State of Alaska, Department of Revenue
Long book
$9.25B
Q1 2026
Positions
2192
Top-10 weight
27%
concentration
Last quarter
+15.0%
SPY +14.8%
Turnover
2%
of book per quarter
Strategy in plain words
auto-generated from filingsState of Alaska, Department of Revenue is a mechanically diversified allocator, running a $9.25B US long book across 2192 positions.
The portfolio is moderately concentrated (top 10 ≈ 27% of the book). The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: NVIDIA CORP, APPLE INC, MICROSOFT CORP, AMAZON.COM INC, ALPHABET INC-CL A.
Over the last 9 quarters its long book ran on average 0.3pp per quarter behind the S&P 500, beating the index in 4 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
+2.3%
Q2 2024
+7.2%
Q3 2024
+1.1%
Q4 2024
-4.1%
Q1 2025
+8.7%
Q2 2025
+7.6%
Q3 2025
+2.0%
Q4 2025
-2.5%
Q1 2026
+15.0%
Sector allocation
Technology 37%
Financials 12%
Industrials 11%
Consumer discretionary 9%
Healthcare 8%
Services media 5%
Other 4%
Utilities 4%
Long book by quarter
What does State of own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NVDA NVIDIA CORP | Technology | 2.8M | $489.9M | 5.3% | +1.9% |
| AAPL APPLE INC | Technology | 1.9M | $471.1M | 5.1% | +0.7% |
| MSFT MICROSOFT CORP | Technology | 942.7K | $349.0M | 3.8% | -0.4% |
| AMZN AMAZON.COM INC | Consumer discretionary | 1.2M | $241.8M | 2.6% | +0.4% |
| GOOGL ALPHABET INC-CL A | Technology | 671.0K | $193.0M | 2.1% | +0.3% |
| GOOG ALPHABET INC-CL C | Technology | 670.4K | $192.3M | 2.1% | +0.5% |
| AVGO BROADCOM INC | Technology | 560.8K | $173.6M | 1.9% | -0.5% |
| META META PLATFORMS INC-CLASS A | Technology | 281.0K | $160.8M | 1.7% | +0.5% |
| TSLA TESLA INC | Industrials | 326.1K | $121.2M | 1.3% | -0.5% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 235.6K | $112.9M | 1.2% | +0.2% |
| XOM EXXON MOBIL CORP | Energy | 523.0K | $88.7M | 1.0% | -3.3% |
| LLY ELI LILLY & CO | Healthcare | 94.2K | $86.6M | 0.9% | +0.3% |
| JPM JPMORGAN CHASE & CO | Financials | 268.4K | $78.9M | 0.9% | -1.0% |
| JNJ JOHNSON & JOHNSON | Healthcare | 311.2K | $76.1M | 0.8% | +0.5% |
| WMT WALMART INC | Consumer discretionary | 501.6K | $62.3M | 0.7% | +1.1% |
| MU MICRON TECHNOLOGY INC | Technology | 171.6K | $58.0M | 0.6% | +10.3% |
| COST COSTCO WHOLESALE CORP | Consumer discretionary | 56.2K | $56.0M | 0.6% | +0.2% |
| MA MASTERCARD INC - A | Services media | 110.4K | $55.2M | 0.6% | -0.8% |
| ABBV ABBVIE INC | Healthcare | 242.6K | $52.8M | 0.6% | +0.3% |
| V VISA INC-CLASS A SHARES | Services media | 166.4K | $50.3M | 0.5% | -1.1% |
| CVX CHEVRON CORP | Energy | 235.1K | $48.6M | 0.5% | +1.8% |
| AMD ADVANCED MICRO DEVICES | Technology | 213.9K | $43.5M | 0.5% | +4.9% |
| NFLX NETFLIX INC | Services media | 448.4K | $43.1M | 0.5% | -0.5% |
| PG PROCTER & GAMBLE CO/THE | Other | 296.7K | $42.9M | 0.5% | -0.5% |
| PLTR PALANTIR TECHNOLOGIES INC-A | Technology | 284.8K | $41.7M | 0.5% | +21.0% |
| CSCO CISCO SYSTEMS INC | Technology | 520.3K | $40.4M | 0.4% | -0.2% |
| MRK MERCK & CO. INC. | Healthcare | 311.7K | $37.5M | 0.4% | +0.2% |
| PM PHILIP MORRIS INTERNATIONAL | Consumer staples | 202.9K | $33.6M | 0.4% | +1.0% |
| CAT CATERPILLAR INC | Industrials | 46.7K | $33.1M | 0.4% | -0.1% |
| HD HOME DEPOT INC | Consumer discretionary | 100.0K | $32.9M | 0.4% | +0.7% |
| GS GOLDMAN SACHS GROUP INC | Financials | 38.3K | $32.4M | 0.4% | +12.0% |
| BAC BANK OF AMERICA CORP | Financials | 661.7K | $32.3M | 0.3% | -0.8% |
| VZ VERIZON COMMUNICATIONS INC | Communications | 630.1K | $31.6M | 0.3% | 0.0% |
| KO COCA-COLA CO/THE | Consumer staples | 410.9K | $31.2M | 0.3% | +0.7% |
| AMAT APPLIED MATERIALS INC | Technology | 88.2K | $30.1M | 0.3% | +10.8% |
| UNH UNITEDHEALTH GROUP INC | Financials | 110.8K | $30.0M | 0.3% | -3.4% |
| IBM INTL BUSINESS MACHINES CORP | Technology | 123.2K | $29.9M | 0.3% | -0.5% |
| ORCL ORACLE CORP | Technology | 201.9K | $29.7M | 0.3% | +0.6% |
| GE GENERAL ELECTRIC | Industrials | 104.3K | $29.6M | 0.3% | -0.1% |
| RTX RTX CORP | Industrials | 148.4K | $28.6M | 0.3% | +10.0% |
| WFC WELLS FARGO & CO | Financials | 355.9K | $28.3M | 0.3% | -10.1% |
| T AT&T INC | Communications | 972.2K | $28.2M | 0.3% | -1.3% |
| LOW LOWE'S COS INC | Consumer discretionary | 115.4K | $27.3M | 0.3% | +0.4% |
| PEP PEPSICO INC | Consumer staples | 171.9K | $26.7M | 0.3% | +0.3% |
| LRCX LAM RESEARCH CORP | Industrials | 123.5K | $26.4M | 0.3% | -0.6% |
| INTC INTEL CORP | Technology | 590.0K | $26.0M | 0.3% | +33.5% |
| TJX TJX COMPANIES INC | Consumer discretionary | 159.8K | $25.5M | 0.3% | -0.6% |
| QCOM QUALCOMM INC | Technology | 194.1K | $25.0M | 0.3% | +0.3% |
| MS MORGAN STANLEY | Financials | 151.6K | $24.9M | 0.3% | +25.8% |
| GEV GE VERNOVA INC | Industrials | 27.0K | $23.6M | 0.3% | -0.2% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Apr 20, 2026 | 3577 | $9.25B | $K fixed canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Jan 23, 2026 | 3587 | $9.40B | $K fixed canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 24, 2025 | 3222 | $9.79B | $K fixed canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 16, 2025 | 2735 | $9.35B | $K fixed canonical | SEC ↗ |
| Q1 2025 | 13F-HR | Apr 21, 2025 | 2116 | $8.82B | $K fixed canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Jan 27, 2025 | 2111 | $8.95B | $K fixed canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Oct 24, 2024 | 2412 | $9.42B | $K fixed canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 5, 2024 | 2399 | $8.91B | $K fixed canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Apr 19, 2024 | 2397 | $8.78B | $K fixed canonical | SEC ↗ |
Similar funds
VANGUARD CAPITAL MANAGEMENT LLCVANGUARD PORTFOLIO MANAGEMENT LLCPRICE T ROWE ASSOCIATES INC /MD/Bank of New York Mellon CorpLegal & General Group PlcVANGUARD FIDUCIARY TRUST CONuveen, LLCAmundiJANUS HENDERSON GROUP PLCAMERICAN CENTURY COMPANIES INCPRINCIPAL FINANCIAL GROUP INCVanguard Global Advisers, LLC