SEC 13F Intelligence

Managers / Q3 2025 · view latest →

Employees Retirement System of Texas

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

Reported Value
$12.5B
Q3 2025
Positions
507
Filings on Record
31
2019–present window
Filed
Nov 13, 2025
original filing

Summary

Employees Retirement System Of Texas reported $12.5B in U.S.-listed holdings across 507 positions for Q3 2025.

Its largest position, VGIT, represents 11.4% of the portfolio.

Compared with Q2 2025, the fund opened 81 new positions and exited 97.

Portfolio Metrics

Turnover
+10.6%
vs prior filed quarter
Top-10 Concentration
+45.3%
share of reported value
Largest Position
+11.4%
Vanguard Scottsdale Fds
New / Exited
81 / 97
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
Q4 ’18: $6.3BQ4 ’18Q1 ’19: $6.6BQ2 ’19: $6.6BQ3 ’19: $6.4BQ4 ’19: $6.4BQ4 ’19Q1 ’20: $5.2BQ2 ’20: $6.6BQ3 ’20: $6.8BQ4 ’20: $6.3BQ4 ’20Q1 ’21: $7.8BQ2 ’21: $8.2BQ3 ’21: $8.6BQ4 ’21: $8.9BQ4 ’21Q1 ’22: $8.4BQ2 ’22: $7.0BQ3 ’22: $6.6BQ4 ’22: $6.9BQ4 ’22Q1 ’23: $6.9BQ2 ’23: $7.3BQ3 ’23: $6.7BQ4 ’23: $8.5BQ4 ’23Q1 ’24: $9.2BQ2 ’24: $10.7BQ3 ’24: $11.6BQ4 ’24: $11.7BQ4 ’24Q1 ’25: $11.0BQ2 ’25: $12.3BQ3 ’25: $12.5BQ4 ’25: $12.3BQ4 ’25Q1 ’26: $11.4Bfilingsflow.com

Portfolio Composition

By security type
Common Stock: 75.7%ETP: 21.0%REIT: 1.8%ADR: 1.0%MLP: 0.4%Other: 0.1%
  • Common Stock · 75.7% · $9.5B
  • ETP · 21.0% · $2.6B
  • REIT · 1.8% · $229M
  • ADR · 1.0% · $128M
  • MLP · 0.4% · $50M
  • Other · 0.1% · $11M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
XLISELECT SECTOR SPDR TRNEW+631.0K631.0K+$97M$97M
GEHCGE HEALTHCARE TECHNOLOGIES INEW+695.0K695.0K+$52M$52M
XLYSELECT SECTOR SPDR TRNEW+196.0K196.0K+$47M$47M
XLVSELECT SECTOR SPDR TRNEW+114.1K114.1K+$16M$16M
LVSLAS VEGAS SANDS CORPNEW+206.6K206.6K+$11M$11M
JNJJOHNSON & JOHNSONNEW+36.1K36.1K+$7M$7M
KLACKLA CORPNEW+5.7K5.7K+$6M$6M
GLWCORNING INCNEW+65.2K65.2K+$5M$5M

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

Holdings — Q3 2025

495 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1VGITVANGUARD SCOTTSDALE FDShistory →INTER TERM TREAS11.45%$1.4B23.88M
2NVDANVIDIA CORPORATIONhistory →COM5.55%$695M3.73M
3MSFTMICROSOFT CORPhistory →COM5.31%$665M1.28M
4AAPLAPPLE INChistory →COM4.96%$621M2.44M
5DBX ETF TRXTRACK USD HIGH3.77%$472M12.73M
6GOOGALPHABET INCCAP STK CL C · CAP STK CL A3.29%$412M1.69M
7AMZNAMAZON COM INChistory →COM3.21%$402M1.83M
8VEAVANGUARD TAX-MANAGED FDShistory →VAN FTSE DEV MKT3.20%$401M6.69M
9METAMETA PLATFORMS INChistory →CL A2.53%$316M430.8K
10AVGOBROADCOM INChistory →COM2.04%$255M774.4K
11MAMASTERCARD INCORPORATEDhistory →CL A1.76%$221M388.1K
12TSLATESLA INChistory →COM1.45%$181M406.8K
13JPMJPMORGAN CHASE & CO.history →COM1.39%$174M550.7K
14XLISELECT SECTOR SPDR TRINDL · SBI CONS DISCR · SBI HEALTHCARE1.28%$160M941.1K
15LLYELI LILLY & COhistory →COM1.13%$141M185.3K
16NFLXNETFLIX INChistory →COM1.10%$138M114.9K
17EXMOCEXXON MOBIL CORPhistory →COM1.08%$135M1.20M
18BACBANK AMERICA CORPhistory →COM1.06%$132M2.56M
19WMTWALMART INChistory →COM0.94%$118M1.14M
20HDHOME DEPOT INChistory →COM0.91%$114M280.2K
21UBERUBER TECHNOLOGIES INChistory →COM0.89%$112M1.14M
22PANWPALO ALTO NETWORKS INChistory →COM0.87%$109M534.3K
23KOCOCA COLA COhistory →COM0.86%$107M1.62M
24PHPARKER-HANNIFIN CORPhistory →COM0.82%$103M135.5K
25BABOEING COhistory →COM0.81%$102M472.6K
26UNHUNITEDHEALTH GROUP INChistory →COM0.79%$98M285.1K
27NEMNEWMONT CORPhistory →COM0.76%$95M1.13M
28COSTCOSTCO WHSL CORP NEWhistory →COM0.73%$91M98.3K
29CDNSCADENCE DESIGN SYSTEM INChistory →COM0.72%$90M256.0K
30ICEINTERCONTINENTAL EXCHANGE INhistory →COM0.71%$89M526.2K
31NOWSERVICENOW INChistory →COM0.70%$88M95.6K
32SCHWSCHWAB CHARLES CORPhistory →COM0.70%$88M917.4K
33ANETARISTA NETWORKS INChistory →COM SHS0.69%$86M592.5K
34AZOAUTOZONE INChistory →COM0.69%$86M20.1K
35TJXTJX COS INC NEWhistory →COM0.68%$85M587.9K
36MDTMEDTRONIC PLChistory →SHS0.68%$85M891.2K
37MSIMOTOROLA SOLUTIONS INChistory →COM NEW0.65%$82M178.7K
38MELIMERCADOLIBRE INChistory →COM0.63%$79M34.0K
39FITBFIFTH THIRD BANCORPhistory →COM0.62%$78M1.75M
40WECWEC ENERGY GROUP INChistory →COM0.61%$77M671.3K
41SYKSTRYKER CORPORATIONhistory →COM0.59%$74M200.2K
42XBISPDR SERIES TRUSThistory →S&P BIOTECH0.59%$74M738.3K
43MNDYMONDAY COM LTDhistory →SHS0.59%$74M381.9K
44VRTVERTIV HOLDINGS COhistory →COM CL A0.59%$74M489.1K
45DISDISNEY WALT COhistory →COM0.58%$73M636.3K
46TMUST-MOBILE US INChistory →COM0.58%$73M304.3K
47CLCOLGATE PALMOLIVE COhistory →COM0.57%$72M899.8K
48KKRKKR & CO INChistory →COM0.56%$70M540.3K
49NXPINXP SEMICONDUCTORS N Vhistory →COM0.55%$69M303.5K
50TMOTHERMO FISHER SCIENTIFIC INChistory →COM0.54%$67M138.6K
51HIGHARTFORD INSURANCE GROUP INChistory →COM0.54%$67M503.8K
52ETRENTERGY CORP NEWhistory →COM0.54%$67M719.9K
53ETNEATON CORP PLChistory →SHS0.53%$67M178.3K
54FLUTFLUTTER ENTMT PLChistory →SHS0.53%$67M262.0K
55ALLYALLY FINL INChistory →COM0.53%$67M1.70M
56HUBSHUBSPOT INChistory →COM0.53%$66M141.8K
57MSMORGAN STANLEYhistory →COM NEW0.53%$66M417.4K
58AXPAMERICAN EXPRESS COhistory →COM0.52%$65M196.4K
59DHRDANAHER CORPORATIONhistory →COM0.50%$63M317.7K
60FCXFREEPORT-MCMORAN INChistory →CL B0.50%$62M1.59M
61VTRVENTAS INChistory →COM0.49%$62M883.0K
62EQIXEQUINIX INChistory →COM0.49%$62M78.7K
63WMWASTE MGMT INC DELhistory →COM0.49%$61M275.8K
64ZTSZOETIS INChistory →CL A0.47%$59M405.7K
65MNSTMONSTER BEVERAGE CORP NEWhistory →COM0.47%$59M879.6K
66VBVANGUARD INDEX FDShistory →SMALL CP ETF0.46%$58M226.4K
67AJGGALLAGHER ARTHUR J & COhistory →COM0.44%$55M177.1K
68TDGTRANSDIGM GROUP INChistory →COM0.43%$54M41.3K
69BSXBOSTON SCIENTIFIC CORPhistory →COM0.43%$54M555.0K
70PLDPROLOGIS INC.history →COM0.43%$54M470.3K
71LPLALPL FINL HLDGS INChistory →COM0.43%$54M161.5K
72MCKMCKESSON CORPhistory →COM0.43%$53M69.2K
73GEHCGE HEALTHCARE TECHNOLOGIES Ihistory →COMMON STOCK0.42%$52M695.0K
74LNGCHENIERE ENERGY INChistory →COM NEW0.41%$52M220.1K
75FMXFOMENTO ECONOMICO MEXICANO Shistory →SPON ADR UNITS0.41%$51M514.1K
76ETENERGY TRANSFER L Phistory →COM UT LTD PTN0.40%$50M2.88M
77MDLZMONDELEZ INTL INChistory →CL A0.36%$45M718.4K
78PSAPUBLIC STORAGE OPER COhistory →COM0.35%$43M150.3K
79ODFLOLD DOMINION FREIGHT LINE INhistory →COM0.33%$41M289.8K
80SLBSCHLUMBERGER LTDhistory →COM STK0.33%$41M1.18M
81ICLRICON PLChistory →SHS0.32%$40M228.5K
82NINISOURCE INChistory →COM0.31%$39M893.4K
83ADBEADOBE INChistory →COM0.25%$32M89.7K
84APHAMPHENOL CORP NEWhistory →CL A0.25%$32M254.7K
85PMPHILIP MORRIS INTL INChistory →COM0.24%$30M186.9K
86IBBISHARES TRhistory →ISHARES BIOTECH0.23%$28M196.2K
87TAT&T INChistory →COM0.18%$22M777.1K
88MOALTRIA GROUP INChistory →COM0.14%$18M270.6K
89CBCHUBB LIMITEDhistory →COM0.14%$18M63.0K
90PGRPROGRESSIVE CORPhistory →COM0.14%$17M70.0K
91SESEA LTDhistory →SPONSORD ADS0.13%$16M90.3K
92VZVERIZON COMMUNICATIONS INChistory →COM0.12%$15M351.6K
93ORCLORACLE CORPhistory →COM0.11%$14M49.7K
94TSMTAIWAN SEMICONDUCTOR MFG LTDhistory →SPONSORED ADS0.11%$14M48.8K
95CMECME GROUP INChistory →COM0.11%$14M50.2K
96JBLJABIL INChistory →COM0.11%$13M61.1K
97BKNGBOOKING HOLDINGS INChistory →COM0.10%$12M2.2K
98AEPAMERICAN ELEC PWR CO INChistory →COM0.10%$12M107.3K
99RBLXROBLOX CORPhistory →CL A0.10%$12M85.9K
100FETFORUM ENERGY TECHNOLOGIES INhistory →COM0.09%$12M441.8K

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 ↗
Q4 2018$6.3B1,057Feb 12, 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 ↗.