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Teachers Retirement System of the State of Kentucky
The Teachers' Retirement System of the State of Kentucky (TRS) is a public pension fund headquartered in Frankfort, Kentucky. Founded in 1940, TRS is the largest financial institution in Kentucky, providing retirement, disability, life insurance, and retiree health insurance benefits to current and retired public school teachers in the state. The system is managed by an executive director, a chief investment officer, a board of trustees, and a professional staff. TRS serves over 140,000 active and retired teachers and employees, administering pension and health benefits in accordance with state law. It employs a dedicated staff to manage benefit administration and investment management functions.
Investment Strategy
TRS pursues a diversified, long-term investment strategy aimed at ensuring the retirement security of Kentucky’s teachers. Asset allocation includes domestic and international equities, fixed income, real estate, private equity, and additional alternative assets. The investment program is managed in-house by professional staff overseen by an Investment Committee and the TRS Board, with experienced external investment managers also engaged. The approach emphasizes disciplined investing, risk control, and performance benchmarking, seeking to provide stable, sustainable returns to meet pension obligations while managing volatility and maintaining low costs. Asset allocation as of June 30, 2024: 40.3% domestic equity, 19.9% international equity, 13.3% fixed income, 8.1% private equity, 6.6% real estate, 1.1% cash equivalents, and approximately 10.7% in additional categories.
Latest 13F Filing Activity
Teachers Retirement System of the State of Kentucky filed their most recent 13F report on Jun 30, 2025 disclosing 1,643 equity positions with a total 13F market value of $12B. The fund increased holdings in Nvidia Corp., Microsoft, Broadcom Inc. among other positions. Teachers Retirement System of the State of Kentucky reduced exposure to Unitedhealth Group Inc., Progressive Corp. Ohio, Autozone Inc. among others.
Top Holdings
Equity Positions (1,643)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
N NVDA | NVIDIA CORP | 4.60% | $568.2M | 3,596,131 | $16.91 | $157.99 | +$173.3M |
M MSFT | MICROSOFT | 4.45% | $549.7M | 1,105,185 | $237.33 | $497.41 | +$141.6M |
A AAPL | APPLE INC | 3.31% | $408.6M | 1,991,461 | $144.13 | $205.17 | -$22.2M |
A AMZN | AMAZON.COM INC | 3.02% | $373.3M | 1,701,425 | $114.52 | $219.39 | +$45.7M |
M META | META PLATFORMS INC | 2.45% | $302.5M | 409,816 | $228.96 | $738.09 | +$64.8M |
Industry Allocation
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