Teacher Retirement System Of Texas
Reported US equity positions for Q1 2026 — $24.0B across 1,478 positions.
| Holding | Reported value | Share of portfolio | Shares |
|---|---|---|---|
| NVDA NVIDIA Corporation | $1.3B | 5.6% | 7,701,501 |
| AAPL Apple Inc. | $1.2B | 4.9% | 4,658,611 |
| MSFT Microsoft Corporation | $827.2M | 3.4% | 2,234,699 |
| AMZN Amazon.com, Inc. | $602.3M | 2.5% | 2,891,976 |
| GOOGL Alphabet Inc. | $550.7M | 2.3% | 1,915,085 |
| VOO Vanguard S&P 500 ETF | $506.0M | 2.1% | 846,831 |
| AVGO Broadcom Inc. | $442.5M | 1.8% | 1,429,755 |
| GOOG Alphabet Inc. - Class C Capital Stock | $429.6M | 1.8% | 1,497,488 |
| IVV iShares Core S&P 500 ETF | $413.2M | 1.7% | 632,560 |
| META Meta Platforms, Inc. | $394.9M | 1.6% | 690,275 |
| TSLA Tesla, Inc. | $291.8M | 1.2% | 784,955 |
| LLY Eli Lilly and Company | $266.7M | 1.1% | 289,939 |
| EMXC iShares MSCI Emerging Markets ex China ETF | $236.3M | 1.0% | 3,004,394 |
| XOM ExxonMobil Holdings Corporation | $224.4M | 0.9% | 1,322,843 |
| JPM JP Morgan Chase & Co. | $214.6M | 0.9% | 729,429 |
| JNJ Johnson & Johnson | $201.3M | 0.8% | 823,546 |
| BRK.B Berkshire Hathaway Inc. | $196.6M | 0.8% | 410,348 |
| V Visa Inc. | $168.9M | 0.7% | 558,754 |
| MA Mastercard Incorporated | $166.5M | 0.7% | 333,230 |
| NFLX Netflix, Inc. | $162.5M | 0.7% | 1,690,522 |
| WMT Walmart Inc. | $150.0M | 0.6% | 1,206,883 |
| VB Vanguard Morningstar Small-Cap ETF | $148.6M | 0.6% | 567,165 |
| IJR iShares Core S&P Small-Cap ETF | $147.4M | 0.6% | 1,185,799 |
| GEV GE Vernova Inc. | $143.5M | 0.6% | 164,382 |
| COST Costco Wholesale Corporation | $141.7M | 0.6% | 142,170 |
| PLTR Palantir Technologies Inc. | $139.6M | 0.6% | 954,254 |
| PG The Procter & Gamble Company | $137.8M | 0.6% | 954,261 |
| KO The Coca-Cola Company | $132.0M | 0.6% | 1,736,130 |
| CAT Caterpillar, Inc. | $126.7M | 0.5% | 178,829 |
| GE GE Aerospace | $119.7M | 0.5% | 421,759 |
| MU Micron Technology, Inc. | $118.7M | 0.5% | 351,288 |
| LRCX Lam Research Corporation | $117.0M | 0.5% | 547,533 |
| WFC Wells Fargo & Company | $114.8M | 0.5% | 1,442,575 |
| BAC Bank of America Corporation | $114.1M | 0.5% | 2,341,477 |
| HD The Home Depot, Inc. | $106.1M | 0.4% | 322,475 |
| AMAT Applied Materials, Inc. | $105.0M | 0.4% | 307,304 |
| CSCO Cisco Systems, Inc. | $104.7M | 0.4% | 1,349,530 |
| C Citigroup, Inc. | $101.7M | 0.4% | 897,008 |
| AG First Majestic Silver Corp. Ordinary Shares (Canada) | $101.6M | 0.4% | 4,732,148 |
| PEP PepsiCo, Inc. | $101.5M | 0.4% | 653,762 |
| ABBV AbbVie Inc. | $99.3M | 0.4% | 456,420 |
| G54950103 Linde PLC | $98.9M | 0.4% | 199,537 |
| MCK McKesson Corporation | $96.9M | 0.4% | 111,943 |
| IBM International Business Machines Corporation | $96.6M | 0.4% | 398,350 |
| INTC Intel Corporation | $95.8M | 0.4% | 2,169,961 |
| MCD McDonald's Corporation | $94.6M | 0.4% | 304,232 |
| CVX Chevron Corporation | $93.6M | 0.4% | 452,316 |
| TJX The TJX Companies, Inc. | $92.3M | 0.4% | 577,652 |
| VMRK Equity Residential | $91.7M | 0.4% | 1,550,713 |
| BAC Bank of America Corporation | $89.9M | 0.4% | 1,790,097 |
| AVBC Avalonbay Cmntys INC | $88.4M | 0.4% | 541,135 |
| G2519Y108 Credicorp LTD | $87.5M | 0.4% | 257,975 |
| MELI MercadoLibre, Inc. | $87.4M | 0.4% | 50,547 |
| AMD Advanced Micro Devices, Inc. | $85.5M | 0.4% | 420,332 |
| PM Philip Morris International Inc | $84.7M | 0.4% | 512,104 |
| T AT&T Inc. | $82.4M | 0.3% | 2,843,501 |
| MRK Merck & Company, Inc. Common Stock (new) | $79.4M | 0.3% | 659,877 |
| KLAC KLA Corporation | $79.0M | 0.3% | 53,620 |
| RTX RTX Corporation | $78.8M | 0.3% | 408,376 |
| CRM Salesforce, Inc. | $77.0M | 0.3% | 412,680 |
Long US equity positions only, as filed. 13F does not cover short positions, cash, bonds or non-US listings, so this is not the whole portfolio.
What changed last quarter
| Holding | Change | Now | Was | Shares |
|---|---|---|---|---|
| GOOGL Alphabet Inc. | Add | $550.7M | $590.8M | +1% |
| VOO Vanguard S&P 500 ETF | Trim | $506.0M | $4.1B | -87% |
| AVGO Broadcom Inc. | Trim | $442.5M | $508.1M | -3% |
| META Meta Platforms, Inc. | Trim | $394.9M | $461.4M | -1% |
| TSLA Tesla, Inc. | Add | $291.8M | $346.8M | +2% |
| LLY Eli Lilly and Company | Add | $266.7M | $289.0M | +8% |
| EMXC iShares MSCI Emerging Markets ex China ETF | Trim | $236.3M | $240.3M | -9% |
| XOM ExxonMobil Holdings Corporation | Trim | $224.4M | $162.8M | -2% |
| JPM JP Morgan Chase & Co. | Trim | $214.6M | $290.2M | -19% |
| BRK.B Berkshire Hathaway Inc. | Trim | $196.6M | $211.1M | -2% |
| V Visa Inc. | Add | $168.9M | $172.8M | +13% |
| MA Mastercard Incorporated | Add | $166.5M | $188.3M | +1% |
| NFLX Netflix, Inc. | Add | $162.5M | $138.1M | +15% |
| WMT Walmart Inc. | Trim | $150.0M | $165.8M | -19% |
| GEV GE Vernova Inc. | Add | $143.5M | $91.7M | +17% |
| COST Costco Wholesale Corporation | Add | $141.7M | $121.1M | +1% |
| PLTR Palantir Technologies Inc. | Add | $139.6M | $150.6M | +13% |
| PG The Procter & Gamble Company | Trim | $137.8M | $139.7M | -2% |
| KO The Coca-Cola Company | Trim | $132.0M | $125.6M | -3% |
| CAT Caterpillar, Inc. | Add | $126.7M | $97.7M | +5% |
| GE GE Aerospace | Trim | $119.7M | $141.8M | -8% |
| MU Micron Technology, Inc. | Add | $118.7M | $80.3M | +25% |
| LRCX Lam Research Corporation | Trim | $117.0M | $107.6M | -13% |
| WFC Wells Fargo & Company | Add | $114.8M | $112.7M | +19% |
| BAC Bank of America Corporation | Trim | $114.1M | $143.3M | -10% |
| HD The Home Depot, Inc. | Trim | $106.1M | $113.7M | -2% |
| AMAT Applied Materials, Inc. | Add | $105.0M | $52.2M | +51% |
| C Citigroup, Inc. | Add | $101.7M | $72.6M | +44% |
| AG First Majestic Silver Corp. Ordinary Shares (Canada) | Trim | $101.6M | $81.9M | -4% |
| PEP PepsiCo, Inc. | Add | $101.5M | $70.7M | +33% |
| ABBV AbbVie Inc. | Trim | $99.3M | $134.8M | -23% |
| G54950103 Linde PLC | Add | $98.9M | $81.2M | +5% |
| MCK McKesson Corporation | Add | $96.9M | $62.8M | +46% |
| IBM International Business Machines Corporation | Add | $96.6M | $92.5M | +28% |
| INTC Intel Corporation | Trim | $95.8M | $94.9M | -16% |
| MCD McDonald's Corporation | Add | $94.6M | $74.6M | +25% |
| CVX Chevron Corporation | Trim | $93.6M | $77.1M | -11% |
| TJX The TJX Companies, Inc. | Trim | $92.3M | $90.4M | -2% |
| VMRK Equity Residential | Add | $91.7M | $62.9M | +55% |
| BAC Bank of America Corporation | Trim | $89.9M | $89.5M | -19% |
New and exited positions are only shown for managers whose entire filed portfolio fits inside the positions stored here. For a manager filing more than that, a holding leaving the stored set is indistinguishable from a holding being sold, so those are reported as adds and trims only.
What a 13F is
Any institutional manager exercising discretion over more than $100 million in US-listed equities must file a Form 13F with the SEC within 45 days of each quarter end, listing what they held on the last day of that quarter. The threshold was set in 1975 and has never been raised, so the filer population now runs to several thousand.
The four things it does not tell you
- It is stale. A filing describes positions as of quarter end and can arrive 45 days later. A manager who sold everything in week one of the new quarter files the same document as one who held.
- Long US equities only. No short positions, no cash, no bonds, no commodities, no foreign listings. A fund that looks heavily long in a 13F may be hedged in instruments that never appear.
- Not the whole firm. Assets are reported by the entity with discretion, so one manager can file under several CIKs, and the figure here is what that entity reported.
- Confidential treatment exists. A manager can apply to delay disclosing a position while building it. Those holdings appear later, if at all.
Why the biggest filers are not the interesting ones
The largest managers by reported value are index providers — they hold nearly everything, in proportion to the indices they track, because clients asked them to. Reading their filings for conviction is a category error. The filings worth attention are concentrated ones, where a small number of positions make up most of the portfolio, since that reflects a decision rather than a mandate.
The share-of-portfolio column is the one to read for this. A position that is 15% of a fund says something; the same dollar amount at 0.2% of an index tracker does not.
Where this comes from
The SEC's own quarterly Form 13F structured data sets, parsed here rather than bought from a vendor. Holdings are identified in the filings by CUSIP, and the mapping from CUSIP to ticker is the awkward part — that identifier is licensed rather than public, so the mapping is resolved through OpenFIGI and built up over time. Around 95% of reported value currently sits on a resolved ticker; the rest shows its CUSIP.
The rest of the section is on the Markets overview — including insider transactions, which are the same idea at the individual level, and the correlation finder, where each ticker's page carries its institutional ownership.