SEC 13F Intelligence

Managers / Q4 2025 · view latest →

South Dakota Investment Council

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

Reported Value
$5.3B
Q4 2025
Positions
606
Filings on Record
29
2019–present window
Filed
Feb 12, 2026
original filing

Summary

South Dakota Investment Council reported $5.3B in U.S.-listed holdings across 606 positions for Q4 2025.

Its largest position, VWO, represents 11.0% of the portfolio.

Compared with Q3 2025, the fund opened 22 new positions and exited 22.

Portfolio Metrics

Turnover
+7.9%
vs prior filed quarter
Top-10 Concentration
+41.8%
share of reported value
Largest Position
+11.0%
Vanguard Intl Equity Index F
New / Exited
22 / 22
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: 79.2%ETP: 20.3%ADR: 0.3%REIT: 0.2%Other: 0.1%Equity WRT: 0.0%
  • Common Stock · 79.2% · $4.2B
  • ETP · 20.3% · $1.1B
  • ADR · 0.3% · $15M
  • REIT · 0.2% · $8M
  • Other · 0.1% · $5M
  • Equity WRT · 0.0% · $23,000

Quarter-over-Quarter Changes full breakdown →

vs Q3 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
VCSHVANGUARD SHORT-TERM CORPORATNEW+1.64M1.64M+$131M$131M
USHYISHARES TRNEW+1.93M1.93M+$72M$72M
RDNRADIAN GROUP INCNEW+176.6K176.6K+$6M$6M
RKTROCKET COMPANIES INCNEW+304.3K304.3K+$6M$6M
VNQVANGUARD INDEX FDSNEW+38.0K38.0K+$3M$3M
CRKCOMSTOCK RES INCNEW+101.7K101.7K+$2M$2M
NTNXNUTANIX INCNEW+45.2K45.2K+$2M$2M
AVTAVNET INCNEW+41.1K41.1K+$2M$2M

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

Holdings — Q4 2025

497 positions (from 500 filing rows — )
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1VWOVANGUARD INTL EQUITY INDEX Fhistory →FTSE EMR MKT ETF10.98%$577M10.73M
2AGGISHARES TRCORE US AGGBD ET · BROAD USD HIGH6.74%$354M4.75M
3MSFTMICROSOFT CORPhistory →COM4.15%$218M450.6K
4NVDANVIDIA CORPORATIONhistory →COM3.99%$210M1.12M
5AAPLAPPLE INChistory →COM3.90%$205M752.7K
6GOOGLALPHABET INCCAP STK CL A · CAP STK CL C3.70%$194M620.3K
7VCSHVANGUARD SHORT-TERM CORPORAThistory →SHRT TRM CORP BD2.49%$131M1.64M
8AMZNAMAZON COM INChistory →COM2.43%$128M553.5K
9VTOLBRISTOW GROUP INChistory →COM1.93%$101M2.77M
10METAMETA PLATFORMS INChistory →CL A1.46%$77M116.0K
11BRK/BBERKSHIRE HATHAWAY INC DELCL B NEW · CL A1.17%$61M109.8K
12UNHUNITEDHEALTH GROUP INChistory →COM1.02%$54M163.0K
13LLYELI LILLY & COhistory →COM0.98%$51M47.8K
14HUMHUMANA INChistory →COM0.79%$41M161.4K
15ELVELEVANCE HEALTH INC FORMERLYhistory →COM0.75%$39M112.3K
16USBUS BANCORP DELhistory →COM NEW0.74%$39M728.2K
17AVGOBROADCOM INChistory →COM0.70%$37M106.3K
18VVISA INChistory →COM CL A0.65%$34M97.9K
19BBWIBATH & BODY WORKS INChistory →COM0.64%$34M1.68M
20COPCONOCOPHILLIPShistory →COM0.61%$32M342.6K
21EGEVEREST GROUP LTDhistory →COM0.61%$32M93.8K
22PFEPFIZER INChistory →COM0.57%$30M1.20M
23CMCSACOMCAST CORP NEWhistory →CL A0.53%$28M933.5K
24MAMASTERCARD INCORPORATEDhistory →CL A0.51%$27M47.2K
25UPSUNITED PARCEL SERVICE INChistory →CL B0.51%$27M270.4K
26RGAREINSURANCE GRP OF AMERICA Ihistory →COM NEW0.48%$25M123.6K
27EXMOCEXXON MOBIL CORPhistory →COM0.46%$24M202.3K
28CNCCENTENE CORP DELhistory →COM0.46%$24M585.7K
29AMDADVANCED MICRO DEVICES INChistory →COM0.46%$24M112.1K
30AMATAPPLIED MATLS INChistory →COM0.46%$24M93.0K
31WFCWELLS FARGO CO NEWhistory →COM0.45%$24M255.9K
32TXNTEXAS INSTRS INChistory →COM0.44%$23M134.7K
33TGTTARGET CORPhistory →COM0.41%$22M221.9K
34SLBSLB LIMITEDhistory →COM STK0.41%$22M561.5K
35ACGLARCH CAP GROUP LTDhistory →ORD0.41%$21M223.3K
36MRKMERCK & CO INChistory →COM0.41%$21M202.5K
37CCITIGROUP INChistory →COM NEW0.40%$21M181.3K
38TSLATESLA INChistory →COM0.40%$21M46.2K
39EOGEOG RES INChistory →COM0.39%$21M196.8K
40IQVIQVIA HLDGS INChistory →COM0.39%$21M91.5K
41ALKALASKA AIR GROUP INChistory →COM0.39%$21M408.6K
42STZCONSTELLATION BRANDS INChistory →CL A0.39%$20M147.7K
43APAAPA CORPORATIONhistory →COM0.38%$20M807.2K
44TMOTHERMO FISHER SCIENTIFIC INChistory →COM0.38%$20M34.0K
45HALHALLIBURTON COhistory →COM0.37%$19M687.0K
46DISDISNEY WALT COhistory →COM0.36%$19M168.3K
47PYPLPAYPAL HLDGS INChistory →COM0.36%$19M327.6K
48BMYBRISTOL-MYERS SQUIBB COhistory →COM0.36%$19M347.4K
49OXYOCCIDENTAL PETE CORPhistory →COM0.35%$18M447.9K
50DGDOLLAR GEN CORP NEWhistory →COM0.34%$18M135.6K
51MOHMOLINA HEALTHCARE INChistory →COM0.34%$18M103.3K
52JPMJPMORGAN CHASE & CO.history →COM0.34%$18M55.6K
53JNJJOHNSON & JOHNSONhistory →COM0.33%$17M84.5K
54LKQLKQ CORPhistory →COM0.33%$17M575.6K
55CSXCSX CORPhistory →COM0.32%$17M465.2K
56LBRTLIBERTY ENERGY INChistory →COM CL A0.32%$17M906.6K
57ZBHZIMMER BIOMET HOLDINGS INChistory →COM0.32%$17M184.7K
58SOLVSOLVENTUM CORPhistory →COM SHS0.30%$16M200.9K
59ACNACCENTURE PLC IRELANDhistory →SHS CLASS A0.30%$16M59.1K
60ZTSZOETIS INChistory →CL A0.30%$16M124.6K
61DHRDANAHER CORPORATIONhistory →COM0.30%$16M68.2K
62FANGDIAMONDBACK ENERGY INChistory →COM0.30%$16M103.8K
63FSLRFIRST SOLAR INChistory →COM0.30%$16M59.6K
64FDXFEDEX CORPhistory →COM0.30%$16M53.8K
65CVXCHEVRON CORP NEWhistory →COM0.29%$15M100.8K
66EQHEQUITABLE HLDGS INChistory →COM0.29%$15M319.2K
67SWSMURFIT WESTROCK PLChistory →SHS0.29%$15M390.8K
68CVSCVS HEALTH CORPhistory →COM0.29%$15M189.8K
69ADBEADOBE INChistory →COM0.28%$15M42.7K
70PVHPVH CORPORATIONhistory →COM0.28%$15M219.0K
71DUKDUKE ENERGY CORP NEWhistory →COM NEW0.28%$15M124.9K
72CHTRCHARTER COMMUNICATIONS INC Nhistory →CL A0.27%$14M69.1K
73RNRRENAISSANCERE HLDGS LTDhistory →COM0.27%$14M50.4K
74TFCTRUIST FINL CORPhistory →COM0.26%$14M281.2K
75GPNGLOBAL PMTS INChistory →COM0.26%$14M176.6K
76DEDEERE & COhistory →COM0.26%$14M29.3K
77UNMUNUM GROUPhistory →COM0.26%$13M174.0K
78HPQHP INChistory →COM0.26%$13M603.8K
79MTDRMATADOR RES COhistory →COM0.26%$13M315.8K
80MDTMEDTRONIC PLChistory →SHS0.25%$13M139.4K
81LOWLOWES COS INChistory →COM0.25%$13M55.2K
82CSCOCISCO SYS INChistory →COM0.25%$13M172.5K
83RTXRTX CORPORATIONhistory →COM0.25%$13M70.5K
84LRCXLAM RESEARCH CORPhistory →COM NEW0.25%$13M75.5K
85CHRDCHORD ENERGY CORPORATIONhistory →COM NEW0.24%$13M138.4K
86LYBLYONDELLBASELL INDUSTRIES Nhistory →SHS - A -0.24%$13M296.1K
87PGPROCTER AND GAMBLE COhistory →COM0.24%$13M89.0K
88VZVERIZON COMMUNICATIONS INChistory →COM0.24%$12M306.5K
89CENXCENTURY ALUM COhistory →COM0.24%$12M317.4K
90HONHONEYWELL INTL INChistory →COM0.24%$12M63.4K
91MUMICRON TECHNOLOGY INChistory →COM0.23%$12M43.0K
92GEHCGE HEALTHCARE TECHNOLOGIES Ihistory →COMMON STOCK0.23%$12M148.8K
93QCOMQUALCOMM INChistory →COM0.23%$12M70.7K
94FISVFISERV INChistory →COM0.23%$12M176.3K
95MCHPMICROCHIP TECHNOLOGY INC.history →COM0.22%$11M177.6K
96LMTLOCKHEED MARTIN CORPhistory →COM0.21%$11M23.1K
97UNPUNION PAC CORPhistory →COM0.21%$11M48.0K
98PEPPEPSICO INChistory →COM0.20%$11M74.8K
99EMNEASTMAN CHEM COhistory →COM0.20%$11M168.2K
100ORCLORACLE CORPhistory →COM0.20%$11M54.9K

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 ↗.