The Teacher Retirement System of Texas, one of the largest U.S. pensions, made notable portfolio shifts in the first quarter, according to Barron's. It cut positions in Nvidia, Tesla, and Apple, while initiating a stake in Rivian Automotive. Nvidia stock dropped 19% in the first quarter, pressured by Trump’s chip tariff threats and a $5.5 billion export-related charge. Tesla’s 36% decline in Q1 came as CEO Elon Musk’s role at the Department of Government Efficiency sparked protests. Apple shares fell 11% during the quarter, then faced further pressure from tariff fears before rebounding on news of exemptions and strong earnings. Rivian recently announced a micromobility spinoff and met delivery estimates despite a 6.4% quarterly share decline. TRS manages $209.5 billion in assets.
