Maryland State Retirement & Pension System
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 12, 2025), Maryland State Retirement & Pension System reported 1,450 stock positions worth $4.2 billion. Its top holding was Apple (AAPL) at 3.7% of the portfolio, followed by Enbridge (ENB, 3.1%) and Microsoft (MSFT, 3.1%). Compared with Q4 2024, it opened 16 new positions, sold out of 80, added to 94 and reduced 1,320. The biggest buy was American Tower (AMT, shares +2%) and the biggest sale Nvidia (NVDA, shares −13%).
- Most Recent 13F
- Q2 2026
- Location
- BALTIMORE, MD
- CIK
- 0001795552
- Portfolio Value
- $4.2B (Q1 2025)
- SEC Filing
- 0001085146-25-002926 ↗ filed May 12, 2025
Holdings Value
Holdings 1,450 stocks · $4.2B
| AAPL Apple Inc. | 3.65% | 690,638 | $153.4M | Reduce -10.7% |
| ENB Enbridge Inc. | 3.14% | 2,978,574 | $131.8M | Add +3.9% |
| MSFT Microsoft Corp. | 3.11% | 348,602 | $130.9M | Reduce -13.3% |
| NVDA Nvidia Corp. | 2.83% | 1,096,830 | $118.9M | Reduce -13.3% |
| AMT American Tower Corp. | 2.17% | 418,124 | $91.0M | Add +1.9% |
| AMZN Amazon.com Inc. | 1.99% | 440,161 | $83.7M | Reduce -13.3% |
| TRP TC Energy Corp. | 1.60% | 1,420,315 | $67.1M | Add +3.9% |
| WMB Williams Cos Inc. | 1.55% | 1,090,692 | $65.2M | Add +1.9% |
| META Meta Platforms Inc. Class A | 1.41% | 102,670 | $59.2M | Reduce -13.3% |
| OKE Oneok Inc. | 1.31% | 555,206 | $55.1M | Add +8.2% |
| KMI Kinder Morgan Inc. | 1.17% | 1,730,038 | $49.4M | Add +1.9% |
| ET Energy Transfer LP | 1.16% | 2,618,836 | $48.7M | Add +3.0% |
| LNG Cheniere Energy Inc. | 1.11% | 200,720 | $46.4M | Add +1.9% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.09% | 85,801 | $45.7M | Reduce -13.2% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 1.07% | 568,263 | $44.8M | No change |
| GOOGL Alphabet Inc. Class A | 1.01% | 275,390 | $42.6M | Reduce -13.3% |
| EPD Enterprise Products Partners | 1.00% | 1,231,633 | $42.0M | Add +2.8% |
| EXC Exelon Corp. | 0.99% | 899,269 | $41.4M | Add +1.9% |
| CCI Crown Castle Inc. | 0.96% | 388,893 | $40.5M | Add +1.9% |
| SRE Sempra | 0.96% | 566,785 | $40.4M | Add +1.9% |
| TRGP Targa Resources Corp. | 0.93% | 195,045 | $39.1M | Add +1.9% |
| AVGO Broadcom Inc. | 0.86% | 215,425 | $36.1M | Reduce -12.3% |
| GOOG Alphabet Inc. Class C | 0.85% | 227,342 | $35.5M | Reduce -13.3% |
| ED Consolidated Edison Inc. | 0.82% | 310,010 | $34.3M | Add +1.9% |
| TSLA Tesla Inc. | 0.80% | 130,177 | $33.7M | Reduce -13.3% |
| PCG P G & E Corp. | 0.80% | 1,962,537 | $33.7M | Add +2.4% |
| JPM JPMorgan Chase & Co. | 0.77% | 131,637 | $32.3M | Reduce -13.3% |
| LLY Eli Lilly & Co. | 0.74% | 37,540 | $31.0M | Reduce -13.3% |
| PBA Pembina Pipeline Corp. | 0.70% | 739,229 | $29.6M | Add +1.1% |
| FTS Fortis Inc. | 0.69% | 635,742 | $29.0M | Reduce -2.8% |
| V Visa Inc. Class A | 0.67% | 80,802 | $28.3M | Reduce -5.0% |
| FER Ferrovial NV | 0.66% | 622,367 | $27.7M | Reduce -3.6% |
| AWK American Water Works Co. Inc. | 0.61% | 174,401 | $25.7M | Add +1.9% |
| XOM Exxon Mobil Corp. | 0.58% | 205,951 | $24.5M | Reduce -15.0% |
| UNH Unitedhealth Group Inc. | 0.54% | 43,108 | $22.6M | Reduce -13.2% |
| ATO Atmos Energy Corp. | 0.52% | 141,849 | $21.9M | Add +4.0% |
| SBAC SBA Communications Corp. | 0.50% | 96,203 | $21.2M | Add +1.7% |
| CNP Centerpoint Energy Inc. | 0.50% | 582,871 | $21.1M | Add +1.8% |
| MA Mastercard Inc. Class A | 0.50% | 38,235 | $21.0M | Reduce -13.1% |
| AMLP Alerian MLP ETF | 0.49% | 399,453 | $20.7M | No change |
| EIX Edison International | 0.49% | 346,113 | $20.4M | Add +1.9% |
| ES Eversource Energy | 0.48% | 327,788 | $20.4M | Add +1.9% |
| COST Costco Wholesale Corp. | 0.47% | 20,783 | $19.7M | Reduce -13.1% |
| VNQ Vanguard Real Estate ETF | 0.46% | 214,500 | $19.4M | No change |
| PG The Procter & Gamble Co. | 0.45% | 110,449 | $18.8M | Reduce -13.3% |
| JNJ Johnson & Johnson | 0.45% | 112,913 | $18.7M | Reduce -13.2% |
| NFLX Netflix Inc. | 0.45% | 20,060 | $18.7M | Reduce -13.2% |
| WMT Walmart Inc. | 0.42% | 203,124 | $17.8M | Reduce -13.3% |
| ABBV Abbvie Inc. | 0.41% | 82,955 | $17.4M | Reduce -13.2% |
| MPLX MPLX LP | 0.41% | 319,121 | $17.1M | Add +2.6% |
| HD Home Depot Inc. | 0.41% | 46,487 | $17.0M | Reduce -13.4% |
| NI Nisource Inc. | 0.40% | 420,374 | $16.9M | Add +2.4% |
| SHOP Shopify Inc. Class A | 0.39% | 170,761 | $16.3M | Add +32.9% |
| RY Royal Bank of Canada | 0.36% | 132,697 | $14.9M | Add +59.3% |
| AEM Agnico Eagle Mines Ltd. | 0.34% | 131,861 | $14.3M | Add +17.5% |
| TD Toronto-Dominion Bank | 0.31% | 220,667 | $13.2M | Add +40.5% |
| KO The Coca-Cola Co. | 0.31% | 181,546 | $13.0M | Reduce -13.3% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.31% | 311,403 | $13.0M | Reduce -13.3% |
| CVX Chevron Corp. | 0.31% | 76,665 | $12.8M | Reduce -17.5% |
| UBS UBS Group AG-Reg | 0.30% | 417,706 | $12.7M | Add +35.4% |
| CRM Salesforce Inc. | 0.28% | 43,217 | $11.6M | Reduce -13.3% |
| PM Philip Morris International | 0.27% | 72,698 | $11.5M | Reduce -13.2% |
| CSCO Cisco Systems Inc. | 0.27% | 186,659 | $11.5M | Reduce -13.3% |
| SU Suncor Energy Inc. | 0.26% | 286,710 | $11.1M | Add +20.0% |
| WFC Wells Fargo & Co. | 0.26% | 154,149 | $11.1M | Reduce -14.1% |
| ABT Abbott Laboratories | 0.26% | 80,888 | $10.7M | Reduce -13.2% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.25% | 42,901 | $10.7M | Reduce -13.3% |
| MRK Merck & Co. Inc. | 0.25% | 118,584 | $10.6M | Reduce -13.3% |
| MCD McDonald's Corp. | 0.25% | 33,696 | $10.5M | Reduce -13.3% |
| ORCL Oracle Corp. | 0.25% | 74,865 | $10.5M | Reduce -11.6% |
| LIN Linde PLC | 0.25% | 22,469 | $10.5M | Reduce -13.4% |
| SBS Cia Saneamento Basico DE-ADR filed as COMPANHIA DE SANEAMENTO BASI | 0.25% | 583,083 | $10.4M | Reduce -3.2% |
| B Barrick Gold Corp. | 0.25% | 535,002 | $10.4M | Add +15.0% |
| GE General Electric filed as GE AEROSPACE | 0.24% | 50,334 | $10.1M | Reduce -13.3% |
| PEP Pepsico Inc. | 0.23% | 64,294 | $9.6M | Reduce -13.3% |
| PAC Grupo Aeroportuario Pac-ADR | 0.23% | 51,950 | $9.6M | Reduce -3.2% |
| T AT&T Inc. | 0.23% | 335,714 | $9.5M | Reduce -13.1% |
| ALC Alcon Inc. filed as ALCON AG | 0.22% | 96,176 | $9.1M | Add +20.3% |
| VZ Verizon Communications Inc. | 0.21% | 197,072 | $8.9M | Reduce -13.1% |
| WTRG Essential Utilities Inc. | 0.21% | 226,027 | $8.9M | Add +1.5% |
| TMO Thermo Fisher Scientific Inc. | 0.21% | 17,859 | $8.9M | Reduce -13.4% |
| MFC Manulife Financial Corp. | 0.21% | 280,524 | $8.7M | Add +29.0% |
| DTM DT Midstream Inc. | 0.21% | 90,469 | $8.7M | Add +5.6% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 0.21% | 182,677 | $8.7M | Add +33.3% |
| CNQ Canadian Natural Resources | 0.20% | 278,476 | $8.6M | Add +36.3% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM | 0.20% | 149,368 | $8.4M | Add +30.9% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.20% | 84,921 | $8.4M | Reduce -13.2% |
| RTX RTX Corp. | 0.20% | 62,183 | $8.2M | Reduce -13.3% |
| ISRG Intuitive Surgical Inc. | 0.19% | 16,521 | $8.2M | Reduce -13.4% |
| PLTR Palantir Technologies Inc. Class A | 0.19% | 96,420 | $8.1M | Reduce -10.9% |
| QCOM Qualcomm Inc. | 0.19% | 52,223 | $8.0M | Reduce -13.1% |
| PAA Plains All Amer Pipeline LP | 0.19% | 393,863 | $7.9M | Add +2.8% |
| INTU Intuit Inc. | 0.19% | 12,769 | $7.8M | Reduce -13.6% |
| ADBE Adobe Inc. | 0.19% | 20,387 | $7.8M | Reduce -14.8% |
| AMGN Amgen Inc. | 0.19% | 25,079 | $7.8M | Reduce -13.6% |
| PGR Progressive Corp. | 0.18% | 27,336 | $7.7M | Reduce -13.5% |
| AMD Advanced Micro Devices | 0.18% | 75,282 | $7.7M | Reduce -13.2% |
| GS Goldman Sachs Group Inc. | 0.18% | 14,129 | $7.7M | Reduce -14.8% |
| TXN Texas Instruments Inc. | 0.18% | 42,566 | $7.6M | Reduce -13.2% |
| NOW ServiceNow Inc. | 0.18% | 9,602 | $7.6M | Reduce -13.3% |
Portfolio Sells Q4 2024 → Q1 2025
| NVDA Nvidia Corp. | Reduce -13.3% | 2.83% | −0.84 |
| MSFT Microsoft Corp. | Reduce -13.3% | 3.11% | −0.54 |
| AAPL Apple Inc. | Reduce -10.7% | 3.65% | −0.53 |
| TSLA Tesla Inc. | Reduce -13.3% | 0.80% | −0.51 |
| AMZN Amazon.com Inc. | Reduce -13.3% | 1.99% | −0.41 |
| AVGO Broadcom Inc. | Reduce -12.3% | 0.86% | −0.37 |
| GOOGL Alphabet Inc. Class A | Reduce -13.3% | 1.01% | −0.28 |
| GOOG Alphabet Inc. Class C | Reduce -13.3% | 0.85% | −0.23 |
| META Meta Platforms Inc. Class A | Reduce -13.3% | 1.41% | −0.09 |
| CRM Salesforce Inc. | Reduce -13.3% | 0.28% | −0.08 |
| NOW ServiceNow Inc. | Reduce -13.3% | 0.18% | −0.07 |
| BBWI Bath & Body Works Inc. | Reduce -88.0% | 0.01% | −0.06 |
| ENLC Enlink Midstream LLC | Sold out | 0.00% | −0.06 |
| ALK Alaska Air Group Inc. | Reduce -88.3% | 0.01% | −0.06 |
| ATI Ati Inc. | Reduce -89.5% | 0.01% | −0.06 |
| ORCL Oracle Corp. | Reduce -11.6% | 0.25% | −0.06 |
| VFC VF Corp. | Reduce -87.5% | 0.01% | −0.05 |
| MRVL Marvell Technology Inc. | Reduce -13.1% | 0.06% | −0.05 |
| HD Home Depot Inc. | Reduce -13.4% | 0.41% | −0.05 |
| ADBE Adobe Inc. | Reduce -14.8% | 0.19% | −0.04 |
| ANET Arista Networks Inc. | Reduce -12.9% | 0.09% | −0.04 |
| AMD Advanced Micro Devices | Reduce -13.2% | 0.18% | −0.04 |
| MRK Merck & Co. Inc. | Reduce -13.3% | 0.25% | −0.04 |
| DIS The Walt Disney Co. | Reduce -13.2% | 0.20% | −0.04 |
| HIMS Hims & Hers Health Inc. | Sold out | 0.00% | −0.03 |
| TTD Trade Desk Inc./the Class A | Reduce -12.5% | 0.03% | −0.03 |
| ETN Eaton Corp. PLC | Reduce -13.5% | 0.12% | −0.03 |
| WMT Walmart Inc. | Reduce -13.3% | 0.42% | −0.03 |
| BX Blackstone Inc. | Reduce -13.1% | 0.11% | −0.03 |
| BAC Bank of America Corp. | Reduce -13.3% | 0.31% | −0.03 |
| CAT Caterpillar Inc. | Reduce -14.4% | 0.18% | −0.03 |
| KKR KKR & Co. Inc. | Reduce -13.1% | 0.09% | −0.03 |
| AXP American Express Co. | Reduce -14.1% | 0.17% | −0.03 |
| PYPL PayPal Holdings Inc. | Reduce -12.8% | 0.07% | −0.03 |
| AMAT Applied Materials Inc. | Reduce -15.2% | 0.13% | −0.03 |
| DHR Danaher Corp. | Reduce -13.2% | 0.15% | −0.03 |
| CVE Cenovus Energy Inc. | Reduce -27.5% | 0.06% | −0.02 |
| GKOS Glaukos Corp. | Reduce -13.6% | 0.04% | −0.02 |
| BKNG Booking Holdings Inc. | Reduce -13.4% | 0.17% | −0.02 |
| APP AppLovin Corp. Class A | Reduce -13.3% | 0.08% | −0.02 |
| GS Goldman Sachs Group Inc. | Reduce -14.8% | 0.18% | −0.02 |
| BLK BlackRock Inc. | Reduce -13.5% | 0.16% | −0.02 |
| XYZ Block Inc. | Reduce -12.4% | 0.03% | −0.02 |
| APO Apollo Global Management Inc. | Reduce -13.2% | 0.08% | −0.02 |
| MS Morgan Stanley | Reduce -14.0% | 0.15% | −0.02 |
| ISRG Intuitive Surgical Inc. | Reduce -13.4% | 0.19% | −0.02 |
| NKE Nike Inc. Class B | Reduce -12.9% | 0.08% | −0.02 |
| ECHO Echostar Corp. Class A | Sold out | 0.00% | −0.02 |
| TMO Thermo Fisher Scientific Inc. | Reduce -13.4% | 0.21% | −0.02 |
| COIN Coinbase Global Inc. Class A | Reduce -13.3% | 0.04% | −0.02 |
Portfolio Buys Q4 2024 → Q1 2025
| AMT American Tower Corp. | Add +1.9% | 2.17% | +0.54 |
| ENB Enbridge Inc. | Add +3.9% | 3.14% | +0.51 |
| WMB Williams Cos Inc. | Add +1.9% | 1.55% | +0.30 |
| EXC Exelon Corp. | Add +1.9% | 0.99% | +0.27 |
| ED Consolidated Edison Inc. | Add +1.9% | 0.82% | +0.23 |
| TRP TC Energy Corp. | Add +3.9% | 1.60% | +0.22 |
| CCI Crown Castle Inc. | Add +1.9% | 0.96% | +0.22 |
| OKE Oneok Inc. | Add +8.2% | 1.31% | +0.20 |
| TRGP Targa Resources Corp. | Add +1.9% | 0.93% | +0.19 |
| LNG Cheniere Energy Inc. | Add +1.9% | 1.11% | +0.19 |
| EPD Enterprise Products Partners | Add +2.8% | 1.00% | +0.19 |
| KMI Kinder Morgan Inc. | Add +1.9% | 1.17% | +0.17 |
| AWK American Water Works Co. Inc. | Add +1.9% | 0.61% | +0.15 |
| AEM Agnico Eagle Mines Ltd. | Add +17.5% | 0.34% | +0.15 |
| RY Royal Bank of Canada | Add +59.3% | 0.36% | +0.14 |
| TD Toronto-Dominion Bank | Add +40.5% | 0.31% | +0.13 |
| PBA Pembina Pipeline Corp. | Add +1.1% | 0.70% | +0.12 |
| ATO Atmos Energy Corp. | Add +4.0% | 0.52% | +0.11 |
| CNP Centerpoint Energy Inc. | Add +1.8% | 0.50% | +0.11 |
| IGF iShares Global Infrastructur | Add +284.8% | 0.13% | +0.10 |
| UBS UBS Group AG-Reg | Add +35.4% | 0.30% | +0.10 |
| SHOP Shopify Inc. Class A | Add +32.9% | 0.39% | +0.09 |
| B Barrick Gold Corp. | Add +15.0% | 0.25% | +0.09 |
| SBAC SBA Communications Corp. | Add +1.7% | 0.50% | +0.09 |
| ES Eversource Energy | Add +1.9% | 0.48% | +0.09 |
| MPLX MPLX LP | Add +2.6% | 0.41% | +0.09 |
| ET Energy Transfer LP | Add +3.0% | 1.16% | +0.08 |
| SU Suncor Energy Inc. | Add +20.0% | 0.26% | +0.08 |
| NI Nisource Inc. | Add +2.4% | 0.40% | +0.08 |
| ALC Alcon Inc. | Add +20.3% | 0.22% | +0.07 |
| CNQ Canadian Natural Resources | Add +36.3% | 0.20% | +0.07 |
| BMO Bank of Montreal | Add +58.7% | 0.16% | +0.07 |
| MFC Manulife Financial Corp. | Add +29.0% | 0.21% | +0.06 |
| CP Canadian Pacific Kansas City | Add +58.7% | 0.15% | +0.06 |
| BN Brookfield Corp. | Add +58.6% | 0.16% | +0.06 |
| SE Sea Ltd.-ADR | Add +58.7% | 0.11% | +0.06 |
| WCN Waste Connections Inc. | Add +58.7% | 0.11% | +0.06 |
| KGC Kinross Gold Corp. | Add +2.5% | 0.15% | +0.05 |
| CNI Canadian Natl Railway Co. | Add +58.4% | 0.12% | +0.05 |
| BNS Bank of Nova Scotia | Add +33.3% | 0.21% | +0.05 |
| PAA Plains All Amer Pipeline LP | Add +2.8% | 0.19% | +0.05 |
| CM Can Imperial BK of Commerce | Add +30.9% | 0.20% | +0.04 |
| NTR Nutrien Ltd. | Add +21.5% | 0.13% | +0.04 |
| BWA Borgwarner Inc. | Add +536.7% | 0.05% | +0.04 |
| TFX Teleflex Inc. | Add +485.5% | 0.05% | +0.04 |
| CE Celanese Corp. | Add +512.9% | 0.05% | +0.04 |
| FNV Franco-Nevada Corp. | Add +59.8% | 0.07% | +0.04 |
| WTRG Essential Utilities Inc. | Add +1.5% | 0.21% | +0.04 |
| RHP Ryman Hospitality Properties | New | 0.04% | +0.04 |
| SNDK Sandisk Corp. | Add +546.3% | 0.04% | +0.04 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 1,423 | $5.8B | NVDA, AAPL, MSFT, ENB, AMZN |
| Q1 2026 | 1,352 | $4.9B | NVDA, AAPL, ENB, MSFT, AMZN |
| Q4 2025 | 1,369 | $4.9B | NVDA, AAPL, MSFT, ENB, AMZN |
| Q3 2025 | 1,368 | $4.8B | NVDA, MSFT, AAPL, ENB, AMZN |
| Q2 2025 | 1,488 | $4.6B | NVDA, MSFT, AAPL, ENB, AMZN |
| Q1 2025 | 1,450 | $4.2B | AAPL, ENB, MSFT, NVDA, AMT |
| Q4 2024 | 1,512 | $4.6B | AAPL, NVDA, MSFT, ENB, AMZN |
| Q3 2024 | 1,521 | $4.8B | AAPL, MSFT, NVDA, ENB, AMZN |
| Q2 2024 | 1,547 | $5.4B | MSFT, AAPL, NVDA, AMZN, ENB |
| Q1 2024 | 1,535 | $5.0B | MSFT, AAPL, NVDA, AMZN, ENB |