CIK: 0000796848
Total reported value
$24.0B
Reporting period: 2026-03-31 · Number of holdings: 1478
TEACHER RETIREMENT SYSTEM OF TEXAS disclosed 1478 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $24.0B and a quarterly turnover rate of 40.2%.
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Teacher Retirement System Of Texas's disclosed holdings carry a Herfindahl concentration index of 0.012 — mathematically equivalent to about 84 equally-sized positions, well below its 1478 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 4.06), 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.
Sector classification currently covers about 59% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Trim VOO
-87.2% -$3.6B
Add NVDA
+0.6% -$85.0M
Add AAPL
-0.5% -$90.7M
Add XOM
-2.2% $61.6M
Add GEV
+17.2% $51.8M
Add AMAT
+51.4% $52.9M
TEACHER RETIREMENT SYSTEM OF TEXAS is aggressively dismantling its passive anchor — slashing VOO from 14.35% to 2.11% — to double down on AI mega-caps NVDA and MSFT while purging all precious metals exposure. This is a deliberate shift from beta-collector to alpha-seeker, concentrating firepower into the highest-momentum names in tech.
The portfolio is pricing in a regime where AI-driven disruption creates persistent alpha divergence from the broad market, justifying a near-total exit from the S&P 500 proxy and the complete elimination of inflation hedges (GLD, SLV). The opposing thesis: the AI trade is consensus and crowded, leaving this fund exposed to a reversion in which the broad market catches up or a multiples contraction hits the over-owned tech leaders.
The disappearance of the VOO buffer — combined with a momentum tilt of +7.1 percentage points and a 39.5% sector weight in Technology — creates a reflexivity trap. If AI sentiment cracks, the forced liquidation from momentum unwind will cascade through these concentrated positions, amplified by the abrupt shift from broad-market liquidity to single-name exposure. The HHI of 0.0118 masks a brutal correlation: the active bets now all surf the same wave.
Sourced and summarized by AI from public SEC filings, limited to historical activity. Not investment guidance.
Showing top 200 holdings (of 1478 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 5.60% | +0.66% | +0.57% | |
| 2 | AAPL | Apple INC | Stock-Tech | 4.93% | +0.53% | -0.51% | |
| 3 | MSFT | Microsoft CORP | Stock-Tech | 3.45% | -0.25% | +0.91% | |
| 4 | AMZN | Amazon.com INC | Stock-Consumer Disc | 2.51% | +0.21% | +0.50% | |
| 5 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 2.29% | +0.25% | +1.46% | |
| 6 | VOO | Vanguard S&p 500 ETF | ETF-Large Cap & Growth | 2.11% | -12.24% | -87.20% | |
| 7 | AVGO | Broadcom INC | Stock-Tech | 1.84% | +0.08% | -2.62% | |
| 8 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 1.79% | +0.18% | +0.71% | |
| 9 | IVV | Ishares Core S&p 500 ETF | ETF-Large Cap & Growth | 1.72% | — | — | |
| 10 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.65% | +0.05% | -1.24% | |
| 11 | TSLA | Tesla INC | Stock-Consumer Disc | 1.22% | +0.02% | +1.78% | |
| 12 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.11% | — | +7.83% | |
| 13 | EMXC | Ishares Msci Emr Mrk Ex Chna | ETF-Other | 0.98% | — | -9.11% | |
| 14 | XOM | Exxon Mobil CORP | Stock-Energy | 0.93% | +0.37% | -2.22% | |
| 15 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.89% | -0.11% | -19.01% | |
| 16 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.84% | +0.25% | -0.14% | |
| 17 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.82% | — | -2.27% | |
| 18 | V | Visa Inc-class A Shares | Stock-Financials | 0.70% | — | +13.43% | |
| 19 | MA | Mastercard INC - A | Stock-Financials | 0.69% | — | +1.03% | |
| 20 | NFLX | Netflix INC | Stock-Comm Services | 0.68% | — | +14.75% | |
| 21 | WMT | Walmart INC | Stock-Consumer Staples | 0.62% | — | -18.90% | |
| 22 | VB | Vanguard Small-cap ETF | ETF-Other | 0.62% | — | — | |
| 23 | IJR | Ishares Core S&p Small-cap E | ETF-Small Cap | 0.61% | — | — | |
| 24 | GEV | GE Vernova INC | Stock-Industrials | 0.60% | +0.28% | +17.17% | |
| 25 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.59% | — | +1.24% | |
| 26 | PLTR | Palantir Technologies Inc-a | Stock-Tech | 0.58% | — | +12.64% | |
| 27 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.57% | — | -2.14% | |
| 28 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.55% | — | -3.37% | |
| 29 | CAT | Caterpillar INC | Stock-Industrials | 0.53% | — | +4.81% | |
| 30 | GE | General Electric | Stock-Industrials | 0.50% | — | -8.36% | |
| 31 | MU | Micron Technology INC | Stock-Tech | 0.49% | +0.21% | +24.92% | |
| 32 | LRCX | Lam Research CORP | Stock-Tech | 0.49% | — | -12.91% | |
| 33 | WFC | Wells Fargo & Co | Stock-Financials | 0.48% | — | +19.34% | |
| 34 | BAC | Bank Of America CORP | Stock-Financials | 0.48% | — | -10.11% | |
| 35 | HD | Home Depot INC | Stock-Consumer Disc | 0.44% | — | -2.43% | |
| 36 | AMAT | Applied Materials INC | Stock-Tech | 0.44% | +0.26% | +51.36% | |
| 37 | CSCO | Cisco Systems INC | Stock-Tech | 0.44% | — | +0.24% | |
| 38 | C | Citigroup INC | Stock-Financials | 0.42% | — | +44.20% | |
| 39 | AG | First Majestic Silver CORP | Stock-Materials | 0.42% | — | -3.78% | |
| 40 | PEP | Pepsico INC | Stock-Consumer Staples | 0.42% | +0.18% | +32.65% | |
| 41 | ABBV | Abbvie INC | Stock-Healthcare | 0.41% | -0.06% | -22.61% | |
| 42 | LIN | Linde plc | Stock-Materials | 0.41% | — | +4.75% | |
| 43 | MCK | Mckesson CORP | Stock-Healthcare | 0.40% | +0.18% | +46.16% | |
| 44 | IBM | Intl Business Machines CORP | Stock-Tech | 0.40% | — | +27.57% | |
| 45 | INTC | Intel CORP | Stock-Tech | 0.40% | — | -15.63% | |
| 46 | MCD | Mcdonald's CORP | Stock-Consumer Disc | 0.39% | — | +24.72% | |
| 47 | CVX | Chevron CORP | Stock-Energy | 0.39% | — | -10.56% | |
| 48 | TJX | Tjx Companies INC | Stock-Consumer Disc | 0.38% | — | -1.88% | |
| 49 | EQR | Equity Residential | Stock-Real Estate | 0.38% | — | +55.32% | |
| 50 | VZ | Verizon Communications INC | Stock-Comm Services | 0.37% | — | -18.53% |
Performance for Q3 2026
+3.2%
Performance Last 4 Quarters
+19.4%
Based on 75% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 1478 | $24.0B | 40 | |
| 2025-12-31 | 1619 | $28.9B | 36 | |
| 2025-09-30 | 2023 | $24.9B | 46 | |
| 2025-06-30 | 2054 | $23.8B | 0 | |
| 2025-03-31 | 2077 | $24.0B | 100 | |
| 2024-12-31 | 1538 | $27.7B | 0 | |
| 2024-09-30 | 1484 | $21.0B | 0 | |
| 2024-06-30 | 1556 | $17.6B | 0 | |
| 2024-03-31 | 1657 | $15.7B | 0 | |
| 2023-12-31 | 1769 | $14.6B | 0 | |
| 2023-09-30 | 1902 | $15.1B | 0 | |
| 2023-06-30 | 1932 | $14.9B | 0 | |
| 2023-03-31 | 2086 | $14.9B | 0 | |
| 2022-12-31 | 2072 | $13.7B | 0 | |
| 2022-09-30 | 2192 | $13.8B | 0 | |
| 2022-06-30 | 1971 | $14.9B | 0 | |
| 2022-03-31 | 2165 | $19.5B | 0 | |
| 2021-12-31 | 2193 | $22.3B | 0 | |
| 2021-09-30 | 2042 | $18.5B | 0 | |
| 2021-06-30 | 1929 | $18.1B | 100 | |
| 2021-03-31 | 1751 | $18.0B | 27 | |
| 2020-12-31 | 1552 | $16.6B | 33 | |
| 2020-09-30 | 1155 | $15.5B | 39 | |
| 2020-06-30 | 865 | $12.3B | 44 | |
| 2020-03-31 | 587 | $9.3B | 44 | |
| 2019-12-31 | 576 | $12.8B | 38 | |
| 2019-09-30 | 575 | $11.4B | 40 | |
| 2019-06-30 | 525 | $12.0B | 35 | |
| 2019-03-31 | 546 | $11.7B | 36 | |
| 2018-12-31 | 562 | $10.7B | 46 | |
| 2018-09-30 | 1557 | $14.3B | 31 | |
| 2018-06-30 | 1932 | $15.8B | 25 | |
| 2018-03-31 | 1937 | $14.9B | 24 | |
| 2017-12-31 | 2233 | $15.0B | 58 | |
| 2017-09-30 | 1156 | $16.3B | 28 | |
| 2017-06-30 | 1029 | $14.5B | 16 | |
| 2017-03-31 | 1021 | $14.0B | 29 | |
| 2016-12-31 | 1031 | $13.9B | 29 | |
| 2016-09-30 | 1397 | $14.2B | 25 | |
| 2016-06-30 | 2544 | $14.7B | 26 | |
| 2016-03-31 | 2581 | $14.8B | 36 | |
| 2015-12-31 | 2614 | $13.8B | 29 | |
| 2015-09-30 | 2534 | $12.7B | 33 | |
| 2015-06-30 | 2542 | $13.3B | 23 | |
| 2015-03-31 | 2548 | $12.9B | 20 | |
| 2014-12-31 | 2537 | $12.7B | 35 | |
| 2014-09-30 | 2375 | $12.1B | 13 | |
| 2014-06-30 | 2457 | $12.1B | 24 | |
| 2014-03-31 | 2235 | $11.0B | 18 | |
| 2013-12-31 | 2259 | $11.5B | 56 | |
| 2013-09-30 | 2466 | $11.4B | 16 | |
| 2013-06-30 | 2473 | $11.0B | 0 |
Teacher Retirement System Of Texas's most significant position changes for 2026-03-31: Sold out: Spdr Gold Shares (GLD); Sold out: Ishares Silver Trust (SLV); Sold out: Ishares Gold Trust Micro (IAUM); Sold out: Vaneck Junior Gold Miners (GDXJ); New buy: Blackrock INC (BLK).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | +0.7% | +0.57% | Add |
| 2 | AAPL | Apple INC | +0.5% | -0.51% | Trim |
| 3 | XOM | Exxon Mobil CORP | +0.4% | -2.22% | Trim |
| 4 | GEV | GE Vernova INC | +0.3% | +17.17% | Add |
| 5 | AMAT | Applied Materials INC | +0.3% | +51.36% | Add |
| 6 | GOOGL | Alphabet Inc-cl A | +0.3% | +1.46% | Add |
| 7 | JNJ | Johnson & Johnson | +0.3% | -0.14% | Trim |
| 8 | PSX | Phillips 66 | +0.2% | +295.08% | Add |
| 9 | CBOE | Cboe Global Markets INC | +0.2% | +4058.98% | Add |
| 10 | AMZN | Amazon.com INC | +0.2% | +0.50% | Add |
| 11 | LECO | Lincoln Electric Holdings | +0.2% | +1280.16% | Add |
| 12 | MU | Micron Technology INC | +0.2% | +24.92% | Add |
| 13 | VRT | Vertiv Holdings Co-a | +0.2% | +1511.22% | Add |
| 14 | STX | Seagate Technology Holdings plc | +0.2% | +40.07% | Add |
| 15 | GOOG | Alphabet Inc-cl C | +0.2% | +0.71% | Add |
| 16 | MCK | Mckesson CORP | +0.2% | +46.16% | Add |
| 17 | PEP | Pepsico INC | +0.2% | +32.65% | Add |
| 18 | EQIX | Equinix INC | +0.2% | +170.00% | Add |
| 19 | AMX | America Movil Sab De Cv | +0.2% | +60.83% | Add |
| 20 | CFG | Citizens Financial Group | +0.2% | +4168.12% | Add |
| 21 | KEYS | Keysight Technologies In | +0.1% | +491.81% | Add |
| 22 | TER | Teradyne INC | +0.1% | +256.55% | Add |
| 23 | FERG | Ferguson Enterprises INC | +0.1% | +161.36% | Add |
| 24 | AVGO | Broadcom INC | +0.1% | -2.62% | Trim |
| 25 | META | Meta Platforms Inc-class A | +0.1% | -1.24% | Trim |
| 26 | TSLA | Tesla INC | 0% | +1.78% | Add |
| 27 | ABBV | Abbvie INC | -0.1% | -22.61% | Trim |
| 28 | APG | Api Group CORP | -0.1% | -39.62% | Trim |
| 29 | VEEV | Veeva Systems Inc-class A | -0.1% | -33.63% | Trim |
| 30 | ADP | Automatic Data Processing | -0.1% | -37.35% | Trim |
| 31 | SPGI | S&p Global INC | -0.1% | -51.10% | Trim |
| 32 | CASY | Casey's General Stores INC | -0.1% | -61.82% | Trim |
| 33 | CERT | Certara INC | -0.1% | -47.15% | Trim |
| 34 | JPM | Jpmorgan Chase & Co | -0.1% | -19.01% | Trim |
| 35 | CI | THE Cigna Group | -0.1% | -56.93% | Trim |
| 36 | DIS | Walt Disney Co/the | -0.1% | -50.08% | Trim |
| 37 | QCOM | Qualcomm INC | -0.1% | -49.18% | Trim |
| 38 | AZO | Autozone INC | -0.2% | -78.88% | Trim |
| 39 | ADSK | Autodesk INC | -0.2% | -51.38% | Trim |
| 40 | SARO | Standardaero INC | -0.2% | -98.69% | Trim |
| 41 | FLUT | Flutter Entertainment plc | -0.2% | -99.13% | Trim |
| 42 | MSFT | Microsoft CORP | -0.3% | +0.91% | Add |
| 43 | VOO | Vanguard S&p 500 ETF | -12.2% | -87.20% | Trim |
| 44 | GLD | Spdr Gold Shares | — | EXIT | Sold out |
| 45 | SLV | Ishares Silver Trust | — | EXIT | Sold out |
| 46 | IAUM | Ishares Gold Trust Micro | — | EXIT | Sold out |
| 47 | GDXJ | Vaneck Junior Gold Miners | — | EXIT | Sold out |
| 48 | BLK | Blackrock INC | — | NEW | New buy |
| 49 | B | Barrick Mining CORP | — | EXIT | Sold out |
| 50 | BROS | Dutch Bros Inc-class A | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-04-30 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-01-28 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-10-30 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-01 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-04-28 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-11 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-13 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-09 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-06 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-07 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-10-31 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-07-19 | Amendment | View on EDGAR |
| 2023-06-30 | 2023-07-17 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-12 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-13 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-03 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-09 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-09 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-10 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-09 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-05 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-11 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-11 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-02 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-11 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-05 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-06 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-10-28 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-05 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-06 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-03-04 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-09 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-06 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-08 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-23 | Amendment | View on EDGAR |
| 2017-12-31 | 2018-02-06 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-06 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-02 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-12 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-06 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-04 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-09 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-11 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-05 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-04 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-07-22 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-05 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-03 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-04 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-05 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-01 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-05 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-06 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-12 | 13F-HR | View on EDGAR |
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