TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY

FRANKFORT, KY · CIK 714142 · 13F filing filed 2025-02-13

No investment adviser registration (Form ADV) found for this filer. It may be a parent company whose subsidiaries are the registered advisers, a bank or insurer, or a manager based outside the US.

Legal entityTeachers' Retirement System of the State of Kentucky (US)

$11.4bn reported value -0.7% vs Q3 2024

1,674positions

24.5%in top 10

37 new 157 added 718 reduced 40 sold out vs Q3 2024

This report includes the holdings of 24 other managers that share the investment decisions:

BAILLIE GIFFORD US EQ GROWTH STRATEGY – no 13F of its own this quarter
INTERNAL MGMT JL LOSEY SCHOLARSHIP FUND – no 13F of its own this quarter
INTERNAL MGMT S&P 400 INDEX – no 13F of its own this quarter
INTERNAL MGMT S&P 500 INDEX – no 13F of its own this quarter
INTERNAL MGMT S&P 600 INDEX – no 13F of its own this quarter
LIFE BAILLIE GIFFORD US EQ GROWTH – no 13F of its own this quarter
LIFE IN HOUSE HIGH YIELD BOND – no 13F of its own this quarter
LIFE S&P 400 STOCK INDEX – no 13F of its own this quarter

16 more

LIFE S&P 500 STOCK INDEX – no 13F of its own this quarter
LIFE S&P 600 STOCK INDEX – no 13F of its own this quarter
MED BAILLIE GIFFORD US EQ GROWTH – no 13F of its own this quarter
MED IN HOUSE HIGH YIELD BOND – no 13F of its own this quarter
MED S&P 400 STOCK INDEX – no 13F of its own this quarter
MED S&P 500 STOCK INDEX – no 13F of its own this quarter
MED S&P 600 STOCK INDEX – no 13F of its own this quarter
MED TODD INTL INTRINSIC VALUE – no 13F of its own this quarter
STATE STREET US PREMIER GROWTH – no 13F of its own this quarter
TODD INTERNATIONAL INTRINSIC VALUE – no 13F of its own this quarter
TODD INTL INTRINSIC VALUE OPPORTUNITY – no 13F of its own this quarter
TODD INTRINSIC VALUE OPPORTUNITY – no 13F of its own this quarter
TODD LARGE CAP INTRINSIC VALUE – no 13F of its own this quarter
UBS VALUE ORIENTED – no 13F of its own this quarter
WELLINGTON LARGE CAP EQUITY – no 13F of its own this quarter
WELLINGTON SMALL CAP EQUITY – no 13F of its own this quarter

Shares in two reports are counted once in each security's totals.

Holdings, Q4 2024

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	NVIDIA CORPORATION COM NVDA	NVDA	3,586,254	$481.6m4.23%	4.23%	Reduced -142.6k	-142,639 -3.8%
2	MICROSOFT CORP COM MSFT	MSFT	1,124,727	$474.1m4.16%	4.16%	Reduced -18.0k	-17,961 -1.6%
3	APPLE INC COM AAPL	AAPL	1,879,838	$470.7m4.13%	4.13%	Added +24.3k	+24,307 1.3%
4	AMAZON COM INC COM AMZN	AMZN	1,667,385	$365.8m3.21%	3.21%	Reduced -62.3k	-62,291 -3.6%
5	ALPHABET INC CAP STK CL A GOOGL	GOOGL	1,246,192	$235.9m2.07%	2.07%	Added +3.7k	+3,695 0.3%
6	BROADCOM INC COM AVGO	AVGO	904,891	$209.8m1.84%	1.84%	Reduced -53.8k	-53,799 -5.6%
7	META PLATFORMS INC CL A META	META	356,204	$208.6m1.83%	1.83%	Reduced -12.8k	-12,777 -3.5%
8	TESLA INC COM TSLA	TSLA	305,597	$123.4m1.08%	1.08%	Reduced -43.4k	-43,411 -12.4%
9	ALPHABET INC CAP STK CL C GOOG	GOOG	594,454	$113.2m0.99%	0.99%	Reduced -26.0k	-26,017 -4.2%
10	JPMORGAN CHASE & CO COM JPM	JPM	457,303	$109.6m0.96%	0.96%	Reduced -119.4k	-119,366 -20.7%
11	NETFLIX INC COM NFLX	NFLX	114,239	$101.8m0.89%	0.89%	Reduced -5.1k	-5,127 -4.3%
12	UNITEDHEALTH GROUP INC COM UNH	UNH	194,882	$98.6m0.87%	0.87%	Reduced -9.4k	-9,382 -4.6%
13	VISA INC COM CL A V	V	268,405	$84.8m0.74%	0.74%	Reduced -25.2k	-25,151 -8.6%
14	ELI LILLY & CO COM LLY	LLY	107,040	$82.6m0.73%	0.73%	Added +8.5k	+8,528 8.7%
15	AMERICAN EXPRESS CO COM AXP	AXP	266,570	$79.1m0.69%	0.69%	Added +79.6k	+79,566 42.5%
16	PROGRESSIVE CORP COM PGR	PGR	314,933	$75.5m0.66%	0.66%	Reduced -18.5k	-18,500 -5.5%
17	MASTERCARD INCORPORATED CL A MA	MA	140,915	$74.2m0.65%	0.65%	Reduced -1.3k	-1,347 -0.9%
18	WELLS FARGO CO NEW COM WFC	WFC	1,048,148	$73.6m0.65%	0.65%	Added +38.0k	+38,047 3.8%
19	UNITED RENTALS INC COM URI	URI	101,578	$71.6m0.63%	0.63%	Reduced -12.9k	-12,937 -11.3%
20	HOME DEPOT INC COM HD	HD	171,464	$66.7m0.59%	0.59%	Reduced -1.0k	-1,031 -0.6%
21	QUALCOMM INC COM QCOM	QCOM	431,036	$66.2m0.58%	0.58%	Added +59.4k	+59,352 16.0%
22	AUTOZONE INC COM AZO	AZO	20,063	$64.2m0.56%	0.56%	Reduced -350	-350 -1.7%
23	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	135,940	$61.6m0.54%	0.54%	Reduced -2.4k	-2,432 -1.8%
24	BANK AMERICA CORP COM BAC	BAC	1,377,777	$60.6m0.53%	0.53%	Reduced -47.7k	-47,717 -3.4%
25	CHUBB LIMITED COM CB	CB	214,387	$59.2m0.52%	0.52%	Added +1.7k	+1,678 0.8%
26	ORACLE CORP COM ORCL	ORCL	354,868	$59.1m0.52%	0.52%	Added +69.6k	+69,559 24.4%
27	PARKER-HANNIFIN CORP COM PH	PH	89,538	$56.9m0.50%	0.50%	Reduced -12.3k	-12,299 -12.1%
28	SALESFORCE INC COM CRM	CRM	164,765	$55.1m0.48%	0.48%	Reduced -12.1k	-12,148 -6.9%
29	FIFTH THIRD BANCORP COM FITB	FITB	1,298,563	$54.9m0.48%	0.48%	Reduced -32.1k	-32,086 -2.4%
30	SERVICENOW INC COM NOW	NOW	49,844	$52.8m0.46%	0.46%	Reduced -7.0k	-6,994 -12.3%
31	JABIL INC COM JBL	JBL	364,449	$52.4m0.46%	0.46%	Reduced -3.2k	-3,193 -0.9%
32	CITIZENS FINL GROUP INC COM CFG	CFG	1,123,814	$49.2m0.43%	0.43%	Reduced -11.3k	-11,338 -1.0%
33	INTERNATIONAL BUSINESS MACHS COM IBM	IBM	222,495	$48.9m0.43%	0.43%	Reduced -262	-262 -0.1%
34	COSTCO WHSL CORP NEW COM COST	COST	53,084	$48.6m0.43%	0.43%	Reduced -3.9k	-3,912 -6.9%
35	EXXON MOBIL CORP COM XOM	XOM	448,921	$48.3m0.42%	0.42%	Added +110.4k	+110,432 32.6%
36	ABBVIE INC COM ABBV	ABBV	271,077	$48.2m0.42%	0.42%	Reduced -2.6k	-2,573 -0.9%
37	SHELL PLC SPON ADS SHEL	SHEL	762,190	$47.8m0.42%	0.42%	Added +26.0k	+26,020 3.5%
38	MERCK & CO INC COM MRK	MRK	448,903	$44.7m0.39%	0.39%	Reduced -70.2k	-70,181 -13.5%
39	PROCTER AND GAMBLE CO COM PG	PG	264,630	$44.4m0.39%	0.39%	Reduced -9.4k	-9,447 -3.5%
40	MASCO CORP COM MAS	MAS	608,017	$44.1m0.39%	0.39%	Reduced -47.9k	-47,897 -7.3%
41	AMERIPRISE FINL INC COM AMP	AMP	81,422	$43.4m0.38%	0.38%	Reduced -6.7k	-6,726 -7.6%
42	THE TRADE DESK INC COM CL A TTD	TTD	362,712	$42.6m0.37%	0.37%	Unchanged
43	MORGAN STANLEY COM NEW MS	MS	336,005	$42.2m0.37%	0.37%	Reduced -144.2k	-144,200 -30.0%
44	RTX CORPORATION COM RTX	RTX	361,472	$41.8m0.37%	0.37%	Reduced -39.2k	-39,157 -9.8%
45	TOTALENERGIES SE SPONSORED ADS SPONSORED ADS		751,650	$41.0m0.36%	0.36%	Added +26.2k	+26,180 3.6%
46	APOLLO GLOBAL MGMT INC COM APO	APO	247,992	$41.0m0.36%	0.36%	Added +9.2k	+9,192 3.9%
47	BOOKING HOLDINGS INC COM BKNG	BKNG	8,129	$40.4m0.35%	0.35%	Added +146	+146 1.8%
48	ULTA BEAUTY INC COM ULTA	ULTA	92,172	$40.1m0.35%	0.35%	Added +6.9k	+6,900 8.1%
49	RIO TINTO PLC SPONSORED ADR RIO	RIO	671,370	$39.5m0.35%	0.35%	Added +21.2k	+21,190 3.3%
50	FISERV INC COM FISV	FISV	184,456	$37.9m0.33%	0.33%	Reduced -31.5k	-31,529 -14.6%
51	WALMART INC COM WMT	WMT	418,189	$37.8m0.33%	0.33%	Added +91.8k	+91,792 28.1%
52	TEVA PHARMACEUTICAL INDS LTD SPONSORED ADS SPONSORED ADS		1,710,000	$37.7m0.33%	0.33%	New
53	NXP SEMICONDUCTORS N V COM NXPI	NXPI	180,907	$37.6m0.33%	0.33%	Reduced -8.4k	-8,377 -4.4%
54	LULULEMON ATHLETICA INC COM LULU	LULU	97,067	$37.1m0.33%	0.33%	Added +88.5k	+88,500 1033.0%
55	ABBOTT LABS COM ABT	ABT	326,203	$36.9m0.32%	0.32%	Reduced -1.1k	-1,085 -0.3%
56	SHOPIFY INC CL A SUB VTG SHS SHOP	SHOP	342,030	$36.4m0.32%	0.32%	Unchanged
57	CUMMINS INC COM CMI	CMI	102,592	$35.8m0.31%	0.31%	Reduced -179	-179 -0.2%
58	ADOBE INC COM ADBE	ADBE	80,022	$35.6m0.31%	0.31%	Added +5.9k	+5,869 7.9%
59	CRH PLC ORD CRH	CRH	380,840	$35.2m0.31%	0.31%	Added +25.4k	+25,430 7.2%
60	PHILIP MORRIS INTL INC COM PM	PM	291,492	$35.1m0.31%	0.31%	Reduced -17.0k	-16,991 -5.5%
61	ROYAL CARIBBEAN GROUP COM RCL	RCL	151,463	$34.9m0.31%	0.31%	Added +300	+300 0.2%
62	THERMO FISHER SCIENTIFIC INC COM TMO	TMO	66,746	$34.7m0.30%	0.30%	Added +1.3k	+1,321 2.0%
63	DICKS SPORTING GOODS INC COM DKS	DKS	145,382	$33.3m0.29%	0.29%	Reduced -900	-900 -0.6%
64	DECKERS OUTDOOR CORP COM DECK	DECK	163,758	$33.3m0.29%	0.29%	Added +149.7k	+149,669 1062.3%
65	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	56,594	$33.2m0.29%	0.29%	Unchanged
66	ONEOK INC NEW COM OKE	OKE	327,240	$32.9m0.29%	0.29%	Reduced -54.0k	-54,000 -14.2%
67	DELL TECHNOLOGIES INC CL C DELL	DELL	284,100	$32.7m0.29%	0.29%	Added +20.0k	+20,000 7.6%
68	AMGEN INC COM AMGN	AMGN	123,778	$32.3m0.28%	0.28%	Reduced -342	-342 -0.3%
69	SYNCHRONY FINANCIAL COM SYF	SYF	492,351	$32.0m0.28%	0.28%	Added +22.1k	+22,068 4.7%
70	ON SEMICONDUCTOR CORP COM ON	ON	504,388	$31.8m0.28%	0.28%	Reduced -2.4k	-2,433 -0.5%
71	KLA CORP COM NEW KLAC	KLAC	50,250	$31.7m0.28%	0.28%	Reduced -2.0k	-1,981 -3.8%
72	GENERAL MTRS CO COM GM	GM	594,256	$31.7m0.28%	0.28%	Added +55.4k	+55,367 10.3%
73	EXPEDIA GROUP INC COM NEW EXPE	EXPE	168,880	$31.5m0.28%	0.28%	Reduced -13.0k	-12,998 -7.2%
74	TAPESTRY INC COM TPR	TPR	480,430	$31.4m0.28%	0.28%	Reduced -578	-578 -0.1%
75	HCA HEALTHCARE INC COM HCA	HCA	103,540	$31.1m0.27%	0.27%	Reduced -924	-924 -0.9%
76	ALTRIA GROUP INC COM MO	MO	590,762	$30.9m0.27%	0.27%	Reduced -3.3k	-3,270 -0.6%
77	AERCAP HOLDINGS NV SHS AER	AER	322,270	$30.8m0.27%	0.27%	Added +21.5k	+21,510 7.2%
78	VERIZON COMMUNICATIONS INC COM VZ	VZ	741,766	$29.7m0.26%	0.26%	Added +117.0k	+117,021 18.7%
79	SCHLUMBERGER LTD COM STK SLB	SLB	769,302	$29.5m0.26%	0.26%	Added +7.4k	+7,427 1.0%
80	MITSUBISHI UFJ FINL GROUP IN SPONSORED ADS MUFG	MUFG	2,509,710	$29.4m0.26%	0.26%	Added +167.6k	+167,570 7.2%
81	RALPH LAUREN CORP CL A RL	RL	123,705	$28.6m0.25%	0.25%	Reduced -2.8k	-2,800 -2.2%
82	BARCLAYS PLC ADR BCS	BCS	2,133,020	$28.3m0.25%	0.25%	Added +142.4k	+142,420 7.2%
83	JACOBS SOLUTIONS INC COM J	J	211,934	$28.3m0.25%	0.25%	Reduced -151	-151 -0.1%
84	STATE STR CORP COM STT	STT	287,485	$28.2m0.25%	0.25%	Reduced -23.4k	-23,424 -7.5%
85	ING GROEP N.V. SPONSORED ADR ING	ING	1,774,430	$27.8m0.24%	0.24%	Added +121.6k	+121,620 7.4%
86	KROGER CO COM KR	KR	453,562	$27.7m0.24%	0.24%	Reduced -7.8k	-7,844 -1.7%
87	FOX CORP CL A COM FOXA	FOXA	561,981	$27.3m0.24%	0.24%	Reduced -73.5k	-73,530 -11.6%
88	DISNEY WALT CO COM DIS	DIS	244,608	$27.2m0.24%	0.24%	Reduced -11.6k	-11,591 -4.5%
89	NATWEST GROUP PLC SPONS ADR NWG	NWG	2,673,551	$27.2m0.24%	0.24%	Added +127.7k	+127,680 5.0%
90	MARSH & MCLENNAN COS INC COM MRSH	MRSH	127,693	$27.1m0.24%	0.24%	Reduced -8.7k	-8,675 -6.4%
91	DOORDASH INC CL A DASH	DASH	161,200	$27.0m0.24%	0.24%	Unchanged
92	NVR INC COM NVR	NVR	3,284	$26.9m0.24%	0.24%	Unchanged
93	EASTMAN CHEM CO COM EMN	EMN	292,649	$26.7m0.23%	0.23%	Reduced -307	-307 -0.1%
94	CAPITAL ONE FINL CORP COM COF	COF	149,860	$26.7m0.23%	0.23%	Added +121.0k	+121,025 419.7%
95	AMERICAN INTL GROUP INC COM NEW AIG	AIG	364,795	$26.6m0.23%	0.23%	Added +31.9k	+31,891 9.6%
96	ADVANCED MICRO DEVICES INC COM AMD	AMD	217,900	$26.3m0.23%	0.23%	Reduced -10.1k	-10,095 -4.4%
97	FIRST SOLAR INC COM FSLR	FSLR	148,843	$26.2m0.23%	0.23%	Added +26.0k	+26,000 21.2%
98	JOHNSON & JOHNSON COM JNJ	JNJ	178,515	$25.8m0.23%	0.23%	Reduced -3.9k	-3,917 -2.1%
99	KB FINL GROUP INC SPONSORED ADR KB	KB	447,400	$25.5m0.22%	0.22%	Added +21.0k	+20,970 4.9%
100	VERTEX PHARMACEUTICALS INC COM VRTX	VRTX	63,057	$25.4m0.22%	0.22%	Reduced -33.8k	-33,779 -34.9%

Sold out since Q3 2024

Security	Ticker	Shares held before	Value then
ARISTA NETWORKS INC		176,556	$16.9m176.6k shares
SOUTHWESTERN ENERGY CO SWN	SWN	2,119,999	$15.1m2.1m shares
UBS GROUP AG UBS	UBS	413,250	$12.8m413.2k shares
APTIV PLC 99911EUR	99911EUR	153,043	$11.0m153.0k shares
BLACKROCK INC BLK	BLK	10,494	$10.0m10.5k shares
ICON PLC ICLR	ICLR	31,300	$9.0m31.3k shares
LAM RESEARCH CORP		99,170	$8.1m99.2k shares
STELLANTIS N.V STLA	STLA	409,000	$5.7m409.0k shares
BANCO BILBAO VIZCAYA ARGENTA BBVA	BBVA	324,470	$3.5m324.5k shares
AEGON LTD AEG	AEG	537,800	$3.4m537.8k shares
FRONTLINE PLC FRO	FRO	143,510	$3.3m143.5k shares
COURSERA INC COUR	COUR	317,776	$2.5m317.8k shares
STERICYCLE INC SRCL	SRCL	30,718	$1.9m30.7k shares
SUPER MICRO COMPUTER INC		4,314	$1.8m4.3k shares
ISHARES TR IWM	IWM	5,933	$1.3m5.9k shares
MARATHON OIL CORP MRO	MRO	44,744	$1.2m44.7k shares
VARONIS SYS INC VRNS	VRNS	20,460	$1.2m20.5k shares
ENVESTNET INC ENV	ENV	17,510	$1.1m17.5k shares
R1 RCM INC		65,567	$929.0k65.6k shares
PERFICIENT INC PRFT	PRFT	11,228	$847.0k11.2k shares
CATALENT INC CTLT	CTLT	13,501	$817.0k13.5k shares
VISTA OUTDOOR INC VSTO	VSTO	18,341	$719.0k18.3k shares
INSMED INC INSM	INSM	9,400	$686.0k9.4k shares
VECTOR GROUP LTD VGR	VGR	45,688	$682.0k45.7k shares
SAVARA INC SVRA	SVRA	132,425	$561.0k132.4k shares