SEC 13F Intelligence

Managers / Q1 2025 · view latest →

Employees Retirement System of Texas

CIK 0001398739 · P.O. BOX 13207, AUSTIN, TX, 78711-3207 · 512-867-7711

Reported Value
$11.0B
Q1 2025
Positions
264
Filings on Record
30
2019–present window
Filed
May 13, 2025
original filing

Summary

Employees Retirement System Of Texas reported $11.0B in U.S.-listed holdings across 264 positions for Q1 2025.

Its largest position, VGIT, represents 12.9% of the portfolio.

Compared with Q4 2024, the fund opened 35 new positions and exited 82.

Portfolio Metrics

Turnover
+14.1%
vs prior filed quarter
Top-10 Concentration
+42.1%
share of reported value
Largest Position
+12.9%
Vanguard Scottsdale Fds
New / Exited
35 / 82
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q1 ’19: $6.6BQ1 ’19Q2 ’19: $6.6BQ3 ’19: $6.4BQ4 ’19: $6.4BQ1 ’20: $5.2BQ1 ’20Q2 ’20: $6.6BQ3 ’20: $6.8BQ4 ’20: $6.3BQ1 ’21: $7.8BQ1 ’21Q2 ’21: $8.2BQ3 ’21: $8.6BQ4 ’21: $8.9BQ1 ’22: $8.4BQ1 ’22Q2 ’22: $7.0BQ3 ’22: $6.6BQ4 ’22: $6.9BQ1 ’23: $6.9BQ1 ’23Q2 ’23: $7.3BQ3 ’23: $6.7BQ4 ’23: $8.5BQ1 ’24: $9.2BQ1 ’24Q2 ’24: $10.7BQ3 ’24: $11.6BQ4 ’24: $11.7BQ1 ’25: $11.0BQ1 ’25Q2 ’25: $12.3BQ3 ’25: $12.5BQ4 ’25: $12.3BQ1 ’26: $11.4BQ1 ’26filingsflow.com

Portfolio Composition

By security type
Common Stock: 65.1%ETP: 26.2%REIT: 6.8%ADR: 1.3%MLP: 0.4%Other: 0.2%
  • Common Stock · 65.1% · $7.2B
  • ETP · 26.2% · $2.9B
  • REIT · 6.8% · $750M
  • ADR · 1.3% · $141M
  • MLP · 0.4% · $44M
  • Other · 0.2% · $18M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2024 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
SPYSPDR S&P 500 ETF TRNEW+268.3K268.3K+$150M$150M
UBERUBER TECHNOLOGIES INCNEW+958.0K958.0K+$70M$70M
SCHWSCHWAB CHARLES CORPNEW+797.0K797.0K+$62M$62M
BABOEING CONEW+333.4K333.4K+$57M$57M
ETENERGY TRANSFER L PNEW+2.38M2.38M+$44M$44M
BRBRBELLRING BRANDS INCNEW+450.7K450.7K+$34M$34M
VICIVICI PPTYS INCNEW+507.3K507.3K+$17M$17M
AIGAMERICAN INTL GROUP INCNEW+138.9K138.9K+$12M$12M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q1 2025

263 positions (from 264 filing rows — )
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1VGITVANGUARD SCOTTSDALE FDShistory →INTER TERM TREAS12.86%$1.4B23.88M
2MSFTMICROSOFT CORPhistory →COM4.19%$462M1.23M
3DBX ETF TRXTRACK USD HIGH4.17%$460M12.73M
4RSPINVESCO EXCHANGE TRADED FD Thistory →S&P500 EQL WGT4.13%$455M2.63M
5AAPLAPPLE INChistory →COM3.94%$434M1.96M
6NVDANVIDIA CORPORATIONhistory →COM3.73%$411M3.79M
7AMZNAMAZON COM INChistory →COM2.85%$315M1.65M
8VEAVANGUARD TAX-MANAGED FDShistory →VAN FTSE DEV MKT2.59%$286M5.63M
9METAMETA PLATFORMS INChistory →CL A1.96%$216M375.0K
10JPMJPMORGAN CHASE & CO.history →COM1.64%$181M737.5K
11LLYELI LILLY & COhistory →COM1.63%$180M218.4K
12MAMASTERCARD INCORPORATEDhistory →CL A1.50%$166M302.1K
13SPYSPDR S&P 500 ETF TRhistory →TR UNIT1.36%$150M268.3K
14AVGOBROADCOM INChistory →COM1.34%$148M886.0K
15EXMOCEXXON MOBIL CORPhistory →COM1.15%$127M1.06M
16UNHUNITEDHEALTH GROUP INChistory →COM1.05%$116M221.8K
17KOCOCA COLA COhistory →COM1.05%$116M1.61M
18PLDPROLOGIS INC.history →COM1.01%$111M992.4K
19TSLATESLA INChistory →COM0.99%$109M421.4K
20WMTWALMART INChistory →COM0.99%$109M1.24M
21NFLXNETFLIX INChistory →COM0.97%$107M115.0K
22PGPROCTER AND GAMBLE COhistory →COM0.90%$99M583.6K
23COSTCOSTCO WHSL CORP NEWhistory →COM0.90%$99M104.5K
24PHPARKER-HANNIFIN CORPhistory →COM0.87%$96M157.9K
25TMUST-MOBILE US INChistory →COM0.84%$92M345.6K
26EQIXEQUINIX INChistory →COM0.80%$88M107.9K
27AZOAUTOZONE INChistory →COM0.75%$83M21.8K
28TDGTRANSDIGM GROUP INChistory →COM0.75%$83M59.9K
29HIGHARTFORD INSURANCE GROUP INChistory →COM0.74%$82M663.3K
30ICEINTERCONTINENTAL EXCHANGE INhistory →COM0.71%$78M450.9K
31MSIMOTOROLA SOLUTIONS INChistory →COM NEW0.70%$78M177.3K
32AJGGALLAGHER ARTHUR J & COhistory →COM0.69%$76M220.5K
33BKNGBOOKING HOLDINGS INChistory →COM0.66%$72M15.7K
34GOOGLALPHABET INChistory →CAP STK CL A0.65%$72M464.2K
35XBISPDR SER TRhistory →S&P BIOTECH0.64%$70M867.2K
36UBERUBER TECHNOLOGIES INChistory →COM0.63%$70M958.0K
37TMOTHERMO FISHER SCIENTIFIC INChistory →COM0.62%$69M138.5K
38ETNEATON CORP PLChistory →SHS0.62%$68M251.5K
39VTRVENTAS INChistory →COM0.60%$66M967.0K
40TJXTJX COS INC NEWhistory →COM0.60%$66M544.5K
41WECWEC ENERGY GROUP INChistory →COM0.60%$66M606.4K
42PANWPALO ALTO NETWORKS INChistory →COM0.60%$66M387.2K
43NOWSERVICENOW INChistory →COM0.60%$66M82.7K
44WMWASTE MGMT INC DELhistory →COM0.59%$65M282.0K
45LPLALPL FINL HLDGS INChistory →COM0.59%$65M197.6K
46SLBSCHLUMBERGER LTDhistory →COM STK0.58%$64M1.52M
47BABOEING COCOM · DEP CONV PFD A0.57%$63M433.4K
48SCHWSCHWAB CHARLES CORPhistory →COM0.57%$62M797.0K
49ZTSZOETIS INChistory →CL A0.56%$62M377.4K
50ETRENTERGY CORP NEWhistory →COM0.56%$62M726.6K
51DISDISNEY WALT COhistory →COM0.56%$62M626.3K
52NEMNEWMONT CORPhistory →COM0.55%$61M1.26M
53NINISOURCE INChistory →COM0.54%$59M1.48M
54BSXBOSTON SCIENTIFIC CORPhistory →COM0.54%$59M589.5K
55DHRDANAHER CORPORATIONhistory →COM0.54%$59M289.9K
56SYKSTRYKER CORPORATIONhistory →COM0.53%$59M158.2K
57ACNACCENTURE PLC IRELANDhistory →SHS CLASS A0.53%$59M188.3K
58CDNSCADENCE DESIGN SYSTEM INChistory →COM0.53%$58M229.5K
59CLCOLGATE PALMOLIVE COhistory →COM0.53%$58M622.7K
60MELIMERCADOLIBRE INChistory →COM0.53%$58M29.9K
61VRTXVERTEX PHARMACEUTICALS INChistory →COM0.53%$58M120.2K
62FITBFIFTH THIRD BANCORPhistory →COM0.50%$56M1.42M
63SBACSBA COMMUNICATIONS CORP NEWhistory →CL A0.50%$55M249.5K
64AXPAMERICAN EXPRESS COhistory →COM0.50%$55M203.6K
65MCKMCKESSON CORPhistory →COM0.50%$55M81.3K
66NXPINXP SEMICONDUCTORS N Vhistory →COM0.50%$55M287.3K
67ALLYALLY FINL INChistory →COM0.49%$54M1.47M
68LOWLOWES COS INChistory →COM0.48%$53M228.4K
69MNDYMONDAY COM LTDhistory →SHS0.48%$53M217.9K
70LNGCHENIERE ENERGY INChistory →COM NEW0.48%$53M228.2K
71FCXFREEPORT-MCMORAN INChistory →CL B0.48%$52M1.38M
72RCLROYAL CARIBBEAN GROUPhistory →COM0.46%$51M247.2K
73MSMORGAN STANLEYhistory →COM NEW0.46%$50M432.8K
74VBVANGUARD INDEX FDShistory →SMALL CP ETF0.46%$50M226.4K
75MDLZMONDELEZ INTL INChistory →CL A0.45%$50M732.7K
76CMGCHIPOTLE MEXICAN GRILL INChistory →COM0.45%$50M988.5K
77WELLWELLTOWER INChistory →COM0.44%$48M313.5K
78FMXFOMENTO ECONOMICO MEXICANO Shistory →SPON ADR UNITS0.43%$47M483.9K
79VRTVERTIV HOLDINGS COhistory →COM CL A0.43%$47M651.0K
80CRWDCROWDSTRIKE HLDGS INChistory →CL A0.42%$46M130.4K
81ODFLOLD DOMINION FREIGHT LINE INhistory →COM0.41%$45M273.2K
82MUMICRON TECHNOLOGY INChistory →COM0.41%$45M518.0K
83ETENERGY TRANSFER L Phistory →COM UT LTD PTN0.40%$44M2.38M
84KKRKKR & CO INChistory →COM0.38%$41M358.3K
85ICLRICON PLChistory →SHS0.35%$39M223.2K
86DDOGDATADOG INChistory →CL A COM0.32%$36M357.8K
87BRBRBELLRING BRANDS INChistory →COMMON STOCK0.30%$34M450.7K
88SPGSIMON PPTY GROUP INC NEWhistory →COM0.25%$27M164.9K
89PMPHILIP MORRIS INTL INChistory →COM0.25%$27M171.0K
90TOLTOLL BROTHERS INChistory →COM0.24%$26M247.1K
91PSAPUBLIC STORAGE OPER COhistory →COM0.23%$25M85.2K
92DLRDIGITAL RLTY TR INChistory →COM0.21%$23M163.0K
93TAT&T INChistory →COM0.21%$23M819.5K
94CBCHUBB LIMITEDhistory →COM0.19%$20M67.6K
95VZVERIZON COMMUNICATIONS INChistory →COM0.15%$17M372.6K
96PGRPROGRESSIVE CORPhistory →COM0.15%$17M59.5K
97VICIVICI PPTYS INChistory →COM0.15%$17M507.3K
98EXREXTRA SPACE STORAGE INChistory →COM0.15%$16M108.5K
99AEPAMERICAN ELEC PWR CO INChistory →COM0.14%$16M141.9K
100AVBAVALONBAY CMNTYS INChistory →COM0.14%$15M72.1K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$11.4B493May 13, 202613F-HRchanges · EDGAR ↗
Q4 2025$12.3B496Feb 9, 202613F-HRchanges · EDGAR ↗
Q3 2025$12.5B507Nov 13, 202513F-HRchanges · EDGAR ↗
Q2 2025$12.3B523Aug 13, 202513F-HRchanges · EDGAR ↗
Q1 2025$11.0B264May 13, 202513F-HRchanges · EDGAR ↗
Q4 2024$11.7B311Feb 28, 2025RESTATEMENTchanges · EDGAR ↗
Q3 2024$11.6B334Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$10.7B315Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$9.2B328May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$8.5B340Feb 15, 202413F-HRchanges · EDGAR ↗
Q3 2023$6.7B297Nov 16, 202313F-HRchanges · EDGAR ↗
Q2 2023$7.3B321Aug 11, 202313F-HRchanges · EDGAR ↗
Q1 2023$6.9B330Apr 26, 202313F-HRchanges · EDGAR ↗
Q4 2022$6.9B333Feb 15, 202313F-HRchanges · EDGAR ↗
Q3 2022$6.6B349Nov 10, 202213F-HRchanges · EDGAR ↗
Q2 2022$7.0B711Aug 8, 202213F-HRchanges · EDGAR ↗
Q1 2022$8.4B748May 13, 202213F-HRchanges · EDGAR ↗
Q4 2021$8.9B755Feb 15, 202213F-HRchanges · EDGAR ↗
Q3 2021$8.6B787Nov 12, 202113F-HRchanges · EDGAR ↗
Q2 2021$8.2B735Aug 10, 202113F-HRchanges · EDGAR ↗
Q1 2021$7.8B729May 14, 202113F-HRchanges · EDGAR ↗
Q4 2020$6.3B645Feb 11, 202113F-HRchanges · EDGAR ↗
Q3 2020$6.8B708Nov 12, 202013F-HRchanges · EDGAR ↗
Q2 2020$6.6B728Aug 12, 202013F-HRchanges · EDGAR ↗
Q1 2020$5.2B746May 14, 202013F-HRchanges · EDGAR ↗
Q4 2019$6.4B777Feb 10, 202013F-HRchanges · EDGAR ↗
Q3 2019$6.4B850Nov 12, 201913F-HRchanges · EDGAR ↗
Q2 2019$6.6B1,086Aug 14, 201913F-HRchanges · EDGAR ↗
Q1 2019$6.6B1,055May 14, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.