New York State Teachers Retirement System Q1 2026 13F Holdings and Activity Report

I. Institutional Overview

Analyzing the scale and structure of the New York State Teachers Retirement System reveals a psychological portrait of an investor that is both a "market anchor" and a sophisticated participant in the modern digital economy. The reported portfolio value of nearly $50 billion places it in the upper echelon of institutional filers, granting it the liquidity to take massive positions in the world’s largest corporations while maintaining the agility to adjust its exposure to specific sectors as macroeconomic conditions evolve. The sheer breadth of its holdings, totaling 1,616 individual stocks , indicates a highly diversified approach. This level of diversification is characteristic of a large-scale pension fund that seeks to capture broad market "beta" while using selective overweighting in high-conviction sectors to generate "alpha."

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II. Sector Allocation Analysis

The concentration of the portfolio is notably high in the top three sectors—Technology, Financials, and Consumer Discretionary—which together account for approximately 54.76% of the total holdings. This concentration indicates that while the fund is diversified across 1,616 stocks, its performance is heavily tethered to the "growth engines" of the modern economy. A 32.14% allocation to Technology is particularly striking for a pension fund, suggesting a firm belief that the digital transformation of society is not merely a trend but a permanent shift in the global value chain. This allocation reflects a "growth-at-a-reasonable-price" (GARP) or even a pure growth orientation, likely driven by the massive returns seen in semiconductor and software giants.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

III. Top 10 Holdings Deep Dive

NVIDIA remains the undisputed crown jewel of the New York State Teachers Retirement System portfolio, occupying a massive 7.03% weight. This is a "conviction holding" in every sense of the word. Despite the stock's meteoric rise over the past several years, the institution chose to add a marginal 0.05% to its position this quarter. This small addition, in the face of such a high existing weight, suggests that the fund managers believe the AI infrastructure cycle still has significant "runway." The slight decrease in portfolio weight (from 7.18% to 7.03%) despite the share addition indicates that the rest of the portfolio or the market as a whole may have grown at a slightly faster pace, or that the fund is allowing the position to "float" within a specific risk-controlled band. NVIDIA's role as the primary provider of the "shovels" for the AI "gold mine" makes it an essential asset for a fund seeking to capture the most significant technological shift of the decade. The institution is clearly looking past short-term valuation concerns, focusing instead on NVIDIA’s near-monopoly in high-end GPUs and its expanding software ecosystem.

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IV. Major Buys/Additions

The addition of approximately $8.59 million to RTX Corporation (formerly Raytheon Technologies) is the most significant tactical move this quarter. By increasing its position by 4.17% , the New York State Teachers Retirement System is signaling a strong "growth acceleration bet" in the defense and aerospace sector. RTX operates at the intersection of commercial aviation and national defense. With the global recovery in air travel driving demand for Pratt & Whitney engines and the ongoing geopolitical tensions necessitating advanced missile defense systems, RTX is perfectly positioned to capture long-term secular growth. This addition suggests that the fund sees RTX as a "quality cyclical" that offers both defensive characteristics (government contracts) and growth potential (commercial aerospace). The valuation of RTX, which has faced some headwinds due to engine recall issues, likely presented a "valuation trough" that the fund managers were keen to exploit.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

V. Major Sells and Exits

The most striking pattern in the sell data is the complete liquidation of several regional banking positions, including Comerica ($11.7M) , Cadence Bank ($11.3M) , and Pinnacle Financial Partners ($11.0M) . This is a "strategic retreat" from the mid-tier financial sector. The New York State Teachers Retirement System is clearly consolidating its financial exposure into "too-big-to-fail" institutions like JPMorgan and Wells Fargo (as seen in Section IV). This move suggests a belief that regional banks face structural challenges—such as higher funding costs, commercial real estate exposure, and increased regulatory scrutiny—that make them less attractive than their mega-cap counterparts. By exiting these positions entirely, the fund is "cutting the tail" of its financial holdings to reduce idiosyncratic risk.

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VI. Investment Insights and Risk Warnings

The logic chain is clear: the institution is liquidating the "fragile" (regional banks, smaller materials, and niche tech) and doubling down on the "indestructible" (mega-cap financials, defense giants, and essential consumer retailers). This strategy reveals a profound insight: in a world of high interest rates and technological disruption, the "middle ground" of the stock market is a dangerous place to be. You either want to own the companies that are building the future (NVIDIA, Microsoft) or the companies that are essential to the present (Costco, JPMorgan, RTX).

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

Sources and limitations

This report uses public U.S. Securities and Exchange Commission Form 13F disclosures and structured data maintained by 13F Hub. A 13F filing is a quarter-end snapshot of reportable long positions, is normally published with a delay, and does not disclose every short position, cash balance, bond, derivative, or non-U.S. asset.

Narrative content is prepared from the same-period SEC disclosure and 13F Hub structured data, then checked before publication. This material is for research and education, not personalized investment advice.