13F holdings
Employees Retirement System of Texas portfolio
Managed by . 493 reported positions worth $11.4B as of 2026-03-31, filed with the SEC on 2026-05-13. Parsed from the filing itself, not a reseller.
$11.4B
Book value
493
Positions
42%
Top 10 weight
+90
New this quarter
-93
Exited
134 days
Age today
How old this actually is
Every position on this page is a snapshot of 2026-03-31. It was already 43 days old on 2026-05-13, the day it first became public. Today it is 134 days old.
That lag is the law, not a service level — Rule 13f-1 gives managers 45 days after quarter end to file, and no product can shorten it. A fund can have sold every share below before you read this sentence. Treat it as a record of what happened, never as a position you can follow.
What changed
Positions opened and closed
Against its 2025-12-31 filing. This is the part worth reading — the holdings table below is mostly years old.
New positions (90)
| Ticker | Issuer | Value | Shares | % of book |
|---|---|---|---|---|
| VGK | VANGUARD INTL EQUITY INDEX F | $164.6M | 1,997,090 | 1.44% |
| ABBV | ABBVIE INC | $99.1M | 455,800 | 0.87% |
| CCL1EUR | CARNIVAL CORP | $59.5M | 2,299,900 | 0.52% |
| PPH | VANECK ETF TRUST | $55.2M | 531,600 | 0.48% |
| EWJ | ISHARES INC | $50.0M | 592,400 | 0.44% |
| CAT | CATERPILLAR INC | $43.5M | 61,448 | 0.38% |
| XRT | SPDR SERIES TRUST | $42.4M | 526,600 | 0.37% |
| WDC | WESTERN DIGITAL CORP | $42.1M | 155,548 | 0.37% |
| CVX | CHEVRON CORPORATION | $11.1M | 53,618 | 0.10% |
| RIO | RIO TINTO PLC | $7.3M | 78,262 | 0.06% |
| CNQ | CANADIAN NAT RES LTD MED TER | $5.5M | 112,195 | 0.05% |
| PR | PERMIAN RESOURCES CORP | $4.5M | 208,846 | 0.04% |
| EOG | EOG RES INC | $2.7M | 18,900 | 0.02% |
| TRMB | TRIMBLE INC | $2.6M | 39,537 | 0.02% |
| AFG | AMERICAN FINANCIAL GROUP INC | $2.3M | 18,381 | 0.02% |
| PNC | PNC FINL SVCS GROUP INC | $2.2M | 10,789 | 0.02% |
| E | ENI SPA | $1.8M | 31,258 | 0.02% |
| CNA | CNA FINL CORP | $1.3M | 28,371 | 0.01% |
| ROP | ROPER TECHNOLOGIES INC | $1.3M | 3,556 | 0.01% |
| TXT | TEXTRON INC | $1.1M | 12,476 | 0.01% |
| RSG | REPUBLIC SVCS INC | $1.0M | 4,791 | 0.01% |
| IMAX | IMAX CORP | $977,000 | 25,700 | 0.01% |
| EFX | EQUIFAX INC | $974,000 | 5,410 | 0.01% |
| AXON | AXON ENTERPRISE INC | $908,000 | 2,139 | 0.01% |
| RBC | RBC BEARINGS INC | $902,000 | 1,660 | 0.01% |
Closed out (93)
| Ticker | Issuer | Was worth | Shares | % of book |
|---|---|---|---|---|
| VOO | VANGUARD INDEX FDS | $253.0M | 403,400 | 0.00% |
| MELI | MERCADOLIBRE INC | $80.9M | 40,184 | 0.00% |
| UBER | UBER TECHNOLOGIES INC | $64.9M | 794,550 | 0.00% |
| LPLA | LPL FINL HLDGS INC | $62.9M | 176,200 | 0.00% |
| FLUT | FLUTTER ENTMT PLC | $55.4M | 257,400 | 0.00% |
| GEHC | GE HEALTHCARE TECHNOLOGIES I | $43.9M | 535,700 | 0.00% |
| FET | FORUM ENERGY TECHNOLOGIES IN | $16.3M | 441,787 | 0.00% |
| AEP | AMERICAN ELEC PWR CO INC | $5.8M | 50,566 | 0.00% |
| ADP | AUTOMATIC DATA PROCESSING IN | $5.7M | 22,200 | 0.00% |
| EG | EVEREST GROUP LTD | $5.3M | 15,547 | 0.00% |
| JNJ | JOHNSON & JOHNSON | $4.8M | 23,345 | 0.00% |
| AIG | AMERICAN INTL GROUP INC | $4.5M | 52,305 | 0.00% |
| IBN | ICICI BANK LIMITED | $4.2M | 139,859 | 0.00% |
| DUK | DUKE ENERGY CORP NEW | $4.1M | 35,256 | 0.00% |
| HDB | HDFC BANK LTD | $4.0M | 109,672 | 0.00% |
| XEL | XCEL ENERGY INC | $3.4M | 45,867 | 0.00% |
| CHKP | CHECK POINT SOFTWARE TECH LT | $3.3M | 17,883 | 0.00% |
| WTW | WILLIS TOWERS WATSON PLC LTD | $3.1M | 9,505 | 0.00% |
| EXC | EXELON CORP | $2.8M | 65,029 | 0.00% |
| AWK | AMERICAN WTR WKS CO INC NEW | $2.7M | 20,549 | 0.00% |
| KR | KROGER CO | $2.7M | 42,442 | 0.00% |
| ITUB | ITAU UNIBANCO HLDG S A | $2.7M | 370,217 | 0.00% |
| BTI | BRITISH AMERN TOB PLC | $2.6M | 46,386 | 0.00% |
| NEE | NEXTERA ENERGY INC | $2.5M | 31,510 | 0.00% |
| CPNG | COUPANG INC | $2.5M | 105,011 | 0.00% |
Added to (73)
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| VGIT | VANGUARD SCOTTSDALE FDS | $1.4B | 23,386,000 | 12.18% | +5% |
| IAU | ISHARES GOLD TR | $290.4M | 3,293,500 | 2.54% | +1247% |
| V | VISA INC | $133.5M | 441,840 | 1.17% | +2751% |
| HD | HOME DEPOT INC | $117.6M | 357,675 | 1.03% | +30% |
| NFLX | NETFLIX INC. | $105.5M | 1,097,470 | 0.92% | +95% |
| SCHW | SCHWAB CHARLES CORP | $101.2M | 1,076,867 | 0.88% | +21% |
| CDNS | CADENCE DESIGN SYSTEM INC | $87.5M | 314,717 | 0.76% | +9% |
| ISRG | INTUITIVE SURGICAL INC | $80.7M | 175,132 | 0.71% | +128% |
| FAST | FASTENAL CO | $75.2M | 1,619,617 | 0.66% | +41% |
| TMUS | T-MOBILE US INC | $74.8M | 356,246 | 0.65% | +19% |
| AME | AMETEK INC | $73.0M | 340,388 | 0.64% | +30% |
| ALLY | ALLY FINL INC | $72.8M | 1,855,646 | 0.64% | +11% |
| ODFL | OLD DOMINION FREIGHT LINE IN | $71.7M | 366,686 | 0.63% | +29% |
| ET | ENERGY TRANSFER L P | $64.7M | 3,349,808 | 0.57% | +18% |
| TT | TRANE TECHNOLOGIES PLC | $63.9M | 153,342 | 0.56% | +34% |
Trimmed (117)
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| HBM | HUDBAY MINERALS INC | $21,000 | 992 | 0.00% | -100% |
| LOGI | LOGITECH INTL S A | $26,000 | 287 | 0.00% | -99% |
| AZO | AUTOZONE INC | $598,000 | 177 | 0.01% | -99% |
| ZTS | ZOETIS INC | $557,000 | 4,709 | 0.00% | -99% |
| MCK | MCKESSON CORP | $1.1M | 1,317 | 0.01% | -98% |
| FMX | FOMENTO ECONOMICO MEXICANO S | $1.1M | 9,928 | 0.01% | -98% |
| XLY | SELECT SECTOR SPDR TR | $218,000 | 2,000 | 0.00% | -98% |
| AXS | AXIS CAP HLDGS LTD | $61,000 | 598 | 0.00% | -98% |
| JBL | JABIL INC | $319,000 | 1,202 | 0.00% | -97% |
| UNH | UNITEDHEALTH GROUP INC | $2.7M | 9,940 | 0.02% | -97% |
| VZ | VERIZON COMMUNICATIONS INC | $263,000 | 5,233 | 0.00% | -96% |
| BBD | BANCO BRADESCO S A | $325,000 | 89,075 | 0.00% | -93% |
| VALE | VALE S A | $199,000 | 12,536 | 0.00% | -93% |
| CB | CHUBB LTD SWITZ | $1.3M | 4,087 | 0.01% | -89% |
| CI | THE CIGNA GROUP | $751,000 | 2,817 | 0.01% | -88% |
The book
Largest 150 of 493 holdings
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| VGIT | VANGUARD SCOTTSDALE FDS | $1.4B | 23,386,000 | 12.18% | — |
| NVDA | NVIDIA CORPORATION | $617.0M | 3,537,789 | 5.39% | — |
| AAPL | APPLE INC | $518.9M | 2,044,472 | 4.54% | — |
| MSFT | MICROSOFT CORP | $509.2M | 1,375,556 | 4.45% | — |
| HYLB | DBX ETF TR | $411.2M | 11,372,000 | 3.60% | — |
| AMZN | AMAZON COM INC | $385.8M | 1,852,307 | 3.37% | — |
| IAU | ISHARES GOLD TR | $290.4M | 3,293,500 | 2.54% | — |
| AVGO | BROADCOM INC | $262.1M | 846,858 | 2.29% | — |
| GOOG | ALPHABET INC | $252.2M | 879,180 | 2.21% | — |
| EXMOC | EXXON MOBIL CORP | $199.1M | 1,173,657 | 1.74% | — |
| META | META PLATFORMS INC | $182.2M | 318,392 | 1.59% | — |
| VGK | VANGUARD INTL EQUITY INDEX F | $164.6M | 1,997,090 | 1.44% | — |
| LLY | ELI LILLY & CO | $159.0M | 172,900 | 1.39% | — |
| JPM | JPMORGAN CHASE & CO | $151.0M | 513,400 | 1.32% | — |
| GOOGL | ALPHABET INC | $139.9M | 486,408 | 1.22% | — |
| V | VISA INC | $133.5M | 441,840 | 1.17% | — |
| WMT | WALMART INC | $132.5M | 1,066,400 | 1.16% | — |
| TSLA | TESLA INC | $130.8M | 351,756 | 1.14% | — |
| MA | MASTERCARD INCORPORATED | $130.2M | 260,521 | 1.14% | — |
| NEM | NEWMONT CORP | $120.8M | 1,115,975 | 1.06% | — |
| HD | HOME DEPOT INC | $117.6M | 357,675 | 1.03% | — |
| COST | COSTCO WHOLESALE CORPORATION | $116.3M | 116,761 | 1.02% | — |
| VEA | VANGUARD TAX-MANAGED FDS | $115.2M | 1,798,331 | 1.01% | — |
| PH | PARKER-HANNIFIN CORP | $113.2M | 126,436 | 0.99% | — |
| BAC | BANK AMERICA CORP | $112.3M | 2,303,387 | 0.98% | — |
| FCX | FREEPORT MCMORAN INC | $108.8M | 1,851,433 | 0.95% | — |
| NFLX | NETFLIX INC. | $105.5M | 1,097,470 | 0.92% | — |
| SCHW | SCHWAB CHARLES CORP | $101.2M | 1,076,867 | 0.88% | — |
| PANW | PALO ALTO NETWORKS INC | $100.7M | 628,126 | 0.88% | — |
| ABBV | ABBVIE INC | $99.1M | 455,800 | 0.87% | — |
| KO | COCA COLA CO | $98.9M | 1,300,000 | 0.86% | — |
| MSI | MOTOROLA SOLUTIONS INC | $95.0M | 218,847 | 0.83% | — |
| XBI | SPDR SERIES TRUST | $87.9M | 688,272 | 0.77% | — |
| CDNS | CADENCE DESIGN SYSTEM INC | $87.5M | 314,717 | 0.76% | — |
| ISRG | INTUITIVE SURGICAL INC | $80.7M | 175,132 | 0.71% | — |
| TMO | THERMO FISHER SCIENTIFIC INC | $80.5M | 163,733 | 0.70% | — |
| TJX | TJX COS INC NEW | $79.0M | 494,971 | 0.69% | — |
| ANET | ARISTA NETWORKS INC | $78.0M | 635,191 | 0.68% | — |
| FITB | FIFTH THIRD BANCORP | $75.6M | 1,627,200 | 0.66% | — |
| AMD | ADVANCED MICRO DEVICES INC | $75.5M | 371,175 | 0.66% | — |
| ETR | ENTERGY CORP NEW | $75.4M | 671,175 | 0.66% | — |
| MS | MORGAN STANLEY | $75.4M | 457,900 | 0.66% | — |
| FAST | FASTENAL CO | $75.2M | 1,619,617 | 0.66% | — |
| DHR | DANAHER CORP DEL | $74.9M | 395,138 | 0.66% | — |
| TMUS | T-MOBILE US INC | $74.8M | 356,246 | 0.65% | — |
| EQIX | EQUINIX INC | $73.1M | 74,539 | 0.64% | — |
| AME | AMETEK INC | $73.0M | 340,388 | 0.64% | — |
| ALLY | ALLY FINL INC | $72.8M | 1,855,646 | 0.64% | — |
| WEC | WEC ENERGY GROUP INC | $72.5M | 625,933 | 0.63% | — |
| ICE | INTERCONTINENTAL EXCHANGE IN | $72.1M | 458,403 | 0.63% | — |
| ODFL | OLD DOMINION FREIGHT LINE IN | $71.7M | 366,686 | 0.63% | — |
| VTR | VENTAS INC | $68.0M | 832,038 | 0.59% | — |
| MDT | MEDTRONIC PLC | $67.6M | 780,675 | 0.59% | — |
| ET | ENERGY TRANSFER L P | $64.7M | 3,349,808 | 0.57% | — |
| SYK | STRYKER CORPORATION | $64.4M | 195,902 | 0.56% | — |
| TT | TRANE TECHNOLOGIES PLC | $63.9M | 153,342 | 0.56% | — |
| HIG | HARTFORD INSURANCE GROUP INC | $63.6M | 470,507 | 0.56% | — |
| SLB | SLB LIMITED | $63.0M | 1,225,301 | 0.55% | — |
| ETN | EATON CORP PLC | $62.7M | 175,233 | 0.55% | — |
| NOW | SERVICENOW INC | $61.6M | 589,131 | 0.54% | — |
| CCL1EUR | CARNIVAL CORP | $59.5M | 2,299,900 | 0.52% | — |
| WM | WASTE MGMT INC DEL | $58.3M | 253,618 | 0.51% | — |
| PLD | PROLOGIS INC. | $58.0M | 438,567 | 0.51% | — |
| NXPI | NXP SEMICONDUCTORS N V | $56.8M | 288,562 | 0.50% | — |
| LNG | CHENIERE ENERGY INC | $56.0M | 197,266 | 0.49% | — |
| AXP | AMERICAN EXPRESS CO | $55.6M | 183,808 | 0.49% | — |
| PPH | VANECK ETF TRUST | $55.2M | 531,600 | 0.48% | — |
| SPOT | SPOTIFY TECHNOLOGY S A | $55.2M | 113,835 | 0.48% | — |
| PAAA | PGIM ETF TR | $51.2M | 1,000,000 | 0.45% | — |
| EWJ | ISHARES INC | $50.0M | 592,400 | 0.44% | — |
| VRT | VERTIV HOLDINGS CO | $49.6M | 198,138 | 0.43% | — |
| MNST | MONSTER BEVERAGE CORP NEW | $49.2M | 679,049 | 0.43% | — |
| TDG | TRANSDIGM GROUP INC | $44.7M | 38,587 | 0.39% | — |
| CAT | CATERPILLAR INC | $43.5M | 61,448 | 0.38% | — |
| XRT | SPDR SERIES TRUST | $42.4M | 526,600 | 0.37% | — |
| BSX | BOSTON SCIENTIFIC CORP | $42.1M | 671,695 | 0.37% | — |
| WDC | WESTERN DIGITAL CORP | $42.1M | 155,548 | 0.37% | — |
| WSO | WATSCO INC | $39.0M | 107,201 | 0.34% | — |
| NI | NISOURCE INC | $38.9M | 832,929 | 0.34% | — |
| PSA | PUBLIC STORAGE OPER CO | $37.6M | 138,658 | 0.33% | — |
| AJG | GALLAGHER ARTHUR J & CO | $35.8M | 165,200 | 0.31% | — |
| BA | BOEING CO | $35.7M | 179,601 | 0.31% | — |
| XLI | SELECT SECTOR SPDR TR | $35.6M | 219,865 | 0.31% | — |
| DXCM | DEXCOM INC | $34.4M | 547,893 | 0.30% | — |
| APH | AMPHENOL CORP | $28.3M | 223,954 | 0.25% | — |
| TOST | TOAST INC | $28.0M | 1,057,808 | 0.25% | — |
| ADBE | ADOBE INC | $21.8M | 89,675 | 0.19% | — |
| ASML | ASML HLDG NV | $19.2M | 14,539 | 0.17% | — |
| LRCX | LAM RESEARCH CORP | $16.1M | 75,560 | 0.14% | — |
| DIS | DISNEY WALT CO | $14.5M | 150,623 | 0.13% | — |
| SNDK | SANDISK CORP | $12.9M | 20,291 | 0.11% | — |
| LVS | LAS VEGAS SANDS CORP | $12.8M | 238,097 | 0.11% | — |
| LIN | LINDE PLC | $11.9M | 24,091 | 0.10% | — |
| TSM | TAIWAN SEMICONDUCTOR MANUFAC | $11.9M | 35,250 | 0.10% | — |
| CVX | CHEVRON CORPORATION | $11.1M | 53,618 | 0.10% | — |
| WPM | WHEATON PRECIOUS METALS CORP | $10.8M | 82,294 | 0.09% | — |
| EMXC | ISHARES INC | $10.8M | 137,000 | 0.09% | — |
| BMY | BRISTOL-MYERS SQUIBB CO | $10.2M | 167,645 | 0.09% | — |
| FTNT | FORTINET INC | $10.1M | 123,467 | 0.09% | — |
| CRM | SALESFORCE INC | $10.0M | 53,570 | 0.09% | — |
| BKNG | BOOKING HOLDINGS INC | $9.5M | 2,261 | 0.08% | — |
| RMD | RESMED INC | $8.6M | 38,119 | 0.07% | — |
| EW | EDWARDS LIFESCIENCES CORP | $8.5M | 106,214 | 0.07% | — |
| TEL | TE CONNECTIVITY PLC | $8.4M | 40,300 | 0.07% | — |
| ORLY | OREILLY AUTOMOTIVE INC | $8.1M | 88,005 | 0.07% | — |
| PM | PHILIP MORRIS INTL INC | $7.4M | 44,624 | 0.06% | — |
| RIO | RIO TINTO PLC | $7.3M | 78,262 | 0.06% | — |
| FERG | FERGUSON ENTERPRISES INC | $7.1M | 30,600 | 0.06% | — |
| INTU | INTUIT | $7.0M | 16,288 | 0.06% | — |
| KLAC | KLA CORP | $6.9M | 4,696 | 0.06% | — |
| MU | MICRON TECHNOLOGY INC | $6.9M | 20,404 | 0.06% | — |
| NET | CLOUDFLARE INC | $6.8M | 33,174 | 0.06% | — |
| MCD | MCDONALDS CORP | $6.8M | 21,894 | 0.06% | — |
| NOK | NOKIA CORP | $6.7M | 828,742 | 0.06% | — |
| MTD | METTLER TOLEDO INTERNATIONAL | $6.5M | 5,119 | 0.06% | — |
| KGC | KINROSS GOLD CORP | $6.2M | 204,644 | 0.05% | — |
| UPS | UNITED PARCEL SVCS INC | $5.8M | 59,462 | 0.05% | — |
| CNMD 2.25 06/15/27 | CONMED CORP | $5.8M | 6,000,000 | 0.05% | — |
| SHOP | SHOPIFY INC | $5.6M | 47,549 | 0.05% | — |
| CNQ | CANADIAN NAT RES LTD MED TER | $5.5M | 112,195 | 0.05% | — |
| PBR | PETROLEO BRASILEIRO S A | $5.4M | 260,836 | 0.05% | — |
| AMT | AMERICAN TOWER CORP | $5.4M | 31,234 | 0.05% | — |
| T | AT&T INC | $5.4M | 185,622 | 0.05% | — |
| VRSN | VERISIGN INC | $5.2M | 21,041 | 0.05% | — |
| MCO | MOODYS CORP | $5.2M | 11,900 | 0.05% | — |
| PEP | PEPSICO INC | $5.2M | 33,303 | 0.05% | — |
| DASH | DOORDASH INC | $5.0M | 33,272 | 0.04% | — |
| TXN | TEXAS INSTRS INC | $4.9M | 25,300 | 0.04% | — |
| B | BARRICK MNG CORP | $4.8M | 118,586 | 0.04% | — |
| CTSH | COGNIZANT TECHNOLOGY SOLUTIO | $4.7M | 77,221 | 0.04% | — |
| IDXX | IDEXX LABS INC | $4.7M | 8,406 | 0.04% | — |
| AEM | AGNICO EAGLE MINES LTD | $4.7M | 22,921 | 0.04% | — |
| CLS | CELESTICA INC | $4.6M | 16,482 | 0.04% | — |
| CPRT | COPART INC | $4.6M | 138,400 | 0.04% | — |
| PR | PERMIAN RESOURCES CORP | $4.5M | 208,846 | 0.04% | — |
| MO | ALTRIA GROUP INC | $4.4M | 66,501 | 0.04% | — |
| TPR | TAPESTRY INC | $4.0M | 28,623 | 0.04% | — |
| ELV | ELEVANCE HEALTH INC FORMERLY | $4.0M | 13,744 | 0.04% | — |
| DPZ | DOMINOS PIZZA INC | $3.8M | 10,614 | 0.03% | — |
| HLT | HILTON WORLDWIDE HLDGS INC | $3.7M | 12,316 | 0.03% | — |
| CSCO | CISCO SYS INC | $3.7M | 48,137 | 0.03% | — |
| PLTR | PALANTIR TECHNOLOGIES INC | $3.7M | 25,474 | 0.03% | — |
| AFL | AFLAC INC | $3.7M | 33,948 | 0.03% | — |
| CX | CEMEX SA EURO MTN BE 144A | $3.7M | 323,673 | 0.03% | — |
| CVS | CVS HEALTH CORP | $3.7M | 51,338 | 0.03% | — |
| GH | GUARDANT HEALTH INC | $3.6M | 39,502 | 0.03% | — |
| SU | SUNCOR ENERGY INC NEW | $3.5M | 53,681 | 0.03% | — |
| ENSG | ENSIGN GROUP INC | $3.4M | 16,927 | 0.03% | — |
| PGR | PROGRESSIVE CORP | $3.3M | 16,883 | 0.03% | — |
| MRK | MERCK & CO INC | $3.3M | 27,704 | 0.03% | — |
This table is the 150 largest positions by value, out of 493 reported. The search box only searches what is on this page — a name absent from it may still be in the filing further down the book. The full info table is here.
Rows are aggregated by CUSIP — a manager files the same security multiple times when different internal desks hold it. Tickers link to our own backtest of that asset where we cover it.
Read the original
This page was built from one document: the 2026-03-31 Form 13F info table filed by Employees Retirement System of Texas (CIK 1398739, accession 0001398739-26-000006). Every other 13F site is reading the same file.
One quirk worth naming: this manager still reports position values in thousands, although Form 13F has required whole dollars since 2023. We detect that by comparing this filing’s implied price per share against what every other manager holding the same securities reported for them this quarter — and multiply by 1,000. Figures on this page are therefore 1,000x the numbers you will read in the document itself.
If anything here disagrees with it, the filing wins — and we would want to know. All 13F filings by this manager
What a 13F cannot show you
A 13F is a long-only equity snapshot, and the holes in it are structural. Anyone selling you this data as "what the smart money is doing" is selling you one leg of a position:
- No short positions. None, ever. A fund shown here as bullish may be net short the same name through a book you cannot see.
- No cash, bonds, FX, commodities or non-US listings. A macro fund's entire thesis can be invisible.
- No intra-quarter round trips. Bought and sold inside the same quarter means it never appears at all.
- Options are notional, not ownership. We keep puts and calls in a separate bucket rather than adding their notional into a fund's book size, which is how a $2B fund gets reported as a $20B one.
- Confidential treatment. Managers can ask the SEC to withhold a position while they build it. Those holdings are legally absent from the filing, so a "new" position may be months old.
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