Teachers Retirement System of the State of Kentucky
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Teachers Retirement System of the State of Kentucky reported 1,674 stock positions worth $13.2 billion. Its top holding was Nvidia (NVDA) at 5.2% of the portfolio, followed by Microsoft (MSFT, 4.4%) and Apple (AAPL, 3.8%). Compared with Q2 2025, it opened 50 new positions, sold out of 44, added to 177 and reduced 638. The biggest buy was Nvidia (NVDA, shares +3%) and the biggest sale Netflix (NFLX, shares −26%).
- Most Recent 13F
- Q2 2026
- Location
- FRANKFORT, KY
- CIK
- 0000714142
- Portfolio Value
- $13.2B (Q3 2025)
- SEC Filing
- 0000714142-25-000006 ↗ filed Nov 12, 2025
Holdings Value
Holdings 1,674 stocks · $13.2B
| NVDA Nvidia Corp. | 5.24% | 3,690,665 | $688.6M | Add +2.6% |
| MSFT Microsoft Corp. | 4.38% | 1,112,642 | $576.3M | Add +0.7% |
| AAPL Apple Inc. | 3.80% | 1,964,769 | $500.3M | Reduce -1.3% |
| AMZN Amazon.com Inc. | 2.85% | 1,705,201 | $374.4M | Add +0.2% |
| GOOGL Alphabet Inc. Class A | 2.29% | 1,239,983 | $301.4M | Reduce -1.1% |
| META Meta Platforms Inc. Class A | 2.11% | 377,840 | $277.5M | Reduce -7.8% |
| AVGO Broadcom Inc. | 2.00% | 798,013 | $263.3M | Reduce -13.6% |
| JPM JPMorgan Chase & Co. | 1.08% | 451,760 | $142.5M | Reduce -1.2% |
| TSLA Tesla Inc. | 0.99% | 293,596 | $130.6M | Reduce -1.1% |
| GOOG Alphabet Inc. Class C | 0.97% | 525,771 | $128.1M | Reduce -7.9% |
| LLY Eli Lilly & Co. | 0.96% | 165,165 | $126.0M | Add +3.5% |
| ORCL Oracle Corp. | 0.72% | 337,428 | $94.9M | Add +1.7% |
| NFLX Netflix Inc. | 0.71% | 77,799 | $93.3M | Reduce -26.1% |
| V Visa Inc. Class A | 0.71% | 271,620 | $92.7M | Reduce -1.6% |
| QCOM Qualcomm Inc. | 0.56% | 443,903 | $73.8M | Reduce -3.8% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.55% | 143,766 | $72.3M | No change |
| MA Mastercard Inc. Class A | 0.54% | 125,571 | $71.4M | Reduce -1.9% |
| WFC Wells Fargo & Co. | 0.54% | 846,850 | $71.0M | Reduce -8.4% |
| GILD Gilead Sciences Inc. | 0.53% | 627,102 | $69.6M | Reduce -2.8% |
| PH Parker Hannifin Corp. | 0.50% | 87,144 | $66.1M | Reduce -7.4% |
| ABBV Abbvie Inc. | 0.49% | 278,591 | $64.5M | No change |
| WMT Walmart Inc. | 0.49% | 623,431 | $64.3M | Add +1.6% |
| BKNG Booking Holdings Inc. | 0.48% | 11,796 | $63.7M | Reduce -10.7% |
| T AT&T Inc. | 0.45% | 2,085,510 | $58.9M | Reduce -3.5% |
| KLAC KLA Corp. | 0.45% | 54,252 | $58.5M | Add +3.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.44% | 1,119,219 | $57.7M | Reduce -20.2% |
| URI United Rentals Inc. | 0.44% | 60,104 | $57.4M | Reduce -7.1% |
| JBL Jabil Inc. | 0.43% | 263,124 | $57.1M | Reduce -26.1% |
| KR Kroger Co. | 0.43% | 833,489 | $56.2M | Add +4.8% |
| AXP American Express Co. | 0.42% | 166,874 | $55.4M | Reduce -1.2% |
| MS Morgan Stanley | 0.41% | 341,029 | $54.2M | No change |
| TMUS T-Mobile US Inc. | 0.41% | 225,359 | $53.9M | Add +1.0% |
| HD Home Depot Inc. | 0.41% | 133,023 | $53.9M | Reduce -1.9% |
| CSCO Cisco Systems Inc. | 0.41% | 784,906 | $53.7M | Add +150.8% |
| AMD Advanced Micro Devices | 0.41% | 329,477 | $53.3M | Add +46.3% |
| TEVA Teva Pharmaceutical-SP ADR | 0.40% | 2,611,600 | $52.8M | Add +4.3% |
| XOM Exxon Mobil Corp. | 0.39% | 460,435 | $51.9M | Reduce -0.7% |
| MDT Medtronic PLC | 0.39% | 544,959 | $51.9M | Add +53.4% |
| CB Chubb Ltd. | 0.38% | 177,558 | $50.1M | Reduce -20.5% |
| MAS Masco Corp. | 0.37% | 690,757 | $48.6M | Reduce -0.3% |
| ADBE Adobe Inc. | 0.37% | 137,427 | $48.5M | Reduce -5.4% |
| PGR Progressive Corp. | 0.37% | 194,650 | $48.1M | Reduce -12.9% |
| SAN Banco Santander SA-Spon ADR | 0.36% | 4,512,360 | $47.3M | Reduce -3.3% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.35% | 164,726 | $46.5M | No change |
| ING ING Groep N.V.-Sponsored ADR | 0.35% | 1,778,550 | $46.4M | Add +0.6% |
| BCS Barclays PLC-Spons ADR | 0.35% | 2,239,040 | $46.3M | Add +6.2% |
| NOW ServiceNow Inc. | 0.35% | 50,246 | $46.2M | Reduce -1.6% |
| RIO Rio Tinto PLC-Spon ADR | 0.35% | 697,770 | $46.1M | Add +3.9% |
| GS Goldman Sachs Group Inc. | 0.35% | 57,141 | $45.5M | Add +3.3% |
| PM Philip Morris International | 0.35% | 280,113 | $45.4M | No change |
| SHEL Shell PLC-ADR | 0.34% | 619,690 | $44.3M | Reduce -18.7% |
| CMI Cummins Inc. | 0.33% | 103,255 | $43.6M | No change |
| MO Altria Group Inc. | 0.33% | 657,035 | $43.4M | No change |
| COST Costco Wholesale Corp. | 0.33% | 46,745 | $43.3M | No change |
| TTE Totalenergies SE -Spon ADR | 0.33% | 723,580 | $43.2M | Reduce -4.8% |
| UNH Unitedhealth Group Inc. | 0.32% | 122,360 | $42.3M | Add +7.4% |
| DASH DoorDash Inc. Class A | 0.32% | 155,092 | $42.2M | Reduce -7.2% |
| ABT Abbott Laboratories | 0.32% | 311,011 | $41.7M | Add +0.4% |
| HCA HCA Healthcare Inc. | 0.31% | 96,035 | $40.9M | No change |
| DELL Dell Technologies -C | 0.31% | 288,230 | $40.9M | No change |
| MUFG Mitsubishi Ufj Finl-Spon ADR | 0.30% | 2,506,310 | $40.0M | Reduce -0.1% |
| NWG Natwest Group PLC -Spon ADR | 0.30% | 2,807,591 | $39.7M | Add +8.0% |
| AER Aercap Holdings NV | 0.30% | 327,670 | $39.6M | Add +1.7% |
| SHOP Shopify Inc. Class A | 0.30% | 263,454 | $39.2M | Reduce -2.0% |
| NXPI NXP Semiconductors NV | 0.30% | 171,270 | $39.0M | Reduce -5.9% |
| AZO AutoZone Inc. | 0.29% | 8,956 | $38.4M | Reduce -28.3% |
| GE General Electric filed as GE AEROSPACE | 0.29% | 126,973 | $38.2M | Reduce -0.8% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.29% | 56,594 | $37.7M | No change |
| BABA Alibaba Group Holding-SP ADR | 0.28% | 208,580 | $37.3M | Reduce -8.0% |
| MCK McKesson Corp. | 0.28% | 47,329 | $36.6M | No change |
| TSM Taiwan Semiconductor-SP ADR | 0.28% | 129,780 | $36.2M | Add +8.3% |
| NET Cloudflare Inc. Class A | 0.27% | 167,939 | $36.0M | Reduce -26.3% |
| AMGN Amgen Inc. | 0.27% | 126,248 | $35.6M | No change |
| NVS Novartis AG-Sponsored ADR | 0.27% | 274,950 | $35.3M | Add +8.3% |
| JNJ Johnson & Johnson | 0.27% | 189,024 | $35.0M | No change |
| CRH CRH PLC | 0.27% | 291,840 | $35.0M | Reduce -10.3% |
| LEN Lennar Corp. Class A | 0.26% | 274,173 | $34.6M | Add +319.4% |
| UBER Uber Technologies Inc. | 0.26% | 351,836 | $34.5M | Add +0.1% |
| AMP Ameriprise Financial Inc. | 0.26% | 70,151 | $34.5M | No change |
| VZ Verizon Communications Inc. | 0.26% | 784,086 | $34.5M | No change |
| AMAT Applied Materials Inc. | 0.26% | 167,950 | $34.4M | Reduce -1.0% |
| VIPS Vipshop Holdings Ltd. - ADR | 0.26% | 1,732,920 | $34.0M | Add +36.8% |
| FITB Fifth Third Bancorp | 0.26% | 753,552 | $33.6M | No change |
| GM General Motors Co. | 0.26% | 550,244 | $33.5M | Reduce -10.2% |
| TPR Tapestry Inc. | 0.25% | 290,399 | $32.9M | Reduce -24.8% |
| DKS Dick's Sporting Goods Inc. | 0.25% | 145,382 | $32.3M | No change |
| NTES Netease Inc.-ADR | 0.24% | 210,900 | $32.1M | Add +8.3% |
| J Jacobs Solutions Inc. | 0.24% | 212,406 | $31.8M | No change |
| COF Capital One Financial Corp. | 0.24% | 149,321 | $31.7M | Reduce -18.9% |
| APO Apollo Global Management Inc. | 0.24% | 236,107 | $31.5M | Reduce -47.9% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.24% | 274,743 | $31.5M | Add +8.9% |
| CFG Citizens Financial Group | 0.24% | 591,634 | $31.5M | Add +7.8% |
| BWA Borgwarner Inc. | 0.24% | 714,426 | $31.4M | Reduce -0.1% |
| EXPE Expedia Group Inc. | 0.24% | 146,572 | $31.3M | Reduce -9.1% |
| BTI British American Tob-SP ADR | 0.24% | 589,730 | $31.3M | Reduce -6.6% |
| MU Micron Technology Inc. | 0.24% | 185,653 | $31.1M | Reduce -9.9% |
| PSX Phillips 66 | 0.23% | 227,221 | $30.9M | Reduce -3.6% |
| UAL United Airlines Holdings Inc. | 0.23% | 319,093 | $30.8M | Reduce -21.7% |
| CRM Salesforce Inc. | 0.23% | 129,001 | $30.6M | Reduce -25.3% |
| INCY Incyte Corp. | 0.23% | 355,840 | $30.2M | Reduce -16.2% |
Other holdings (2): bonds, preferreds, convertibles and warrants · $39K (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 | $4K | No change |
Total filed on the 13F, all lines: $13.2B.
Portfolio Sells Q2 2025 → Q3 2025
| NFLX Netflix Inc. | Reduce -26.1% | 0.71% | −0.43 |
| META Meta Platforms Inc. Class A | Reduce -7.8% | 2.11% | −0.34 |
| APO Apollo Global Management Inc. | Reduce -47.9% | 0.24% | −0.28 |
| FISV Fiserv Inc. | Reduce -36.7% | 0.19% | −0.24 |
| OKE Oneok Inc. | Reduce -43.2% | 0.18% | −0.20 |
| JBL Jabil Inc. | Reduce -26.1% | 0.43% | −0.19 |
| SKX Skechers USA Inc. Class A | Sold out | 0.00% | −0.17 |
| NRG NRG Energy Inc. | Reduce -41.1% | 0.20% | −0.16 |
| CRM Salesforce Inc. | Reduce -25.3% | 0.23% | −0.15 |
| CB Chubb Ltd. | Reduce -20.5% | 0.38% | −0.14 |
| BKNG Booking Holdings Inc. | Reduce -10.7% | 0.48% | −0.14 |
| RCL Royal Caribbean Cruises Ltd. | Reduce -34.8% | 0.23% | −0.13 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -37.5% | 0.13% | −0.12 |
| PG The Procter & Gamble Co. | Reduce -28.7% | 0.22% | −0.12 |
| PGR Progressive Corp. | Reduce -12.9% | 0.37% | −0.12 |
| BAC Bank of America Corp. | Reduce -20.2% | 0.44% | −0.10 |
| SHEL Shell PLC-ADR | Reduce -18.7% | 0.34% | −0.10 |
| V Visa Inc. Class A | Reduce -1.6% | 0.71% | −0.09 |
| NET Cloudflare Inc. Class A | Reduce -26.3% | 0.27% | −0.09 |
| ADBE Adobe Inc. | Reduce -5.4% | 0.37% | −0.09 |
| TMO Thermo Fisher Scientific Inc. | Reduce -49.2% | 0.11% | −0.08 |
| AZO AutoZone Inc. | Reduce -28.3% | 0.29% | −0.08 |
| NVR NVR Inc. | Reduce -84.1% | 0.02% | −0.08 |
| COF Capital One Financial Corp. | Reduce -18.9% | 0.24% | −0.08 |
| NOW ServiceNow Inc. | Reduce -1.6% | 0.35% | −0.07 |
| SYF Synchrony Financial | Reduce -26.2% | 0.20% | −0.07 |
| BSX Boston Scientific Corp. | Reduce -24.9% | 0.13% | −0.07 |
| MGM MGM Resorts International | Reduce -23.5% | 0.18% | −0.07 |
| EMR Emerson Electric Co. | Reduce -20.8% | 0.17% | −0.06 |
| WFC Wells Fargo & Co. | Reduce -8.4% | 0.54% | −0.06 |
| AVGO Broadcom Inc. | Reduce -13.6% | 2.00% | −0.06 |
| T AT&T Inc. | Reduce -3.5% | 0.45% | −0.06 |
| EMN Eastman Chemical Co. | Reduce -14.0% | 0.12% | −0.06 |
| WDAY Workday Inc. Class A | Reduce -25.6% | 0.12% | −0.05 |
| GILD Gilead Sciences Inc. | Reduce -2.8% | 0.53% | −0.05 |
| STT State Street Corp. | Reduce -20.8% | 0.21% | −0.05 |
| TTE Totalenergies SE -Spon ADR | Reduce -4.8% | 0.33% | −0.05 |
| ACGL Arch Capital Group Ltd. | Reduce -68.1% | 0.02% | −0.05 |
| EME Emcor Group Inc. | Reduce -75.8% | 0.02% | −0.05 |
| RL Ralph Lauren Corp. | Reduce -23.6% | 0.21% | −0.05 |
| NTAP Netapp Inc. | Reduce -21.3% | 0.21% | −0.05 |
| IBKR Interactive Brokers Gro Class A | Reduce -74.4% | 0.02% | −0.04 |
| SPGI S&P Global Inc. | Reduce -7.7% | 0.17% | −0.04 |
| AIG American International Group | Reduce -4.2% | 0.19% | −0.04 |
| NBIX Neurocrine Biosciences Inc. | Reduce -58.8% | 0.03% | −0.04 |
| COP Conocophillips | Reduce -34.9% | 0.07% | −0.04 |
| EMBJ Embraer SA-Spon ADR | Sold out | 0.00% | −0.04 |
| MRVL Marvell Technology Inc. | Sold out | 0.00% | −0.04 |
| MA Mastercard Inc. Class A | Reduce -1.9% | 0.54% | −0.04 |
| LOGI Logitech International-Reg | Sold out | 0.00% | −0.04 |
Portfolio Buys Q2 2025 → Q3 2025
| NVDA Nvidia Corp. | Add +2.6% | 5.24% | +0.64 |
| CSCO Cisco Systems Inc. | Add +150.8% | 0.41% | +0.23 |
| LEN Lennar Corp. Class A | Add +319.4% | 0.26% | +0.20 |
| CBRE CBRE Group Inc. Class A | Add +713.7% | 0.23% | +0.20 |
| DVA Davita Inc. | Add +4676.4% | 0.17% | +0.16 |
| PAYC Paycom Software Inc. | Add +2662.0% | 0.17% | +0.16 |
| AMD Advanced Micro Devices | Add +46.3% | 0.41% | +0.15 |
| MDT Medtronic PLC | Add +53.4% | 0.39% | +0.14 |
| FTI Technipfmc PLC | New | 0.14% | +0.14 |
| ORCL Oracle Corp. | Add +1.7% | 0.72% | +0.13 |
| SNN Smith & Nephew PLC -Spon ADR | New | 0.13% | +0.13 |
| RGEN Repligen Corp. | Add +678.3% | 0.12% | +0.11 |
| VIPS Vipshop Holdings Ltd. - ADR | Add +36.8% | 0.26% | +0.10 |
| CAT Caterpillar Inc. | Add +57.6% | 0.22% | +0.10 |
| BNY Bank of New York Mellon Corp. | Add +74.6% | 0.20% | +0.10 |
| APP AppLovin Corp. Class A | Add +71.7% | 0.13% | +0.09 |
| VALE Vale SA-SP ADR | Add +52.3% | 0.22% | +0.08 |
| LOW Lowe's Cos Inc. | Add +86.3% | 0.16% | +0.08 |
| FSLR First Solar Inc. | Add +17.5% | 0.23% | +0.07 |
| ICE Intercontinental Exchange Inc. | Add +134.4% | 0.14% | +0.07 |
| PDD PDD Holdings Inc. | Add +22.8% | 0.21% | +0.07 |
| SRE Sempra | Add +34.6% | 0.20% | +0.07 |
| BMY Bristol-Myers Squibb Co. | Add +76.2% | 0.17% | +0.06 |
| KLAC KLA Corp. | Add +3.0% | 0.45% | +0.06 |
| TEVA Teva Pharmaceutical-SP ADR | Add +4.3% | 0.40% | +0.06 |
| TSM Taiwan Semiconductor-SP ADR | Add +8.3% | 0.28% | +0.06 |
| AJG Arthur J Gallagher & Co. | Add +127.3% | 0.11% | +0.05 |
| MDB Mongodb Inc. | Add +13.8% | 0.14% | +0.05 |
| HII Huntington Ingalls Industrie | Add +20.3% | 0.19% | +0.05 |
| MKC McCormick & Co.-Non VTG SHRS | Add +483.7% | 0.06% | +0.05 |
| NTNX Nutanix Inc. Class A | New | 0.05% | +0.05 |
| TRMB Trimble Inc. | Add +378.9% | 0.06% | +0.05 |
| WMB Williams Cos Inc. | Add +103.5% | 0.09% | +0.04 |
| RRX Regal Rexnord Corp. | Add +55.2% | 0.14% | +0.04 |
| CFG Citizens Financial Group | Add +7.8% | 0.24% | +0.04 |
| KNF Knife River Corp. | Add +436.3% | 0.05% | +0.04 |
| ING ING Groep N.V.-Sponsored ADR | Add +0.6% | 0.35% | +0.04 |
| TLN Talen Energy Corp. | New | 0.04% | +0.04 |
| W Wayfair Inc. Class A | Add +2.4% | 0.10% | +0.04 |
| TRU Transunion | New | 0.04% | +0.04 |
| DB Deutsche Bank AG-Registered | New | 0.04% | +0.04 |
| TWLO Twilio Inc. Class A | New | 0.04% | +0.04 |
| IX Orix - Sponsored ADR | Add +8.3% | 0.23% | +0.03 |
| BCS Barclays PLC-Spons ADR | Add +6.2% | 0.35% | +0.03 |
| UNH Unitedhealth Group Inc. | Add +7.4% | 0.32% | +0.03 |
| RIO Rio Tinto PLC-Spon ADR | Add +3.9% | 0.35% | +0.03 |
| HOOD Robinhood Markets Inc. Class A | New | 0.03% | +0.03 |
| CDW CDW Corp. | Add +59.1% | 0.13% | +0.03 |
| FTAI Ftai Aviation Ltd. | Add +21.4% | 0.08% | +0.03 |
| WLK Westlake Corp. | Add +57.4% | 0.10% | +0.03 |
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 |