CIK: 0002064039
Total reported value
$2.3B
Reporting period: 2026-03-31 · Number of holdings: 752
North Dakota State Investment Board disclosed 752 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $2.3B and a quarterly turnover rate of 23.8%.
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North Dakota State Investment Board's disclosed holdings carry a Herfindahl concentration index of 0.027 — mathematically equivalent to about 37 equally-sized positions, well below its 752 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 4.40), 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.
Add LQD
+135.7% $69.2M
Add USIG
0.0% -$2.8M
Trim MSFT
-15.5% -$43.5M
Trim NVDA
-15.4% -$31.3M
Trim AAPL
-15.5% -$28.6M
Trim AMZN
-15.5% -$18.0M
Showing top 200 holdings (of 752 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | USIG | Ishares Broad Usd Investment | ETF-Other | 11.61% | +1.51% | — | |
| 2 | LQD | Ishr Ibx Usd Invgd Cb Etf-ui | ETF-Corp Bonds | 5.24% | +3.31% | +135.73% | |
| 3 | NVDA | Nvidia CORP | Stock-Tech | 5.12% | -0.44% | -15.41% | |
| 4 | AAPL | Apple INC | Stock-Tech | 4.64% | -0.42% | -15.47% | |
| 5 | MSFT | Microsoft CORP | Stock-Tech | 3.44% | -1.14% | -15.50% | |
| 6 | IVV | Ishares Core S&p 500 ETF | ETF-Large Cap & Growth | 3.17% | -0.30% | -17.55% | |
| 7 | AMZN | Amazon.com INC | Stock-Consumer Disc | 2.50% | -0.32% | -15.48% | |
| 8 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 2.10% | -0.22% | -15.51% | |
| 9 | AVGO | Broadcom INC | Stock-Tech | 1.79% | -0.25% | -15.47% | |
| 10 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 1.70% | -0.20% | -15.54% | |
| 11 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.57% | -0.27% | -15.52% | |
| 12 | SPBO | Ss Spdr P CORP Bond ETF | ETF-Corp Bonds | 1.37% | — | — | |
| 13 | TSLA | Tesla INC | Stock-Consumer Disc | 1.31% | -0.30% | -15.25% | |
| 14 | VTC | Vanguard Total Corporate Bnd | ETF-Corp Bonds | 1.21% | — | — | |
| 15 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 1.11% | -0.07% | -15.52% | |
| 16 | JPM | Jpmorgan Chase & Co | Stock-Financials | 1.00% | -0.14% | -17.38% | |
| 17 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.92% | -0.18% | -15.53% | |
| 18 | XOM | Exxon Mobil CORP | Stock-Energy | 0.90% | +0.23% | -17.66% | |
| 19 | IGSB | Ishares 1-5y Inv Grade CORP | ETF-Other | 0.76% | +0.76% | NEW | |
| 20 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.74% | — | -15.51% | |
| 21 | WMT | Walmart INC | Stock-Consumer Staples | 0.68% | — | -15.49% | |
| 22 | V | Visa Inc-class A Shares | Stock-Financials | 0.64% | -0.12% | -16.50% | |
| 23 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.55% | — | -15.51% | |
| 24 | NFLX | Netflix INC | Stock-Comm Services | 0.51% | — | -15.50% | |
| 25 | MA | Mastercard INC - A | Stock-Financials | 0.50% | -0.09% | -16.42% | |
| 26 | IGIB | Ishares 5-10y Inv Grade CORP | ETF-Corp Bonds | 0.49% | — | — | |
| 27 | CVX | Chevron CORP | Stock-Energy | 0.49% | — | -17.58% | |
| 28 | ABBV | Abbvie INC | Stock-Healthcare | 0.48% | -0.04% | -15.52% | |
| 29 | MU | Micron Technology INC | Stock-Tech | 0.47% | — | -15.51% | |
| 30 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.43% | — | -15.51% | |
| 31 | CAT | Caterpillar INC | Stock-Industrials | 0.41% | — | -15.48% | |
| 32 | AMD | Advanced Micro Devices | Stock-Tech | 0.41% | -0.03% | -15.49% | |
| 33 | HD | Home Depot INC | Stock-Consumer Disc | 0.41% | -0.03% | -15.51% | |
| 34 | PLTR | Palantir Technologies Inc-a | Stock-Tech | 0.41% | -0.09% | -15.26% | |
| 35 | BAC | Bank Of America CORP | Stock-Financials | 0.41% | -0.06% | -16.68% | |
| 36 | CSCO | Cisco Systems INC | Stock-Tech | 0.39% | — | -15.33% | |
| 37 | MRK | Merck & Co. INC. | Stock-Healthcare | 0.38% | — | -15.53% | |
| 38 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.37% | — | -15.52% | |
| 39 | GE | General Electric | Stock-Industrials | 0.37% | -0.04% | -16.41% | |
| 40 | AMAT | Applied Materials INC | Stock-Tech | 0.34% | — | -15.51% | |
| 41 | LRCX | Lam Research CORP | Stock-Tech | 0.34% | — | -17.06% | |
| 42 | RTX | Rtx CORP | Stock-Industrials | 0.32% | — | -15.51% | |
| 43 | PM | Philip Morris International | Stock-Consumer Staples | 0.32% | — | -15.51% | |
| 44 | WFC | Wells Fargo & Co | Stock-Financials | 0.31% | -0.07% | -17.66% | |
| 45 | GS | Goldman Sachs Group INC | Stock-Financials | 0.31% | -0.03% | -17.40% | |
| 46 | ORCL | Oracle CORP | Stock-Tech | 0.31% | -0.10% | -14.11% | |
| 47 | UNH | Unitedhealth Group INC | Stock-Healthcare | 0.31% | -0.07% | -15.52% | |
| 48 | GEV | GE Vernova INC | Stock-Industrials | 0.30% | — | -15.51% | |
| 49 | LIN | Linde plc | Stock-Materials | 0.29% | — | -15.51% | |
| 50 | IBM | Intl Business Machines CORP | Stock-Tech | 0.28% | -0.07% | -15.51% |
Performance for Q3 2026
+3.3%
Performance Last 4 Quarters
+9.4%
Based on 5 months of available history
Based on 67% of reported portfolio value with available pricing
North Dakota State Investment Board's most significant position changes for 2026-03-31: New buy: Ishares 1-5y Inv Grade CORP (IGSB); Sold out: Exact Sciences CORP (EXK); Add: Ishr Ibx Usd Invgd Cb Etf-ui (LQD) — shares +135.73%; Trim: Microsoft CORP (MSFT) — shares -15.50%; Trim: Nvidia CORP (NVDA) — shares -15.41%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | LQD | Ishr Ibx Usd Invgd Cb Etf-ui | +3.3% | +135.73% | Add |
| 2 | USIG | Ishares Broad Usd Investment | +1.5% | — | Unchanged |
| 3 | XOM | Exxon Mobil CORP | +0.2% | -17.66% | Trim |
| 4 | NFLX | Netflix INC | — | -15.50% | Trim |
| 5 | PG | Procter & Gamble Co/the | — | -15.51% | Trim |
| 6 | CSCO | Cisco Systems INC | — | -15.33% | Trim |
| 7 | AMD | Advanced Micro Devices | 0% | -15.49% | Trim |
| 8 | HD | Home Depot INC | 0% | -15.51% | Trim |
| 9 | GS | Goldman Sachs Group INC | 0% | -17.40% | Trim |
| 10 | ABBV | Abbvie INC | 0% | -15.52% | Trim |
| 11 | GE | General Electric | 0% | -16.41% | Trim |
| 12 | DIS | Walt Disney Co/the | 0% | -15.53% | Trim |
| 13 | SPGI | S&p Global INC | 0% | -16.56% | Trim |
| 14 | ACN | Accenture plc | -0.1% | -15.54% | Trim |
| 15 | TMO | Thermo Fisher Scientific INC | -0.1% | -15.53% | Trim |
| 16 | COF | Capital One Financial CORP | -0.1% | -15.49% | Trim |
| 17 | BAC | Bank Of America CORP | -0.1% | -16.68% | Trim |
| 18 | NOW | Servicenow INC | -0.1% | -15.52% | Trim |
| 19 | ABT | Abbott Laboratories | -0.1% | -15.50% | Trim |
| 20 | AXP | American Express Co | -0.1% | -16.95% | Trim |
| 21 | ISRG | Intuitive Surgical INC | -0.1% | -16.42% | Trim |
| 22 | ADBE | Adobe INC | -0.1% | -16.92% | Trim |
| 23 | BKNG | Booking Holdings INC | -0.1% | -14.52% | Trim |
| 24 | BSX | Boston Scientific CORP | -0.1% | -15.52% | Trim |
| 25 | BRK-B | Berkshire Hathaway Inc-cl B | -0.1% | -15.52% | Trim |
| 26 | UNH | Unitedhealth Group INC | -0.1% | -15.52% | Trim |
| 27 | WFC | Wells Fargo & Co | -0.1% | -17.66% | Trim |
| 28 | IBM | Intl Business Machines CORP | -0.1% | -15.51% | Trim |
| 29 | QCOM | Qualcomm INC | -0.1% | -14.17% | Trim |
| 30 | INTU | Intuit INC | -0.1% | -15.48% | Trim |
| 31 | APP | Applovin Corp-class A | -0.1% | -15.22% | Trim |
| 32 | MA | Mastercard INC - A | -0.1% | -16.42% | Trim |
| 33 | PLTR | Palantir Technologies Inc-a | -0.1% | -15.26% | Trim |
| 34 | ORCL | Oracle CORP | -0.1% | -14.11% | Trim |
| 35 | CRM | Salesforce INC | -0.1% | -15.46% | Trim |
| 36 | V | Visa Inc-class A Shares | -0.1% | -16.50% | Trim |
| 37 | JPM | Jpmorgan Chase & Co | -0.1% | -17.38% | Trim |
| 38 | LLY | Eli Lilly & Co | -0.2% | -15.53% | Trim |
| 39 | GOOG | Alphabet Inc-cl C | -0.2% | -15.54% | Trim |
| 40 | GOOGL | Alphabet Inc-cl A | -0.2% | -15.51% | Trim |
| 41 | AVGO | Broadcom INC | -0.3% | -15.47% | Trim |
| 42 | META | Meta Platforms Inc-class A | -0.3% | -15.52% | Trim |
| 43 | IVV | Ishares Core S&p 500 ETF | -0.3% | -17.55% | Trim |
| 44 | TSLA | Tesla INC | -0.3% | -15.25% | Trim |
| 45 | AMZN | Amazon.com INC | -0.3% | -15.48% | Trim |
| 46 | AAPL | Apple INC | -0.4% | -15.47% | Trim |
| 47 | NVDA | Nvidia CORP | -0.4% | -15.41% | Trim |
| 48 | MSFT | Microsoft CORP | -1.1% | -15.50% | Trim |
| 49 | IGSB | Ishares 1-5y Inv Grade CORP | — | NEW | New buy |
| 50 | EXK | Exact Sciences CORP | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-08 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-05 | 13F-HR | View on EDGAR |
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