Maryland State Retirement & Pension System
Long book
$4.92B
Q1 2026
Positions
1352
Top-10 weight
24%
concentration
Last quarter
+10.2%
SPY +14.8%
Turnover
7%
of book per quarter
Strategy in plain words
auto-generated from filingsMaryland State Retirement & Pension System is a mechanically diversified allocator, running a $4.92B US long book across 1352 positions.
The portfolio is broadly diversified across 1352 positions (top 10 only 24%). The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: NVIDIA CORP, APPLE INC, ENBRIDGE INC, MICROSOFT CORP, AMAZON.COM INC.
Over the last 9 quarters its long book ran on average 0.2pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+3.0%
Q2 2024
+7.9%
Q3 2024
+1.7%
Q4 2024
-1.9%
Q1 2025
+7.4%
Q2 2025
+7.3%
Q3 2025
+1.8%
Q4 2025
+1.5%
Q1 2026
+10.2%
Sector allocation
Technology 26%
Utilities 22%
Financials 10%
Energy 9%
Industrials 9%
Healthcare 6%
Consumer discretionary 6%
Services media 3%
Long book by quarter
What does Maryland State own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NVDA NVIDIA CORP | Technology | 1.2M | $205.1M | 4.2% | +0.4% |
| AAPL APPLE INC | Technology | 723.8K | $183.7M | 3.7% | -0.8% |
| ENB ENBRIDGE INC | Energy | 2.9M | $158.2M | 3.2% | +7.2% |
| MSFT MICROSOFT CORP | Technology | 372.6K | $137.9M | 2.8% | +0.4% |
| AMZN AMAZON.COM INC | Consumer discretionary | 482.0K | $100.4M | 2.0% | +0.4% |
| TRP TC ENERGY CORP | Utilities | 1.4M | $87.0M | 1.8% | +7.2% |
| WMB WILLIAMS COS INC | Utilities | 1.2M | $84.6M | 1.7% | -4.1% |
| GOOGL ALPHABET INC-CL A | Technology | 292.0K | $84.0M | 1.7% | +0.4% |
| AVGO BROADCOM INC | Technology | 231.9K | $71.8M | 1.5% | +0.4% |
| GOOG ALPHABET INC-CL C | Technology | 237.7K | $68.2M | 1.4% | +0.4% |
| META META PLATFORMS INC-CLASS A | Technology | 109.7K | $62.7M | 1.3% | +0.4% |
| KMI KINDER MORGAN INC | Utilities | 1.9M | $62.5M | 1.3% | -4.1% |
| SRE SEMPRA | Utilities | 622.0K | $60.4M | 1.2% | -4.0% |
| LNG CHENIERE ENERGY INC | Utilities | 204.8K | $58.1M | 1.2% | -4.2% |
| ET ENERGY TRANSFER LP | Utilities | 2.8M | $55.0M | 1.1% | -4.4% |
| OKE ONEOK INC | Utilities | 598.4K | $54.1M | 1.1% | -4.1% |
| TSLA TESLA INC | Industrials | 141.7K | $52.7M | 1.1% | +0.4% |
| TRGP TARGA RESOURCES CORP | Utilities | 204.3K | $51.2M | 1.0% | -4.1% |
| EPD ENTERPRISE PRODUCTS PARTNERS | Utilities | 1.3M | $49.5M | 1.0% | -4.3% |
| EXC EXELON CORP | Utilities | 973.7K | $47.7M | 1.0% | -3.0% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 92.8K | $44.5M | 0.9% | +0.6% |
| JPM JPMORGAN CHASE & CO | Financials | 136.7K | $40.2M | 0.8% | +0.5% |
| ED CONSOLIDATED EDISON INC | Utilities | 343.8K | $38.9M | 0.8% | -4.1% |
| FER FERROVIAL NV | Industrials | 593.0K | $38.0M | 0.8% | +7.2% |
| LLY ELI LILLY & CO | Healthcare | 40.2K | $37.0M | 0.8% | +0.3% |
| PCG P G & E CORP | Utilities | 2.1M | $36.8M | 0.7% | -4.1% |
| XOM EXXON MOBIL CORP | Energy | 212.6K | $36.1M | 0.7% | +0.5% |
| FTS FORTIS INC | Utilities | 621.2K | $34.7M | 0.7% | +7.6% |
| AZN ASTRAZENECA PLC | Healthcare | 169.6K | $33.0M | 0.7% | New |
| PBA PEMBINA PIPELINE CORP | Energy | 712.8K | $31.9M | 0.6% | +7.2% |
| TTE TOTALENERGIES SE | Energy | 327.0K | $30.6M | 0.6% | +17.5% |
| JNJ JOHNSON & JOHNSON | Healthcare | 121.1K | $29.6M | 0.6% | +0.7% |
| ATO ATMOS ENERGY CORP | Utilities | 157.0K | $29.0M | 0.6% | -1.4% |
| WMT WALMART INC | Consumer discretionary | 218.3K | $27.1M | 0.6% | +0.2% |
| CNP CENTERPOINT ENERGY INC | Utilities | 621.2K | $26.8M | 0.5% | -4.0% |
| EIX EDISON INTERNATIONAL | Utilities | 366.1K | $26.8M | 0.5% | -4.0% |
| V VISA INC-CLASS A SHARES | Services media | 84.7K | $25.6M | 0.5% | +0.6% |
| RY ROYAL BANK OF CANADA | Financials | 158.4K | $25.6M | 0.5% | +6.8% |
| AEM AGNICO EAGLE MINES LTD | Materials | 125.3K | $25.4M | 0.5% | -5.6% |
| AWK AMERICAN WATER WORKS CO INC | Utilities | 185.8K | $25.3M | 0.5% | -4.0% |
| ES EVERSOURCE ENERGY | Utilities | 356.6K | $24.7M | 0.5% | -4.2% |
| COST COSTCO WHOLESALE CORP | Consumer discretionary | 22.4K | $22.3M | 0.5% | +0.5% |
| TD TORONTO-DOMINION BANK | Financials | 237.8K | $22.2M | 0.5% | +1.5% |
| B BARRICK MINING CORP | Materials | 538.9K | $22.0M | 0.4% | -7.1% |
| SHOP SHOPIFY INC - CLASS A | Technology | 180.5K | $21.4M | 0.4% | +1.2% |
| NI NISOURCE INC | Utilities | 455.8K | $21.3M | 0.4% | -3.5% |
| SU SUNCOR ENERGY INC | Energy | 313.0K | $20.7M | 0.4% | -6.1% |
| NFLX NETFLIX INC | Services media | 212.9K | $20.5M | 0.4% | +0.2% |
| MA MASTERCARD INC - A | Services media | 40.5K | $20.2M | 0.4% | +0.7% |
| CVX CHEVRON CORP | Energy | 94.4K | $19.5M | 0.4% | +0.6% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 4, 2026 | 1352 | $4.92B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 1369 | $4.86B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 29, 2025 | 1368 | $4.76B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 23, 2025 | 1488 | $4.57B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 12, 2025 | 1450 | $4.20B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 11, 2025 | 1512 | $4.64B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 12, 2024 | 1521 | $4.76B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Jul 30, 2024 | 1547 | $5.42B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Apr 19, 2024 | 1535 | $5.02B | canonical | SEC ↗ |
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