TEACHER RETIREMENT SYSTEM OF TEXAS

New 13F: Q3 2026

TEACHER RETIREMENT SYSTEM OF TEXAS filed its 13F for the quarter ended Sep 30, 2026 on Nov 13, 2026: $15.8B in AI and semiconductor stocks; $520.5M bought and $939.4M sold against its previous quarter, at the quarter's prices.

• trimmed SpaceX (SPCX): -$591.0M at the quarter's price
• added to Sandisk (SNDK): +$110.0M at the quarter's price
• trimmed Constellation Energy (CEG): -$82.2M at the quarter's price
• added to Seagate (STX): +$30.7M at the quarter's price
• added to Western Digital (WDC): +$29.6M at the quarter's price
• added to Datadog (DDOG): +$22.4M at the quarter's price
• added to Micron (MU): +$20.1M at the quarter's price
• added to NXP Semiconductors (NXPI): +$18.7M at the quarter's price
• added to Texas Instruments (TXN): +$18.7M at the quarter's price
• added to Dell (DELL): +$17.6M at the quarter's price

TEACHER RETIREMENT SYSTEM OF TEXAS declares $15.4B in 155 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 41.2% of its $37.3B 13F portfolio. Largest positions: SpaceX (0.06% of the company) and NVIDIA (0.03% of the company). Over time: $15.4B in 155 of these companies for Q2 2026, against $2.4B in 62 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $1.7B and sold $759.4M of these stocks, at the quarter's prices: a net purchase of $939.5M; 13 new positions and 6 sold out.

Performance of its AI picks

The AI-stock portfolio TEACHER RETIREMENT SYSTEM OF TEXAS declared for Q2 2026 (Form 13F), held unchanged, returned +1.6% in Q3 2026 (SMH -7.1%), ranked 1186 of 1,785 active managers. Over the last 12 months, quarter after quarter: +28.8% (SMH +87.2%). Over three years, quarter after quarter: +159.1% (SMH +325.8%). Over five years, quarter after quarter: +178.7% (SMH +389.8%). 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. SpaceX (SPCX): $2.6B, 15.0M shares, 0.06% of the company, 6.9% of its portfolio
2. NVIDIA (NVDA): $1.6B, 8.2M shares, 0.03% of the company, 4.4% of its portfolio (added this quarter); held since Q4 2019 or earlier
3. Apple (AAPL): $1.5B, 5.3M shares, 0.04% of the company, 4.1% of its portfolio (added this quarter); held since Q4 2019 or earlier
4. Alphabet (GOOGL): $1.3B, 3.7M shares, 0.03% of the company, 3.6% of its portfolio (added this quarter); held since Q4 2019 or earlier
5. Microsoft (MSFT): $932.8M, 2.5M shares, 0.03% of the company, 2.5% of its portfolio (added this quarter); held since Q4 2019 or earlier
6. Amazon (AMZN): $810.0M, 3.4M shares, 0.03% of the company, 2.2% of its portfolio (added this quarter); held since Q4 2019 or earlier
7. Broadcom (AVGO): $601.4M, 1.6M shares, 0.03% of the company, 1.6% of its portfolio (added this quarter); held since Q4 2019 or earlier
8. Micron (MU): $460.1M, 398,575 shares, 0.04% of the company, 1.2% of its portfolio (added this quarter); held since Q4 2019 or earlier
9. Meta Platforms (META): $452.0M, 802,424 shares, 0.03% of the company, 1.2% of its portfolio (added this quarter); held since Q4 2019 or earlier
10. Constellation Energy (CEG): $352.6M, 1.4M shares, 0.40% of the company, 0.95% of its portfolio (added this quarter); held since Q1 2022
11. AMD (AMD): $329.6M, 567,313 shares, 0.03% of the company, 0.88% of its portfolio (added this quarter); held since Q4 2019 or earlier
12. Applied Materials (AMAT): $248.0M, 342,976 shares, 0.04% of the company, 0.67% of its portfolio (added this quarter); held since Q4 2019 or earlier
13. Lam Research (LRCX): $210.6M, 485,939 shares, 0.04% of the company, 0.57% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
14. Intel (INTC): $206.4M, 1.5M shares, 0.03% of the company, 0.55% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
15. Caterpillar (CAT): $201.9M, 189,582 shares, 0.04% of the company, 0.54% of its portfolio (added this quarter); held since Q4 2019 or earlier

By sector

• Cloud & AI giants: $7.6B, 50% of its AI holdings, 6 companies
• Chips & compute: $3.2B, 21% of its AI holdings, 24 companies
• Power, electrical & cooling: $1.3B, 9% of its AI holdings, 40 companies
• Equipment & test: $785.2M, 5% of its AI holdings, 18 companies
• Memory & storage: $767.6M, 5% of its AI holdings, 5 companies
• AI software: $717.5M, 5% of its AI holdings, 21 companies
• Interconnect: $439.4M, 3% of its AI holdings, 11 companies
• Servers & systems: $202.6M, 1% of its AI holdings, 10 companies
• Neoclouds & data centers: $198.7M, 1% of its AI holdings, 13 companies
• Optics: $62.6M, 0% of its AI holdings, 7 companies

Biggest changes this quarter

• added to Constellation Energy (CEG): +$338.9M at the quarter's price
• added to Apple (AAPL): +$179.3M at the quarter's price
• added to Amazon (AMZN): +$120.8M at the quarter's price
• added to Alphabet (GOOGL): +$118.1M at the quarter's price
• added to NVIDIA (NVDA): +$99.7M at the quarter's price
• added to Microsoft (MSFT): +$99.2M at the quarter's price
• trimmed Intel (INTC): -$96.6M at the quarter's price
• added to AMD (AMD): +$85.4M at the quarter's price
• trimmed Western Digital (WDC): -$68.1M at the quarter's price
• added to Meta Platforms (META): +$63.2M at the quarter's price

Other holders of this size

• PUBLIC EMPLOYEES RETIREMENT ASSOCIATION OF COLORADO: $15.2B in 174 of these companies
• Value Aligned Research Advisors, LLC: $15.4B in 45 of these companies
• KLP KAPITALFORVALTNING AS: $15.0B in 184 of these companies
• PANAGORA ASSET MANAGEMENT INC: $15.6B in 131 of these companies
• Squarepoint Ops LLC: $14.9B in 192 of these companies
• NEOS Investment Management LLC: $15.7B in 98 of these companies
• OSAIC HOLDINGS, INC.: $14.6B in 227 of these companies
• SANDS CAPITAL MANAGEMENT, LLC: $15.9B in 29 of these companies

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