TEACHER RETIREMENT SYSTEM OF TEXAS

CIK 0000796848 · Q1 2026

13F Equity AUM

$24.0B

-17.0% QoQ

Positions

1,478

-140 QoQ

AUM Rank

#363

Top 3%

Skill Alpha (FF)

-0.7%/yr^ns

No Clear Edge

Rank #3,325 · Top 40%

vs S&P -2.6%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 18.8%Top 10: 27.9%Top 20: 36.8%

NVDA5.6%

AAPL4.9%

MSFT3.5%

AMZN2.5%

GOOGL2.3%

VOO2.1%

AVGO1.8%

GOOG1.8%

IVV1.7%

META1.6%

Others (1468)72.1%

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

Sector Allocation

Technology28.3%

Financial Services16.5%

Consumer Cyclical10.1%

Industrials9.8%

Communication Services8.5%

Healthcare8.4%

Consumer Defensive4.9%

Real Estate3.6%

Other9.9%

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

Position Sizing

Positions: 1478Median: 0.01%Avg: 0.07%

0–0.5%

1449(58.0%)

0.5–1%

17(11.8%)

1–3%

9(16.2%)

3–5%

2(8.4%)

5%+

1(5.6%)

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

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Portfolio Overlap

Shared: 1,476Unique: 2vs 20 funds

20.2%Moderate

1,478

Fund positions

7,299

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.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

BlackRock, Inc.

37.1%

MORGAN STANLEY

28%

BANK OF AMERICA CORP /DE/

30.8%

STATE STREET CORP

42.6%

GEODE CAPITAL MANAGEMENT, LLC

42.1%

VANGUARD CAPITAL MANAGEMENT LLC

42.3%

VANGUARD PORTFOLIO MANAGEMENT LLC

50.3%

JPMORGAN CHASE & CO

29.2%

FMR LLC

42.9%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New161Increased485Decreased823Exited303

New Positions

BLK0.2%

+44K

VIK0.1%

+379K

ODV0.1%

+6.4M

VSNT0.1%

+475K

ROBINHOOD VENTURES F…0.1%

+600K

ITH0.1%

+6.3M

ARKO PETE CORP0.0%

+500K

SOLV ENERGY INC0.0%

+250K

AGO0.0%

+79K

EQUIPMENTSHARE COM I…0.0%

+300K

Increased

AMX0.3%

+1.0M(+61%)

KEY0.1%

+935K(+3023%)

KVUE0.1%

+729K(+64%)

TOST0.1%

+642K(+4255%)

CFG0.1%

+595K(+4168%)

EQR0.4%

+552K(+55%)

UDR0.2%

+426K(+55%)

LVS0.2%

+388K(+109%)

FCX0.1%

+359K(+139%)

FTNT0.2%

+344K(+130%)

Decreased

VOO2.1%

-5,768,943(-87%)

CERT0.1%

-2,641,814(-47%)

SARO0.0%

-1,961,187(-99%)

MBC0.0%

-1,412,327(-82%)

PFE0.2%

-1,040,190(-41%)

APG0.2%

-891,043(-40%)

CMCSA0.2%

-883,402(-35%)

F0.1%

-493,939(-16%)

AMH0.0%

-430,221(-94%)

BAC0.4%

-407,269(-19%)

Exited

-568,900

-1,400,000

-1,300,000

-379,000

-700,000

BROS

-476,859

RBRK

-326,438

-475,665

AEM

-140,000

EXK

-204,949

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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