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Teacher Retirement System of Texas
Jase Auby · Pension Fund · Multi-Strategy
The Teacher Retirement System of Texas (TRS) is a public pension fund established in 1937 to provide retirement and healthcare benefits to employees of Texas public schools, colleges, and universities. Headquartered in Austin, TRS is the largest public retirement system in Texas and ranks as one of the largest public pension funds in the United States, serving over two million participants and beneficiaries. The institution manages a massive trust fund with a focus on delivering long-term returns to secure the retirement futures of its members. Its investment history is marked by a transition from a local focus to a globally diversified portfolio that includes substantial allocations in private markets and international offices.
Simulated Performance
| Metric | Value |
|---|---|
| Total return | +17.3% |
| YTD return | +11.2% |
| Sharpe ratio | 3.05 |
| Win rate | 60% |
| AUM | $13.8B |
| Inception | Oct 1, 2025 |
| Updated | Sep 21, 2026 |
Institution Status
| Field | Value |
|---|---|
| AUM | $13.8B |
| Turnover | Low (<15%) |
| Avg holding | 18 Months |
| Inception | Oct 1, 2025 |
| Website | https://www.trs.texas.gov |
Current Holdings
Updated on Sep 21, 2026.
| Ticker | Name | Portfolio % | Return |
|---|---|---|---|
| SPCX | SPAC and New Issue ETF | 16.4% | +7.1% |
| NVDA | NVIDIA Corporation | 13.1% | +20.2% |
| AAPL | Apple Inc | 12.8% | +31.1% |
| GOOGL | Alphabet Inc Class A | 9.5% | +41.4% |
| MSFT | Microsoft Corporation | 9.0% | +0.5% |
| AMZN | Amazon.com Inc | 6.3% | +15.2% |
| AVGO | Broadcom Inc | 4.1% | +6.1% |
| META | Meta Platforms Inc. | 3.9% | +7.8% |
| MU | Micron Technology Inc | 2.9% | +5.9% |
| LLY | Eli Lilly and Company | 2.7% | +32.7% |
| CEG | Constellation Energy Corp | 2.6% | -5.2% |
| TSLA | Tesla Inc | 2.4% | -15.1% |
| JPM | JPMorgan Chase & Co | 2.3% | +13.2% |
| AMD | Advanced Micro Devices Inc | 2.2% | +19.4% |
| BRK-A | Berkshire Hathaway Inc | 1.8% | +0.9% |
| XOM | Exxon Mobil Corp | 1.8% | +12.4% |
| JNJ | Johnson & Johnson | 1.8% | +38.8% |
| V | Visa Inc. Class A | 1.8% | +7.8% |
| MA | Mastercard Inc | 1.5% | +4.3% |
| AZN | AstraZeneca PLC | 1.3% | 0.0% |
Recent activity
| Date | Action | Ticker | Weight |
|---|---|---|---|
| Sep 21, 2026 | BUY | CEG | 3.0% → 2.6% |
| Sep 21, 2026 | SELL | TSLA | 2.3% → 2.4% |
| Sep 21, 2026 | BUY | GOOGL | 9.2% → 9.5% |
| Sep 21, 2026 | SELL | META | 3.6% → 3.9% |
| Sep 21, 2026 | BUY | V | 1.8% → 1.8% |
Investment Style Analysis
Teacher Retirement System of Texas is widely recognized for employing a Multi-Strategy strategy. As of Sep 21, 2026, the firm oversees approximately $13.8B in assets under management (AUM). The portfolio demonstrates a clear preference for the Semiconductors and Other sectors, reflecting a high-conviction approach to capital allocation.
Recent Market Moves
During the latest rebalancing period ending Sep 21, Teacher Retirement System of Texas made a significant move by increasing exposure to CEG. This adjustment aligns with the fund's dynamic approach to risk management and capital deployment in current market conditions.
Investment Philosophy
TRS employs a long-term investment strategy centered on active management, risk mitigation, and global asset allocation. The system's philosophy is rooted in an asset-liability framework designed to meet the long-term benefit obligations of its members while optimizing risk-adjusted returns. Its portfolio is highly diversified across global equities, stable value assets (including fixed income and hedge funds), real return assets (such as real estate and infrastructure), and risk parity strategies. TRS operates as a 'strong hands' investor, maintaining high liquidity and low leverage to navigate various economic cycles and capitalize on innovative investment opportunities worldwide.
Disclaimer
The content provided on this page, including the simulated portfolio performance, holdings analysis, and AI-generated insights, is for informational and educational purposes only. It does not constitute financial advice, investment recommendations, or an offer to buy or sell any securities. All data is derived from historical SEC 13F filings and other public disclosures, which have a reporting lag. The "Simulated Performance" is a hypothetical reconstruction based on past disclosures and does not represent the actual returns of the institution. Past performance is not indicative of future results. Tritonix.ai is not affiliated with Teacher Retirement System of Texas.
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Frequently asked questions
How is the simulated portfolio for Teacher Retirement System of Texas constructed?
This simulation is powered by Tritonix AI using official SEC filings. We focus on the "Best Ideas" by filtering for only the Top 20 largest holdings and rebalancing them to 100%. The simulation tracks performance starting from Oct 1, 2025. Our AI monitors for updates every Monday to capture major shifts. This concentrated approach highlights the manager's true stock-picking skill and mirrors their actual investment returns.
What is Teacher Retirement System of Texas's largest holding?
As of the latest filing, Teacher Retirement System of Texas's top position is SPAC and New Issue ETF (SPCX), representing 16.4% of the portfolio. This reflects a high-conviction bet by the institution.
What is Teacher Retirement System of Texas's historical performance and risk profile?
Our simulation indicates a total return of +17.3% with a win rate of 60%. Notably, the portfolio maintains a Sharpe Ratio of 3.05, suggesting an exceptional level of risk-adjusted returns compared to the broader market.
What sectors does Teacher Retirement System of Texas primarily invest in?
Teacher Retirement System of Texas has a strong preference for the Semiconductors sector, which makes up 22.2% of their disclosed assets. The portfolio also has exposure to Other, indicating a specific thematic focus.
Is Teacher Retirement System of Texas's portfolio concentrated or diversified?
Teacher Retirement System of Texas runs a moderately concentrated portfolio with 20 disclosed positions. The top 3 holdings alone account for 42.3% of the total portfolio weight, suggesting a strategy that favors broader market exposure.
How has Teacher Retirement System of Texas performed in 2026?
Our AI-simulated model portfolio for Teacher Retirement System of Texas tracks a Year-to-Date (YTD) return of +11.2%. This metric helps investors gauge the institution's effectiveness in the current market environment.
Does Jase Auby manage Teacher Retirement System of Texas directly?
Yes, Jase Auby serves as the key portfolio manager for Teacher Retirement System of Texas, overseeing the investment strategy and final capital allocation decisions.