CIK: 0001538846
Total reported value
$5.2B
Reporting period: 2026-03-31 · Number of holdings: 622
South Dakota Investment Council disclosed 622 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $5.2B and a quarterly turnover rate of 15.3%.
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South Dakota Investment Council's disclosed holdings carry a Herfindahl concentration index of 0.024 — mathematically equivalent to about 41 equally-sized positions, well below its 622 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 3.75), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 42% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Trim MSFT
+2.4% -$47.2M
Add AGG
+16.0% $43.1M
Trim GOOGL
-7.7% -$16.8M
Trim AAPL
-0.4% -$14.4M
Trim FSLR
-60.7% -$10.9M
Add VCSH
+9.0% $10.9M
Showing top 200 holdings (of 622 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | VWO | Vanguard Ftse Emerging Marke | ETF-Emerging Markets | 10.97% | — | -0.81% | |
| 2 | AGG | Ishares Core U.s. Aggregate | ETF-Other | 6.19% | +0.83% | +15.99% | |
| 3 | NVDA | Nvidia CORP | Stock-Tech | 4.10% | +0.11% | +9.76% | |
| 4 | AAPL | Apple INC | Stock-Tech | 3.63% | -0.27% | -0.40% | |
| 5 | MSFT | Microsoft CORP | Stock-Tech | 3.26% | -0.89% | +2.36% | |
| 6 | VCSH | Vanguard S/t CORP Bond ETF | ETF-Corp Bonds | 2.70% | +0.21% | +8.97% | |
| 7 | AMZN | Amazon.com INC | Stock-Consumer Disc | 2.30% | -0.13% | +4.62% | |
| 8 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 1.78% | -0.31% | -7.73% | |
| 9 | VTOL | Bristow Group INC | Stock-Other | 1.76% | -0.17% | -28.97% | |
| 10 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 1.47% | -0.14% | +0.00% | |
| 11 | USHY | Ishares Broad Usd High Yield | ETF-High Yield | 1.38% | — | +1.92% | |
| 12 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.27% | -0.19% | +0.47% | |
| 13 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 1.01% | — | +0.55% | |
| 14 | UNH | Unitedhealth Group INC | Stock-Healthcare | 0.90% | -0.12% | +6.41% | |
| 15 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.79% | -0.19% | -5.51% | |
| 16 | AVGO | Broadcom INC | Stock-Tech | 0.78% | +0.08% | +24.22% | |
| 17 | COP | Conocophillips | Stock-Energy | 0.76% | +0.15% | -11.31% | |
| 18 | HUM | Humana INC | Stock-Healthcare | 0.76% | — | +41.95% | |
| 19 | USB | US Bancorp | Stock-Financials | 0.72% | — | -0.52% | |
| 20 | ELV | Elevance Health INC | Stock-Healthcare | 0.68% | — | +7.91% | |
| 21 | PFE | Pfizer INC | Stock-Healthcare | 0.64% | — | -0.18% | |
| 22 | EG | Everest Group, Ltd. | Stock-Financials | 0.64% | — | +8.71% | |
| 23 | BBWI | Bath & Body Works INC | Stock-Consumer Disc | 0.63% | — | +4.23% | |
| 24 | V | Visa Inc-class A Shares | Stock-Financials | 0.56% | -0.09% | -0.52% | |
| 25 | EOG | Eog Resources INC | Stock-Energy | 0.54% | +0.15% | -1.11% | |
| 26 | CMCSA | Comcast Corp-class A | Stock-Comm Services | 0.53% | — | +3.88% | |
| 27 | AMAT | Applied Materials INC | Stock-Tech | 0.53% | — | -12.91% | |
| 28 | TGT | Target CORP | Stock-Consumer Disc | 0.51% | +0.10% | -0.43% | |
| 29 | UPS | United Parcel Service-cl B | Stock-Industrials | 0.51% | — | +0.32% | |
| 30 | ZTS | Zoetis INC | Stock-Healthcare | 0.50% | +0.20% | +77.24% | |
| 31 | TXN | Texas Instruments INC | Stock-Tech | 0.50% | — | -0.43% | |
| 32 | XOM | Exxon Mobil CORP | Stock-Energy | 0.49% | — | -24.61% | |
| 33 | OXY | Occidental Petroleum CORP | Stock-Energy | 0.49% | +0.14% | -12.23% | |
| 34 | SLB | Slb LTD | Stock-Energy | 0.49% | +0.08% | -11.67% | |
| 35 | APA | Apa CORP | Stock-Energy | 0.48% | +0.10% | -26.03% | |
| 36 | MA | Mastercard INC - A | Stock-Financials | 0.48% | — | +7.03% | |
| 37 | RGA | Reinsurance Group Of America | Stock-Financials | 0.46% | — | -4.22% | |
| 38 | LYB | LyondellBasell Industries N.V. | Stock-Materials | 0.45% | +0.21% | -0.90% | |
| 39 | MOH | Molina Healthcare INC | Stock-Healthcare | 0.43% | +0.09% | +62.90% | |
| 40 | STZ | Constellation Brands Inc-a | Stock-Consumer Staples | 0.42% | — | -0.13% | |
| 41 | ACGL | Arch Capital Group Ltd. | Stock-Financials | 0.42% | — | +1.59% | |
| 42 | MRK | Merck & Co. INC. | Stock-Healthcare | 0.41% | — | -11.11% | |
| 43 | LBRT | Liberty Energy INC | Stock-Energy | 0.41% | +0.09% | -17.58% | |
| 44 | HAL | Halliburton Co | Stock-Energy | 0.41% | — | -20.10% | |
| 45 | IQV | Iqvia Holdings INC | Stock-Healthcare | 0.40% | — | +33.44% | |
| 46 | WFC | Wells Fargo & Co | Stock-Financials | 0.39% | — | +0.05% | |
| 47 | AMD | Advanced Micro Devices | Stock-Tech | 0.39% | — | -11.25% | |
| 48 | FANG | Diamondback Energy INC | Stock-Energy | 0.39% | +0.09% | -1.58% | |
| 49 | CHRD | Chord Energy CORP | Stock-Energy | 0.36% | +0.12% | -3.97% | |
| 50 | TMO | Thermo Fisher Scientific INC | Stock-Healthcare | 0.36% | — | +11.44% |
Performance for Q3 2026
+3%
Performance Last 4 Quarters
+26.5%
Based on 78% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 622 | $5.2B | 15 | |
| 2025-12-31 | 606 | $5.3B | 18 | |
| 2025-09-30 | 606 | $5.1B | 28 | |
| 2025-06-30 | 613 | $5.2B | 0 | |
| 2025-03-31 | 596 | $4.9B | 100 | |
| 2024-12-31 | 594 | $5.0B | 0 | |
| 2024-09-30 | 589 | $5.1B | 0 | |
| 2024-06-30 | 581 | $4.9B | 0 | |
| 2024-03-31 | 584 | $4.8B | 0 | |
| 2023-12-31 | 616 | $4.7B | 0 | |
| 2023-09-30 | 616 | $4.4B | 0 | |
| 2023-06-30 | 613 | $4.8B | 0 | |
| 2023-03-31 | 621 | $4.7B | 0 | |
| 2022-12-31 | 611 | $4.5B | 0 | |
| 2022-09-30 | 621 | $4.1B | 0 | |
| 2022-06-30 | 610 | $4.4B | 0 | |
| 2022-03-31 | 591 | $5.0B | 0 | |
| 2021-12-31 | 586 | $6.0B | 0 | |
| 2021-09-30 | 586 | $5.6B | 0 | |
| 2021-06-30 | 577 | $5.7B | 100 | |
| 2021-03-31 | 614 | $6.0B | 20 | |
| 2020-12-31 | 611 | $5.4B | 21 | |
| 2020-09-30 | 600 | $4.6B | 16 | |
| 2020-06-30 | 595 | $4.3B | 34 | |
| 2020-03-31 | 588 | $3.7B | 43 | |
| 2019-12-31 | 586 | $4.8B | 24 | |
| 2019-09-30 | 619 | $5.1B | 18 | |
| 2019-06-30 | 601 | $4.8B | 22 | |
| 2019-03-31 | 597 | $4.7B | 31 | |
| 2018-12-31 | 610 | $4.0B | 29 | |
| 2018-09-30 | 610 | $4.6B | 16 | |
| 2018-06-30 | 581 | $4.6B | 18 | |
| 2018-03-31 | 581 | $4.4B | 15 | |
| 2017-12-31 | 576 | $4.5B | 21 | |
| 2017-09-30 | 605 | $4.9B | 15 | |
| 2017-06-30 | 591 | $4.7B | 17 | |
| 2017-03-31 | 590 | $4.9B | 15 | |
| 2016-12-31 | 598 | $4.7B | 17 | |
| 2016-09-30 | 549 | $4.8B | 16 | |
| 2016-06-30 | 533 | $4.6B | 11 | |
| 2016-03-31 | 533 | $4.6B | 16 | |
| 2015-12-31 | 546 | $4.6B | 19 | |
| 2015-09-30 | 536 | $4.4B | 24 | |
| 2015-06-30 | 545 | $5.0B | 13 | |
| 2015-03-31 | 559 | $5.2B | 18 | |
| 2014-12-31 | 548 | $5.1B | 16 | |
| 2014-09-30 | 542 | $4.9B | 0 |
South Dakota Investment Council's most significant position changes for 2026-03-31: Add: Microsoft CORP (MSFT) — shares +2.36%; Add: Ishares Core U.s. Aggregate (AGG) — shares +15.99%; Trim: Alphabet Inc-cl A (GOOGL) — shares -7.73%; Trim: Apple INC (AAPL) — shares -0.40%; Trim: First Solar INC (FSLR) — shares -60.72%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | AGG | Ishares Core U.s. Aggregate | +0.8% | +15.99% | Add |
| 2 | VCSH | Vanguard S/t CORP Bond ETF | +0.2% | +8.97% | Add |
| 3 | LYB | LyondellBasell Industries N.V. | +0.2% | -0.90% | Trim |
| 4 | ZTS | Zoetis INC | +0.2% | +77.24% | Add |
| 5 | VSAT | Viasat INC | +0.2% | +92.58% | Add |
| 6 | COP | Conocophillips | +0.2% | -11.31% | Trim |
| 7 | CDW | Cdw Corp/de | +0.2% | +391.15% | Add |
| 8 | BKNG | Booking Holdings INC | +0.2% | +593.02% | Add |
| 9 | EOG | Eog Resources INC | +0.2% | -1.11% | Trim |
| 10 | NOW | Servicenow INC | +0.1% | +2076.91% | Add |
| 11 | OXY | Occidental Petroleum CORP | +0.1% | -12.23% | Trim |
| 12 | INTU | Intuit INC | +0.1% | +1504.48% | Add |
| 13 | NFLX | Netflix INC | +0.1% | +433.92% | Add |
| 14 | CHRD | Chord Energy CORP | +0.1% | -3.97% | Trim |
| 15 | NVDA | Nvidia CORP | +0.1% | +9.76% | Add |
| 16 | LPX | Louisiana-pacific CORP | +0.1% | +351.53% | Add |
| 17 | APA | Apa CORP | +0.1% | -26.03% | Trim |
| 18 | GNRC | Generac Holdings INC | +0.1% | +14.51% | Add |
| 19 | TGT | Target CORP | +0.1% | -0.43% | Trim |
| 20 | RS | Reliance INC | +0.1% | +103.01% | Add |
| 21 | ARMK | Aramark | +0.1% | +178.21% | Add |
| 22 | MTDR | Matador Resources Co | +0.1% | -6.83% | Trim |
| 23 | LBRT | Liberty Energy INC | +0.1% | -17.58% | Trim |
| 24 | FANG | Diamondback Energy INC | +0.1% | -1.58% | Trim |
| 25 | MOH | Molina Healthcare INC | +0.1% | +62.90% | Add |
| 26 | AVGO | Broadcom INC | +0.1% | +24.22% | Add |
| 27 | SLB | Slb LTD | +0.1% | -11.67% | Trim |
| 28 | PYPL | Paypal Holdings INC | -0.1% | -0.33% | Trim |
| 29 | ALK | Alaska Air Group INC | -0.1% | +9.72% | Add |
| 30 | V | Visa Inc-class A Shares | -0.1% | -0.52% | Trim |
| 31 | SHEL | Shell Plc-adr | -0.1% | -69.51% | Trim |
| 32 | FDX | Fedex CORP | -0.1% | -42.34% | Trim |
| 33 | CSCO | Cisco Systems INC | -0.1% | -41.86% | Trim |
| 34 | CNC | Centene CORP | -0.1% | -3.60% | Trim |
| 35 | UNH | Unitedhealth Group INC | -0.1% | +6.41% | Add |
| 36 | STLD | Steel Dynamics INC | -0.1% | -79.79% | Trim |
| 37 | AMZN | Amazon.com INC | -0.1% | +4.62% | Add |
| 38 | GOOG | Alphabet Inc-cl C | -0.1% | +0.00% | Add |
| 39 | NUE | Nucor CORP | -0.1% | -78.25% | Trim |
| 40 | BMY | Bristol-myers Squibb Co | -0.2% | -49.09% | Trim |
| 41 | VTOL | Bristow Group INC | -0.2% | -28.97% | Trim |
| 42 | CLF | Cleveland-cliffs INC | -0.2% | -96.30% | Trim |
| 43 | META | Meta Platforms Inc-class A | -0.2% | +0.47% | Add |
| 44 | LLY | Eli Lilly & Co | -0.2% | -5.51% | Trim |
| 45 | DG | Dollar General CORP | -0.2% | -55.87% | Trim |
| 46 | FSLR | First Solar INC | -0.2% | -60.72% | Trim |
| 47 | CENX | Century Aluminum Company | -0.2% | -90.39% | Trim |
| 48 | AAPL | Apple INC | -0.3% | -0.40% | Trim |
| 49 | GOOGL | Alphabet Inc-cl A | -0.3% | -7.73% | Trim |
| 50 | MSFT | Microsoft CORP | -0.9% | +2.36% | Add |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-18 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-12 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-12 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-05 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-05 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-04 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-04 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-08 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-02 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-01 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-07 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-10 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-10 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-07 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-09 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-11 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-10 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-08 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-09 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-11 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-13 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-12 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-06 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-13 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-11 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-11 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-13 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-13 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-03 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-06 | Amendment | View on EDGAR |
| 2018-12-31 | 2019-02-06 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-14 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-13 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-10 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-09 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-09 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-10 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-12 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-10 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-09 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-10 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-05 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-08 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-06 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-06 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-11 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-10 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-13 | 13F-HR | View on EDGAR |
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