SEC 13F Intelligence

Managers / Q4 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
Q4 2025
Positions
496
Filings on Record
31
2019–present window
Filed
Feb 9, 2026
original filing

Summary

Employees Retirement System Of Texas reported $12.3B in U.S.-listed holdings across 496 positions for Q4 2025.

Its largest position, VGIT, represents 10.8% of the portfolio.

Compared with Q3 2025, the fund opened 62 new positions and exited 73.

Portfolio Metrics

Turnover
+12.2%
vs prior filed quarter
Top-10 Concentration
+44.9%
share of reported value
Largest Position
+10.8%
Vanguard Scottsdale Fds
New / Exited
62 / 73
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: 77.5%ETP: 19.3%REIT: 1.9%ADR: 0.9%MLP: 0.4%Other: 0.1%
  • Common Stock · 77.5% · $9.5B
  • ETP · 19.3% · $2.4B
  • REIT · 1.9% · $234M
  • ADR · 0.9% · $107M
  • MLP · 0.4% · $47M
  • Other · 0.1% · $7M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
VOOVANGUARD INDEX FDSNEW+403.4K403.4K+$253M$253M
AMDADVANCED MICRO DEVICES INCNEW+391.1K391.1K+$84M$84M
AMEAMETEK INCNEW+262.1K262.1K+$54M$54M
DXCMDEXCOM INCNEW+570.6K570.6K+$38M$38M
PAAAPGIM ETF TRNEW+500.0K500.0K+$26M$26M
IAUISHARES GOLD TRNEW+244.5K244.5K+$20M$20M
EMXCISHARES INCNEW+137.0K137.0K+$10M$10M
MUMICRON TECHNOLOGY INCNEW+13.2K13.2K+$4M$4M

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

Holdings — Q4 2025

493 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1VGITVANGUARD SCOTTSDALE FDShistory →INTER TERM TREAS10.84%$1.3B22.21M
2MSFTMICROSOFT CORPhistory →COM5.62%$690M1.43M
3NVDANVIDIA CORPORATIONhistory →COM5.56%$683M3.66M
4AAPLAPPLE INChistory →COM5.02%$617M2.27M
5GOOGALPHABET INCCAP STK CL C · CAP STK CL A4.24%$521M1.66M
6AMZNAMAZON COM INChistory →COM3.64%$447M1.94M
7DBX ETF TRXTRACK USD HIGH3.41%$419M11.37M
8AVGOBROADCOM INChistory →COM2.38%$292M844.4K
9METAMETA PLATFORMS INChistory →CL A2.09%$257M389.4K
10VOOVANGUARD INDEX FDShistory →S&P 500 ETF SHS2.06%$253M403.4K
11MAMASTERCARD INCORPORATEDhistory →CL A1.78%$218M382.1K
12LLYELI LILLY & COhistory →COM1.59%$196M182.1K
13TSLATESLA INChistory →COM1.46%$180M399.9K
14JPMJPMORGAN CHASE & CO.history →COM1.42%$174M541.0K
15EXMOCEXXON MOBIL CORPhistory →COM1.22%$150M1.25M
16NEMNEWMONT CORPhistory →COM1.12%$138M1.38M
17BACBANK AMERICA CORPhistory →COM1.11%$136M2.47M
18WMTWALMART INChistory →COM1.02%$125M1.12M
19PANWPALO ALTO NETWORKS INChistory →COM0.99%$122M661.8K
20PHPARKER-HANNIFIN CORPhistory →COM0.95%$117M133.2K
21XLISELECT SECTOR SPDR TRSTATE STREET IND · STATE STREET CON0.93%$114M759.2K
22KOCOCA COLA COhistory →COM0.93%$114M1.63M
23VEAVANGUARD TAX-MANAGED FDShistory →VAN FTSE DEV MKT0.91%$112M1.80M
24COSTCOSTCO WHSL CORP NEWhistory →COM0.89%$109M126.9K
25FCXFREEPORT-MCMORAN INChistory →CL B0.85%$104M2.05M
26TMOTHERMO FISHER SCIENTIFIC INChistory →COM0.83%$102M175.6K
27UNHUNITEDHEALTH GROUP INChistory →COM0.81%$99M299.6K
28HDHOME DEPOT INChistory →COM0.77%$95M275.9K
29DHRDANAHER CORPORATIONhistory →COM0.77%$95M414.4K
30MSIMOTOROLA SOLUTIONS INChistory →COM NEW0.74%$91M236.3K
31CDNSCADENCE DESIGN SYSTEM INChistory →COM0.73%$90M287.6K
32SCHWSCHWAB CHARLES CORPhistory →COM0.72%$89M890.1K
33TJXTJX COS INC NEWhistory →COM0.72%$89M578.7K
34XBISPDR SERIES TRUSThistory →STATE STREET SPD0.72%$88M725.3K
35ANETARISTA NETWORKS INChistory →COM SHS0.71%$88M668.4K
36MSMORGAN STANLEYhistory →COM NEW0.70%$86M482.5K
37AMDADVANCED MICRO DEVICES INChistory →COM0.68%$84M391.1K
38MDTMEDTRONIC PLChistory →SHS0.67%$83M862.7K
39MELIMERCADOLIBRE INChistory →COM0.66%$81M40.2K
40FITBFIFTH THIRD BANCORPhistory →COM0.65%$80M1.71M
41NOWSERVICENOW INChistory →COM0.63%$77M505.8K
42ICEINTERCONTINENTAL EXCHANGE INhistory →COM0.62%$76M466.5K
43ALLYALLY FINL INChistory →COM0.61%$75M1.67M
44AXPAMERICAN EXPRESS COhistory →COM0.58%$71M193.0K
45WECWEC ENERGY GROUP INChistory →COM0.57%$70M659.5K
46SYKSTRYKER CORPORATIONhistory →COM0.56%$69M197.0K
47HIGHARTFORD INSURANCE GROUP INChistory →COM0.56%$68M495.6K
48VTRVENTAS INChistory →COM0.55%$68M881.0K
49AZOAUTOZONE INChistory →COM0.55%$67M19.8K
50MNSTMONSTER BEVERAGE CORP NEWhistory →COM0.54%$66M865.0K
51BSXBOSTON SCIENTIFIC CORPhistory →COM0.53%$66M687.8K
52ETRENTERGY CORP NEWhistory →COM0.53%$65M707.3K
53UBERUBER TECHNOLOGIES INChistory →COM0.53%$65M794.5K
54LPLALPL FINL HLDGS INChistory →COM0.51%$63M176.2K
55TMUST-MOBILE US INChistory →COM0.50%$61M299.8K
56EQIXEQUINIX INChistory →COM0.49%$60M78.4K
57PLDPROLOGIS INC.history →COM0.48%$59M462.1K
58WMWASTE MGMT INC DELhistory →COM0.48%$59M267.2K
59SPOTSPOTIFY TECHNOLOGY S Ahistory →SHS0.47%$58M100.2K
60MCKMCKESSON CORPhistory →COM0.45%$56M68.1K
61ETNEATON CORP PLChistory →SHS0.45%$56M175.2K
62FLUTFLUTTER ENTMT PLChistory →SHS0.45%$55M257.4K
63TDGTRANSDIGM GROUP INChistory →COM0.44%$54M40.6K
64AMEAMETEK INChistory →COM0.44%$54M262.1K
65NXPINXP SEMICONDUCTORS N Vhistory →COM0.43%$53M245.2K
66NFLXNETFLIX INChistory →COM0.43%$53M562.7K
67ZTSZOETIS INChistory →CL A0.41%$50M398.7K
68FMXFOMENTO ECONOMICO MEXICANO Shistory →SPON ADR UNITS0.41%$50M493.6K
69ETENERGY TRANSFER L Phistory →COM UT LTD PTN0.38%$47M2.83M
70FASTFASTENAL COhistory →COM0.37%$46M1.15M
71AJGGALLAGHER ARTHUR J & COhistory →COM0.37%$45M174.0K
72ODFLOLD DOMINION FREIGHT LINE INhistory →COM0.36%$45M285.2K
73TTTRANE TECHNOLOGIES PLChistory →SHS0.36%$45M114.8K
74SLBSLB LIMITEDhistory →COM STK0.36%$45M1.16M
75VRTVERTIV HOLDINGS COhistory →COM CL A0.36%$44M273.9K
76GEHCGE HEALTHCARE TECHNOLOGIES Ihistory →COMMON STOCK0.36%$44M535.7K
77ISRGINTUITIVE SURGICAL INChistory →COM NEW0.35%$44M76.8K
78LNGCHENIERE ENERGY INChistory →COM NEW0.34%$42M216.3K
79BABOEING COhistory →COM0.33%$41M189.2K
80TOSTTOAST INChistory →CL A0.32%$40M1.11M
81PSAPUBLIC STORAGE OPER COhistory →COM0.31%$38M147.7K
82WSOWATSCO INChistory →COM0.31%$38M112.6K
83DXCMDEXCOM INChistory →COM0.31%$38M570.6K
84NINISOURCE INChistory →COM0.30%$37M877.7K
85ADBEADOBE INChistory →COM0.26%$31M89.7K
86APHAMPHENOL CORP NEWhistory →CL A0.25%$30M224.0K
87PAAAPGIM ETF TRhistory →AAA CLO ETF0.21%$26M500.0K
88IAUISHARES GOLD TRhistory →ISHARES NEW0.16%$20M244.5K
89PMPHILIP MORRIS INTL INChistory →COM0.15%$19M117.7K
90DISDISNEY WALT COhistory →COM0.14%$17M150.6K
91FETFORUM ENERGY TECHNOLOGIES INhistory →COM0.13%$16M441.8K
92ASMLASML HOLDING N Vhistory →N Y REGISTRY SHS0.13%$16M14.5K
93LVSLAS VEGAS SANDS CORPhistory →COM0.12%$14M221.9K
94CRMSALESFORCE INChistory →COM0.11%$14M51.7K
95TSMTAIWAN SEMICONDUCTOR MFG LTDhistory →SPONSORED ADS0.11%$13M43.5K
96BMYBRISTOL-MYERS SQUIBB COhistory →COM0.11%$13M244.3K
97LRCXLAM RESEARCH CORPhistory →COM NEW0.11%$13M75.6K
98MRKMERCK & CO INChistory →COM0.10%$12M116.5K
99BKNGBOOKING HOLDINGS INChistory →COM0.10%$12M2.2K
100CBCHUBB LIMITEDhistory →COM0.10%$12M37.9K

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 ↗.