SEC 13F Intelligence

Managers / Q2 2025 · view latest →

South Dakota Investment Council

CIK 0001538846 · 4009 W. 49TH STREET, SUITE 300, SIOUX FALLS, SD, 57106 · 605-362-2820

Reported Value
$5.2B
Q2 2025
Positions
613
Filings on Record
31
2019–present window
Filed
Aug 5, 2025
original filing

Summary

South Dakota Investment Council reported $5.2B in U.S.-listed holdings across 613 positions for Q2 2025.

Its largest position, VWO, represents 13.6% of the portfolio.

Compared with Q1 2025, the fund opened 41 new positions and exited 25.

Portfolio Metrics

Turnover
+6.6%
vs prior filed quarter
Top-10 Concentration
+40.7%
share of reported value
Largest Position
+13.6%
Vanguard Intl Equity Index F
New / Exited
41 / 25
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q1 ’19: $4.7BQ1 ’19Q2 ’19: $4.8BQ3 ’19: $5.1BQ4 ’19: $4.8BQ1 ’20: $3.7BQ1 ’20Q2 ’20: $4.3BQ3 ’20: $4.6BQ4 ’20: $5.4BQ1 ’21: $6.0BQ1 ’21Q2 ’21: $5.7BQ3 ’21: $5.6BQ4 ’21: $6.0BQ1 ’22: $5.0BQ1 ’22Q2 ’22: $4.4BQ3 ’22: $4.1BQ4 ’22: $4.5BQ1 ’23: $4.7BQ1 ’23Q2 ’23: $4.8BQ3 ’23: $4.4BQ4 ’23: $4.7BQ1 ’24: $4.8BQ1 ’24Q2 ’24: $4.9BQ3 ’24: $5.1BQ4 ’24: $5.0BQ1 ’25: $4.9BQ1 ’25Q2 ’25: $5.2BQ3 ’25: $5.1BQ4 ’25: $5.3BQ1 ’26: $5.2BQ1 ’26filingsflow.com

Portfolio Composition

By security type
Common Stock: 80.3%ETP: 18.9%ADR: 0.5%REIT: 0.2%Other: 0.1%
  • Common Stock · 80.3% · $4.2B
  • ETP · 18.9% · $986M
  • ADR · 0.5% · $28M
  • REIT · 0.2% · $8M
  • Other · 0.1% · $5M

Quarter-over-Quarter Changes full breakdown →

vs Q1 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
HPQHP INCNEW+378.7K378.7K+$9M$9M
WCPRFWHITECAP RES INCNEW+1.23M1.23M+$8M$8M
HOODROBINHOOD MARKETS INCNEW+55.6K55.6K+$5M$5M
HGHAMILTON INSURANCE GRP LTDNEW+193.9K193.9K+$4M$4M
CIVICIVITAS RESOURCES INCNEW+104.4K104.4K+$3M$3M
OKTAOKTA INCNEW+28.4K28.4K+$3M$3M
WWWW INTL INCNEW+83.9K83.9K+$3M$3M
APGAPI GROUP CORPNEW+46.0K46.0K+$2M$2M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q2 2025

497 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1VWOVANGUARD INTL EQUITY INDEX FFTSE EMR MKT ETF · TT WRLD ST ETF13.59%$709M14.15M
2AGGISHARES TRhistory →CORE US AGGBD ET5.31%$277M2.79M
3MSFTMICROSOFT CORPhistory →COM4.92%$257M516.1K
4AAPLAPPLE INChistory →COM3.36%$175M853.9K
5NVDANVIDIA CORPORATIONhistory →COM3.00%$156M989.5K
6GOOGLALPHABET INCCAP STK CL A · CAP STK CL C2.81%$146M827.7K
7AMZNAMAZON COM INChistory →COM2.54%$132M602.7K
8VTOLBRISTOW GROUP INChistory →COM2.17%$113M3.43M
9METAMETA PLATFORMS INChistory →CL A1.73%$90M122.4K
10BRK/BBERKSHIRE HATHAWAY INC DELCL B NEW · CL A1.24%$65M121.0K
11LLYELI LILLY & COhistory →COM0.94%$49M62.8K
12HUMHUMANA INChistory →COM0.77%$40M165.3K
13UNHUNITEDHEALTH GROUP INChistory →COM0.76%$39M126.6K
14VVISA INChistory →COM CL A0.75%$39M110.7K
15EGEVEREST GROUP LTDhistory →COM0.68%$35M104.0K
16PFEPFIZER INChistory →COM0.63%$33M1.35M
17MAMASTERCARD INCORPORATEDhistory →CL A0.62%$32M57.7K
18USBUS BANCORP DELhistory →COM NEW0.61%$32M702.6K
19AVGOBROADCOM INChistory →COM0.60%$32M114.3K
20CMCSACOMCAST CORP NEWhistory →CL A0.56%$29M813.9K
21DGDOLLAR GEN CORP NEWhistory →COM0.53%$28M242.0K
22COPCONOCOPHILLIPShistory →COM0.53%$27M306.2K
23RGAREINSURANCE GRP OF AMERICA Ihistory →COM NEW0.51%$27M134.8K
24PYPLPAYPAL HLDGS INChistory →COM0.51%$27M357.3K
25HESHESS CORPhistory →COM0.51%$27M191.5K
26DISDISNEY WALT COhistory →COM0.50%$26M211.7K
27EXMOCEXXON MOBIL CORPhistory →COM0.48%$25M231.7K
28CCITIGROUP INChistory →COM NEW0.48%$25M292.1K
29TGTTARGET CORPhistory →COM0.47%$25M251.0K
30JNJJOHNSON & JOHNSONhistory →COM0.47%$24M158.8K
31AMDADVANCED MICRO DEVICES INChistory →COM0.46%$24M168.6K
32CSCOCISCO SYS INChistory →COM0.44%$23M332.9K
33MDTMEDTRONIC PLChistory →SHS0.44%$23M263.6K
34WFCWELLS FARGO CO NEWhistory →COM0.43%$23M281.0K
35AMATAPPLIED MATLS INChistory →COM0.42%$22M119.8K
36RNRRENAISSANCERE HLDGS LTDhistory →COM0.41%$21M87.7K
37BMYBRISTOL-MYERS SQUIBB COhistory →COM0.38%$20M431.3K
38MR COOPER GROUP INCCOM0.38%$20M133.3K
39CNCCENTENE CORP DELhistory →COM0.38%$20M366.0K
40EOGEOG RES INChistory →COM0.38%$20M165.8K
41CHTRCHARTER COMMUNICATIONS INC Nhistory →CL A0.37%$20M47.7K
42SOLVSOLVENTUM CORPhistory →COM SHS0.37%$19M255.6K
43ACGLARCH CAP GROUP LTDhistory →ORD0.36%$19M204.5K
44JPMJPMORGAN CHASE & CO.history →COM0.35%$18M63.3K
45OXYOCCIDENTAL PETE CORPhistory →COM0.35%$18M433.2K
46SLBSCHLUMBERGER LTDhistory →COM STK0.35%$18M536.8K
47FSLRFIRST SOLAR INChistory →COM0.35%$18M109.3K
48TXNTEXAS INSTRS INChistory →COM0.34%$18M86.5K
49UPSUNITED PARCEL SERVICE INChistory →CL B0.34%$18M177.5K
50FDXFEDEX CORPhistory →COM0.34%$18M78.6K
51TSLATESLA INChistory →COM0.34%$18M55.4K
52UNMUNUM GROUPhistory →COM0.33%$17M215.3K
53MRKMERCK & CO INChistory →COM0.32%$17M213.2K
54LKQLKQ CORPhistory →COM0.32%$17M453.6K
55ELVELEVANCE HEALTH INChistory →COM0.32%$17M43.1K
56TMOTHERMO FISHER SCIENTIFIC INChistory →COM0.32%$17M41.0K
57HALHALLIBURTON COhistory →COM0.32%$16M807.7K
58STZCONSTELLATION BRANDS INChistory →CL A0.32%$16M101.1K
59CVSCVS HEALTH CORPhistory →COM0.31%$16M237.2K
60DEDEERE & COhistory →COM0.31%$16M32.0K
61CSXCSX CORPhistory →COM0.31%$16M493.2K
62MUMICRON TECHNOLOGY INChistory →COM0.31%$16M130.4K
63DUKDUKE ENERGY CORP NEWhistory →COM NEW0.31%$16M135.6K
64APAAPA CORPORATIONhistory →COM0.30%$16M860.6K
65PVHPVH CORPORATIONhistory →COM0.30%$16M228.8K
66LYBLYONDELLBASELL INDUSTRIES Nhistory →SHS - A -0.30%$16M269.3K
67ADBEADOBE INChistory →COM0.30%$15M39.8K
68SHELSHELL PLChistory →SPON ADS0.30%$15M218.8K
69LRCXLAM RESEARCH CORPhistory →COM NEW0.29%$15M153.1K
70TELTE CONNECTIVITY PLChistory →ORD SHS0.28%$15M88.0K
71GPNGLOBAL PMTS INChistory →COM0.28%$15M185.2K
72VZVERIZON COMMUNICATIONS INChistory →COM0.28%$15M342.3K
73FOXAFOX CORPhistory →CL A COM0.28%$15M261.7K
74BBWIBATH & BODY WORKS INChistory →COM0.28%$15M484.2K
75MTDRMATADOR RES COhistory →COM0.28%$14M301.6K
76GDGENERAL DYNAMICS CORPhistory →COM0.27%$14M48.9K
77FISFIDELITY NATL INFORMATION SVhistory →COM0.27%$14M172.4K
78DINOHF SINCLAIR CORPhistory →COM0.27%$14M341.3K
79MCHPMICROCHIP TECHNOLOGY INC.history →COM0.27%$14M199.0K
80CHRDCHORD ENERGY CORPORATIONhistory →COM NEW0.27%$14M143.6K
81IQVIQVIA HLDGS INChistory →COM0.27%$14M87.7K
82AIGAMERICAN INTL GROUP INChistory →COM NEW0.26%$14M160.5K
83EWEDWARDS LIFESCIENCES CORPhistory →COM0.26%$13M171.1K
84ALKALASKA AIR GROUP INChistory →COM0.26%$13M269.7K
85FANGDIAMONDBACK ENERGY INChistory →COM0.25%$13M96.6K
86LOWLOWES COS INChistory →COM0.25%$13M58.9K
87GEHCGE HEALTHCARE TECHNOLOGIES Ihistory →COMMON STOCK0.25%$13M176.3K
88TFCTRUIST FINL CORPhistory →COM0.25%$13M299.0K
89GPIGROUP 1 AUTOMOTIVE INChistory →COM0.25%$13M29.4K
90STTSTATE STR CORPhistory →COM0.24%$13M117.9K
91ACNACCENTURE PLC IRELANDhistory →SHS CLASS A0.24%$12M41.8K
92MOALTRIA GROUP INChistory →COM0.24%$12M210.6K
93QCOMQUALCOMM INChistory →COM0.23%$12M75.8K
94RTXRTX CORPORATIONhistory →COM0.23%$12M81.1K
95OCOWENS CORNING NEWhistory →COM0.22%$12M84.3K
96CUBICUSTOMERS BANCORP INChistory →COM0.22%$12M195.9K
97CELHCELSIUS HLDGS INChistory →COM NEW0.21%$11M241.3K
98TAT&T INChistory →COM0.21%$11M385.5K
99NSCNORFOLK SOUTHN CORPhistory →COM0.21%$11M42.7K
100BAXBAXTER INTL INChistory →COM0.21%$11M355.0K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$5.2B622May 18, 202613F-HRchanges · EDGAR ↗
Q4 2025$5.3B606Feb 12, 202613F-HRchanges · EDGAR ↗
Q3 2025$5.1B606Nov 12, 202513F-HRchanges · EDGAR ↗
Q2 2025$5.2B613Aug 5, 202513F-HRchanges · EDGAR ↗
Q1 2025$4.9B596May 5, 202513F-HRchanges · EDGAR ↗
Q4 2024$5.0B594Feb 4, 202513F-HRchanges · EDGAR ↗
Q3 2024$5.1B589Nov 4, 202413F-HRchanges · EDGAR ↗
Q2 2024$4.9B581Aug 8, 202413F-HRchanges · EDGAR ↗
Q1 2024$4.8B584May 2, 202413F-HRchanges · EDGAR ↗
Q4 2023$4.7B616Feb 1, 202413F-HRchanges · EDGAR ↗
Q3 2023$4.4B616Nov 7, 202313F-HRchanges · EDGAR ↗
Q2 2023$4.8B613Aug 10, 202313F-HRchanges · EDGAR ↗
Q1 2023$4.7B621May 10, 202313F-HRchanges · EDGAR ↗
Q4 2022$4.5B611Feb 7, 202313F-HRchanges · EDGAR ↗
Q3 2022$4.1B621Nov 9, 202213F-HRchanges · EDGAR ↗
Q2 2022$4.4B610Aug 11, 202213F-HRchanges · EDGAR ↗
Q1 2022$5.0B591May 10, 202213F-HRchanges · EDGAR ↗
Q4 2021$6.0B586Feb 8, 202213F-HRchanges · EDGAR ↗
Q3 2021$5.6B586Nov 9, 202113F-HRchanges · EDGAR ↗
Q2 2021$5.7B577Aug 11, 202113F-HRchanges · EDGAR ↗
Q1 2021$6.0B614May 13, 202113F-HRchanges · EDGAR ↗
Q4 2020$5.4B611Feb 12, 202113F-HRchanges · EDGAR ↗
Q3 2020$4.6B600Nov 6, 202013F-HRchanges · EDGAR ↗
Q2 2020$4.3B595Aug 13, 202013F-HRchanges · EDGAR ↗
Q1 2020$3.7B588May 11, 202013F-HRchanges · EDGAR ↗
Q4 2019$4.8B586Feb 11, 202013F-HRchanges · EDGAR ↗
Q3 2019$5.1B619Nov 13, 201913F-HRchanges · EDGAR ↗
Q2 2019$4.8B601Aug 13, 201913F-HRchanges · EDGAR ↗
Q1 2019$4.7B597May 3, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.