South Dakota Investment Council
Long book
$5.24B
Q1 2026
Positions
622
Top-10 weight
38%
concentration
Last quarter
+11.7%
SPY +14.8%
Turnover
6%
of book per quarter
Strategy in plain words
auto-generated from filingsSouth Dakota Investment Council is an institutional manager, running a $5.24B US long book across 622 positions.
The portfolio is moderately concentrated (top 10 ≈ 38% of the book). The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: VANGUARD FTSE EMERGING MARKE, ISHARES CORE U.S. AGGREGATE, NVIDIA CORP, APPLE INC, MICROSOFT CORP.
Over the last 9 quarters its long book ran on average 0.7pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. 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
Q1 2024
+2.4%
Q2 2024
+5.5%
Q3 2024
-0.9%
Q4 2024
-2.6%
Q1 2025
+6.8%
Q2 2025
+8.0%
Q3 2025
+3.7%
Q4 2025
-0.1%
Q1 2026
+11.7%
Sector allocation
Technology 28%
Financials 15%
Industrials 13%
Consumer discretionary 9%
Healthcare 8%
Energy 8%
Other 5%
Services media 5%
Long book by quarter
What does South Dakota own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NVDA NVIDIA CORP | Technology | 1.2M | $215.1M | 4.1% | +9.8% |
| AAPL APPLE INC | Technology | 749.7K | $190.3M | 3.6% | -0.4% |
| MSFT MICROSOFT CORP | Technology | 461.2K | $170.7M | 3.3% | +2.4% |
| AMZN AMAZON.COM INC | Consumer discretionary | 579.1K | $120.6M | 2.3% | +4.6% |
| GOOGL ALPHABET INC-CL A | Technology | 324.3K | $93.3M | 1.8% | -7.7% |
| VTOL BRISTOW GROUP INC | Industrials | 2.0M | $92.2M | 1.8% | -29.0% |
| GOOG ALPHABET INC-CL C | Technology | 268.8K | $77.1M | 1.5% | 0.0% |
| META META PLATFORMS INC-CLASS A | Technology | 116.6K | $66.7M | 1.3% | +0.5% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 110.4K | $52.9M | 1.0% | +0.5% |
| UNH UNITEDHEALTH GROUP INC | Financials | 173.5K | $46.9M | 0.9% | +6.4% |
| LLY ELI LILLY & CO | Healthcare | 45.2K | $41.6M | 0.8% | -5.5% |
| AVGO BROADCOM INC | Technology | 132.0K | $40.9M | 0.8% | +24.2% |
| COP CONOCOPHILLIPS | Energy | 303.8K | $40.1M | 0.8% | -11.3% |
| HUM HUMANA INC | Financials | 229.1K | $39.7M | 0.8% | +42.0% |
| USB US BANCORP | Financials | 724.4K | $37.7M | 0.7% | -0.5% |
| ELV ELEVANCE HEALTH INC | Financials | 121.2K | $35.5M | 0.7% | +7.9% |
| PFE PFIZER INC | Healthcare | 1.2M | $33.8M | 0.6% | -0.2% |
| EG EVEREST GROUP LTD | Financials | 101.9K | $33.3M | 0.6% | +8.7% |
| BBWI BATH & BODY WORKS INC | Consumer discretionary | 1.8M | $32.8M | 0.6% | +4.2% |
| V VISA INC-CLASS A SHARES | Services media | 97.4K | $29.4M | 0.6% | -0.5% |
| EOG EOG RESOURCES INC | Energy | 194.6K | $28.1M | 0.5% | -1.1% |
| CMCSA COMCAST CORP-CLASS A | Communications | 969.7K | $27.8M | 0.5% | +3.9% |
| AMAT APPLIED MATERIALS INC | Technology | 81.0K | $27.7M | 0.5% | -12.9% |
| TGT TARGET CORP | Consumer discretionary | 220.9K | $26.8M | 0.5% | -0.4% |
| UPS UNITED PARCEL SERVICE-CL B | Industrials | 271.2K | $26.7M | 0.5% | +0.3% |
| ZTS ZOETIS INC | Healthcare | 220.8K | $26.1M | 0.5% | +77.2% |
| TXN TEXAS INSTRUMENTS INC | Technology | 134.1K | $26.0M | 0.5% | -0.4% |
| XOM EXXON MOBIL CORP | Energy | 152.5K | $25.9M | 0.5% | -24.6% |
| OXY OCCIDENTAL PETROLEUM CORP | Energy | 393.1K | $25.5M | 0.5% | -12.2% |
| SLB SLB LTD | Energy | 495.9K | $25.5M | 0.5% | -11.7% |
| APA APA CORP | Energy | 597.0K | $25.3M | 0.5% | -26.0% |
| MA MASTERCARD INC - A | Services media | 50.5K | $25.2M | 0.5% | +7.0% |
| RGA REINSURANCE GROUP OF AMERICA | Financials | 118.4K | $24.2M | 0.5% | -4.2% |
| LYB LYONDELLBASELL INDU-CL A | Other | 293.5K | $23.6M | 0.5% | -0.9% |
| MOH MOLINA HEALTHCARE INC | Financials | 168.3K | $22.4M | 0.4% | +62.9% |
| STZ CONSTELLATION BRANDS INC-A | Consumer staples | 147.5K | $22.1M | 0.4% | -0.1% |
| ACGL ARCH CAPITAL GROUP LTD | Financials | 226.8K | $21.8M | 0.4% | +1.6% |
| MRK MERCK & CO. INC. | Healthcare | 180.0K | $21.6M | 0.4% | -11.1% |
| LBRT LIBERTY ENERGY INC | Energy | 747.2K | $21.5M | 0.4% | -17.6% |
| HAL HALLIBURTON CO | Energy | 548.9K | $21.4M | 0.4% | -20.1% |
| IQV IQVIA HOLDINGS INC | Healthcare | 122.2K | $20.8M | 0.4% | +33.4% |
| WFC WELLS FARGO & CO | Financials | 256.0K | $20.4M | 0.4% | +0.1% |
| AMD ADVANCED MICRO DEVICES | Technology | 99.5K | $20.2M | 0.4% | -11.2% |
| FANG DIAMONDBACK ENERGY INC | Energy | 102.1K | $20.2M | 0.4% | -1.6% |
| CHRD CHORD ENERGY CORP | Energy | 132.9K | $18.9M | 0.4% | -4.0% |
| TMO THERMO FISHER SCIENTIFIC INC | Other | 37.9K | $18.6M | 0.4% | +11.4% |
| MTDR MATADOR RESOURCES CO | Energy | 294.3K | $18.6M | 0.4% | -6.8% |
| JNJ JOHNSON & JOHNSON | Healthcare | 75.6K | $18.5M | 0.4% | -10.5% |
| CNC CENTENE CORP | Financials | 564.6K | $18.5M | 0.4% | -3.6% |
| PVH PVH CORP | Other | 258.6K | $18.0M | 0.3% | +18.1% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 18, 2026 | 622 | $5.24B | $K fixed canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 12, 2026 | 606 | $5.25B | $K fixed canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 12, 2025 | 606 | $5.14B | $K fixed canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 5, 2025 | 613 | $5.22B | $K fixed canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 5, 2025 | 596 | $4.89B | $K fixed canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 4, 2025 | 594 | $5.01B | $K fixed canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 4, 2024 | 589 | $5.12B | $K fixed canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 8, 2024 | 581 | $4.88B | $K fixed canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 2, 2024 | 584 | $4.81B | $K fixed canonical | SEC ↗ |
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