North Dakota State Investment Board
Long book
$2.31B
Q1 2026
Positions
752
Top-10 weight
41%
concentration
Last quarter
+12.1%
SPY +14.8%
Turnover
11%
of book per quarter
Strategy in plain words
auto-generated from filingsNorth Dakota State Investment Board is an institutional manager, running a $2.31B US long book across 752 positions.
The portfolio is moderately concentrated (top 10 ≈ 41% of the book). Turnover is modest: positions are typically held for years. Current anchor positions: ISHARES BROAD USD INVESTMENT, ISHR IBX USD INVGD CB ETF-UI, NVIDIA CORP, APPLE INC, MICROSOFT CORP.
Signal value of individual moves is limited — treat changes as weak evidence.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q4 2025
-3.7%
Q1 2026
+12.1%
Sector allocation
Technology 39%
Financials 11%
Industrials 11%
Consumer discretionary 10%
Healthcare 8%
Services media 5%
Utilities 3%
Energy 3%
Long book by quarter
What does North Dakota own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NVDA NVIDIA CORP | Technology | 678.2K | $118.3M | 5.1% | -15.4% |
| AAPL APPLE INC | Technology | 422.4K | $107.2M | 4.6% | -15.5% |
| MSFT MICROSOFT CORP | Technology | 214.9K | $79.6M | 3.4% | -15.5% |
| AMZN AMAZON.COM INC | Consumer discretionary | 278.0K | $57.9M | 2.5% | -15.5% |
| GOOGL ALPHABET INC-CL A | Technology | 168.4K | $48.4M | 2.1% | -15.5% |
| AVGO BROADCOM INC | Technology | 133.8K | $41.4M | 1.8% | -15.5% |
| GOOG ALPHABET INC-CL C | Technology | 137.1K | $39.3M | 1.7% | -15.5% |
| META META PLATFORMS INC-CLASS A | Technology | 63.3K | $36.2M | 1.6% | -15.5% |
| TSLA TESLA INC | Industrials | 81.8K | $30.4M | 1.3% | -15.3% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 53.4K | $25.6M | 1.1% | -15.5% |
| JPM JPMORGAN CHASE & CO | Financials | 78.7K | $23.2M | 1.0% | -17.4% |
| LLY ELI LILLY & CO | Healthcare | 23.2K | $21.4M | 0.9% | -15.5% |
| XOM EXXON MOBIL CORP | Energy | 122.4K | $20.8M | 0.9% | -17.7% |
| JNJ JOHNSON & JOHNSON | Healthcare | 69.7K | $17.0M | 0.7% | -15.5% |
| WMT WALMART INC | Consumer discretionary | 126.1K | $15.7M | 0.7% | -15.5% |
| V VISA INC-CLASS A SHARES | Services media | 48.8K | $14.7M | 0.6% | -16.5% |
| COST COSTCO WHOLESALE CORP | Consumer discretionary | 12.9K | $12.8M | 0.6% | -15.5% |
| NFLX NETFLIX INC | Services media | 122.8K | $11.8M | 0.5% | -15.5% |
| MA MASTERCARD INC - A | Services media | 23.3K | $11.6M | 0.5% | -16.4% |
| CVX CHEVRON CORP | Energy | 54.3K | $11.2M | 0.5% | -17.6% |
| ABBV ABBVIE INC | Healthcare | 51.3K | $11.2M | 0.5% | -15.5% |
| MU MICRON TECHNOLOGY INC | Technology | 32.4K | $10.9M | 0.5% | -15.5% |
| PG PROCTER & GAMBLE CO/THE | Other | 68.1K | $9.8M | 0.4% | -15.5% |
| CAT CATERPILLAR INC | Industrials | 13.4K | $9.5M | 0.4% | -15.5% |
| AMD ADVANCED MICRO DEVICES | Technology | 46.7K | $9.5M | 0.4% | -15.5% |
| HD HOME DEPOT INC | Consumer discretionary | 28.9K | $9.5M | 0.4% | -15.5% |
| PLTR PALANTIR TECHNOLOGIES INC-A | Technology | 64.4K | $9.4M | 0.4% | -15.3% |
| BAC BANK OF AMERICA CORP | Financials | 192.7K | $9.4M | 0.4% | -16.7% |
| CSCO CISCO SYSTEMS INC | Technology | 117.7K | $9.1M | 0.4% | -15.3% |
| MRK MERCK & CO. INC. | Healthcare | 73.0K | $8.8M | 0.4% | -15.5% |
| KO COCA-COLA CO/THE | Consumer staples | 112.7K | $8.6M | 0.4% | -15.5% |
| GE GENERAL ELECTRIC | Industrials | 30.1K | $8.6M | 0.4% | -16.4% |
| AMAT APPLIED MATERIALS INC | Technology | 23.2K | $7.9M | 0.3% | -15.5% |
| LRCX LAM RESEARCH CORP | Industrials | 36.4K | $7.8M | 0.3% | -17.1% |
| RTX RTX CORP | Industrials | 38.8K | $7.5M | 0.3% | -15.5% |
| PM PHILIP MORRIS INTERNATIONAL | Consumer staples | 45.1K | $7.5M | 0.3% | -15.5% |
| WFC WELLS FARGO & CO | Financials | 91.1K | $7.3M | 0.3% | -17.7% |
| GS GOLDMAN SACHS GROUP INC | Financials | 8.5K | $7.2M | 0.3% | -17.4% |
| ORCL ORACLE CORP | Technology | 48.8K | $7.2M | 0.3% | -14.1% |
| UNH UNITEDHEALTH GROUP INC | Financials | 26.4K | $7.1M | 0.3% | -15.5% |
| GEV GE VERNOVA INC | Industrials | 7.9K | $6.9M | 0.3% | -15.5% |
| LIN LINDE PLC | Materials | 13.6K | $6.7M | 0.3% | -15.5% |
| IBM INTL BUSINESS MACHINES CORP | Technology | 27.0K | $6.5M | 0.3% | -15.5% |
| MCD MCDONALD'S CORP | Consumer discretionary | 20.7K | $6.4M | 0.3% | -15.5% |
| VZ VERIZON COMMUNICATIONS INC | Communications | 123.6K | $6.2M | 0.3% | -15.4% |
| PEP PEPSICO INC | Consumer staples | 39.7K | $6.2M | 0.3% | -15.5% |
| C CITIGROUP INC | Financials | 51.4K | $5.8M | 0.3% | -17.9% |
| T AT&T INC | Communications | 200.3K | $5.8M | 0.3% | -16.7% |
| INTC INTEL CORP | Technology | 127.9K | $5.6M | 0.2% | -14.7% |
| KLAC KLA CORP | Other | 3.8K | $5.6M | 0.2% | -16.5% |
13F filing history
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