Employees Retirement System of Texas
Long book
$9.58B
Q1 2026
Positions
489
Top-10 weight
35%
concentration
Last quarter
+12.4%
SPY +14.8%
Turnover
31%
of book per quarter
Strategy in plain words
auto-generated from filingsEmployees Retirement System of Texas is an institutional manager, running a $9.58B US long book across 489 positions.
The portfolio is moderately concentrated (top 10 ≈ 35% of the book). The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: NVIDIA CORP, APPLE INC, MICROSOFT CORP, AMAZON.COM INC, ISHARES GOLD TRUST.
Over the last 9 quarters its long book ran on average 0.5pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. Signal value of individual moves is limited — treat changes as weak evidence.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+4.0%
Q2 2024
+5.1%
Q3 2024
+2.9%
Q4 2024
-4.2%
Q1 2025
+11.3%
Q2 2025
+6.6%
Q3 2025
+1.8%
Q4 2025
-4.4%
Q1 2026
+12.4%
Sector allocation
Technology 42%
Consumer discretionary 12%
Financials 10%
Industrials 8%
Healthcare 7%
Services media 5%
Utilities 4%
Energy 3%
Long book by quarter
What does Employees Retirement own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NVDA NVIDIA CORP | Technology | 3.5M | $617.0M | 6.4% | -3.4% |
| AAPL APPLE INC | Technology | 2.0M | $518.9M | 5.4% | -9.9% |
| MSFT MICROSOFT CORP | Technology | 1.4M | $509.2M | 5.3% | -3.6% |
| AMZN AMAZON.COM INC | Consumer discretionary | 1.9M | $385.8M | 4.0% | -4.3% |
| AVGO BROADCOM INC | Technology | 846.9K | $262.1M | 2.7% | +0.3% |
| GOOG ALPHABET INC-CL C | Technology | 879.2K | $252.2M | 2.6% | -24.3% |
| XOM EXXON MOBIL CORP | Energy | 1.2M | $199.1M | 2.1% | -5.8% |
| META META PLATFORMS INC-CLASS A | Technology | 318.4K | $182.2M | 1.9% | -18.2% |
| LLY ELI LILLY & CO | Healthcare | 172.9K | $159.0M | 1.7% | -5.1% |
| JPM JPMORGAN CHASE & CO | Financials | 513.4K | $151.0M | 1.6% | -5.1% |
| GOOGL ALPHABET INC-CL A | Technology | 486.4K | $139.9M | 1.5% | -2.7% |
| V VISA INC-CLASS A SHARES | Services media | 441.8K | $133.5M | 1.4% | +2750.6% |
| WMT WALMART INC | Consumer discretionary | 1.1M | $132.5M | 1.4% | -5.1% |
| TSLA TESLA INC | Industrials | 351.8K | $130.8M | 1.4% | -12.0% |
| MA MASTERCARD INC - A | Services media | 260.5K | $130.2M | 1.4% | -31.8% |
| NEM NEWMONT CORP | Materials | 1.1M | $120.8M | 1.3% | -19.2% |
| HD HOME DEPOT INC | Consumer discretionary | 357.7K | $117.6M | 1.2% | +29.7% |
| COST COSTCO WHOLESALE CORP | Consumer discretionary | 116.8K | $116.3M | 1.2% | -8.0% |
| PH PARKER HANNIFIN CORP | Industrials | 126.4K | $113.2M | 1.2% | -5.1% |
| BAC BANK OF AMERICA CORP | Financials | 2.3M | $112.3M | 1.2% | -6.7% |
| FCX FREEPORT-MCMORAN INC | Materials | 1.9M | $108.8M | 1.1% | -9.7% |
| NFLX NETFLIX INC | Services media | 1.1M | $105.5M | 1.1% | +95.0% |
| SCHW SCHWAB (CHARLES) CORP | Financials | 1.1M | $101.2M | 1.1% | +21.0% |
| PANW PALO ALTO NETWORKS INC | Technology | 628.1K | $100.7M | 1.1% | -5.1% |
| ABBV ABBVIE INC | Healthcare | 455.8K | $99.1M | 1.0% | New |
| KO COCA-COLA CO/THE | Consumer staples | 1.3M | $98.9M | 1.0% | -20.2% |
| MSI MOTOROLA SOLUTIONS INC | Technology | 218.8K | $95.0M | 1.0% | -7.4% |
| CDNS CADENCE DESIGN SYS INC | Technology | 314.7K | $87.5M | 0.9% | +9.4% |
| ISRG INTUITIVE SURGICAL INC | Healthcare | 175.1K | $80.7M | 0.8% | +127.9% |
| TMO THERMO FISHER SCIENTIFIC INC | Other | 163.7K | $80.5M | 0.8% | -6.7% |
| TJX TJX COMPANIES INC | Consumer discretionary | 495.0K | $79.0M | 0.8% | -14.5% |
| ANET ARISTA NETWORKS INC | Technology | 635.2K | $78.0M | 0.8% | -5.0% |
| FITB FIFTH THIRD BANCORP | Financials | 1.6M | $75.6M | 0.8% | -5.1% |
| AMD ADVANCED MICRO DEVICES | Technology | 371.2K | $75.5M | 0.8% | -5.1% |
| ETR ENTERGY CORP | Utilities | 671.2K | $75.4M | 0.8% | -5.1% |
| MS MORGAN STANLEY | Financials | 457.9K | $75.4M | 0.8% | -5.1% |
| FAST FASTENAL CO | Consumer discretionary | 1.6M | $75.2M | 0.8% | +41.3% |
| DHR DANAHER CORP | Technology | 395.1K | $74.9M | 0.8% | -4.7% |
| TMUS T-MOBILE US INC | Communications | 356.2K | $74.8M | 0.8% | +18.8% |
| AME AMETEK INC | Technology | 340.4K | $73.0M | 0.8% | +29.8% |
| ALLY ALLY FINANCIAL INC | Financials | 1.9M | $72.8M | 0.8% | +11.3% |
| WEC WEC ENERGY GROUP INC | Utilities | 625.9K | $72.5M | 0.8% | -5.1% |
| ICE INTERCONTINENTAL EXCHANGE IN | Financials | 458.4K | $72.1M | 0.8% | -1.7% |
| ODFL OLD DOMINION FREIGHT LINE | Industrials | 366.7K | $71.7M | 0.7% | +28.6% |
| MDT MEDTRONIC PLC | Healthcare | 780.7K | $67.6M | 0.7% | -9.5% |
| ET ENERGY TRANSFER LP | Utilities | 3.3M | $64.7M | 0.7% | +18.2% |
| SYK STRYKER CORP | Healthcare | 195.9K | $64.4M | 0.7% | -0.6% |
| TT TRANE TECHNOLOGIES PLC | Technology | 153.3K | $63.9M | 0.7% | +33.6% |
| HIG HARTFORD INSURANCE GROUP INC | Financials | 470.5K | $63.6M | 0.7% | -5.1% |
| SLB SLB LTD | Energy | 1.2M | $63.0M | 0.7% | +5.3% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 13, 2026 | 493 | $11.44B | $K fixed canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 9, 2026 | 496 | $12.28B | $K fixed canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 13, 2025 | 507 | $12.52B | $K fixed canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 13, 2025 | 523 | $12.29B | $K fixed canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 13, 2025 | 264 | $11.03B | $K fixed canonical | SEC ↗ |
| Q4 2024 | 13F-HR/ARESTATEMENT | Feb 28, 2025 | 311 | $11.72B | $K fixed canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 13, 2025 | 311 | $444.8M | SEC ↗ | |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 334 | $11.56B | $K fixed canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 315 | $10.67B | $K fixed canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 328 | $9.16B | $K fixed canonical | SEC ↗ |
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