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Livermore
Livermore
ZHEN

Texas Permanent School Fund

SEC CIK
0001223779
Latest filing
Jul 23, 2026

The latest 13F from Texas Permanent School Fund covers Q2 2026 (filed Jul 23, 2026): 15 long positions worth $2.26B. The top 10 holdings make up 99.9% of the portfolio, and the largest is Ssga Active Tr at 32.9%. Livermore has 25 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
10
Est. +$6.63M
Added
0
Reduced
1
Est. −$535.4M
Sold out
6
Est. −$48.4M

Top 5 holdings

Share of this quarter's portfolio value

  1. Ssga Active Tr78470P622
    32.9%$741.6M
  2. Morgan Stanley ETF Trust61774R833
    32.3%$728.0M
  3. Invesco Exchange Traded FD T46137V357
    27.9%$628.5M
  4. Tidal Trust III45259A571
    5.4%$121.0M
  5. SPYSPDR S&P 500 ETF Trust
    1.3%$30.3MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. DLRDigital Realty Trust, Inc.
    +$2.69MNewHistory
  2. VSHVishay Intertechnology Inc
    +$978.6KNewHistory
  3. LEGNLegend Biotech Corp
    +$670.9KNewHistory
  4. TRMDTORM plc
    +$629.4KNewHistory
  5. ARXSArxis, Inc.
    +$461.4KNewHistory

Largest weight increases

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

  1. DLRDigital Realty Trust, Inc.
    +0.12 pp0.0% → 0.1%History
  2. VSHVishay Intertechnology Inc
    +0.04 pp0.0% → <0.1%History
  3. LEGNLegend Biotech Corp
    +0.03 pp0.0% → <0.1%History
  4. TRMDTORM plc
    +0.03 pp0.0% → <0.1%History
  5. ARXSArxis, Inc.
    +0.02 pp0.0% → <0.1%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. Invesco Exchange Traded FD T46137V357
    −$535.4MReduced
  2. State Street SPDR Portfolio S&P 400 Mid Cap ETF78464A847
    −$30.9MSold out
  3. State Street SPDR Portfolio S&P 600 Small Cap ETF78468R853
    −$15.1MSold out
  4. FPSForgent Power Solutions, Inc.
    −$878.1KSold outHistory
  5. MWHSOLV Energy, Inc.
    −$750.8KSold outHistory

Largest weight decreases

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

  1. Invesco Exchange Traded FD T46137V357
    −11.06 pp38.9% → 27.9%
  2. State Street SPDR Portfolio S&P 400 Mid Cap ETF78464A847
    −1.14 pp1.1% → 0.0%
  3. State Street SPDR Portfolio S&P 600 Small Cap ETF78468R853
    −0.56 pp0.6% → 0.0%
  4. FPSForgent Power Solutions, Inc.
    −0.03 pp<0.1% → 0.0%History
  5. MWHSOLV Energy, Inc.
    −0.03 pp<0.1% → 0.0%History

Metrics

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

Portfolio value
$2.26B
−$441.2M (−16.4%) vs. prior quarter
Positions
15
+4 vs. prior quarter
Top 10 concentration
99.9%
Top 10 as share of value
Turnover
0.3%
Q2 2026, one quarter
Average holding period
5.3 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 $12.7B (Q1 2024)

Q1 2021: $8.08BQ2 2021: $8.60BQ3 2021: $8.14BQ4 2021: $8.14BQ1 2022: $7.35BQ2 2022: $6.27BQ3 2022: $6.23BQ4 2022: $6.60BQ1 2023: $10.1BQ2 2023: $10.8BQ3 2023: $10.3BQ4 2023: $11.6BQ1 2024: $12.7BQ2 2024: $951.1MQ3 2024: $597.1MQ4 2024: $1.70BQ1 2025: $2.81BQ2 2025: $2.98BQ3 2025: $3.07BQ4 2025: $2.19BQ1 2026: $2.70BQ2 2026: $2.26B
Q1 2021Q2 2026
13F filings of Texas Permanent School Fund by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 23, 202615$2.26BSsga Active TrMorgan Stanley ETF TrustInvesco Exchange Traded FD Tvs. Q1 2026SEC
Q1 2026May 15, 202611$2.70BInvesco Exchange Traded FD TSsga Active TrMorgan Stanley ETF Trustvs. Q4 2025SEC
Q4 2025Feb 13, 20267$2.19BInvesco Exchange Traded FD TMorgan Stanley ETF TrustState Street SPDR Portfolio S&P 400 Mid Cap ETFvs. Q3 2025SEC
Q3 2025Nov 14, 20257$3.07BInvesco Exchange Traded FD TMorgan Stanley ETF TrustState Street SPDR Portfolio S&P 400 Mid Cap ETFvs. Q2 2025SEC
Q2 2025Feb 13, 2026Amended8$2.98BInvesco Exchange Traded FD TMorgan Stanley ETF TrustState Street SPDR Portfolio S&P 400 Mid Cap ETFvs. Q1 2025SEC
Q1 2025Feb 13, 2026Amended8$2.81BInvesco Exchange Traded FD TMorgan Stanley ETF TrustState Street SPDR Portfolio S&P 400 Mid Cap ETFvs. Q4 2024SEC
Q4 2024Feb 14, 20255$1.70BInvesco Exchange Traded FD TState Street SPDR Portfolio S&P 400 Mid Cap ETFState Street SPDR Portfolio S&P 600 Small Cap ETFvs. Q3 2024SEC
Q3 2024Nov 14, 20245$597.1MInvesco Exchange Traded FD TVanguard Scottsdale FDSState Street SPDR Portfolio S&P 400 Mid Cap ETFvs. Q2 2024SEC
Q2 2024Feb 13, 2026Amended3$951.1MMorgan Stanley ETF TrustSPYNBISvs. Q1 2024SEC
Q1 2024May 6, 20241,516$12.7BMSFTAAPLNVDAvs. Q4 2023SEC
Q4 2023Feb 8, 20241,517$11.6BAAPLMSFTAMZNvs. Q3 2023SEC
Q3 2023Nov 9, 20231,513$10.3BAAPLMSFTAMZNvs. Q2 2023SEC
Q2 2023Aug 7, 20231,513$10.8BAAPLMSFTAMZNvs. Q1 2023SEC
Q1 2023May 1, 20231,517$10.1BAAPLMSFTAMZNvs. Q4 2022SEC
Q4 2022Feb 7, 20231,512$6.60BAAPLMSFTAMZNvs. Q3 2022SEC
Q3 2022Oct 25, 20221,512$6.23BAAPLMSFTAMZNvs. Q2 2022SEC
Q2 2022Aug 8, 20221,510$6.27BAAPLMSFTAMZNvs. Q1 2022SEC
Q1 2022May 6, 20221,507$7.35BAAPLMSFTAMZNvs. Q4 2021SEC
Q4 2021Feb 8, 20221,507$8.14BAAPLMSFTAMZNvs. Q3 2021SEC
Q3 2021Oct 28, 20211,507$8.14BAAPLMSFTAMZNvs. Q2 2021SEC
Q2 2021Jul 27, 20211,507$8.60BAAPLMSFTAMZNvs. Q1 2021SEC
Q1 2021May 3, 20211,507$8.08BAAPLMSFTAMZN–SEC