Maryland State Retirement & Pension System
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 23, 2025), Maryland State Retirement & Pension System reported 1,488 stock positions worth $4.6 billion. Its top holding was Nvidia (NVDA) at 3.9% of the portfolio, followed by Microsoft (MSFT, 3.9%) and Apple (AAPL, 3.2%). Compared with Q1 2025, it opened 62 new positions, sold out of 25, added to 584 and reduced 143. The biggest buy was Nvidia (NVDA, shares +3%) and the biggest sale an exit from St Sr Utl SL SE SPDR ETF-Usd (XLU).
- Most Recent 13F
- Q2 2026
- Location
- BALTIMORE, MD
- CIK
- 0001795552
- Portfolio Value
- $4.6B (Q2 2025)
- SEC Filing
- 0001085146-25-004087 ↗ filed Jul 23, 2025
Holdings Value
Holdings 1,488 stocks · $4.6B
| NVDA Nvidia Corp. | 3.93% | 1,134,365 | $179.2M | Add +3.4% |
| MSFT Microsoft Corp. | 3.92% | 359,478 | $178.8M | Add +3.1% |
| AAPL Apple Inc. | 3.21% | 714,491 | $146.6M | Add +3.5% |
| ENB Enbridge Inc. | 2.84% | 2,860,172 | $129.8M | Reduce -4.0% |
| AMZN Amazon.com Inc. | 2.23% | 465,051 | $102.0M | Add +5.7% |
| AMT American Tower Corp. | 2.15% | 444,614 | $98.3M | Add +6.3% |
| META Meta Platforms Inc. Class A | 1.71% | 105,824 | $78.1M | Add +3.1% |
| WMB Williams Cos Inc. | 1.60% | 1,159,547 | $72.8M | Add +6.3% |
| TRP TC Energy Corp. | 1.46% | 1,364,049 | $66.6M | Reduce -4.0% |
| AVGO Broadcom Inc. | 1.35% | 223,974 | $61.7M | Add +4.0% |
| KMI Kinder Morgan Inc. | 1.18% | 1,836,672 | $54.0M | Add +6.2% |
| LNG Cheniere Energy Inc. | 1.12% | 210,590 | $51.3M | Add +4.9% |
| ET Energy Transfer LP | 1.11% | 2,783,399 | $50.5M | Add +6.3% |
| GOOGL Alphabet Inc. Class A | 1.09% | 281,932 | $49.7M | Add +2.4% |
| OKE Oneok Inc. | 1.06% | 593,282 | $48.4M | Add +6.9% |
| SRE Sempra | 1.03% | 619,453 | $46.9M | Add +9.3% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.95% | 89,447 | $43.5M | Add +4.3% |
| TSLA Tesla Inc. | 0.95% | 136,418 | $43.3M | Add +4.8% |
| CCI Crown Castle Inc. | 0.93% | 413,517 | $42.5M | Add +6.3% |
| EXC Exelon Corp. | 0.91% | 958,907 | $41.6M | Add +6.6% |
| GOOG Alphabet Inc. Class C | 0.89% | 229,600 | $40.7M | Add +1.0% |
| EPD Enterprise Products Partners | 0.89% | 1,309,570 | $40.6M | Add +6.3% |
| JPM JPMorgan Chase & Co. | 0.86% | 134,689 | $39.0M | Add +2.3% |
| TRGP Targa Resources Corp. | 0.79% | 205,934 | $35.8M | Add +5.6% |
| ED Consolidated Edison Inc. | 0.75% | 342,212 | $34.3M | Add +10.4% |
| FER Ferrovial NV | 0.70% | 598,035 | $31.9M | Reduce -3.9% |
| LLY Eli Lilly & Co. | 0.66% | 38,839 | $30.3M | Add +3.5% |
| V Visa Inc. Class A | 0.64% | 82,636 | $29.3M | Add +2.3% |
| FTS Fortis Inc. | 0.64% | 610,877 | $29.2M | Reduce -3.9% |
| PCG P G & E Corp. | 0.64% | 2,087,079 | $29.1M | Add +6.3% |
| NFLX Netflix Inc. | 0.60% | 20,549 | $27.5M | Add +2.4% |
| PBA Pembina Pipeline Corp. | 0.58% | 707,413 | $26.6M | Reduce -4.3% |
| AWK American Water Works Co. Inc. | 0.56% | 185,208 | $25.8M | Add +6.2% |
| SBAC SBA Communications Corp. | 0.53% | 102,053 | $24.0M | Add +6.1% |
| ATO Atmos Energy Corp. | 0.51% | 150,832 | $23.2M | Add +6.3% |
| CNP Centerpoint Energy Inc. | 0.50% | 619,898 | $22.8M | Add +6.3% |
| XOM Exxon Mobil Corp. | 0.50% | 210,319 | $22.7M | Add +2.1% |
| ES Eversource Energy | 0.49% | 348,939 | $22.2M | Add +6.5% |
| MA Mastercard Inc. Class A | 0.49% | 39,443 | $22.2M | Add +3.2% |
| COST Costco Wholesale Corp. | 0.47% | 21,524 | $21.3M | Add +3.6% |
| WMT Walmart Inc. | 0.45% | 211,266 | $20.7M | Add +4.0% |
| SHOP Shopify Inc. Class A | 0.42% | 165,345 | $19.1M | Reduce -3.2% |
| EIX Edison International | 0.41% | 364,525 | $18.8M | Add +5.3% |
| PG The Procter & Gamble Co. | 0.40% | 114,016 | $18.2M | Add +3.2% |
| NI Nisource Inc. | 0.40% | 447,059 | $18.0M | Add +6.3% |
| JNJ Johnson & Johnson | 0.39% | 116,816 | $17.8M | Add +3.5% |
| HD Home Depot Inc. | 0.39% | 48,244 | $17.7M | Add +3.8% |
| RY Royal Bank of Canada | 0.39% | 133,267 | $17.6M | Add +0.4% |
| ORCL Oracle Corp. | 0.38% | 80,332 | $17.6M | Add +7.3% |
| MPLX MPLX LP | 0.38% | 340,375 | $17.5M | Add +6.7% |
| TD Toronto-Dominion Bank | 0.35% | 216,943 | $16.0M | Reduce -1.7% |
| ABBV Abbvie Inc. | 0.35% | 85,957 | $16.0M | Add +3.6% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.35% | 333,206 | $15.8M | Add +7.0% |
| AEM Agnico Eagle Mines Ltd. | 0.34% | 128,349 | $15.3M | Reduce -2.7% |
| PLTR Palantir Technologies Inc. Class A | 0.32% | 105,969 | $14.4M | Add +9.9% |
| UNH Unitedhealth Group Inc. | 0.30% | 44,230 | $13.8M | Add +2.6% |
| PM Philip Morris International | 0.30% | 75,727 | $13.8M | Add +4.2% |
| CSCO Cisco Systems Inc. | 0.29% | 193,458 | $13.4M | Add +3.6% |
| KO The Coca-Cola Co. | 0.29% | 189,019 | $13.4M | Add +4.1% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.29% | 45,223 | $13.3M | Add +5.4% |
| GE General Electric filed as GE AEROSPACE | 0.29% | 51,112 | $13.2M | Add +1.6% |
| WFC Wells Fargo & Co. | 0.28% | 158,393 | $12.7M | Add +2.8% |
| CRM Salesforce Inc. | 0.27% | 45,380 | $12.4M | Add +5.0% |
| SBS Cia Saneamento Basico DE-ADR filed as COMPANHIA DE SANEAMENTO BASI | 0.27% | 557,685 | $12.3M | Reduce -4.4% |
| EFA iShares MSCI Eafe ETF | 0.27% | 136,922 | $12.2M | Add +321.7% |
| SU Suncor Energy Inc. | 0.26% | 319,619 | $12.0M | Add +11.5% |
| B Barrick Mining Corp. | 0.26% | 562,888 | $11.7M | Add +5.2% |
| ABT Abbott Laboratories | 0.25% | 84,163 | $11.4M | Add +4.0% |
| PAC Grupo Aeroportuario Pac-ADR | 0.25% | 49,687 | $11.4M | Reduce -4.4% |
| CVX Chevron Corp. | 0.25% | 79,279 | $11.4M | Add +3.4% |
| AMD Advanced Micro Devices | 0.24% | 78,275 | $11.1M | Add +4.0% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.24% | 88,021 | $10.9M | Add +3.6% |
| LIN Linde PLC | 0.23% | 22,825 | $10.7M | Add +1.6% |
| DTM DT Midstream Inc. | 0.23% | 96,483 | $10.6M | Add +6.7% |
| GS Goldman Sachs Group Inc. | 0.23% | 14,799 | $10.5M | Add +4.7% |
| INTU Intuit Inc. | 0.23% | 13,271 | $10.5M | Add +3.9% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 0.23% | 187,707 | $10.4M | Add +2.8% |
| NOW ServiceNow Inc. | 0.23% | 10,046 | $10.3M | Add +4.6% |
| UBS UBS Group AG-Reg | 0.22% | 302,560 | $10.2M | Reduce -27.6% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM | 0.22% | 143,742 | $10.2M | Reduce -3.8% |
| MCD McDonald's Corp. | 0.22% | 34,745 | $10.2M | Add +3.1% |
| T AT&T Inc. | 0.22% | 340,952 | $9.9M | Add +1.6% |
| CNQ Canadian Natural Resources | 0.21% | 309,001 | $9.7M | Add +11.0% |
| MRK Merck & Co. Inc. | 0.21% | 122,466 | $9.7M | Add +3.3% |
| RTX RTX Corp. | 0.21% | 65,028 | $9.5M | Add +4.6% |
| ISRG Intuitive Surgical Inc. | 0.21% | 17,346 | $9.4M | Add +5.0% |
| TXN Texas Instruments Inc. | 0.20% | 44,174 | $9.2M | Add +3.8% |
| BKNG Booking Holdings Inc. | 0.20% | 1,581 | $9.2M | Add +2.1% |
| UBER Uber Technologies Inc. | 0.20% | 97,856 | $9.1M | Add +3.0% |
| WTRG Essential Utilities Inc. | 0.20% | 245,821 | $9.1M | Add +8.8% |
| VZ Verizon Communications Inc. | 0.19% | 205,282 | $8.9M | Add +4.2% |
| ALC Alcon Inc. filed as ALCON AG | 0.19% | 99,867 | $8.8M | Add +3.8% |
| PEP Pepsico Inc. | 0.19% | 66,604 | $8.8M | Add +3.6% |
| CAT Caterpillar Inc. | 0.19% | 22,509 | $8.7M | Reduce -0.4% |
| AXP American Express Co. | 0.19% | 26,696 | $8.5M | Add +2.9% |
| QCOM Qualcomm Inc. | 0.19% | 53,433 | $8.5M | Add +2.3% |
| ADBE Adobe Inc. | 0.18% | 20,686 | $8.0M | Add +1.5% |
| BN Brookfield Corp. | 0.17% | 128,710 | $8.0M | Add +1.5% |
| MS Morgan Stanley | 0.17% | 55,978 | $7.9M | Add +4.2% |
| SPGI S&P Global Inc. | 0.17% | 14,924 | $7.9M | Add +2.0% |
Portfolio Sells Q1 2025 → Q2 2025
| XLU St Sr Utl SL SE SPDR ETF-Usd | Sold out | 0.00% | −1.07 |
| AMLP Alerian MLP ETF | Sold out | 0.00% | −0.49 |
| VNQ Vanguard Real Estate ETF | Sold out | 0.00% | −0.46 |
| ENB Enbridge Inc. | Reduce -4.0% | 2.84% | −0.29 |
| GIB Cgi Inc. | Sold out | 0.00% | −0.16 |
| TRP TC Energy Corp. | Reduce -4.0% | 1.46% | −0.14 |
| PBA Pembina Pipeline Corp. | Reduce -4.3% | 0.58% | −0.12 |
| MFC Manulife Financial Corp. | Reduce -42.1% | 0.11% | −0.09 |
| UBS UBS Group AG-Reg | Reduce -27.6% | 0.22% | −0.08 |
| FTS Fortis Inc. | Reduce -3.9% | 0.64% | −0.05 |
| DFS Discover Financial Services | Sold out | 0.00% | −0.05 |
| IJR iShares Core S&P Small-Cap E | Sold out | 0.00% | −0.04 |
| IGF iShares Global Infrastructur | Reduce -13.5% | 0.11% | −0.02 |
| APO Apollo Global Management Inc. | Reduce -17.9% | 0.06% | −0.02 |
| PDCO Patterson Cos Inc. | Sold out | 0.00% | −0.02 |
| SOBO South Bow Corp. | Reduce -4.3% | 0.14% | −0.02 |
| ITCI Intra-Cellular Therapies Inc. | Sold out | 0.00% | −0.02 |
| AFL Aflac Inc. | Reduce -9.2% | 0.05% | −0.01 |
| NFE New Fortress Energy Inc. | Reduce -3.3% | 0.01% | −0.01 |
| WM Waste Management Inc. | Reduce -4.1% | 0.09% | −0.01 |
| TFX Teleflex Inc. | Reduce -3.7% | 0.04% | −0.01 |
| MPT Medical Properties Trust Inc. | Reduce -3.9% | 0.02% | −0.01 |
| X United States Steel Corp. | Sold out | 0.00% | −0.01 |
| LULU Lululemon Athletica Inc. | Reduce -6.9% | 0.03% | −0.01 |
| STZ Constellation Brands Inc. Class A | Reduce -14.7% | 0.02% | −0.01 |
| BERY Berry Global Group Inc. | Sold out | 0.00% | −0.01 |
| CABO Cable One Inc. | Sold out | 0.00% | −0.01 |
| HELE Helen of Troy Ltd. | Sold out | 0.00% | −0.01 |
| PPLI People Inc. | Reduce -6.1% | 0.02% | −0.01 |
| AIG American International Group | Reduce -2.9% | 0.05% | −0.01 |
| SWI Solarwinds Corp. | Sold out | 0.00% | −0.01 |
| MGY Magnolia Oil & Gas Corp. Class A | Reduce -1.5% | 0.03% | −0.01 |
| SRPT Sarepta Therapeutics Inc. | Sold out | 0.00% | −0.01 |
| PENGUIN SOLUTIONS CAYMEN (PENG 2.25 02/15/26) | Sold out | 0.00% | −0.01 |
| QDEL Quidelortho Corp. | Reduce -12.2% | 0.01% | −0.01 |
| MATX Matson Inc. | Reduce -1.3% | 0.02% | −0.01 |
| ENOV Enovis Corp. | Reduce -13.5% | 0.01% | −0.01 |
| OXM Oxford Industries Inc. | Sold out | 0.00% | −0.01 |
| CC The Chemours Co. | Reduce -16.3% | 0.01% | −0.01 |
| HSTM Healthstream Inc. | Sold out | 0.00% | −0.01 |
| PRSU Pursuit Attractions and Hosp | Sold out | 0.00% | −0.01 |
| BCC Boise Cascade Co. | Reduce -1.4% | 0.02% | −0.01 |
| CRI Carter's Inc. | Reduce -14.7% | 0.01% | −0.01 |
| VSTS Vestis Corp. | Reduce -15.5% | 0.00% | −0.01 |
| SON Sonoco Products Co. | Sold out | 0.00% | −0.01 |
| NEU Newmarket Corp. | Sold out | 0.00% | −0.01 |
| LQDT Liquidity Services Inc. | Sold out | 0.00% | −0.00 |
| SYK Stryker Corp. | Reduce -1.1% | 0.14% | −0.00 |
| MTH Meritage Homes Corp. | Reduce -0.5% | 0.03% | −0.00 |
| RYN Rayonier Inc. | Sold out | 0.00% | −0.00 |
Portfolio Buys Q1 2025 → Q2 2025
| NVDA Nvidia Corp. | Add +3.4% | 3.93% | +1.10 |
| MSFT Microsoft Corp. | Add +3.1% | 3.92% | +0.80 |
| AVGO Broadcom Inc. | Add +4.0% | 1.35% | +0.49 |
| META Meta Platforms Inc. Class A | Add +3.1% | 1.71% | +0.30 |
| AMZN Amazon.com Inc. | Add +5.7% | 2.23% | +0.24 |
| EFA iShares MSCI Eafe ETF | Add +321.7% | 0.27% | +0.20 |
| NFLX Netflix Inc. | Add +2.4% | 0.60% | +0.16 |
| TSLA Tesla Inc. | Add +4.8% | 0.95% | +0.15 |
| ORCL Oracle Corp. | Add +7.3% | 0.38% | +0.14 |
| PLTR Palantir Technologies Inc. Class A | Add +9.9% | 0.32% | +0.12 |
| JPM JPMorgan Chase & Co. | Add +2.3% | 0.86% | +0.09 |
| WPM Wheaton Precious Metals Corp. | New | 0.08% | +0.08 |
| GOOGL Alphabet Inc. Class A | Add +2.4% | 1.09% | +0.07 |
| COF Capital One Financial Corp. | Add +72.6% | 0.14% | +0.07 |
| SRE Sempra | Add +9.3% | 1.03% | +0.07 |
| GEV GE Vernova Inc. | Add +4.3% | 0.15% | +0.06 |
| AMD Advanced Micro Devices | Add +4.0% | 0.24% | +0.06 |
| EFV iShares MSCI Eafe Value ETF | Add +153.4% | 0.10% | +0.06 |
| IWB iShares Russell 1000 ETF | Add +255.0% | 0.08% | +0.06 |
| AMRZ Amrize Ltd. | New | 0.05% | +0.05 |
| GE General Electric | Add +1.6% | 0.29% | +0.05 |
| GOOG Alphabet Inc. Class C | Add +1.0% | 0.89% | +0.05 |
| GS Goldman Sachs Group Inc. | Add +4.7% | 0.23% | +0.05 |
| STRL Sterling Infrastructure Inc. | New | 0.05% | +0.05 |
| WMB Williams Cos Inc. | Add +6.3% | 1.60% | +0.04 |
| NOW ServiceNow Inc. | Add +4.6% | 0.23% | +0.04 |
| HOOD Robinhood Markets Inc. Class A | Add +14.5% | 0.07% | +0.04 |
| INTU Intuit Inc. | Add +3.9% | 0.23% | +0.04 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +10.3% | 0.13% | +0.04 |
| APH Amphenol Corp. Class A | Add +6.1% | 0.13% | +0.04 |
| MU Micron Technology Inc. | Add +5.3% | 0.15% | +0.04 |
| DIS The Walt Disney Co. | Add +3.6% | 0.24% | +0.04 |
| COIN Coinbase Global Inc. Class A | Add +5.9% | 0.08% | +0.04 |
| IBM Intl Business Machines Corp. | Add +5.4% | 0.29% | +0.04 |
| CEG Constellation Energy | Add +3.4% | 0.11% | +0.04 |
| BAC Bank of America Corp. | Add +7.0% | 0.35% | +0.04 |
| UBER Uber Technologies Inc. | Add +3.0% | 0.20% | +0.04 |
| RAL Ralliant Corp. | Add +613.0% | 0.04% | +0.03 |
| MSTR Strategy Inc. | Add +12.2% | 0.11% | +0.03 |
| BKNG Booking Holdings Inc. | Add +2.1% | 0.20% | +0.03 |
| ETN Eaton Corp. PLC | Add +3.2% | 0.15% | +0.03 |
| RY Royal Bank of Canada | Add +0.4% | 0.39% | +0.03 |
| RBLX Roblox Corp. Class A | Add +11.6% | 0.06% | +0.03 |
| AVAV Aerovironment Inc. | Add +1.3% | 0.05% | +0.03 |
| LRCX Lam Research Corp. | Add +3.4% | 0.13% | +0.03 |
| WMT Walmart Inc. | Add +4.0% | 0.45% | +0.03 |
| PM Philip Morris International | Add +4.2% | 0.30% | +0.03 |
| NET Cloudflare Inc. Class A | Add +7.0% | 0.06% | +0.03 |
| AMAT Applied Materials Inc. | Add +3.5% | 0.16% | +0.03 |
| KLAC KLA Corp. | Add +3.9% | 0.13% | +0.03 |
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 |