TEACHER RETIREMENT SYSTEM OF TEXAS

CIK 0000796848 · Q2 2026

13F Equity AUM

$37.3B

+55.2% QoQ

Positions

1,510

+32 QoQ

AUM Rank

#700

Top 6%

Skill Alpha (FF)

-0.5%/yr^ns

No Clear Edge

Rank #3,598 · Top 43%

vs S&P -0.4%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 32.2%Top 10: 40.8%Top 20: 50.4%

VOO14.3%

SPACE EXPLORATION TECHN CORP6.9%

NVDA4.4%

AAPL4.1%

MSFT2.5%

AMZN2.2%

GOOGL2.0%

AVGO1.6%

GOOG1.5%

IVV1.3%

Others (1500)59.2%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services25.3%

Technology24.7%

Unclassified9.3%

Consumer Cyclical7.7%

Industrials7.3%

Healthcare6.8%

Communication Services6.5%

Consumer Defensive3.5%

Other8.9%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 1510Median: 0.00%Avg: 0.07%

0–0.5%

1482(45.0%)

0.5–1%

13(8.6%)

1–3%

11(16.7%)

3–5%

2(8.5%)

5%+

2(21.2%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 1,510vs 20 funds

0%Low

1,510

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New202Increased584Decreased707Exited169

New Positions

SPACE EXPLORATION TE…6.9%

+15.0M

PERSHING SQUARE USA …1.0%

+10.3M

PERSHING SQUARE INC0.3%

+3.1M

HONEYWELL AEROSPACE …0.1%

+215K

FEDEX FGHT HLDG CO I…0.1%

+303K

VERSIGENT PLC0.1%

+822K

HONEYWELL INTL INC0.1%

+144K

RBRK0.1%

+238K

ICLR0.1%

+97K

BLACKSTONE DIGITAL I…0.0%

+606K

Increased

VOO14.3%

+6.9M(+817%)

CEG0.9%

+1.4M(+2488%)

VICI0.1%

+734K(+4637%)

AAPL4.1%

+620K(+13%)

TBBB0.2%

+618K(+56%)

FTI0.1%

+552K(+756%)

AMZN2.2%

+507K(+18%)

NVDA4.4%

+498K(+6%)

BKNG0.2%

+480K(+2795%)

KLAC0.4%

+446K(+832%)

Decreased

AG0.1%

-2,079,000(-44%)

PEGA0.0%

-1,378,904(-99%)

F0.1%

-1,225,435(-48%)

INTC0.6%

-691,817(-32%)

APG0.1%

-562,168(-41%)

AMX0.1%

-470,000(-18%)

EMXC0.7%

-424,671(-14%)

WMB0.1%

-340,914(-33%)

NOW0.1%

-312,043(-48%)

7HP0.0%

-297,958(-41%)

Exited

-215,761

-2,960,963

-182,100

-207,409

-86,525

-1,584,000

-60,700

SOLV ENERGY INC

-250,000

TDS

-146,013

VRSK

-38,409

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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