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TEACHER RETIREMENT SYSTEM OF TEXAS

4655 MUELLER BLVD, AUSTIN, TX 78723 • 5125426275

Q3 2025 · Filed 2025-10-30
Market Value
$24.6B
+4.5%
Holdings
2,070
-11
New Purchases
70
Added To
579
Closed
99
Reduced
1,315
Top 10 Concentration
30.3%
Turnover
8.2%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
VOO 6.23% 1.65% +4.58% $1.5B
GOOG 1.37% 0.70% +0.67% $337M
AAPL 4.37% 4.04% +0.33% $1.1B
TSLA 1.32% 1.04% +0.28% $325M
INTC 0.32% 0.07% +0.24% $78M
ADSK 0.46% 0.23% +0.23% $114M
AG 0.22% 0.00% +0.22% $55M
AVGO 1.74% 1.52% +0.22% $428M
NVDA 5.22% 5.02% +0.19% $1.3B
GLD 0.40% 0.25% +0.15% $99M
LRCX 0.31% 0.17% +0.14% $76M
ORCL 0.48% 0.35% +0.13% $118M
PH 0.18% 0.07% +0.11% $44M
JNJ 0.68% 0.57% +0.11% $167M
CVS 0.21% 0.10% +0.11% $51M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
EMXC 0.89% 1.64% -0.75% $219M
INDA 0.00% 0.44% -0.44% $0
RBRK 0.01% 0.39% -0.39% $2M
SPOT 0.27% 0.64% -0.37% $67M
WCN 0.03% 0.39% -0.37% $7M
MSFT 4.18% 4.50% -0.32% $1.0B
AMZN 2.32% 2.62% -0.30% $571M
ANTM 0.04% 0.26% -0.22% $10M
DOV 0.05% 0.27% -0.22% $13M
TW 0.01% 0.21% -0.21% $2M
BUR 0.10% 0.30% -0.20% $24M
META 1.87% 2.07% -0.20% $459M
PANW 0.09% 0.29% -0.20% $21M
MELI 0.32% 0.51% -0.19% $78M
LIN 0.30% 0.49% -0.18% $75M

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 $12.2B 49.7%
Large Cap 673 $9.9B 40.3%
Mid Cap 852 $1.9B 7.6%
Small Cap 472 $545M 2.2%
Micro Cap 16 $10M 0.0%

Portfolio Analytics

Avg Market Cap
$41.1B
Median Market Cap
$5.5B
Avg P/E
33.5
Median P/E
21.5
Avg Dividend Yield
0.02%
Avg Beta
1.09
# Stocks
2,054
# ETFs / Funds
16

Top Holdings (2,070 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 VOO 6.23% 2,499,229 $1.5B $612.38 $1.1B +1,818,125 +266.9%
2 NVDA 5.22% 6,873,722 $1.3B $186.58 $101M -604,360 -8.1%
3 AAPL 4.37% 4,216,552 $1.1B $254.63 $124M -410,144 -8.9%
4 MSFT 4.18% 1,983,056 $1.0B $517.95 -$32M -145,852 -6.8%
5 AMZN 2.32% 2,600,060 $571M $219.57 -$46M -211,052 -7.5%
6 META 1.87% 624,951 $459M $734.38 -$28M -34,369 -5.2%
7 AVGO 1.74% 1,296,083 $428M $329.91 $70M -2,501 -0.2%
8 GOOGL 1.66% 1,682,252 $409M $243.10 -$19M -744,653 -30.7%
9 GOOG 1.37% 1,382,269 $337M $243.55 $171M +448,986 +48.1%
10 IVV 1.35% 495,372 $332M $669.30 $14M -16,407 -3.2%
11 TSLA 1.32% 731,557 $325M $444.72 $81M -38,252 -5.0%
12 JPM 1.04% 810,772 $256M $315.43 $13M -25,898 -3.1%
13 LLY 0.90% 290,865 $222M $763.00 -$15M -13,379 -4.4%
14 EMXC 0.89% 3,239,687 $219M $67.51 -$166M -2,858,789 -46.9%
15 BRK-B 0.80% 392,894 $198M $502.74 -$5M -23,949 -5.8%
16 MA 0.69% 295,974 $168M $568.81 -$3M -8,249 -2.7%
17 JNJ 0.68% 900,875 $167M $185.42 $33M +23,786 +2.7%
18 NFLX 0.66% 134,932 $162M $1,198.92 -$22M -2,430 -1.8%
19 XOM 0.61% 1,334,273 $150M $112.75 -$2M -77,722 -5.5%
20 PLTR 0.57% 766,046 $140M $182.42 $30M -39,501 -4.9%
21 V 0.57% 408,862 $140M $341.38 -$25M -55,607 -12.0%
22 ABBV 0.54% 574,951 $133M $231.54 $26M -3,540 -0.6%
23 WMT 0.53% 1,254,818 $129M $103.06 -$7M -138,918 -10.0%
24 PG 0.51% 813,723 $125M $153.65 $5M +61,483 +8.2%
25 HD 0.49% 296,103 $120M $405.19 -$13M -67,937 -18.7%
26 GE 0.49% 397,872 $120M $300.82 $28M +42,872 +12.1%
27 ORCL 0.48% 420,448 $118M $281.24 $36M +44,345 +11.8%
28 ADSK 0.46% 357,813 $114M $317.67 $59M +180,758 +102.1%
29 AZO 0.43% 24,642 $106M $4,290.24 $15M +323 +1.3%
30 COST 0.42% 112,804 $104M $925.63 -$22M -15,395 -12.0%
31 BAC 0.42% 1,981,804 $102M $51.59 $10M +26,466 +1.4%
32 KO 0.41% 1,504,597 $100M $66.32 $9M +226,714 +17.7%
33 GLD 0.40% 279,350 $99M $355.47 $40M +84,050 +43.0%
34 CSCO 0.38% 1,347,375 $92M $68.42 -$20M -268,378 -16.6%
35 PM 0.37% 565,621 $92M $162.20 -$21M -53,683 -8.7%
36 WFC 0.36% 1,060,464 $89M $83.82 -$15M -231,495 -17.9%
37 PEGA 0.36% 1,520,005 $87M $57.50 $5M +3,473 +0.2%
38 INTU 0.35% 124,630 $85M $682.91 $6M +23,772 +23.6%
39 TJX 0.33% 569,298 $82M $144.54 $8M -28,469 -4.8%
40 BKNG 0.33% 15,153 $82M $5,399.27 -$11M -833 -5.2%
41 APH 0.33% 651,977 $81M $123.75 $19M +27,878 +4.5%
42 UNH 0.32% 228,681 $79M $345.30 -$35M -135,703 -37.2%
43 MELI 0.32% 33,513 $78M $2,336.94 -$41M -12,185 -26.7%
44 INTC 0.32% 2,315,580 $78M $33.55 $61M +1,551,454 +203.0%
45 BSX 0.32% 795,537 $78M $97.63 -$22M -136,256 -14.6%
46 APG 0.31% 2,240,836 $77M $34.37 $995K +751,652 +50.5%
47 LRCX 0.31% 570,446 $76M $133.90 $37M +164,908 +40.7%
48 VB 0.31% 299,349 $76M $254.28 $5M
49 GEV 0.31% 123,082 $76M $614.90 $658K -18,702 -13.2%
50 LIN 0.30% 157,546 $75M $475.00 -$40M -86,480 -35.4%
51 IBM 0.30% 264,978 $75M $282.16 -$11M -25,449 -8.8%
52 UNP 0.30% 314,423 $74M $236.37 $13M +48,371 +18.2%
53 CAT 0.30% 155,499 $74M $477.15 $12M -5,808 -3.6%
54 IJR 0.30% 617,457 $73M $118.83 $6M
55 MRK 0.29% 863,314 $72M $83.93 -$12M -199,740 -18.8%
56 CVX 0.29% 463,834 $72M $155.29 $5M -4,852 -1.0%
57 CASY 0.29% 126,183 $71M $565.32 $7M +423 +0.3%
58 PFE 0.29% 2,764,113 $70M $25.48 $20M +675,419 +32.3%
59 CRM 0.28% 294,240 $70M $237.00 -$36M -92,712 -24.0%
60 QCOM 0.28% 417,645 $69M $166.36 -$9M -72,228 -14.7%
61 ISRG 0.28% 155,146 $69M $447.23 -$18M -5,839 -3.6%
62 CERT 0.28% 5,663,499 $69M $12.22 $3M -10,986 -0.2%
63 ADP 0.28% 234,746 $69M $293.50 $3M +20,439 +9.5%
64 VZ 0.28% 1,557,986 $68M $43.95 $124K -21,611 -1.4%
65 MCD 0.28% 224,603 $68M $303.89 $7M +15,721 +7.5%
66 PGR 0.28% 275,072 $68M $246.95 $7M +47,471 +20.9%
67 PEP 0.27% 480,642 $68M $140.44 -$10M -107,625 -18.3%
68 MO 0.27% 1,020,888 $67M $66.06 $4M -56,376 -5.2%
69 ADBE 0.27% 190,176 $67M $352.75 -$14M -19,384 -9.2%
70 SPOT 0.27% 95,774 $67M $698.00 -$84M -100,297 -51.1%
71 CMCSA 0.27% 2,105,834 $66M $31.42 -$5M +109,110 +5.5%
72 SYK 0.26% 173,901 $64M $369.67 -$7M -7,345 -4.0%
73 CI 0.26% 222,977 $64M $288.25 -$2M +21,839 +10.9%
74 ABT 0.26% 478,986 $64M $133.94 -$18M -122,066 -20.3%
75 APP 0.26% 88,578 $64M $718.54 $8M -71,290 -44.6%
76 SCHW 0.26% 665,805 $64M $95.47 $18M +170,773 +34.5%
77 GDX 0.26% 831,000 $63M $76.40 -$5M -475,000 -36.4%
78 T 0.25% 2,161,899 $61M $28.24 -$5M -110,647 -4.9%
79 GD 0.24% 175,660 $60M $341.00 $22M +45,686 +35.1%
80 BAP 0.24% 222,075 $59M $266.28 $10M +1,556 +0.7%
81 MCK 0.24% 76,370 $59M $772.54 $10M +9,888 +14.9%
82 ORLY 0.24% 545,299 $59M $107.81 $26M +177,334 +48.2%
83 DIS 0.24% 509,938 $58M $114.50 -$5M -5,134 -1.0%
84 KLAC 0.23% 53,454 $58M $1,078.60 $462K -10,397 -16.3%
85 ANET 0.23% 395,148 $58M $145.71 -$11M -275,222 -41.1%
86 RTX 0.23% 342,982 $57M $167.33 $5M -15,803 -4.4%
87 BJ 0.23% 611,418 $57M $93.25 $2M +104,783 +20.7%
88 C 0.23% 558,462 $57M $101.50 $21M +134,463 +31.7%
89 TMO 0.23% 114,762 $56M $485.02 $6M -7,794 -6.4%
90 AMD 0.22% 341,649 $55M $161.79 $15M +56,980 +20.0%
91 VLTO 0.22% 518,243 $55M $106.61 $13M +102,339 +24.6%
92 AG 0.22% 4,481,000 $55M $12.29 +4,481,000 NEW
93 ACN 0.22% 221,026 $55M $246.60 -$16M -14,976 -6.3%
94 SE 0.22% 304,929 $54M $178.73 $13M +43,670 +16.7%
95 BMY 0.22% 1,208,368 $54M $45.10 $6M +168,780 +16.2%
96 SARO 0.22% 1,994,841 $54M $27.29 -$4M +159,505 +8.7%
97 WELL 0.22% 304,937 $54M $178.14 $19M +73,002 +31.5%
98 GS 0.21% 66,180 $53M $796.35 -$4M -14,609 -18.1%
99 SPGI 0.21% 107,315 $52M $486.71 -$13M -16,928 -13.6%
100 MNST 0.21% 767,370 $52M $67.31 $12M +136,362 +21.6%

New Positions

SymbolValue% Port
AG $55M 0.22%
AUGO $17M 0.07%
RACE $9M 0.04%
DSGX $9M 0.03%
MH $8M 0.03%
FLY $4M 0.02%
CEF $4M 0.01%
ENR $3M 0.01%
PTRN $3M 0.01%
ARX $3M 0.01%
CARL $2M 0.01%
ODP $1M 0.01%
NVMI $1M 0.01%
WLDN $1M —%
GCT $952K —%

Sold Out Positions

SymbolValue% Port
SPB —%
VVX —%
CTOS —%
ALK —%
ZIP —%
ASPN —%
BGS —%
MYE —%
PHR —%
NVRI —%
KEX —%
IIPR —%
ACH —%
DFIN —%
JELD —%
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