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TEACHER RETIREMENT SYSTEM OF TEXAS

4655 MUELLER BLVD, AUSTIN, TX 78723 • 5125426275

Q4 2025 · Filed 2026-01-28
Market Value
$28.6B
+16.5%
Holdings
2,004
-66
New Purchases
33
Added To
457
Closed
430
Reduced
1,077
Top 10 Concentration
38.6%
Turnover
23.1%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
VOO 14.49% 6.23% +8.27% $4.1B
GOOGL 2.06% 1.66% +0.40% $591M
GLD 0.79% 0.40% +0.38% $225M
GOOG 1.63% 1.37% +0.26% $467M
SLV 0.32% 0.07% +0.25% $90M
EQR 0.22% 0.01% +0.21% $63M
AVB 0.22% 0.01% +0.21% $63M
VB 0.51% 0.31% +0.20% $146M
IJR 0.50% 0.30% +0.20% $143M
WDC 0.22% 0.03% +0.19% $63M
WMB 0.24% 0.06% +0.18% $67M
IVV 1.51% 1.35% +0.16% $433M
MU 0.28% 0.13% +0.15% $80M
ESS 0.14% 0.01% +0.13% $41M
MAA 0.14% 0.01% +0.13% $40M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
MSFT 3.74% 4.18% -0.44% $1.1B
META 1.61% 1.87% -0.26% $461M
GDX 0.02% 0.26% -0.24% $6M
NVDA 4.99% 5.22% -0.23% $1.4B
BJ 0.03% 0.23% -0.21% $7M
AZO 0.22% 0.43% -0.21% $64M
ILMN 0.00% 0.20% -0.20% $667K
NFLX 0.48% 0.66% -0.18% $138M
ORCL 0.31% 0.48% -0.17% $88M
UNP 0.14% 0.30% -0.16% $40M
NDAQ 0.01% 0.17% -0.16% $3M
APP 0.12% 0.26% -0.14% $33M
BSX 0.18% 0.32% -0.13% $53M
KMB 0.03% 0.16% -0.13% $8M
CCK 0.00% 0.13% -0.13% $1M

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 58 $16.5B 57.7%
Large Cap 673 $10.0B 34.9%
Mid Cap 837 $1.7B 5.8%
Small Cap 428 $446M 1.6%
Micro Cap 8 $7M 0.0%

Portfolio Analytics

Avg Market Cap
$43.5B
Median Market Cap
$5.8B
Avg P/E
33.3
Median P/E
21.5
Avg Dividend Yield
0.02%
Avg Beta
1.09
# Stocks
1,993
# ETFs / Funds
11

Top Holdings (2,004 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 VOO 14.49% 6,615,774 $4.1B $627.13 $2.6B +4,116,545 +164.7%
2 NVDA 4.99% 7,657,821 $1.4B $186.50 $146M +784,099 +11.4%
3 AAPL 4.45% 4,682,646 $1.3B $271.86 $199M +466,094 +11.1%
4 MSFT 3.74% 2,214,496 $1.1B $483.62 $44M +231,440 +11.7%
5 AMZN 2.32% 2,877,676 $664M $230.82 $93M +277,616 +10.7%
6 GOOGL 2.06% 1,887,621 $591M $313.00 $182M +205,369 +12.2%
7 AVGO 1.78% 1,468,214 $508M $346.10 $81M +172,131 +13.3%
8 GOOG 1.63% 1,486,956 $467M $313.80 $130M +104,687 +7.6%
9 META 1.61% 698,940 $461M $660.09 $2M +73,989 +11.8%
10 IVV 1.51% 632,560 $433M $684.94 $102M +137,188 +27.7%
11 TSLA 1.21% 771,205 $347M $449.72 $21M +39,648 +5.4%
12 JPM 1.01% 900,668 $290M $322.22 $34M +89,896 +11.1%
13 LLY 1.01% 268,894 $289M $1,074.68 $67M -21,971 -7.5%
14 EMXC 0.84% 3,305,644 $240M $72.68 $22M +65,957 +2.0%
15 GLD 0.79% 568,900 $225M $396.31 $126M +289,550 +103.7%
16 BRK-B 0.74% 419,892 $211M $502.65 $14M +26,998 +6.9%
17 MA 0.66% 329,822 $188M $570.88 $20M +33,848 +11.4%
18 V 0.60% 492,579 $173M $350.71 $33M +83,717 +20.5%
19 JNJ 0.60% 824,669 $171M $206.95 $4M -76,206 -8.5%
20 WMT 0.58% 1,488,076 $166M $111.41 $36M +233,258 +18.6%
21 XOM 0.57% 1,352,839 $163M $120.34 $12M +18,566 +1.4%
22 PLTR 0.53% 847,177 $151M $177.75 $11M +81,131 +10.6%
23 VB 0.51% 567,165 $146M $257.95 $70M +267,816 +89.5%
24 BAC 0.50% 2,604,848 $143M $55.00 $41M +623,044 +31.4%
25 IJR 0.50% 1,185,799 $143M $120.18 $69M +568,342 +92.0%
26 GE 0.50% 460,211 $142M $308.03 $22M +62,339 +15.7%
27 PG 0.49% 975,151 $140M $143.31 $15M +161,428 +19.8%
28 NFLX 0.48% 1,473,196 $138M $93.76 -$24M +1,338,264 +991.8%
29 ABBV 0.47% 589,752 $135M $228.49 $2M +14,801 +2.6%
30 KO 0.44% 1,796,760 $126M $69.91 $26M +292,163 +19.4%
31 COST 0.42% 140,429 $121M $862.34 $17M +27,625 +24.5%
32 HD 0.40% 330,516 $114M $344.10 -$6M +34,413 +11.6%
33 WFC 0.39% 1,208,781 $113M $93.20 $24M +148,317 +14.0%
34 ADSK 0.38% 371,695 $110M $296.01 -$4M +13,882 +3.9%
35 LRCX 0.38% 628,708 $108M $171.18 $31M +58,262 +10.2%
36 CSCO 0.36% 1,346,340 $104M $77.03 $12M -1,035 -0.1%
37 CAT 0.34% 170,618 $98M $572.87 $24M +15,119 +9.7%
38 AMD 0.34% 449,160 $96M $214.16 $41M +107,511 +31.5%
39 INTC 0.33% 2,571,913 $95M $36.90 $17M +256,333 +11.1%
40 IBM 0.32% 312,259 $92M $296.21 $18M +47,281 +17.8%
41 BKNG 0.32% 17,196 $92M $5,355.33 $10M +2,043 +13.5%
42 GEV 0.32% 140,291 $92M $653.57 $16M +17,209 +14.0%
43 TJX 0.32% 588,711 $90M $153.61 $8M +19,413 +3.4%
44 SLV 0.32% 1,400,000 $90M $64.42 $74M +1,011,000 +259.9%
45 VZ 0.31% 2,197,366 $89M $40.73 $21M +639,380 +41.0%
46 INTU 0.31% 135,100 $89M $662.42 $4M +10,470 +8.4%
47 ORCL 0.31% 452,401 $88M $194.91 -$30M +31,953 +7.6%
48 PM 0.31% 547,877 $88M $160.40 -$4M -17,744 -3.1%
49 APH 0.31% 647,891 $88M $135.14 $7M -4,086 -0.6%
50 APG 0.30% 2,248,783 $86M $38.26 $9M +7,947 +0.3%
51 MELI 0.30% 42,611 $86M $2,014.26 $8M +9,098 +27.1%
52 UNH 0.29% 255,768 $84M $330.11 $5M +27,087 +11.8%
53 PEGA 0.29% 1,400,086 $84M $59.72 -$4M -119,919 -7.9%
54 ANET 0.29% 627,143 $82M $131.03 $25M +231,995 +58.7%
55 AG 0.29% 4,918,000 $82M $16.66 $27M +437,000 +9.8%
56 MRK 0.29% 777,967 $82M $105.26 $9M -85,347 -9.9%
57 ISRG 0.29% 144,494 $82M $566.36 $12M -10,652 -6.9%
58 LIN 0.28% 190,490 $81M $426.39 $6M +32,944 +20.9%
59 MU 0.28% 281,210 $80M $285.41 $49M +95,761 +51.6%
60 CRM 0.27% 296,956 $79M $264.91 $9M +2,716 +0.9%
61 CVX 0.27% 505,706 $77M $152.41 $5M +41,872 +9.0%
62 ACN 0.26% 282,340 $76M $268.30 $21M +61,314 +27.7%
63 ADBE 0.26% 215,611 $75M $349.99 $8M +25,435 +13.4%
64 CMCSA 0.26% 2,512,894 $75M $29.89 $9M +407,060 +19.3%
65 MCD 0.26% 243,923 $75M $305.63 $6M +19,320 +8.6%
66 RTX 0.26% 406,273 $75M $183.40 $17M +63,291 +18.4%
67 C 0.25% 622,054 $73M $116.69 $16M +63,592 +11.4%
68 DIS 0.25% 636,938 $72M $113.77 $14M +127,000 +24.9%
69 PEP 0.25% 492,852 $71M $143.52 $3M +12,210 +2.5%
70 AXP 0.24% 187,295 $69M $369.95 $19M +35,726 +23.6%
71 HON 0.24% 350,983 $68M $195.09 $34M +189,572 +117.5%
72 CASY 0.24% 123,183 $68M $552.71 -$3M -3,000 -2.4%
73 MO 0.24% 1,169,116 $67M $57.66 -$29K +148,228 +14.5%
74 WMB 0.24% 1,120,775 $67M $60.11 $54M +906,732 +423.6%
75 ADP 0.23% 257,387 $66M $257.23 -$3M +22,641 +9.6%
76 KLAC 0.23% 53,840 $65M $1,215.08 $8M +386 +0.7%
77 SCHW 0.23% 651,359 $65M $99.91 $2M -14,446 -2.2%
78 CI 0.23% 235,903 $65M $275.23 $654K +12,926 +5.8%
79 VEEV 0.23% 290,182 $65M $223.23 $34M +186,841 +180.8%
80 AZO 0.22% 18,975 $64M $3,391.50 -$41M -5,667 -23.0%
81 GM 0.22% 790,249 $64M $81.32 $14M -31,542 -3.8%
82 NEM 0.22% 639,966 $64M $99.85 $22M +138,730 +27.7%
83 QCOM 0.22% 372,548 $64M $171.05 -$6M -45,097 -10.8%
84 WDC 0.22% 367,340 $63M $172.27 $56M +309,452 +534.6%
85 BAP 0.22% 220,189 $63M $287.00 $4M -1,886 -0.8%
86 AVB 0.22% 348,068 $63M $181.31 $60M +329,413 +1765.8%
87 EQR 0.22% 998,401 $63M $63.04 $60M +951,128 +2012.0%
88 T 0.22% 2,533,174 $63M $24.84 $2M +371,275 +17.2%
89 MCK 0.22% 76,590 $63M $820.29 $4M +220 +0.3%
90 PFE 0.22% 2,509,842 $62M $24.90 -$8M -254,271 -9.2%
91 BMY 0.22% 1,153,556 $62M $53.94 $8M -54,812 -4.5%
92 GD 0.21% 182,327 $61M $336.66 $1M +6,667 +3.8%
93 VLTO 0.21% 593,907 $59M $99.78 $4M +75,664 +14.6%
94 SPGI 0.21% 112,895 $59M $522.59 $7M +5,580 +5.2%
95 PGR 0.20% 257,380 $59M $227.72 -$9M -17,692 -6.4%
96 MMM 0.20% 360,889 $58M $160.10 $18M +103,363 +40.1%
97 TMUS 0.20% 283,125 $57M $203.04 $7M +73,688 +35.2%
98 SARO 0.20% 1,987,267 $57M $28.68 $3M -7,574 -0.4%
99 ROST 0.20% 312,974 $56M $180.14 $25M +108,860 +53.3%
100 MNST 0.20% 734,799 $56M $76.67 $5M -32,571 -4.2%

New Positions

SymbolValue% Port
B $30M 0.11%
TSM $28M 0.10%
Q $26M 0.09%
SOLS $22M 0.08%
PPTA $19M 0.07%
YNDX $9M 0.03%
NAVN $9M 0.03%
ALH $6M 0.02%
ANDG $4M 0.01%
RKT $3M 0.01%
WLTH $2M 0.01%
CRWV $2M 0.01%
LMRI $1M —%
CMPR $1M —%
GDEN $1M —%

Sold Out Positions

SymbolValue% Port
ABM —%
AHRT —%
CCS —%
AAP —%
BKD —%
WT —%
RH —%
UNFI —%
MTDR —%
WTM —%
NTST —%
UAA —%
FOUR —%
ESRT —%
USPH —%
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