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TEACHER RETIREMENT SYSTEM OF TEXAS

4655 MUELLER BLVD, AUSTIN, TX 78723 • 5125426275

Q2 2025 · Filed 2025-08-01
Market Value
$23.5B
-0.8%
Holdings
2,081
-6
New Purchases
55
Added To
1,149
Closed
81
Reduced
793
Top 10 Concentration
26.2%
Turnover
6.5%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
EMXC 1.64% 0.00% +1.64% $385M
NVDA 5.02% 3.63% +1.40% $1.2B
MSFT 4.50% 3.56% +0.94% $1.1B
AVGO 1.52% 0.98% +0.54% $358M
META 2.07% 1.78% +0.29% $487M
AZO 0.38% 0.12% +0.26% $90M
AMZN 2.62% 2.42% +0.21% $617M
PLTR 0.47% 0.27% +0.20% $110M
SPOT 0.64% 0.45% +0.19% $150M
PANW 0.29% 0.11% +0.18% $67M
GEV 0.32% 0.14% +0.18% $75M
RBRK 0.39% 0.22% +0.17% $92M
PEGA 0.35% 0.18% +0.17% $82M
MELI 0.51% 0.35% +0.16% $119M
GDX 0.29% 0.13% +0.16% $68M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
IVV 1.35% 6.14% -4.79% $318M
INDA 0.44% 1.24% -0.79% $104M
AAPL 4.04% 4.64% -0.61% $949M
UNH 0.48% 0.95% -0.47% $114M
VWO 0.00% 0.45% -0.45% $0
KSA 0.09% 0.28% -0.19% $20M
ACN 0.30% 0.47% -0.17% $71M
ABBV 0.46% 0.62% -0.16% $107M
LLY 1.01% 1.17% -0.16% $237M
TMO 0.21% 0.36% -0.15% $50M
EEMV 0.00% 0.14% -0.14% $0
BRK-B 0.86% 1.00% -0.14% $202M
CVX 0.29% 0.41% -0.12% $67M
CMTG 0.00% 0.12% -0.12% $0
CRWV 0.00% 0.12% -0.12% $0

Sector Allocation Over Time

Industry Breakdown

IndustryWeight
Technology 28.7%
Financial Services 17.4%
Consumer Cyclical 10.3%
Industrials 9.9%
Healthcare 8.6%

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 57 $10.6B 45.1%
Large Cap 675 $10.4B 44.4%
Mid Cap 840 $1.8B 7.9%
Small Cap 485 $594M 2.5%
Micro Cap 24 $28M 0.1%

Portfolio Analytics

Avg Market Cap
$41.0B
Median Market Cap
$5.4B
Avg P/E
33.4
Median P/E
21.4
Avg Dividend Yield
0.02%
Avg Beta
1.09
# Stocks
2,064
# ETFs / Funds
17

Top Holdings (2,081 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 NVDA 5.02% 7,478,082 $1.2B $157.99 $322M -452,677 -5.7%
2 MSFT 4.50% 2,128,908 $1.1B $497.41 $216M -117,868 -5.2%
3 AAPL 4.04% 4,626,696 $949M $205.17 -$152M -329,090 -6.6%
4 AMZN 2.62% 2,811,112 $617M $219.39 $44M -197,130 -6.5%
5 META 2.07% 659,320 $487M $738.09 $65M -72,322 -9.9%
6 GOOGL 1.82% 2,426,905 $428M $176.23 $13M -254,728 -9.5%
7 VOO 1.65% 681,104 $387M $568.03 -$26M -123,039 -15.3%
8 EMXC 1.64% 6,098,476 $385M $63.14 +6,098,476 NEW
9 AVGO 1.52% 1,298,584 $358M $275.65 $125M -91,975 -6.6%
10 IVV 1.35% 511,779 $318M $620.90 -$1.1B -2,077,859 -80.2%
11 TSLA 1.04% 769,809 $245M $317.66 $33M -48,107 -5.9%
12 JPM 1.03% 836,670 $243M $289.91 $11M -108,890 -11.5%
13 LLY 1.01% 304,244 $237M $779.53 -$40M -31,224 -9.3%
14 BRK-B 0.86% 416,843 $202M $485.77 -$35M -28,253 -6.3%
15 NFLX 0.78% 137,362 $184M $1,339.13 $30M -28,172 -17.0%
16 MA 0.73% 304,223 $171M $561.94 -$5M -16,946 -5.3%
17 GOOG 0.70% 933,283 $166M $177.39 $34M +89,692 +10.6%
18 V 0.70% 464,469 $165M $355.05 -$8M -27,593 -5.6%
19 XOM 0.65% 1,411,995 $152M $107.80 -$21M -48,387 -3.3%
20 SPOT 0.64% 196,071 $150M $767.34 $45M +3,896 +2.0%
21 WMT 0.58% 1,393,736 $136M $97.78 -$3M -193,675 -12.2%
22 JNJ 0.57% 877,089 $134M $152.75 -$21M -59,046 -6.3%
23 HD 0.57% 364,040 $133M $366.64 $5M +12,909 +3.7%
24 COST 0.54% 128,199 $127M $989.94 $1M -4,637 -3.5%
25 PG 0.51% 752,240 $120M $159.32 -$15M -41,489 -5.2%
26 MELI 0.51% 45,698 $119M $2,613.63 $38M +3,742 +8.9%
27 LIN 0.49% 244,026 $114M $469.18 -$5M -12,173 -4.8%
28 UNH 0.48% 364,384 $114M $311.97 -$113M -67,694 -15.7%
29 PM 0.48% 619,304 $113M $182.13 $12M -13,217 -2.1%
30 CSCO 0.48% 1,615,753 $112M $69.38 $981K -184,923 -10.3%
31 PLTR 0.47% 805,547 $110M $136.32 $47M +60,503 +8.1%
32 ABBV 0.46% 578,491 $107M $185.62 -$39M -121,712 -17.4%
33 CRM 0.45% 386,952 $106M $272.69 $12M +37,062 +10.6%
34 INDA 0.44% 1,874,038 $104M $55.68 -$189M -3,817,538 -67.1%
35 WFC 0.44% 1,291,959 $104M $80.12 $737K -139,639 -9.8%
36 BSX 0.43% 931,793 $100M $107.41 $12M +60,144 +6.9%
37 WCN 0.39% 496,110 $93M $186.72 $10M +72,803 +17.2%
38 BKNG 0.39% 15,986 $93M $5,789.24 $13M -1,321 -7.6%
39 BAC 0.39% 1,955,338 $93M $47.32 $14M +68,023 +3.6%
40 RBRK 0.39% 1,032,463 $92M $89.59 $40M +178,208 +20.9%
41 GE 0.39% 355,000 $91M $257.39 -$182K -102,435 -22.4%
42 KO 0.38% 1,277,883 $90M $70.75 -$17M -222,395 -14.8%
43 AZO 0.38% 24,319 $90M $3,712.23 $61M +16,700 +219.2%
44 ISRG 0.37% 160,985 $87M $543.41 -$6M -28,764 -15.2%
45 IBM 0.36% 290,427 $86M $294.78 $170K -53,184 -15.5%
46 MRK 0.36% 1,063,054 $84M $79.16 -$18M -78,327 -6.9%
47 ORCL 0.35% 376,103 $82M $218.63 $30M -3
48 PEGA 0.35% 1,516,532 $82M $54.13 $40M +913,349 +151.4%
49 ABT 0.35% 601,052 $82M $136.01 -$16M -135,499 -18.4%
50 ADBE 0.34% 209,560 $81M $386.88 -$875K -4,111 -1.9%
51 INTU 0.34% 100,858 $79M $787.63 $17M -1,413 -1.4%
52 QCOM 0.33% 489,873 $78M $159.26 -$7M -61,884 -11.2%
53 PEP 0.33% 588,267 $78M $132.04 -$11M -830 -0.1%
54 APG 0.32% 1,489,184 $76M $51.05 $22M -10,108 -0.7%
55 GEV 0.32% 141,784 $75M $529.15 $41M +30,158 +27.0%
56 TJX 0.31% 597,767 $74M $123.49 -$3M -29,646 -4.7%
57 SYK 0.30% 181,246 $72M $395.63 -$4M -23,213 -11.3%
58 CMCSA 0.30% 1,996,724 $71M $35.69 -$6M -93,379 -4.5%
59 VB 0.30% 299,349 $71M $236.98 $5M
60 BUR 0.30% 4,950,035 $71M $14.26 -$8M -969,965 -16.4%
61 ACN 0.30% 236,002 $71M $298.89 -$40M -117,462 -33.2%
62 ANET 0.29% 670,370 $69M $102.31 $17M +10,638 +1.6%
63 VZ 0.29% 1,579,597 $68M $43.27 -$69K +71,251 +4.7%
64 GDX 0.29% 1,306,000 $68M $52.06 $38M +650,000 +99.1%
65 IJR 0.29% 617,457 $67M $109.29 $3M
66 AXP 0.29% 211,387 $67M $318.98 $6M -17,083 -7.5%
67 PANW 0.29% 328,824 $67M $204.64 $42M +177,831 +117.8%
68 CVX 0.29% 468,686 $67M $143.19 -$30M -110,289 -19.1%
69 CI 0.28% 201,138 $66M $330.58 $30M +89,054 +79.5%
70 CERT 0.28% 5,674,485 $66M $11.70 $22M +1,145,554 +25.3%
71 ADP 0.28% 214,307 $66M $308.40 -$6M -23,261 -9.8%
72 T 0.28% 2,272,546 $66M $28.94 -$6M -247,998 -9.8%
73 SPGI 0.28% 124,243 $66M $527.29 -$4M -12,687 -9.3%
74 TXN 0.27% 309,326 $64M $207.62 $6M -13,747 -4.3%
75 CASY 0.27% 125,760 $64M $510.27 $20M +24,051 +23.6%
76 DIS 0.27% 515,072 $64M $124.01 $15M +24,038 +4.9%
77 DOV 0.27% 347,303 $64M $183.23 -$1M -22,352 -6.0%
78 MO 0.27% 1,077,264 $63M $58.63 -$3M -30,907 -2.8%
79 CAT 0.27% 161,307 $63M $388.21 $5M -14,276 -8.1%
80 ANTM 0.26% 158,790 $62M $388.96 -$6M +2,603 +1.7%
81 APH 0.26% 624,099 $62M $98.75 $6M -223,428 -26.4%
82 AMAT 0.26% 335,893 $61M $183.07 $9M -23,193 -6.5%
83 NOW 0.26% 59,734 $61M $1,028.08 $5M -10,575 -15.0%
84 UNP 0.26% 266,052 $61M $230.08 -$7M -20,725 -7.2%
85 MCD 0.26% 208,882 $61M $292.17 -$3M +4,058 +2.0%
86 PGR 0.26% 227,601 $61M $266.86 $2M +19,320 +9.3%
87 GLD 0.25% 195,300 $60M $304.83 $28M +86,407 +79.3%
88 ILMN 0.25% 620,358 $59M $95.41 $6M -49,372 -7.4%
89 SARO 0.25% 1,835,336 $58M $31.65 $17M +310,332 +20.4%
90 KLAC 0.24% 63,851 $57M $895.74 $10M -6,037 -8.6%
91 GS 0.24% 80,789 $57M $707.75 $10M -5,396 -6.3%
92 APP 0.24% 159,868 $56M $350.08 $33M +72,748 +83.5%
93 ADSK 0.23% 177,055 $55M $309.57 $6M -9,242 -5.0%
94 BJ 0.23% 506,635 $55M $107.83 $7M +91,661 +22.1%
95 VRTX 0.23% 122,373 $54M $445.20 -$7M -4,451 -3.5%
96 LOW 0.23% 243,973 $54M $221.87 -$1M +5,698 +2.4%
97 CL 0.23% 595,310 $54M $90.90 $10M +129,519 +27.8%
98 TT 0.23% 123,604 $54M $437.41 $5M -23,326 -15.9%
99 GDXJ 0.23% 784,000 $53M $67.59 $31M +400,000 +104.2%
100 RTX 0.22% 358,785 $52M $146.02 -$12M -128,741 -26.4%

New Positions

SymbolValue% Port
EMXC $385M 1.64%
SLV $15M 0.06%
RKLB $3M 0.01%
ALAB $2M 0.01%
DLX $2M 0.01%
CMPR $2M 0.01%
BZH $2M 0.01%
SWM $1M 0.01%
ETOR $1M 0.01%
FSUN $932K —%
RAL $835K —%
OMDA $640K —%
OKLO $570K —%
CRSR $509K —%
ANGIV $490K —%

Sold Out Positions

SymbolValue% Port
EPC —%
KLC —%
PACK —%
CRI —%
FC —%
EGY —%
ENR —%
TTI —%
HPP —%
WLK —%
LUV —%
BY —%
ACCO —%
CHPT —%
MSIF —%
View SEC EDGAR Filings for TEACHER RETIREMENT SYSTEM OF TEXAS →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms