TEACHER RETIREMENT SYSTEM OF TEXAS
Long book
$24.00B
Q1 2026
Positions
1478
Top-10 weight
28%
concentration
Last quarter
+14.6%
SPY +14.8%
Turnover
26%
of book per quarter
Strategy in plain words
auto-generated from filingsTEACHER RETIREMENT SYSTEM OF TEXAS is a mechanically diversified allocator, running a $24.00B US long book across 1478 positions.
The portfolio is moderately concentrated (top 10 ≈ 28% of the book). The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: NVIDIA CORP, APPLE INC, MICROSOFT CORP, AMAZON.COM INC, ALPHABET INC-CL A.
Over the last 9 quarters its long book ran on average 0.1pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+2.4%
Q2 2024
+7.1%
Q3 2024
+1.0%
Q4 2024
-3.6%
Q1 2025
+10.8%
Q2 2025
+7.7%
Q3 2025
+2.6%
Q4 2025
-3.1%
Q1 2026
+14.6%
Sector allocation
Technology 37%
Industrials 13%
Financials 11%
Consumer discretionary 10%
Healthcare 7%
Services media 6%
Other 3%
Energy 3%
Long book by quarter
What does TEACHER RETIREMENT own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NVDA NVIDIA CORP | Technology | 7.7M | $1.34B | 5.6% | +0.6% |
| AAPL APPLE INC | Technology | 4.7M | $1.18B | 4.9% | -0.5% |
| MSFT MICROSOFT CORP | Technology | 2.2M | $827.2M | 3.4% | +0.9% |
| AMZN AMAZON.COM INC | Consumer discretionary | 2.9M | $602.3M | 2.5% | +0.5% |
| GOOGL ALPHABET INC-CL A | Technology | 1.9M | $550.7M | 2.3% | +1.5% |
| AVGO BROADCOM INC | Technology | 1.4M | $442.5M | 1.8% | -2.6% |
| GOOG ALPHABET INC-CL C | Technology | 1.5M | $429.6M | 1.8% | +0.7% |
| META META PLATFORMS INC-CLASS A | Technology | 690.3K | $394.9M | 1.6% | -1.2% |
| TSLA TESLA INC | Industrials | 785.0K | $291.8M | 1.2% | +1.8% |
| LLY ELI LILLY & CO | Healthcare | 289.9K | $266.7M | 1.1% | +7.8% |
| XOM EXXON MOBIL CORP | Energy | 1.3M | $224.4M | 0.9% | -2.2% |
| JPM JPMORGAN CHASE & CO | Financials | 729.4K | $214.6M | 0.9% | -19.0% |
| JNJ JOHNSON & JOHNSON | Healthcare | 823.5K | $201.3M | 0.8% | -0.1% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 410.3K | $196.6M | 0.8% | -2.3% |
| V VISA INC-CLASS A SHARES | Services media | 558.8K | $168.9M | 0.7% | +13.4% |
| MA MASTERCARD INC - A | Services media | 333.2K | $166.5M | 0.7% | +1.0% |
| NFLX NETFLIX INC | Services media | 1.7M | $162.5M | 0.7% | +14.8% |
| WMT WALMART INC | Consumer discretionary | 1.2M | $150.0M | 0.6% | -18.9% |
| GEV GE VERNOVA INC | Industrials | 164.4K | $143.5M | 0.6% | +17.2% |
| COST COSTCO WHOLESALE CORP | Consumer discretionary | 142.2K | $141.7M | 0.6% | +1.2% |
| PLTR PALANTIR TECHNOLOGIES INC-A | Technology | 954.3K | $139.6M | 0.6% | +12.6% |
| PG PROCTER & GAMBLE CO/THE | Other | 954.3K | $137.8M | 0.6% | -2.1% |
| KO COCA-COLA CO/THE | Consumer staples | 1.7M | $132.0M | 0.6% | -3.4% |
| CAT CATERPILLAR INC | Industrials | 178.8K | $126.7M | 0.5% | +4.8% |
| GE GENERAL ELECTRIC | Industrials | 421.8K | $119.7M | 0.5% | -8.4% |
| MU MICRON TECHNOLOGY INC | Technology | 351.3K | $118.7M | 0.5% | +24.9% |
| LRCX LAM RESEARCH CORP | Industrials | 547.5K | $117.0M | 0.5% | -12.9% |
| WFC WELLS FARGO & CO | Financials | 1.4M | $114.8M | 0.5% | +19.3% |
| BAC BANK OF AMERICA CORP | Financials | 2.3M | $114.1M | 0.5% | -10.1% |
| HD HOME DEPOT INC | Consumer discretionary | 322.5K | $106.1M | 0.4% | -2.4% |
| AMAT APPLIED MATERIALS INC | Technology | 307.3K | $105.0M | 0.4% | +51.4% |
| CSCO CISCO SYSTEMS INC | Technology | 1.3M | $104.7M | 0.4% | +0.2% |
| C CITIGROUP INC | Financials | 897.0K | $101.7M | 0.4% | +44.2% |
| AG FIRST MAJESTIC SILVER CORP | Materials | 4.7M | $101.6M | 0.4% | -3.8% |
| PEP PEPSICO INC | Consumer staples | 653.8K | $101.5M | 0.4% | +32.6% |
| ABBV ABBVIE INC | Healthcare | 456.4K | $99.3M | 0.4% | -22.6% |
| LIN LINDE PLC | Materials | 199.5K | $98.9M | 0.4% | +4.7% |
| MCK MCKESSON CORP | Consumer discretionary | 111.9K | $96.9M | 0.4% | +46.2% |
| IBM INTL BUSINESS MACHINES CORP | Technology | 398.4K | $96.6M | 0.4% | +27.6% |
| INTC INTEL CORP | Technology | 2.2M | $95.8M | 0.4% | -15.6% |
| MCD MCDONALD'S CORP | Consumer discretionary | 304.2K | $94.6M | 0.4% | +24.7% |
| CVX CHEVRON CORP | Energy | 452.3K | $93.6M | 0.4% | -10.6% |
| TJX TJX COMPANIES INC | Consumer discretionary | 577.7K | $92.3M | 0.4% | -1.9% |
| VZ VERIZON COMMUNICATIONS INC | Communications | 1.8M | $89.9M | 0.4% | -18.5% |
| BAP CREDICORP LTD | Financials | 258.0K | $87.5M | 0.4% | +17.2% |
| MELI MERCADOLIBRE INC | Services media | 50.5K | $87.4M | 0.4% | +18.6% |
| AMD ADVANCED MICRO DEVICES | Technology | 420.3K | $85.5M | 0.4% | -6.4% |
| PM PHILIP MORRIS INTERNATIONAL | Consumer staples | 512.1K | $84.7M | 0.4% | -6.5% |
| T AT&T INC | Communications | 2.8M | $82.4M | 0.3% | +12.3% |
| MRK MERCK & CO. INC. | Healthcare | 659.9K | $79.4M | 0.3% | -15.2% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Apr 30, 2026 | 1478 | $24.00B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Jan 28, 2026 | 1619 | $28.98B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 30, 2025 | 2023 | $24.9M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 1, 2025 | 2054 | $23.8M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | Apr 28, 2025 | 2077 | $23.97B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 11, 2025 | 1538 | $27.73B | $K fixed canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 13, 2024 | 1555 | $17.57B | $K fixed canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 9, 2024 | 1556 | $17.57B | $K fixed canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 6, 2024 | 1657 | $15.66B | $K fixed canonical | SEC ↗ |
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