SEC 13F Intelligence

Managers / Q2 2025 · view latest →

Employees Retirement System of Texas

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

Reported Value
$12.3B
Q2 2025
Positions
523
Filings on Record
30
2019–present window
Filed
Aug 13, 2025
original filing

Summary

Employees Retirement System Of Texas reported $12.3B in U.S.-listed holdings across 523 positions for Q2 2025.

Its largest position, VGIT, represents 11.6% of the portfolio.

Compared with Q1 2025, the fund opened 304 new positions and exited 45.

Portfolio Metrics

Turnover
+11.2%
vs prior filed quarter
Top-10 Concentration
+42.8%
share of reported value
Largest Position
+11.6%
Vanguard Scottsdale Fds
New / Exited
304 / 45
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: 72.7%ETP: 19.8%REIT: 6.0%ADR: 1.0%MLP: 0.4%Other: 0.1%
  • Common Stock · 72.7% · $8.9B
  • ETP · 19.8% · $2.4B
  • REIT · 6.0% · $742M
  • ADR · 1.0% · $127M
  • MLP · 0.4% · $53M
  • Other · 0.1% · $12M

Quarter-over-Quarter Changes full breakdown →

vs Q1 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
GOOGALPHABET INCNEW+1.29M1.29M+$229M$229M
BACBANK AMERICA CORPNEW+2.31M2.31M+$109M$109M
HDHOME DEPOT INCNEW+225.0K225.0K+$82M$82M
MNSTMONSTER BEVERAGE CORP NEWNEW+1.09M1.09M+$68M$68M
ANETARISTA NETWORKS INCNEW+597.8K597.8K+$61M$61M
FLUTFLUTTER ENTMT PLCNEW+206.7K206.7K+$59M$59M
OREALTY INCOME CORPNEW+446.2K446.2K+$26M$26M
IBBISHARES TRNEW+198.0K198.0K+$25M$25M

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

Holdings — Q2 2025

497 positions (from 500 filing rows — )
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1VGITVANGUARD SCOTTSDALE FDShistory →INTER TERM TREAS11.62%$1.4B23.88M
2MSFTMICROSOFT CORPhistory →COM5.18%$636M1.28M
3NVDANVIDIA CORPORATIONhistory →COM4.84%$595M3.77M
4AAPLAPPLE INChistory →COM4.03%$495M2.41M
5DBX ETF TRXTRACK USD HIGH3.82%$470M12.73M
6AMZNAMAZON COM INChistory →COM3.15%$387M1.76M
7VEAVANGUARD TAX-MANAGED FDShistory →VAN FTSE DEV MKT3.10%$381M6.69M
8METAMETA PLATFORMS INChistory →CL A2.62%$322M435.7K
9GOOGALPHABET INCCAP STK CL C · CAP STK CL A2.57%$316M1.78M
10AVGOBROADCOM INChistory →COM1.85%$227M823.0K
11MAMASTERCARD INCORPORATEDhistory →CL A1.51%$185M329.5K
12JPMJPMORGAN CHASE & CO.history →COM1.45%$178M614.6K
13NFLXNETFLIX INChistory →COM1.30%$160M119.4K
14LLYELI LILLY & COhistory →COM1.28%$157M201.3K
15PANWPALO ALTO NETWORKS INChistory →COM1.24%$152M743.2K
16TSLATESLA INChistory →COM1.06%$130M410.4K
17KOCOCA COLA COhistory →COM1.00%$123M1.74M
18EXMOCEXXON MOBIL CORPhistory →COM0.98%$121M1.12M
19WMTWALMART INChistory →COM0.96%$118M1.21M
20PLDPROLOGIS INC.history →COM0.95%$116M1.11M
21BACBANK AMERICA CORPhistory →COM0.89%$109M2.31M
22PHPARKER-HANNIFIN CORPhistory →COM0.87%$107M153.7K
23COSTCOSTCO WHSL CORP NEWhistory →COM0.84%$103M104.5K
24BKNGBOOKING HOLDINGS INChistory →COM0.83%$102M17.6K
25ICEINTERCONTINENTAL EXCHANGE INhistory →COM0.79%$97M530.2K
26UBERUBER TECHNOLOGIES INChistory →COM0.77%$95M1.02M
27UNHUNITEDHEALTH GROUP INChistory →COM0.74%$90M290.0K
28MELIMERCADOLIBRE INChistory →COM0.73%$89M34.2K
29PGPROCTER AND GAMBLE COhistory →COM0.71%$88M551.6K
30BABOEING COhistory →COM0.71%$87M415.4K
31EQIXEQUINIX INChistory →COM0.69%$84M106.2K
32HDHOME DEPOT INChistory →COM0.67%$82M225.0K
33HIGHARTFORD INSURANCE GROUP INChistory →COM0.67%$82M647.7K
34VRTVERTIV HOLDINGS COhistory →COM CL A0.66%$82M636.4K
35TMUST-MOBILE US INChistory →COM0.66%$81M340.3K
36SYKSTRYKER CORPORATIONhistory →COM0.65%$80M201.8K
37DISDISNEY WALT COhistory →COM0.65%$80M641.9K
38TJXTJX COS INC NEWhistory →COM0.61%$76M612.0K
39AZOAUTOZONE INChistory →COM0.61%$75M20.1K
40NOWSERVICENOW INChistory →COM0.60%$73M71.5K
41MSIMOTOROLA SOLUTIONS INChistory →COM NEW0.59%$73M174.0K
42SCHWSCHWAB CHARLES CORPhistory →COM0.59%$72M788.8K
43XBISPDR SERIES TRUSThistory →S&P BIOTECH0.58%$71M853.4K
44WECWEC ENERGY GROUP INChistory →COM0.57%$71M677.5K
45FCXFREEPORT-MCMORAN INChistory →CL B0.57%$69M1.60M
46CDNSCADENCE DESIGN SYSTEM INChistory →COM0.56%$69M223.4K
47AJGGALLAGHER ARTHUR J & COhistory →COM0.56%$69M214.6K
48MNSTMONSTER BEVERAGE CORP NEWhistory →COM0.56%$68M1.09M
49MNDYMONDAY COM LTDhistory →SHS0.54%$67M212.1K
50WMWASTE MGMT INC DELhistory →COM0.53%$65M282.3K
51ETNEATON CORP PLChistory →SHS0.52%$64M179.9K
52ZTSZOETIS INChistory →CL A0.52%$64M408.0K
53AXPAMERICAN EXPRESS COhistory →COM0.51%$63M198.2K
54MUMICRON TECHNOLOGY INChistory →COM0.51%$62M504.1K
55ANETARISTA NETWORKS INChistory →COM SHS0.50%$61M597.8K
56NEMNEWMONT CORPhistory →COM0.50%$61M1.05M
57LPLALPL FINL HLDGS INChistory →COM0.50%$61M163.0K
58NXPINXP SEMICONDUCTORS N Vhistory →COM0.50%$61M279.7K
59BSXBOSTON SCIENTIFIC CORPhistory →COM0.49%$60M559.9K
60VTRVENTAS INChistory →COM0.48%$59M941.7K
61MSMORGAN STANLEYhistory →COM NEW0.48%$59M421.2K
62FLUTFLUTTER ENTMT PLChistory →SHS0.48%$59M206.7K
63CLCOLGATE PALMOLIVE COhistory →COM0.48%$59M645.2K
64SBACSBA COMMUNICATIONS CORP NEWhistory →CL A0.47%$58M245.0K
65DHRDANAHER CORPORATIONhistory →COM0.47%$57M290.5K
66FITBFIFTH THIRD BANCORPhistory →COM0.46%$57M1.38M
67TMOTHERMO FISHER SCIENTIFIC INChistory →COM0.46%$57M139.4K
68CMGCHIPOTLE MEXICAN GRILL INChistory →COM0.46%$56M996.9K
69ALLYALLY FINL INChistory →COM0.45%$56M1.43M
70MCKMCKESSON CORPhistory →COM0.44%$54M73.8K
71LNGCHENIERE ENERGY INChistory →COM NEW0.44%$54M222.1K
72DDOGDATADOG INChistory →CL A COM0.44%$54M401.7K
73VBVANGUARD INDEX FDShistory →SMALL CP ETF0.44%$54M226.4K
74ETENERGY TRANSFER L Phistory →COM UT LTD PTN0.43%$53M2.91M
75FMXFOMENTO ECONOMICO MEXICANO Shistory →SPON ADR UNITS0.40%$49M480.4K
76ETRENTERGY CORP NEWhistory →COM0.40%$49M592.6K
77MDLZMONDELEZ INTL INChistory →CL A0.40%$49M723.8K
78NINISOURCE INChistory →COM0.39%$48M1.20M
79ODFLOLD DOMINION FREIGHT LINE INhistory →COM0.39%$47M292.2K
80WELLWELLTOWER INChistory →COM0.38%$47M305.6K
81KKRKKR & CO INChistory →COM0.38%$46M348.7K
82TDGTRANSDIGM GROUP INChistory →COM0.36%$44M28.9K
83SLBSCHLUMBERGER LTDhistory →COM STK0.33%$40M1.20M
84PMPHILIP MORRIS INTL INChistory →COM0.32%$39M215.6K
85ICLRICON PLChistory →SHS0.26%$32M219.7K
86OREALTY INCOME CORPhistory →COM0.21%$26M446.2K
87BRBRBELLRING BRANDS INChistory →COMMON STOCK0.21%$26M440.4K
88TAT&T INChistory →COM0.21%$25M877.6K
89IBBISHARES TRhistory →ISHARES BIOTECH0.20%$25M198.0K
90SPGSIMON PPTY GROUP INC NEWhistory →COM0.20%$25M154.4K
91DLRDIGITAL RLTY TR INChistory →COM0.20%$25M142.0K
92ADBEADOBE INChistory →COM0.16%$20M51.7K
93PSAPUBLIC STORAGE OPER COhistory →COM0.16%$20M68.1K
94CBCHUBB LIMITEDhistory →COM0.16%$20M68.5K
95MOALTRIA GROUP INChistory →COM0.15%$18M315.5K
96VZVERIZON COMMUNICATIONS INChistory →COM0.15%$18M414.2K
97PGRPROGRESSIVE CORPhistory →COM0.13%$16M60.2K
98EXREXTRA SPACE STORAGE INChistory →COM0.13%$16M106.5K
99AEPAMERICAN ELEC PWR CO INChistory →COM0.12%$15M141.9K
100VICIVICI PPTYS INChistory →COM0.12%$15M451.6K

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 ↗.