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Livermore
Livermore
ZHEN

Employees Retirement System of Texas

SEC CIK
0001398739
Latest filing
Aug 14, 2026

The latest 13F from Employees Retirement System of Texas covers Q2 2026 (filed Aug 14, 2026): 511 long positions worth $12.6B. The top 10 holdings make up 40.4% of the portfolio, and the largest is Vanguard Scottsdale FDS at 11.0%. 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
81
Est. +$510.3M
Added
85
Est. +$792.1M
Reduced
101
Est. −$972.8M
Sold out
63
Est. −$239.0M

Top 5 holdings

Share of this quarter's portfolio value

  1. Vanguard Scottsdale FDS92206C706
    11.0%$1.38B
  2. NVDANVIDIA Corp
    5.2%$654.7MHistory
  3. AAPLApple Inc.
    4.9%$612.6MHistory
  4. MSFTMicrosoft Corp
    3.8%$481.3MHistory
  5. AMZNAmazon Com Inc
    3.5%$440.3MHistory

Share of portfolio

Top 5 holdings and the other 506 positions, by share of portfolio value

  1. Vanguard Scottsdale FDS11.0%
  2. NVDA5.2%
  3. AAPL4.9%
  4. MSFT3.8%
  5. AMZN3.5%
  6. Other 506 positions71.7%

Biggest buys

New and added positions, by estimated amount bought

  1. JNJJohnson & Johnson
    +$124.7MNewHistory
  2. AMATApplied Materials Inc
    +$118.6MNewHistory
  3. MUMicron Technology Inc
    +$109.5MAddedHistory
  4. UNHUnitedHealth Group Inc
    +$101.2MAddedHistory
  5. PMPhilip Morris International Inc.
    +$94.4MAddedHistory

Largest weight increases

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

  1. MUMicron Technology Inc
    +1.00 pp0.1% → 1.1%History
  2. JNJJohnson & Johnson
    +0.99 pp0.0% → 1.0%History
  3. WDCWestern Digital Corp
    +0.96 pp0.4% → 1.3%History
  4. AMATApplied Materials Inc
    +0.94 pp0.0% → 0.9%History
  5. GOOGAlphabet Inc.
    +0.82 pp2.2% → 3.0%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. IAUiShares Gold Trust
    −$198.6MReducedHistory
  2. NFLXNetflix Inc
    −$76.2MReducedHistory
  3. DHRDanaher Corp
    −$68.6MReducedHistory
  4. VanEck ETF Trust92189F692
    −$55.2MSold out
  5. SPOTSpotify Technology S.A.
    −$55.2MSold outHistory

Largest weight decreases

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

  1. IAUiShares Gold Trust
    −2.14 pp2.5% → 0.4%History
  2. NFLXNetflix Inc
    −0.91 pp0.9% → <0.1%History
  3. MSFTMicrosoft Corp
    −0.63 pp4.5% → 3.8%History
  4. DHRDanaher Corp
    −0.60 pp0.7% → 0.1%History
  5. XOMExxonMobil Holdings Corp
    −0.49 pp1.7% → 1.3%History

Metrics

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

Portfolio value
$12.6B
+$1.15B (+10.1%) vs. prior quarter
Positions
511
+18 vs. prior quarter
Top 10 concentration
40.4%
Top 10 as share of value
Turnover
10.1%
Q2 2026, one quarter
Average holding period
13.7 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 $12.6B (Q2 2026)

Q1 2021: $7.76BQ2 2021: $8.22BQ3 2021: $8.59BQ4 2021: $8.95BQ1 2022: $8.37BQ2 2022: $7.01BQ3 2022: $6.57BQ4 2022: $6.87BQ1 2023: $6.86BQ2 2023: $7.31BQ3 2023: $6.74BQ4 2023: $8.53BQ1 2024: $9.16BQ2 2024: $10.7BQ3 2024: $11.6BQ4 2024: $11.7BQ1 2025: $11.0BQ2 2025: $12.3BQ3 2025: $12.5BQ4 2025: $12.3BQ1 2026: $11.4BQ2 2026: $12.6B
Q1 2021Q2 2026
13F filings of Employees Retirement System of Texas by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 14, 2026511$12.6BVanguard Scottsdale FDSNVDAAAPLvs. Q1 2026SEC
Q1 2026May 13, 2026493$11.4BVanguard Scottsdale FDSNVDAAAPLvs. Q4 2025SEC
Q4 2025Feb 9, 2026496$12.3BVanguard Scottsdale FDSMSFTNVDAvs. Q3 2025SEC
Q3 2025Nov 13, 2025507$12.5BVanguard Scottsdale FDSNVDAMSFTvs. Q2 2025SEC
Q2 2025Aug 13, 2025523$12.3BVanguard Scottsdale FDSMSFTNVDAvs. Q1 2025SEC
Q1 2025May 13, 2025264$11.0BVanguard Scottsdale FDSMSFTDBX ETF Trvs. Q4 2024SEC
Q4 2024Feb 28, 2025Amended311$11.7BVanguard Scottsdale FDSNVDAAAPLvs. Q3 2024SEC
Q3 2024Nov 14, 2024334$11.6BVanguard Scottsdale FDSNVDADBX ETF Trvs. Q2 2024SEC
Q2 2024Aug 14, 2024315$10.7BVanguard Scottsdale FDSNVDAAAPLvs. Q1 2024SEC
Q1 2024May 15, 2024328$9.16BVanguard S&P 500 ETFMSFTNVDAvs. Q4 2023SEC
Q4 2023Feb 15, 2024340$8.53BVanguard S&P 500 ETFAAPLMSFTvs. Q3 2023SEC
Q3 2023Nov 16, 2023297$6.74BVanguard S&P 500 ETFAAPLMSFTvs. Q2 2023SEC
Q2 2023Aug 11, 2023321$7.31BVanguard S&P 500 ETFAAPLMSFTvs. Q1 2023SEC
Q1 2023Apr 26, 2023330$6.86BVanguard S&P 500 ETFAAPLMSFTvs. Q4 2022SEC
Q4 2022Feb 15, 2023333$6.87BVanguard S&P 500 ETFAAPLMSFTvs. Q3 2022SEC
Q3 2022Nov 10, 2022349$6.57BVanguard S&P 500 ETFAAPLMSFTvs. Q2 2022SEC
Q2 2022Aug 8, 2022711$7.01BAAPLMSFTGOOGvs. Q1 2022SEC
Q1 2022May 13, 2022748$8.37BAAPLMSFTAMZNvs. Q4 2021SEC
Q4 2021Feb 15, 2022755$8.95BAAPLMSFTAMZNvs. Q3 2021SEC
Q3 2021Nov 12, 2021787$8.59BAAPLMSFTAMZNvs. Q2 2021SEC
Q2 2021Aug 10, 2021735$8.22BAAPLMSFTAMZNvs. Q1 2021SEC
Q1 2021May 14, 2021729$7.76BAAPLMSFTAMZN–SEC