Employees Retirement System of Texas

CIK 0001398739 · Q1 2026

13F Equity AUM

$11.4M

-100.0% QoQ

Positions

493

-1 QoQ

AUM Rank

#11,552

Top 93%

Skill Alpha (FF)

-0.7%/yr^ns

No Clear Edge

Rank #3,310 · Top 40%

vs S&P -3.1%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 30.2%Top 10: 42.3%Top 20: 54.9%

VGIT12.2%

NVDA5.4%

AAPL4.5%

MSFT4.5%

HYLB3.6%

AMZN3.4%

IAU*2.5%

AVGO2.3%

GOOG2.2%

XOM1.7%

Others (483)57.7%

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

Sector Allocation

Financial Services30.9%

Technology24.3%

Consumer Cyclical7.4%

Communication Services7.3%

Healthcare7.0%

Industrials6.4%

Energy3.7%

Consumer Defensive3.6%

Other9.5%

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

Position Sizing

Positions: 493Median: 0.01%Avg: 0.20%

0–0.5%

430(14.5%)

0.5–1%

40(27.5%)

1–3%

17(24.5%)

3–5%

4(16.0%)

5%+

2(17.6%)

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

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Portfolio Overlap

Shared: 493Unique: 0vs 20 funds

6.8%Low

493

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)

MORGAN STANLEY

9.4%

BANK OF AMERICA CORP /DE/

10.3%

BlackRock, Inc.

12.1%

JPMORGAN CHASE & CO

9.9%

FMR LLC

15.8%

VANGUARD CAPITAL MANAGEMENT LLC

13.4%

GEODE CAPITAL MANAGEMENT, LLC

13.1%

STATE STREET CORP

13.1%

VANGUARD PORTFOLIO MANAGEMENT LLC

14.9%

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

New90Increased75Decreased118Exited93

New Positions

VGK1.4%

+2.0M

ABBV0.9%

+456K

CCL0.5%

+2.3M

PPH0.5%

+532K

EWJ0.4%

+592K

CAT0.4%

+61K

WDC0.4%

+156K

XRT0.4%

+527K

CHV0.1%

+54K

RIO0.1%

+78K

Increased

IAU*2.5%

+3.0M(+1247%)

VGIT12.2%

+1.2M(+5%)

NOK0.1%

+642K(+343%)

NFLX0.9%

+535K(+95%)

ET0.6%

+516K(+18%)

PAAA0.5%

+500K(+100%)

FAST0.7%

+474K(+41%)

V1.2%

+426K(+2751%)

PBR0.1%

+195K(+298%)

ALLY0.6%

+189K(+11%)

Decreased

BBD0.0%

-1,218,653(-93%)

FMX0.0%

-483,674(-98%)

XLI0.3%

-442,935(-67%)

ZTS0.0%

-394,000(-99%)

KO0.9%

-329,273(-20%)

UNH0.0%

-289,620(-97%)

GOOG2.2%

-282,731(-24%)

T0.1%

-267,512(-59%)

NEM1.1%

-264,496(-19%)

HBM0.0%

-254,054(-100%)

Exited

-403,400

-40,184

-794,550

-176,200

FLUTTER ENTMT PLC

-257,400

-535,700

-441,787

-50,566

-22,200

-15,547

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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