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Livermore
Livermore
ZHEN

Teacher Retirement System of Texas

SEC CIK
0000796848
Latest filing
Aug 14, 2026

The latest 13F from Teacher Retirement System of Texas covers Q2 2026 (filed Aug 14, 2026): 1,510 long positions worth $37.3B. The top 10 holdings make up 40.8% of the portfolio, and the largest is Vanguard S&P 500 ETF at 14.3%. Livermore has 23 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
201
Est. +$3.41B
Added
582
Est. +$8.70B
Reduced
710
Est. −$2.18B
Sold out
169
Est. −$246.1M

Top 5 holdings

Share of this quarter's portfolio value

  1. Vanguard S&P 500 ETF922908363
    14.3%$5.33B
  2. SPCXSpace Exploration Technologies Corp
    6.9%$2.56BHistory
  3. NVDANVIDIA Corp
    4.4%$1.64BHistory
  4. AAPLApple Inc.
    4.1%$1.53BHistory
  5. MSFTMicrosoft Corp
    2.5%$932.8MHistory

Share of portfolio

Top 5 holdings and the other 1,505 positions, by share of portfolio value

  1. Vanguard S&P 500 ETF14.3%
  2. SPCX6.9%
  3. NVDA4.4%
  4. AAPL4.1%
  5. MSFT2.5%
  6. Other 1,505 positions67.8%

Biggest buys

New and added positions, by estimated amount bought

  1. Vanguard S&P 500 ETF922908363
    +$4.75BAdded
  2. SPCXSpace Exploration Technologies Corp
    +$2.56BNewHistory
  3. PSUSPershing Square USA, Ltd.
    +$383.9MNewHistory
  4. CEGConstellation Energy Corp
    +$338.9MAddedHistory
  5. AAPLApple Inc.
    +$179.3MAddedHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. Vanguard S&P 500 ETF922908363
    +12.20 pp2.1% → 14.3%
  2. SPCXSpace Exploration Technologies Corp
    +6.86 pp0.0% → 6.9%History
  3. PSUSPershing Square USA, Ltd.
    +1.03 pp0.0% → 1.0%History
  4. CEGConstellation Energy Corp
    +0.88 pp0.1% → 0.9%History
  5. MUMicron Technology Inc
    +0.74 pp0.5% → 1.2%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. INTCIntel Corp
    −$96.6MReducedHistory
  2. WDCWestern Digital Corp
    −$68.1MReducedHistory
  3. STXSeagate Technology Holdings plc
    −$59.0MReducedHistory
  4. HONHoneywell International Inc
    −$48.8MSold outHistory
  5. iShares Inc46434G764
    −$43.4MReduced

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. NFLXNetflix Inc
    −0.36 pp0.7% → 0.3%History
  2. PLTRPalantir Technologies Inc.
    −0.30 pp0.6% → 0.3%History
  3. AGFirst Majestic Silver Corp
    −0.30 pp0.4% → 0.1%History
  4. iShares Inc46434G764
    −0.28 pp1.0% → 0.7%
  5. PEGAPegasystems Inc
    −0.25 pp0.2% → <0.1%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$37.3B
+$13.3B (+55.2%) vs. prior quarter
Positions
1,510
+32 vs. prior quarter
Top 10 concentration
40.8%
Top 10 as share of value
Turnover
7.9%
Q2 2026, one quarter
Average holding period
17.8 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $37.3B (Q2 2026)

Q1 2021: $18.0BQ2 2021: $18.1BQ3 2021: $18.5BQ4 2021: $22.3BQ1 2022: $19.5BQ2 2022: $14.9BQ3 2022: $13.8BQ4 2022: $13.7BQ1 2023: $14.9BQ2 2023: $14.9BQ3 2023: $15.1BQ4 2023: $14.6BQ1 2024: $15.7BQ2 2024: $17.6BQ3 2024: $21.0BQ4 2024: $27.7BQ1 2025: $24.0BQ2 2025: $23.8BQ3 2025: $24.9BQ4 2025: $28.9BQ1 2026: $24.0BQ2 2026: $37.3B
Q1 2021Q2 2026
13F filings of Teacher Retirement System of Texas by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 14, 20261,510$37.3BVanguard S&P 500 ETFSPCXNVDAvs. Q1 2026SEC
Q1 2026Apr 30, 20261,478$24.0BNVDAAAPLMSFTvs. Q4 2025SEC
Q4 2025Jan 28, 20261,619$28.9BVanguard S&P 500 ETFNVDAAAPLvs. Q3 2025SEC
Q3 2025Oct 30, 20252,023$24.9BVanguard S&P 500 ETFNVDAAAPLvs. Q2 2025SEC
Q2 2025Aug 1, 20252,054$23.8BNVDAMSFTAAPLvs. Q1 2025SEC
Q1 2025Apr 28, 20252,077$24.0BiShares Core S&P 500 ETFAAPLNVDAvs. Q4 2024SEC
Q4 2024Feb 11, 20251,538$27.7BiShares Core S&P 500 ETFAAPLNVDAvs. Q3 2024SEC
Q3 2024Nov 13, 20241,484$21.0BAAPLMSFTNVDAvs. Q2 2024SEC
Q2 2024Aug 9, 20241,556$17.6BMSFTAAPLNVDAvs. Q1 2024SEC
Q1 2024May 6, 20241,657$15.7BMSFTAAPLNVDAvs. Q4 2023SEC
Q4 2023Feb 7, 20241,769$14.6BAAPLMSFTAMZNvs. Q3 2023SEC
Q3 2023Oct 31, 20231,902$15.1BAAPLMSFTGOOGLvs. Q2 2023SEC
Q2 2023Jul 19, 2023Amended1,932$14.9BAAPLMSFTVanguard S&P 500 ETFvs. Q1 2023SEC
Q1 2023May 12, 20232,086$14.9BAAPLMSFTVanguard S&P 500 ETFvs. Q4 2022SEC
Q4 2022Feb 13, 20232,072$13.7BAAPLMSFTVanguard S&P 500 ETFvs. Q3 2022SEC
Q3 2022Nov 3, 20222,192$13.8BAAPLMSFTAMZNvs. Q2 2022SEC
Q2 2022Aug 9, 20221,971$14.9BVanguard Ftse Emerging Markets ETFAAPLMSFTvs. Q1 2022SEC
Q1 2022May 9, 20222,165$19.5BAAPLMSFTAMZNvs. Q4 2021SEC
Q4 2021Feb 10, 20222,193$22.3BAAPLMSFTAMZNvs. Q3 2021SEC
Q3 2021Nov 9, 20212,042$18.5BAAPLMSFTAMZNvs. Q2 2021SEC
Q2 2021Aug 5, 20211,929$18.1BAAPLMSFTAMZNvs. Q1 2021SEC
Q1 2021May 11, 20211,751$18.0BAAPLMSFTAMZN–SEC

13D and 13G filings

Companies where Teacher Retirement System of Texas reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

1 company, largest stake first.

Companies where Teacher Retirement System of Texas owns 5% or more
CompanyLatest formStakeChangeFirst filedLatest filingFiling
PSUSPershing Square USA, Ltd.13G10.30%10.3M sharesNewMay 6, 20261 filingMay 6, 2026SEC

Latest filings

37 filings on file made by Teacher Retirement System of Texas or listing it as a reporting person; the latest 20 are shown.

Schedule 13D and 13G filings by Teacher Retirement System of Texas
CompanyFiled (ET)FormStakeChangeEvent dateFiling
AUNAAuna S.A.Aug 12, 20261:51 PM ET13G/A4.90%1.50M shares–Below 5%Apr 14, 2026SEC
PSUSPershing Square USA, Ltd.May 6, 20266:36 PM ET13G10.30%10.3M sharesNewApr 30, 2026SEC
CRGYCrescent Energy CoNov 13, 202413G/AOld format–––SEC
AUNAAuna S.A.Nov 13, 202413G/AOld format–––SEC
INFAInformatica Inc.Oct 8, 202413G/AOld format–––SEC
INFAInformatica Inc.Jun 21, 202413GOld format–New–SEC
AUNAAuna S.A.Apr 8, 202413GOld format–New–SEC
CRGYCrescent Energy CoFeb 6, 202413G/AOld format–––SEC
CMTGClaros Mortgage Trust, Inc.Feb 6, 202413G/AOld format–––SEC
NFYSEnphys Acquisition Corp.Feb 6, 202413G/AOld format–––SEC
CRGYCrescent Energy CoJul 26, 202313GOld format–New–SEC
LTHLife Time Group Holdings, Inc.Apr 14, 202313D/AOld format–––SEC
KRNLKernel Group Holdings, Inc.Mar 13, 202313G/AOld format–––SEC
Advanced Merger Partners, Inc.Feb 14, 202313G/AOld format–––SEC
Advanced Merger Partners, Inc.Feb 14, 202313GOld format–––SEC
CMTGClaros Mortgage Trust, Inc.Feb 14, 202313G/AOld format–––SEC
Orion Acquisition Corp.Feb 14, 202313G/AOld format–––SEC
TDCX Inc.Feb 14, 202313G/AOld format–––SEC
NFYSEnphys Acquisition Corp.Aug 5, 202213G/AOld format–––SEC
KRNLKernel Group Holdings, Inc.Aug 5, 202213G/AOld format–––SEC