Employees Retirement System of Texas

New 13F: Q3 2026

Employees Retirement System of Texas filed its 13F for the quarter ended Sep 30, 2026 on Nov 10, 2026: $5.3B in AI and semiconductor stocks; $308.7M bought and $518.5M sold against its previous quarter, at the quarter's prices.

Employees Retirement System of Texas declares $5.2B in 71 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 41.6% of its $12.6B 13F portfolio. Largest positions: NVIDIA (0.01% of the company) and Apple (0.01% of the company). Over time: $5.2B in 71 of these companies for Q2 2026, against $1.4B in 71 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $535.7M and sold $205.9M of these stocks, at the quarter's prices: a net purchase of $329.8M; 9 new positions and 5 sold out.

Performance of its AI picks

The AI-stock portfolio Employees Retirement System of Texas declared for Q2 2026 (Form 13F), held unchanged, returned +5.7% in Q3 2026 (SMH -7.1%), ranked 473 of 1,785 active managers. Over the last 12 months, quarter after quarter: +22.6% (SMH +87.2%), ranked 1073 of 1,360 active managers. Over three years, quarter after quarter: +148.2% (SMH +325.8%), ranked 377 of 784 active managers. Over five years, quarter after quarter: +174.6% (SMH +389.8%), ranked 162 of 535 active managers. Trades made during a quarter are not visible in 13F filings: this measures its declared picks, not the return of its funds.

Largest positions

  1. NVIDIA (NVDA): $654.7M, 3.3M shares, 0.01% of the company, 5.2% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  2. Apple (AAPL): $612.6M, 2.1M shares, 0.01% of the company, 4.9% of its portfolio (added this quarter); held since Q1 2021
  3. Alphabet (GOOGL): $558.3M, 1.6M shares, 0.01% of the company, 4.4% of its portfolio (added this quarter); held since Q4 2019 or earlier
  4. Microsoft (MSFT): $481.3M, 1.3M shares, 0.02% of the company, 3.8% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  5. Amazon (AMZN): $440.3M, 1.8M shares, 0.02% of the company, 3.5% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  6. Broadcom (AVGO): $298.4M, 790,055 shares, 0.02% of the company, 2.4% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  7. AMD (AMD): $212.1M, 365,075 shares, 0.02% of the company, 1.7% of its portfolio (trimmed this quarter); held since Q4 2025
  8. Palo Alto Networks (PANW): $210.7M, 617,726 shares, 0.08% of the company, 1.7% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  9. Meta Platforms (META): $198.3M, 352,086 shares, 0.01% of the company, 1.6% of its portfolio (added this quarter); held since Q4 2019 or earlier
  10. Western Digital (WDC): $167.1M, 261,689 shares, 0.07% of the company, 1.3% of its portfolio (added this quarter); held since Q1 2026
  11. Micron (MU): $133.1M, 115,273 shares, 0.01% of the company, 1.1% of its portfolio (added this quarter); held since Q4 2025
  12. Caterpillar (CAT): $121.5M, 114,114 shares, 0.02% of the company, 0.97% of its portfolio (added this quarter); held since Q1 2026
  13. Applied Materials (AMAT): $118.6M, 164,101 shares, 0.02% of the company, 0.94% of its portfolio (new position this quarter)
  14. Arista Networks (ANET): $106.2M, 624,891 shares, 0.05% of the company, 0.84% of its portfolio (trimmed this quarter); held since Q2 2025
  15. Cadence (CDNS): $98.3M, 261,857 shares, 0.10% of the company, 0.78% of its portfolio (trimmed this quarter); held since Q4 2023

By sector

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