 new positions, sold out of 26, added to 530 and reduced 472. The biggest buy was Microsoft (MSFT, shares +2%) and the biggest sale Unitedhealth (UNH, shares −33%).
- Most Recent 13F
- Q2 2026
- Location
- FRANKFORT, KY
- CIK
- 0000714142
- Portfolio Value
- $12.3B (Q2 2025)
- SEC Filing
- 0000714142-25-000003 ↗ filed Aug 7, 2025
Holdings Value
Holdings 1,668 stocks · $12.3B
| NVDA Nvidia Corp. | 4.60% | 3,596,131 | $568.2M | Reduce -1.3% |
| MSFT Microsoft Corp. | 4.45% | 1,105,185 | $549.7M | Add +1.7% |
| AAPL Apple Inc. | 3.31% | 1,991,461 | $408.6M | Add +2.7% |
| AMZN Amazon.com Inc. | 3.02% | 1,701,425 | $373.3M | Reduce -1.2% |
| META Meta Platforms Inc. Class A | 2.45% | 409,816 | $302.5M | Reduce -0.6% |
| AVGO Broadcom Inc. | 2.06% | 923,804 | $254.6M | Reduce -1.1% |
| GOOGL Alphabet Inc. Class A | 1.79% | 1,254,186 | $221.0M | Reduce -0.2% |
| NFLX Netflix Inc. | 1.14% | 105,204 | $140.9M | Reduce -4.2% |
| JPM JPMorgan Chase & Co. | 1.07% | 457,341 | $132.6M | Reduce -0.6% |
| LLY Eli Lilly & Co. | 1.01% | 159,570 | $124.4M | Add +17.3% |
| GOOG Alphabet Inc. Class C | 0.82% | 570,671 | $101.2M | Reduce -4.3% |
| V Visa Inc. Class A | 0.79% | 276,188 | $98.1M | Add +1.4% |
| TSLA Tesla Inc. | 0.76% | 296,809 | $94.3M | Reduce -2.6% |
| JBL Jabil Inc. | 0.63% | 355,904 | $77.6M | Add +4.6% |
| BKNG Booking Holdings Inc. | 0.62% | 13,216 | $76.5M | Add +23.2% |
| WFC Wells Fargo & Co. | 0.60% | 924,979 | $74.1M | Reduce -7.4% |
| QCOM Qualcomm Inc. | 0.59% | 461,233 | $73.5M | Add +1.6% |
| ORCL Oracle Corp. | 0.59% | 331,836 | $72.5M | Reduce -8.0% |
| MA Mastercard Inc. Class A | 0.58% | 127,946 | $71.9M | Add +1.2% |
| GILD Gilead Sciences Inc. | 0.58% | 645,247 | $71.5M | Add +129.4% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.57% | 143,766 | $69.8M | Add +1.5% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.54% | 1,402,231 | $66.4M | Add +0.3% |
| PH Parker Hannifin Corp. | 0.53% | 94,132 | $65.7M | Add +0.1% |
| CB Chubb Ltd. | 0.52% | 223,458 | $64.7M | Add +3.7% |
| APO Apollo Global Management Inc. | 0.52% | 453,247 | $64.3M | Add +7.8% |
| T AT&T Inc. | 0.51% | 2,162,200 | $62.6M | Add +166.5% |
| WMT Walmart Inc. | 0.49% | 613,706 | $60.0M | Add +4.4% |
| PGR Progressive Corp. | 0.48% | 223,395 | $59.6M | Reduce -32.9% |
| KR Kroger Co. | 0.46% | 795,579 | $57.1M | Add +36.6% |
| ADBE Adobe Inc. | 0.46% | 145,247 | $56.2M | Add +91.5% |
| AXP American Express Co. | 0.44% | 168,937 | $53.9M | Reduce -7.4% |
| SHEL Shell PLC-ADR | 0.43% | 762,190 | $53.7M | No change |
| FISV Fiserv Inc. | 0.43% | 310,468 | $53.5M | Add +0.0% |
| TMUS T-Mobile US Inc. | 0.43% | 223,129 | $53.2M | Add +84.8% |
| NOW ServiceNow Inc. | 0.42% | 51,054 | $52.5M | Reduce -1.7% |
| ABBV Abbvie Inc. | 0.42% | 278,591 | $51.7M | Add +0.7% |
| PM Philip Morris International | 0.41% | 280,113 | $51.0M | Add +0.7% |
| XOM Exxon Mobil Corp. | 0.40% | 463,435 | $50.0M | Add +1.0% |
| HD Home Depot Inc. | 0.40% | 135,558 | $49.7M | Reduce -22.3% |
| URI United Rentals Inc. | 0.39% | 64,707 | $48.8M | Reduce -2.2% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.39% | 164,726 | $48.6M | Reduce -19.1% |
| MS Morgan Stanley | 0.39% | 341,029 | $48.0M | Add +0.4% |
| OKE Oneok Inc. | 0.39% | 585,337 | $47.8M | Add +0.1% |
| KLAC KLA Corp. | 0.38% | 52,662 | $47.2M | Reduce -0.6% |
| CRM Salesforce Inc. | 0.38% | 172,619 | $47.1M | Add +3.5% |
| TTE Totalenergies SE -Spon ADR | 0.38% | 760,380 | $46.7M | Add +0.5% |
| AZO AutoZone Inc. | 0.38% | 12,490 | $46.4M | Reduce -38.8% |
| COST Costco Wholesale Corp. | 0.37% | 46,745 | $46.3M | Reduce -14.3% |
| RCL Royal Caribbean Cruises Ltd. | 0.36% | 142,722 | $44.7M | Add +8.4% |
| NET Cloudflare Inc. Class A | 0.36% | 227,816 | $44.6M | Reduce -7.1% |
| MAS Masco Corp. | 0.36% | 692,967 | $44.6M | Add +1.3% |
| NRG NRG Energy Inc. | 0.36% | 274,993 | $44.2M | Reduce -0.2% |
| ABT Abbott Laboratories | 0.34% | 309,807 | $42.1M | Reduce -0.3% |
| TEVA Teva Pharmaceutical-SP ADR | 0.34% | 2,505,000 | $42.0M | Add +32.3% |
| PG The Procter & Gamble Co. | 0.33% | 258,721 | $41.2M | Reduce -4.9% |
| DASH DoorDash Inc. Class A | 0.33% | 167,192 | $41.2M | Add +5.2% |
| NXPI NXP Semiconductors NV | 0.32% | 181,970 | $39.8M | Add +0.2% |
| BCS Barclays PLC-Spons ADR | 0.32% | 2,109,340 | $39.2M | Reduce -1.1% |
| RIO Rio Tinto PLC-Spon ADR | 0.32% | 671,370 | $39.2M | No change |
| COF Capital One Financial Corp. | 0.32% | 184,021 | $39.2M | Add +12.6% |
| GS Goldman Sachs Group Inc. | 0.32% | 55,304 | $39.1M | Add +30.9% |
| SAN Banco Santander SA-Spon ADR | 0.31% | 4,666,160 | $38.7M | Reduce -14.1% |
| ING ING Groep N.V.-Sponsored ADR | 0.31% | 1,768,250 | $38.7M | Reduce -0.7% |
| MO Altria Group Inc. | 0.31% | 657,035 | $38.5M | Add +0.3% |
| AER Aercap Holdings NV | 0.31% | 322,270 | $37.7M | No change |
| AMP Ameriprise Financial Inc. | 0.30% | 70,151 | $37.4M | Add +0.3% |
| NWG Natwest Group PLC -Spon ADR | 0.30% | 2,600,491 | $36.8M | Reduce -1.6% |
| HCA HCA Healthcare Inc. | 0.30% | 96,035 | $36.8M | Add +0.1% |
| UNH Unitedhealth Group Inc. | 0.29% | 113,960 | $35.6M | Reduce -32.9% |
| DELL Dell Technologies -C | 0.29% | 288,230 | $35.3M | Reduce -42.2% |
| AMGN Amgen Inc. | 0.29% | 126,248 | $35.2M | Add +0.5% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.28% | 56,594 | $35.0M | No change |
| MCK McKesson Corp. | 0.28% | 47,329 | $34.7M | Add +0.4% |
| MUFG Mitsubishi Ufj Finl-Spon ADR | 0.28% | 2,509,710 | $34.4M | No change |
| SYF Synchrony Financial | 0.27% | 508,734 | $34.0M | Add +23.9% |
| TPR Tapestry Inc. | 0.27% | 386,399 | $33.9M | No change |
| VZ Verizon Communications Inc. | 0.27% | 784,086 | $33.9M | Add +3.8% |
| CMI Cummins Inc. | 0.27% | 103,255 | $33.8M | Add +0.2% |
| GE General Electric filed as GE AEROSPACE | 0.27% | 127,966 | $32.9M | Add +53.2% |
| UBER Uber Technologies Inc. | 0.27% | 351,558 | $32.8M | Reduce -17.6% |
| STT State Street Corp. | 0.26% | 306,665 | $32.6M | Add +8.5% |
| UAL United Airlines Holdings Inc. | 0.26% | 407,493 | $32.4M | Add +1506.1% |
| AMD Advanced Micro Devices | 0.26% | 225,177 | $32.0M | Add +0.9% |
| NTAP Netapp Inc. | 0.26% | 298,113 | $31.8M | Add +1786.7% |
| RL Ralph Lauren Corp. | 0.26% | 114,795 | $31.5M | Add +4.0% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.25% | 252,343 | $31.3M | Add +0.8% |
| TXN Texas Instruments Inc. | 0.25% | 149,945 | $31.1M | Add +40.7% |
| AMAT Applied Materials Inc. | 0.25% | 169,671 | $31.1M | Add +2.3% |
| SHOP Shopify Inc. Class A | 0.25% | 268,754 | $31.0M | Reduce -20.8% |
| FITB Fifth Third Bancorp | 0.25% | 753,552 | $31.0M | Add +0.1% |
| MDT Medtronic PLC | 0.25% | 355,359 | $31.0M | Add +259.0% |
| NVS Novartis AG-Sponsored ADR | 0.25% | 253,850 | $30.7M | Add +3.1% |
| VRTX Vertex Pharmaceuticals Inc. | 0.25% | 68,180 | $30.4M | Add +8.2% |
| GM General Motors Co. | 0.24% | 612,834 | $30.2M | Add +8.0% |
| BTI British American Tob-SP ADR | 0.24% | 631,230 | $29.9M | Add +13.7% |
| MGM MGM Resorts International | 0.24% | 868,684 | $29.9M | Add +4922.8% |
| CRH CRH PLC | 0.24% | 325,240 | $29.9M | Reduce -14.6% |
| EMR Emerson Electric Co. | 0.24% | 219,988 | $29.3M | Add +5.8% |
| INTU Intuit Inc. | 0.24% | 36,935 | $29.1M | Add +5.0% |
| INCY Incyte Corp. | 0.23% | 424,540 | $28.9M | Add +11.5% |
Other holdings (2): bonds, preferreds, convertibles and warrants · $40K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| LIBERTY BROADBAND CORP (LBRDA 7 PERP A) | COM | 1,404 | $35K | No change |
| VAL.WS Valaris Ltd. -CW28 | *W EXP 04/29/202 | 1,259 | $5K | No change |
Total filed on the 13F, all lines: $12.3B.
Portfolio Sells Q1 2025 → Q2 2025
| UNH Unitedhealth Group Inc. | Reduce -32.9% | 0.29% | −0.52 |
| PGR Progressive Corp. | Reduce -32.9% | 0.48% | −0.37 |
| AZO AutoZone Inc. | Reduce -38.8% | 0.38% | −0.33 |
| RTX RTX Corp. | Reduce -56.6% | 0.20% | −0.27 |
| TRGP Targa Resources Corp. | Reduce -89.0% | 0.02% | −0.26 |
| AOS Smith (a.o.) Corp. | Reduce -97.6% | 0.01% | −0.22 |
| SLB SLB Ltd. | Reduce -66.2% | 0.07% | −0.22 |
| CFG Citizens Financial Group | Reduce -51.2% | 0.20% | −0.22 |
| HD Home Depot Inc. | Reduce -22.3% | 0.40% | −0.17 |
| AMT American Tower Corp. | Reduce -64.7% | 0.07% | −0.14 |
| DELL Dell Technologies -C | Reduce -42.2% | 0.29% | −0.12 |
| MRK Merck & Co. Inc. | Reduce -34.5% | 0.13% | −0.12 |
| MCD McDonald's Corp. | Reduce -33.6% | 0.13% | −0.11 |
| TMO Thermo Fisher Scientific Inc. | Reduce -10.8% | 0.19% | −0.10 |
| BP BP PLC-Spons ADR | Reduce -70.2% | 0.03% | −0.10 |
| ZS Zscaler Inc. | Sold out | 0.00% | −0.09 |
| COST Costco Wholesale Corp. | Reduce -14.3% | 0.37% | −0.09 |
| PG The Procter & Gamble Co. | Reduce -4.9% | 0.33% | −0.08 |
| LYB Lyondellbasell Indu Class A | Reduce -86.1% | 0.01% | −0.08 |
| AIG American International Group | Reduce -16.6% | 0.23% | −0.08 |
| ACN Accenture PLC Class A | Reduce -27.8% | 0.12% | −0.07 |
| ON On Semiconductor | Reduce -85.8% | 0.01% | −0.07 |
| PCG P G & E Corp. | Reduce -70.5% | 0.02% | −0.07 |
| SONY Sony Group Corp. - SP ADR | Reduce -26.6% | 0.14% | −0.07 |
| IBM Intl Business Machines Corp. | Reduce -19.1% | 0.39% | −0.06 |
| FOXA Fox Corp. Class A | Reduce -13.5% | 0.21% | −0.06 |
| CRH CRH PLC | Reduce -14.6% | 0.24% | −0.06 |
| OPCH Option Care Health Inc. | Reduce -61.7% | 0.03% | −0.06 |
| GD General Dynamics Corp. | Reduce -52.0% | 0.05% | −0.06 |
| PSX Phillips 66 | Reduce -6.7% | 0.23% | −0.05 |
| DE Deere & Co. | Reduce -37.1% | 0.08% | −0.05 |
| NKE Nike Inc. Class B | Reduce -32.5% | 0.11% | −0.05 |
| ROKU Roku Inc. | Sold out | 0.00% | −0.05 |
| WFC Wells Fargo & Co. | Reduce -7.4% | 0.60% | −0.05 |
| CDW CDW Corp. | Reduce -31.2% | 0.10% | −0.04 |
| EXE Expand Energy Corp. | Reduce -12.3% | 0.21% | −0.04 |
| SHOP Shopify Inc. Class A | Reduce -20.8% | 0.25% | −0.04 |
| AVTR Avantor Inc. | Reduce -21.5% | 0.06% | −0.04 |
| ALKS Alkermes PLC | Reduce -70.3% | 0.01% | −0.04 |
| WSO Watsco Inc. | Reduce -4.0% | 0.12% | −0.04 |
| COP Conocophillips | Reduce -2.7% | 0.11% | −0.04 |
| WSM Williams-Sonoma Inc. | Reduce -72.0% | 0.01% | −0.04 |
| JBTM JBT Marel Corp. | Reduce -16.1% | 0.10% | −0.04 |
| ABT Abbott Laboratories | Reduce -0.3% | 0.34% | −0.03 |
| DFS Discover Financial Services | Sold out | 0.00% | −0.03 |
| X United States Steel Corp. | Sold out | 0.00% | −0.03 |
| SPGI S&P Global Inc. | Reduce -4.9% | 0.21% | −0.03 |
| HBM Hudbay Minerals Inc. | Sold out | 0.00% | −0.03 |
| AUR Aurora Innovation Inc. | Reduce -5.6% | 0.05% | −0.03 |
| BERY Berry Global Group Inc. | Sold out | 0.00% | −0.02 |
Portfolio Buys Q1 2025 → Q2 2025
| MSFT Microsoft Corp. | Add +1.7% | 4.45% | +0.77 |
| T AT&T Inc. | Add +166.5% | 0.51% | +0.30 |
| GILD Gilead Sciences Inc. | Add +129.4% | 0.58% | +0.29 |
| UAL United Airlines Holdings Inc. | Add +1506.1% | 0.26% | +0.25 |
| NTAP Netapp Inc. | Add +1786.7% | 0.26% | +0.24 |
| MGM MGM Resorts International | Add +4922.8% | 0.24% | +0.24 |
| JBL Jabil Inc. | Add +4.6% | 0.63% | +0.21 |
| ADBE Adobe Inc. | Add +91.5% | 0.46% | +0.19 |
| PLTR Palantir Technologies Inc. Class A | New | 0.18% | +0.18 |
| BKNG Booking Holdings Inc. | Add +23.2% | 0.62% | +0.17 |
| MDT Medtronic PLC | Add +259.0% | 0.25% | +0.17 |
| TMUS T-Mobile US Inc. | Add +84.8% | 0.43% | +0.14 |
| RCL Royal Caribbean Cruises Ltd. | Add +8.4% | 0.36% | +0.12 |
| GE General Electric | Add +53.2% | 0.27% | +0.12 |
| GS Goldman Sachs Group Inc. | Add +30.9% | 0.32% | +0.11 |
| FMS Fresenius Medical Care-ADR | Add +152.8% | 0.17% | +0.11 |
| KR Kroger Co. | Add +36.6% | 0.46% | +0.11 |
| TXN Texas Instruments Inc. | Add +40.7% | 0.25% | +0.08 |
| SYF Synchrony Financial | Add +23.9% | 0.27% | +0.08 |
| TEVA Teva Pharmaceutical-SP ADR | Add +32.3% | 0.34% | +0.08 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +30.1% | 0.18% | +0.07 |
| DASH DoorDash Inc. Class A | Add +5.2% | 0.33% | +0.07 |
| VOYA Voya Financial Inc. | Add +426.9% | 0.09% | +0.07 |
| BX Blackstone Inc. | New | 0.07% | +0.07 |
| POOL Pool Corp. | Add +1033.6% | 0.08% | +0.07 |
| LIN Linde PLC | Add +54.5% | 0.22% | +0.06 |
| ITT Itt Inc. | Add +178.3% | 0.09% | +0.06 |
| BNY Bank of New York Mellon Corp. | Add +143.8% | 0.10% | +0.06 |
| BJ Bj's Wholesale Club Holdings | Add +171.1% | 0.10% | +0.05 |
| WLK Westlake Corp. | Add +796.4% | 0.06% | +0.05 |
| COF Capital One Financial Corp. | Add +12.6% | 0.32% | +0.05 |
| AMD Advanced Micro Devices | Add +0.9% | 0.26% | +0.05 |
| IR Ingersoll-Rand Inc. | Add +68.6% | 0.14% | +0.05 |
| FWONK Liberty Media Corp. Class C | New | 0.05% | +0.05 |
| YUMC Yum China Holdings Inc. | Add +80.6% | 0.18% | +0.05 |
| TYL Tyler Technologies Inc. | Add +315.6% | 0.07% | +0.05 |
| COIN Coinbase Global Inc. Class A | New | 0.05% | +0.05 |
| MU Micron Technology Inc. | Add +0.6% | 0.21% | +0.04 |
| OKTA Okta Inc. | New | 0.04% | +0.04 |
| INTU Intuit Inc. | Add +5.0% | 0.24% | +0.04 |
| EMBJ Embraer SA-Spon ADR | New | 0.04% | +0.04 |
| MRVL Marvell Technology Inc. | New | 0.04% | +0.04 |
| RSG Republic Services Inc. | Add +133.6% | 0.07% | +0.04 |
| APP AppLovin Corp. Class A | New | 0.04% | +0.04 |
| STT State Street Corp. | Add +8.5% | 0.26% | +0.04 |
| RL Ralph Lauren Corp. | Add +4.0% | 0.26% | +0.04 |
| BTI British American Tob-SP ADR | Add +13.7% | 0.24% | +0.03 |
| AMAT Applied Materials Inc. | Add +2.3% | 0.25% | +0.03 |
| ETN Eaton Corp. PLC | Add +0.6% | 0.22% | +0.03 |
| FSNUY Fresenius SE & Co.-SPN ADR | New | 0.03% | +0.03 |
Notes & Other Activity Q1 2025 → Q2 2025
| WESCO INTERNATIONAL INC (WCC V10.625 PERP A) | COM | Sold out | 5,382 | $136Kbefore exit |
| NBRWF Nabors Industries Ltd. -CW26 | WAR | Sold out | 628 | $1Kbefore 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 | 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 |