SEC 13F Intelligence

Managers / Q3 2025 · view latest →

South Dakota Investment Council

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

Reported Value
$5.1B
Q3 2025
Positions
606
Filings on Record
29
2019–present window
Filed
Nov 12, 2025
original filing

Summary

South Dakota Investment Council reported $5.1B in U.S.-listed holdings across 606 positions for Q3 2025.

Its largest position, VWO, represents 12.5% of the portfolio.

Compared with Q2 2025, the fund opened 30 new positions and exited 36.

Portfolio Metrics

Turnover
+8.2%
vs prior filed quarter
Top-10 Concentration
+41.2%
share of reported value
Largest Position
+12.5%
Vanguard Intl Equity Index F
New / Exited
30 / 36
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: 81.4%ETP: 17.9%ADR: 0.4%REIT: 0.1%Other: 0.1%
  • Common Stock · 81.4% · $4.2B
  • ETP · 17.9% · $921M
  • ADR · 0.4% · $21M
  • REIT · 0.1% · $7M
  • Other · 0.1% · $5M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
SWSMURFIT WESTROCK PLCNEW+78.3K78.3K+$3M$3M
SFSTIFEL FINL CORPNEW+28.7K28.7K+$3M$3M
WFRDWEATHERFORD INTL PLCNEW+44.9K44.9K+$3M$3M
TRUTRANSUNIONNEW+28.7K28.7K+$2M$2M
FBINFORTUNE BRANDS INNOVATIONS INEW+44.9K44.9K+$2M$2M
LPLALPL FINL HLDGS INCNEW+7.1K7.1K+$2M$2M
GMEGAMESTOP CORP NEWNEW+76.8K76.8K+$2M$2M
COHRCOHERENT CORPNEW+19.2K19.2K+$2M$2M

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

Holdings — Q3 2025

498 positions (from 500 filing rows — )
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1VWOVANGUARD INTL EQUITY INDEX Fhistory →FTSE EMR MKT ETF12.47%$642M11.84M
2AGGISHARES TRhistory →CORE US AGGBD ET5.43%$279M2.78M
3MSFTMICROSOFT CORPhistory →COM4.74%$244M470.8K
4AAPLAPPLE INChistory →COM3.93%$202M794.9K
5NVDANVIDIA CORPORATIONhistory →COM3.76%$193M1.04M
6GOOGLALPHABET INCCAP STK CL A · CAP STK CL C3.36%$173M711.4K
7AMZNAMAZON COM INChistory →COM2.37%$122M555.9K
8VTOLBRISTOW GROUP INChistory →COM2.24%$115M3.19M
9METAMETA PLATFORMS INChistory →CL A1.62%$83M113.4K
10UNHUNITEDHEALTH GROUP INChistory →COM1.32%$68M196.5K
11BRK/BBERKSHIRE HATHAWAY INC DELCL B NEW · CL A1.25%$64M116.3K
12LLYELI LILLY & COhistory →COM0.84%$43M56.5K
13HUMHUMANA INChistory →COM0.75%$39M148.8K
14ELVELEVANCE HEALTH INC FORMERLYhistory →COM0.72%$37M115.3K
15VVISA INChistory →COM CL A0.68%$35M102.4K
16AVGOBROADCOM INChistory →COM0.65%$34M101.6K
17EGEVEREST GROUP LTDhistory →COM0.64%$33M93.5K
18PFEPFIZER INChistory →COM0.63%$33M1.28M
19USBUS BANCORP DELhistory →COM NEW0.63%$33M673.0K
20COPCONOCOPHILLIPShistory →COM0.55%$28M300.3K
21MAMASTERCARD INCORPORATEDhistory →CL A0.55%$28M49.9K
22CMCSACOMCAST CORP NEWhistory →CL A0.54%$28M888.4K
23RGAREINSURANCE GRP OF AMERICA Ihistory →COM NEW0.51%$26M136.4K
24EXMOCEXXON MOBIL CORPhistory →COM0.47%$24M212.3K
25DGDOLLAR GEN CORP NEWhistory →COM0.45%$23M226.5K
26JNJJOHNSON & JOHNSONhistory →COM0.45%$23M125.6K
27AMDADVANCED MICRO DEVICES INChistory →COM0.45%$23M143.9K
28PYPLPAYPAL HLDGS INChistory →COM0.45%$23M341.6K
29AMATAPPLIED MATLS INChistory →COM0.44%$23M111.1K
30UPSUNITED PARCEL SERVICE INChistory →CL B0.44%$23M270.1K
31WFCWELLS FARGO CO NEWhistory →COM0.43%$22M264.5K
32TSLATESLA INChistory →COM0.42%$22M49.1K
33CSCOCISCO SYS INChistory →COM0.41%$21M305.8K
34ACGLARCH CAP GROUP LTDhistory →ORD0.41%$21M230.6K
35CCITIGROUP INChistory →COM NEW0.41%$21M205.9K
36BBWIBATH & BODY WORKS INChistory →COM0.40%$21M798.8K
37APAAPA CORPORATIONhistory →COM0.40%$20M837.7K
38TMOTHERMO FISHER SCIENTIFIC INChistory →COM0.39%$20M41.6K
39DISDISNEY WALT COhistory →COM0.39%$20M174.9K
40TGTTARGET CORPhistory →COM0.39%$20M223.0K
41SLBSCHLUMBERGER LTDhistory →COM STK0.38%$20M570.2K
42OXYOCCIDENTAL PETE CORPhistory →COM0.38%$19M409.4K
43RNRRENAISSANCERE HLDGS LTDhistory →COM0.37%$19M75.7K
44CNCCENTENE CORP DELhistory →COM0.37%$19M536.3K
45CVXCHEVRON CORP NEWhistory →COM0.37%$19M123.1K
46PVHPVH CORPORATIONhistory →COM0.37%$19M224.8K
47HALHALLIBURTON COhistory →COM0.37%$19M764.4K
48IQVIQVIA HLDGS INChistory →COM0.36%$18M97.2K
49BMYBRISTOL-MYERS SQUIBB COhistory →COM0.36%$18M408.1K
50JPMJPMORGAN CHASE & CO.history →COM0.36%$18M57.9K
51FSLRFIRST SOLAR INChistory →COM0.35%$18M82.0K
52TXNTEXAS INSTRS INChistory →COM0.35%$18M97.2K
53FDXFEDEX CORPhistory →COM0.34%$18M75.2K
54SOLVSOLVENTUM CORPhistory →COM SHS0.34%$18M242.8K
55EOGEOG RES INChistory →COM0.34%$18M156.3K
56MRKMERCK & CO INChistory →COM0.34%$17M207.8K
57STZCONSTELLATION BRANDS INChistory →CL A0.34%$17M128.9K
58CSXCSX CORPhistory →COM0.33%$17M471.7K
59ALKALASKA AIR GROUP INChistory →COM0.32%$17M335.5K
60CHTRCHARTER COMMUNICATIONS INC Nhistory →CL A0.32%$17M60.5K
61MDTMEDTRONIC PLChistory →SHS0.32%$17M173.9K
62LKQLKQ CORPhistory →COM0.31%$16M518.2K
63CVSCVS HEALTH CORPhistory →COM0.31%$16M208.7K
64DUKDUKE ENERGY CORP NEWhistory →COM NEW0.30%$16M126.2K
65EQHEQUITABLE HLDGS INChistory →COM0.30%$16M306.3K
66ADBEADOBE INChistory →COM0.30%$15M43.9K
67GPNGLOBAL PMTS INChistory →COM0.29%$15M178.4K
68LYBLYONDELLBASELL INDUSTRIES Nhistory →SHS - A -0.28%$14M295.5K
69LOWLOWES COS INChistory →COM0.28%$14M56.5K
70QCOMQUALCOMM INChistory →COM0.27%$14M83.8K
71CLFCLEVELAND-CLIFFS INC NEWhistory →COM0.27%$14M1.14M
72DHRDANAHER CORPORATIONhistory →COM0.27%$14M69.8K
73VZVERIZON COMMUNICATIONS INChistory →COM0.27%$14M312.5K
74DEDEERE & COhistory →COM0.26%$14M29.8K
75SHELSHELL PLChistory →SPON ADS0.26%$14M189.7K
76MUMICRON TECHNOLOGY INChistory →COM0.26%$13M80.3K
77FANGDIAMONDBACK ENERGY INChistory →COM0.26%$13M93.7K
78CHRDCHORD ENERGY CORPORATIONhistory →COM NEW0.26%$13M134.9K
79MTDRMATADOR RES COhistory →COM0.26%$13M293.6K
80UNMUNUM GROUPhistory →COM0.26%$13M169.6K
81LBRTLIBERTY ENERGY INChistory →COM CL A0.25%$13M1.05M
82GDGENERAL DYNAMICS CORPhistory →COM0.25%$13M38.0K
83TFCTRUIST FINL CORPhistory →COM0.25%$13M283.4K
84GEHCGE HEALTHCARE TECHNOLOGIES Ihistory →COMMON STOCK0.25%$13M172.0K
85ORCLORACLE CORPhistory →COM0.25%$13M45.9K
86RTXRTX CORPORATIONhistory →COM0.25%$13M75.6K
87GPIGROUP 1 AUTOMOTIVE INChistory →COM0.23%$12M27.1K
88ZBHZIMMER BIOMET HOLDINGS INChistory →COM0.23%$12M120.2K
89MCHPMICROCHIP TECHNOLOGY INC.history →COM0.23%$12M184.3K
90FISVFISERV INChistory →COM0.23%$12M91.8K
91AIGAMERICAN INTL GROUP INChistory →COM NEW0.23%$12M150.2K
92UNPUNION PAC CORPhistory →COM0.23%$12M49.2K
93OCOWENS CORNING NEWhistory →COM0.23%$12M82.2K
94CWCURTISS WRIGHT CORPhistory →COM0.23%$12M21.3K
95LMTLOCKHEED MARTIN CORPhistory →COM0.22%$12M23.1K
96STTSTATE STR CORPhistory →COM0.22%$11M98.1K
97MR COOPER GROUP INCCOM0.22%$11M53.4K
98CENXCENTURY ALUM COhistory →COM0.22%$11M381.2K
99LRCXLAM RESEARCH CORPhistory →COM NEW0.22%$11M83.4K
100ACNACCENTURE PLC IRELANDhistory →SHS CLASS A0.21%$11M44.5K

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 ↗.