Texas Teachers’ Pension Cuts Stakes in Nvidia, Tesla, and Apple—Adds Rivian to Portfolio

Texas Teachers’ Pension Cuts Stakes in Nvidia, Tesla, and Apple—Adds Rivian to Portfolio

The Teacher Retirement System (TRS) of Texas, one of the largest public pensions in the U.S., made significant portfolio shifts in the first quarter of 2025—trimming holdings in major tech names and initiating a position in EV startup Rivian Automotive.

According to a recent SEC filing, TRS reduced its positions in Nvidia, Tesla, and Apple, while acquiring 110,970 shares of Rivian, which had not previously been in the fund’s portfolio.

As of August 31, 2024, TRS managed $209.5 billion, ranking as the largest pension fund in Texas and sixth-largest nationwide.

• Nvidia: TRS sold 804,110 shares, reducing its stake to 7.93 million shares. Nvidia shares declined 19% in Q1 but are up 5.6% so far in Q2.

• Tesla: The fund cut 67,065 shares, following a 36% drop in Q1. Tesla stock has since rebounded 11%.

• Apple: TRS offloaded 708,310 shares, bringing its total to 4.96 million shares. Apple shares slid 11% in Q1 and are down an additional 7.6% since March.

TRS’s new stake in Rivian comes as the EV maker spins off a micromobility division, possibly focusing on electric scooters and e-bikes. Rivian met Q1 delivery targets, and while its stock fell 6.4% during the quarter, it has since risen 11%.