CIK: 0001398739
Total reported value
$11.4B
Reporting period: 2026-03-31 · Number of holdings: 493
Employees Retirement System of Texas disclosed 493 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $11.4B and a quarterly turnover rate of 33.7%.
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Employees Retirement System of Texas's disclosed holdings carry a Herfindahl concentration index of 0.030 — mathematically equivalent to about 33 equally-sized positions, well below its 493 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 3.75), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Add IAU
+1247.0% $270.5M
Add VGIT
+5.3% $61.5M
Trim MSFT
-3.6% -$181.2M
Add V
+2750.6% $128.1M
Trim UNH
-96.7% -$96.2M
Trim GOOG
-24.3% -$112.4M
Showing top 200 holdings (of 493 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | VGIT | Vanguard Intermediate-term T | ETF-Other | 12.18% | +1.34% | +5.29% | |
| 2 | NVDA | Nvidia CORP | Stock-Tech | 5.39% | -0.17% | -3.42% | |
| 3 | AAPL | Apple INC | Stock-Tech | 4.54% | -0.48% | -9.86% | |
| 4 | MSFT | Microsoft CORP | Stock-Tech | 4.45% | -1.17% | -3.65% | |
| 5 | HYLB | Xtrackers Usd High Yield Cor | ETF-High Yield | 3.60% | — | — | |
| 6 | AMZN | Amazon.com INC | Stock-Consumer Disc | 3.37% | -0.27% | -4.31% | |
| 7 | IAU | Ishares Gold Trust | ETF-Commodities | 2.54% | +2.38% | +1247.03% | |
| 8 | AVGO | Broadcom INC | Stock-Tech | 2.29% | -0.09% | +0.29% | |
| 9 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 2.21% | -0.76% | -24.33% | |
| 10 | XOM | Exxon Mobil CORP | Stock-Energy | 1.74% | +0.52% | -5.79% | |
| 11 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.59% | -0.50% | -18.23% | |
| 12 | VGK | Vanguard Ftse Europe ETF | ETF-Other | 1.44% | +1.44% | NEW | |
| 13 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.39% | -0.20% | -5.05% | |
| 14 | JPM | Jpmorgan Chase & Co | Stock-Financials | 1.32% | -0.10% | -5.10% | |
| 15 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 1.22% | — | -2.71% | |
| 16 | V | Visa Inc-class A Shares | Stock-Financials | 1.17% | +1.13% | +2750.58% | |
| 17 | WMT | Walmart INC | Stock-Consumer Staples | 1.16% | — | -5.10% | |
| 18 | TSLA | Tesla INC | Stock-Consumer Disc | 1.14% | -0.32% | -12.03% | |
| 19 | MA | Mastercard INC - A | Stock-Financials | 1.14% | -0.64% | -31.81% | |
| 20 | NEM | Newmont CORP | Stock-Materials | 1.06% | — | -19.16% | |
| 21 | HD | Home Depot INC | Stock-Consumer Disc | 1.03% | +0.26% | +29.65% | |
| 22 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 1.02% | — | -8.00% | |
| 23 | VEA | Vanguard Ftse Developed ETF | ETF-Other | 1.01% | — | — | |
| 24 | PH | Parker Hannifin CORP | Stock-Industrials | 0.99% | — | -5.10% | |
| 25 | BAC | Bank Of America CORP | Stock-Financials | 0.98% | -0.13% | -6.71% | |
| 26 | FCX | Freeport-mcmoran INC | Stock-Materials | 0.95% | — | -9.71% | |
| 27 | NFLX | Netflix INC | Stock-Comm Services | 0.92% | +0.49% | +95.03% | |
| 28 | SCHW | Schwab (charles) CORP | Stock-Financials | 0.88% | — | +20.99% | |
| 29 | PANW | Palo Alto Networks INC | Stock-Tech | 0.88% | -0.11% | -5.09% | |
| 30 | ABBV | Abbvie INC | Stock-Healthcare | 0.87% | +0.87% | NEW | |
| 31 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.86% | — | -20.21% | |
| 32 | MSI | Motorola Solutions INC | Stock-Tech | 0.83% | — | -7.37% | |
| 33 | XBI | Ss Spdr S&p Biotech ETF | ETF-Tech | 0.77% | — | -5.10% | |
| 34 | CDNS | Cadence Design Sys INC | Stock-Tech | 0.76% | — | +9.44% | |
| 35 | ISRG | Intuitive Surgical INC | Stock-Healthcare | 0.71% | +0.36% | +127.91% | |
| 36 | TMO | Thermo Fisher Scientific INC | Stock-Healthcare | 0.70% | -0.13% | -6.73% | |
| 37 | TJX | Tjx Companies INC | Stock-Consumer Disc | 0.69% | — | -14.47% | |
| 38 | ANET | Arista Networks INC | Stock-Tech | 0.68% | — | -4.97% | |
| 39 | FITB | Fifth Third Bancorp | Stock-Financials | 0.66% | — | -5.10% | |
| 40 | AMD | Advanced Micro Devices | Stock-Tech | 0.66% | — | -5.09% | |
| 41 | ETR | Entergy CORP | Stock-Utilities | 0.66% | — | -5.10% | |
| 42 | MS | Morgan Stanley | Stock-Financials | 0.66% | — | -5.10% | |
| 43 | FAST | Fastenal Co | Stock-Industrials | 0.66% | +0.29% | +41.33% | |
| 44 | DHR | Danaher CORP | Stock-Healthcare | 0.66% | -0.11% | -4.66% | |
| 45 | TMUS | T-mobile US INC | Stock-Comm Services | 0.65% | — | +18.81% | |
| 46 | EQIX | Equinix INC | Stock-Real Estate | 0.64% | — | -4.97% | |
| 47 | AME | Ametek INC | Stock-Industrials | 0.64% | +0.20% | +29.85% | |
| 48 | ALLY | Ally Financial INC | Stock-Financials | 0.64% | — | +11.33% | |
| 49 | WEC | Wec Energy Group INC | Stock-Utilities | 0.63% | — | -5.09% | |
| 50 | ICE | Intercontinental Exchange In | Stock-Financials | 0.63% | — | -1.74% |
Performance for Q3 2026
+1.3%
Performance Last 4 Quarters
+17.6%
Based on 66% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 493 | $11.4B | 34 | |
| 2025-12-31 | 496 | $12.3B | 26 | |
| 2025-09-30 | 507 | $12.5B | 46 | |
| 2025-06-30 | 523 | $12.3B | 0 | |
| 2025-03-31 | 264 | $11.0B | 100 | |
| 2024-12-31 | 311 | $11.7B | 0 | |
| 2024-09-30 | 334 | $11.6B | 0 | |
| 2024-06-30 | 315 | $10.7B | 0 | |
| 2024-03-31 | 328 | $9.2B | 0 | |
| 2023-12-31 | 340 | $8.5B | 0 | |
| 2023-09-30 | 297 | $6.7B | 0 | |
| 2023-06-30 | 321 | $7.3B | 0 | |
| 2023-03-31 | 330 | $6.9B | 0 | |
| 2022-12-31 | 333 | $6.9B | 0 | |
| 2022-09-30 | 349 | $6.6B | 0 | |
| 2022-06-30 | 711 | $7.0B | 0 | |
| 2022-03-31 | 748 | $8.4B | 0 | |
| 2021-12-31 | 755 | $8.9B | 0 | |
| 2021-09-30 | 787 | $8.6B | 0 | |
| 2021-06-30 | 735 | $8.2B | 100 | |
| 2021-03-31 | 729 | $7.8B | 36 | |
| 2020-12-31 | 645 | $6.3B | 45 | |
| 2020-09-30 | 708 | $6.8B | 31 | |
| 2020-06-30 | 728 | $6.6B | 35 | |
| 2020-03-31 | 746 | $5.2B | 37 | |
| 2019-12-31 | 777 | $6.4B | 23 | |
| 2019-09-30 | 850 | $6.4B | 43 | |
| 2019-06-30 | 1086 | $6.6B | 20 | |
| 2019-03-31 | 1055 | $6.6B | 26 | |
| 2018-12-31 | 1057 | $6.3B | 32 | |
| 2018-09-30 | 1057 | $7.5B | 22 | |
| 2018-06-30 | 1067 | $7.4B | 29 | |
| 2018-03-31 | 1037 | $7.4B | 31 | |
| 2017-12-31 | 1034 | $7.9B | 22 | |
| 2017-09-30 | 1006 | $7.6B | 21 | |
| 2017-06-30 | 1004 | $7.4B | 22 | |
| 2017-03-31 | 1020 | $7.3B | 24 | |
| 2016-12-31 | 1011 | $7.3B | 34 | |
| 2016-09-30 | 964 | $7.4B | 29 | |
| 2016-06-30 | 935 | $7.3B | 27 | |
| 2016-03-31 | 955 | $7.2B | 26 | |
| 2015-12-31 | 947 | $7.2B | 25 | |
| 2015-09-30 | 947 | $7.0B | 24 | |
| 2015-06-30 | 952 | $7.6B | 26 | |
| 2015-03-31 | 959 | $7.7B | 27 | |
| 2014-12-31 | 965 | $7.9B | 24 | |
| 2014-09-30 | 977 | $7.6B | 21 | |
| 2014-06-30 | 1001 | $7.8B | 25 | |
| 2014-03-31 | 974 | $7.6B | 23 | |
| 2013-12-31 | 972 | $7.8B | 38 | |
| 2013-09-30 | 1028 | $8.1B | 23 | |
| 2013-06-30 | 1082 | $8.4B | — |
Employees Retirement System of Texas's most significant position changes for 2026-03-31: Sold out: Vanguard S&p 500 ETF (VOO); New buy: Vanguard Ftse Europe ETF (VGK); New buy: Abbvie INC (ABBV); Sold out: Mercadolibre INC (MELI); Sold out: Uber Technologies INC (UBER).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | IAU | Ishares Gold Trust | +2.4% | +1247.03% | Add |
| 2 | VGIT | Vanguard Intermediate-term T | +1.3% | +5.29% | Add |
| 3 | V | Visa Inc-class A Shares | +1.1% | +2750.58% | Add |
| 4 | XOM | Exxon Mobil CORP | +0.5% | -5.79% | Trim |
| 5 | NFLX | Netflix INC | +0.5% | +95.03% | Add |
| 6 | ISRG | Intuitive Surgical INC | +0.4% | +127.91% | Add |
| 7 | FAST | Fastenal Co | +0.3% | +41.33% | Add |
| 8 | ODFL | Old Dominion Freight Line | +0.3% | +28.56% | Add |
| 9 | HD | Home Depot INC | +0.3% | +29.65% | Add |
| 10 | PAAA | Pgim Aaa Clo ETF | +0.2% | +100.00% | Add |
| 11 | TT | Trane Technologies plc | +0.2% | +33.60% | Add |
| 12 | AME | Ametek INC | +0.2% | +29.85% | Add |
| 13 | SLB | Slb LTD | +0.2% | +5.30% | Add |
| 14 | ET | Energy Transfer LP | +0.2% | +18.20% | Add |
| 15 | AVGO | Broadcom INC | -0.1% | +0.29% | Add |
| 16 | JPM | Jpmorgan Chase & Co | -0.1% | -5.10% | Trim |
| 17 | PANW | Palo Alto Networks INC | -0.1% | -5.09% | Trim |
| 18 | DHR | Danaher CORP | -0.1% | -4.66% | Trim |
| 19 | BAC | Bank Of America CORP | -0.1% | -6.71% | Trim |
| 20 | TMO | Thermo Fisher Scientific INC | -0.1% | -6.73% | Trim |
| 21 | BSX | Boston Scientific CORP | -0.2% | -2.33% | Trim |
| 22 | NVDA | Nvidia CORP | -0.2% | -3.42% | Trim |
| 23 | LLY | Eli Lilly & Co | -0.2% | -5.05% | Trim |
| 24 | AMZN | Amazon.com INC | -0.3% | -4.31% | Trim |
| 25 | TSLA | Tesla INC | -0.3% | -12.03% | Trim |
| 26 | FMX | Fomento Economico Mex-sp Adr | -0.4% | -97.99% | Trim |
| 27 | ZTS | Zoetis INC | -0.4% | -98.82% | Trim |
| 28 | MCK | Mckesson CORP | -0.4% | -98.07% | Trim |
| 29 | AAPL | Apple INC | -0.5% | -9.86% | Trim |
| 30 | META | Meta Platforms Inc-class A | -0.5% | -18.23% | Trim |
| 31 | XLI | Ss Industrial Select Sector | -0.5% | -66.83% | Trim |
| 32 | AZO | Autozone INC | -0.5% | -99.11% | Trim |
| 33 | MA | Mastercard INC - A | -0.6% | -31.81% | Trim |
| 34 | GOOG | Alphabet Inc-cl C | -0.8% | -24.33% | Trim |
| 35 | UNH | Unitedhealth Group INC | -0.8% | -96.68% | Trim |
| 36 | MSFT | Microsoft CORP | -1.2% | -3.65% | Trim |
| 37 | VOO | Vanguard S&p 500 ETF | — | EXIT | Sold out |
| 38 | VGK | Vanguard Ftse Europe ETF | — | NEW | New buy |
| 39 | ABBV | Abbvie INC | — | NEW | New buy |
| 40 | MELI | Mercadolibre INC | — | EXIT | Sold out |
| 41 | UBER | Uber Technologies INC | — | EXIT | Sold out |
| 42 | LPLA | Lpl Financial Holdings INC | — | EXIT | Sold out |
| 43 | CCL1EUR | Carnival CORP LTD | — | NEW | New buy |
| 44 | FLUT | Flutter Entertainment plc | — | EXIT | Sold out |
| 45 | PPH | Vaneck Pharmaceutical ETF | — | NEW | New buy |
| 46 | EWJ | Ishares Msci Japan ETF | — | NEW | New buy |
| 47 | GEHC | GE Healthcare Technology | — | EXIT | Sold out |
| 48 | CAT | Caterpillar INC | — | NEW | New buy |
| 49 | XRT | Ss Spdr S&p Retail ETF | — | NEW | New buy |
| 50 | WDC | Western Digital CORP | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-13 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-09 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-13 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-13 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-13 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-28 | Amendment | View on EDGAR |
| 2024-12-31 | 2025-02-13 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-15 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-15 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-16 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-11 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-04-26 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-15 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-10 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-08 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-13 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-15 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-12 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-10 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-14 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-11 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-12 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-12 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-14 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-10 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-12 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-14 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-14 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-12 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-13 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-10 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-11 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-09 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-13 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-14 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-15 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-13 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-10 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-11 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-12 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-11 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-12 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-12 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-13 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-09 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-13 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-14 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-14 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-12 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-10-25 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-12 | 13F-HR | View on EDGAR |
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