Maryland State Retirement & Pension System
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 29, 2025), Maryland State Retirement & Pension System reported 1,368 stock positions worth $4.8 billion. Its top holding was Nvidia (NVDA) at 4.6% of the portfolio, followed by Microsoft (MSFT, 4.0%) and Apple (AAPL, 3.9%). Compared with Q2 2025, it opened 23 new positions, sold out of 143, added to 523 and reduced 453. The biggest buy was Apple (AAPL, shares +2%) and the biggest sale iShares MSCI Eafe ETF (EFA, shares −49%).
- Most Recent 13F
- Q2 2026
- Location
- BALTIMORE, MD
- CIK
- 0001795552
- Portfolio Value
- $4.8B (Q3 2025)
- SEC Filing
- 0001795552-25-000004 ↗ filed Oct 29, 2025
Holdings Value
Holdings 1,368 stocks · $4.8B
| NVDA Nvidia Corp. | 4.56% | 1,163,850 | $217.2M | Add +2.6% |
| MSFT Microsoft Corp. | 4.01% | 368,856 | $191.0M | Add +2.6% |
| AAPL Apple Inc. | 3.88% | 725,203 | $184.7M | Add +1.5% |
| ENB Enbridge Inc. | 3.04% | 2,872,841 | $144.9M | Add +0.4% |
| AMZN Amazon.com Inc. | 2.20% | 477,069 | $104.8M | Add +2.6% |
| AMT American Tower Corp. | 1.85% | 457,275 | $87.9M | Add +2.9% |
| META Meta Platforms Inc. Class A | 1.68% | 108,632 | $79.8M | Add +2.6% |
| AVGO Broadcom Inc. | 1.59% | 229,798 | $75.8M | Add +2.6% |
| WMB Williams Cos Inc. | 1.59% | 1,192,703 | $75.6M | Add +2.9% |
| TRP TC Energy Corp. | 1.56% | 1,370,075 | $74.5M | Add +0.4% |
| GOOGL Alphabet Inc. Class A | 1.48% | 289,221 | $70.3M | Add +2.6% |
| TSLA Tesla Inc. | 1.31% | 139,977 | $62.3M | Add +2.6% |
| GOOG Alphabet Inc. Class C | 1.21% | 235,506 | $57.4M | Add +2.6% |
| SRE Sempra | 1.20% | 637,124 | $57.3M | Add +2.9% |
| KMI Kinder Morgan Inc. | 1.14% | 1,908,654 | $54.0M | Add +3.9% |
| LNG Cheniere Energy Inc. | 1.06% | 214,619 | $50.4M | Add +1.9% |
| ET Energy Transfer LP | 1.06% | 2,927,436 | $50.2M | Add +5.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.97% | 91,776 | $46.1M | Add +2.6% |
| OKE Oneok Inc. | 0.94% | 614,673 | $44.9M | Add +3.6% |
| EXC Exelon Corp. | 0.93% | 987,350 | $44.4M | Add +3.0% |
| JPM JPMorgan Chase & Co. | 0.92% | 138,246 | $43.6M | Add +2.6% |
| EPD Enterprise Products Partners | 0.88% | 1,344,771 | $42.1M | Add +2.7% |
| CCI Crown Castle Inc. | 0.86% | 425,178 | $41.0M | Add +2.8% |
| ED Consolidated Edison Inc. | 0.74% | 352,620 | $35.4M | Add +3.0% |
| TRGP Targa Resources Corp. | 0.74% | 209,915 | $35.2M | Add +1.9% |
| FER Ferrovial NV | 0.71% | 587,062 | $33.6M | Reduce -1.8% |
| PCG P G & E Corp. | 0.68% | 2,147,028 | $32.4M | Add +2.9% |
| FTS Fortis Inc. | 0.65% | 610,493 | $31.0M | Reduce -0.1% |
| LLY Eli Lilly & Co. | 0.64% | 39,879 | $30.4M | Add +2.7% |
| V Visa Inc. Class A | 0.61% | 84,843 | $29.0M | Add +2.7% |
| PBA Pembina Pipeline Corp. | 0.60% | 704,228 | $28.5M | Reduce -0.5% |
| ATO Atmos Energy Corp. | 0.56% | 156,492 | $26.7M | Add +3.8% |
| AWK American Water Works Co. Inc. | 0.56% | 190,317 | $26.5M | Add +2.8% |
| SHOP Shopify Inc. Class A | 0.55% | 177,574 | $26.4M | Add +7.4% |
| ES Eversource Energy | 0.54% | 361,870 | $25.7M | Add +3.7% |
| NFLX Netflix Inc. | 0.53% | 21,105 | $25.3M | Add +2.7% |
| CNP Centerpoint Energy Inc. | 0.52% | 636,856 | $24.7M | Add +2.7% |
| XOM Exxon Mobil Corp. | 0.51% | 215,892 | $24.3M | Add +2.6% |
| ORCL Oracle Corp. | 0.49% | 82,481 | $23.2M | Add +2.7% |
| MA Mastercard Inc. Class A | 0.48% | 40,530 | $23.1M | Add +2.8% |
| AEM Agnico Eagle Mines Ltd. | 0.47% | 132,906 | $22.4M | Add +3.5% |
| WMT Walmart Inc. | 0.47% | 216,773 | $22.3M | Add +2.6% |
| JNJ Johnson & Johnson | 0.47% | 119,924 | $22.2M | Add +2.7% |
| RY Royal Bank of Canada | 0.46% | 148,514 | $21.9M | Add +11.4% |
| EIX Edison International | 0.44% | 375,358 | $20.7M | Add +3.0% |
| COST Costco Wholesale Corp. | 0.43% | 22,111 | $20.5M | Add +2.7% |
| ABBV Abbvie Inc. | 0.43% | 88,302 | $20.4M | Add +2.7% |
| SBAC SBA Communications Corp. | 0.43% | 104,940 | $20.3M | Add +2.8% |
| HD Home Depot Inc. | 0.42% | 49,615 | $20.1M | Add +2.8% |
| NI Nisource Inc. | 0.42% | 459,338 | $19.9M | Add +2.8% |
| PLTR Palantir Technologies Inc. Class A | 0.42% | 108,892 | $19.9M | Add +2.8% |
| B Barrick Mining Corp. | 0.40% | 578,739 | $19.0M | Add +2.8% |
| TD Toronto-Dominion Bank | 0.40% | 236,821 | $18.9M | Add +9.2% |
| PG The Procter & Gamble Co. | 0.38% | 117,076 | $18.0M | Add +2.7% |
| MPLX MPLX LP | 0.37% | 349,518 | $17.5M | Add +2.7% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.36% | 336,360 | $17.4M | Add +0.9% |
| GE General Electric filed as GE AEROSPACE | 0.33% | 52,320 | $15.7M | Add +2.4% |
| UNH Unitedhealth Group Inc. | 0.33% | 45,366 | $15.7M | Add +2.6% |
| CVX Chevron Corp. | 0.31% | 95,583 | $14.8M | Add +20.6% |
| SU Suncor Energy Inc. | 0.29% | 333,019 | $13.9M | Add +4.2% |
| SBS Cia Saneamento Basico DE-ADR filed as COMPANHIA DE SANEAMENTO BASI | 0.29% | 555,147 | $13.8M | Reduce -0.5% |
| UBS UBS Group AG-Reg | 0.29% | 333,884 | $13.6M | Add +10.3% |
| CSCO Cisco Systems Inc. | 0.29% | 198,496 | $13.6M | Add +2.6% |
| WFC Wells Fargo & Co. | 0.28% | 160,816 | $13.5M | Add +1.5% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 0.28% | 203,112 | $13.1M | Add +8.2% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.27% | 46,262 | $13.1M | Add +2.3% |
| AMD Advanced Micro Devices | 0.27% | 80,179 | $13.0M | Add +2.4% |
| KO The Coca-Cola Co. | 0.27% | 193,457 | $12.8M | Add +2.4% |
| PM Philip Morris International | 0.26% | 77,651 | $12.6M | Add +2.5% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO | 0.26% | 154,240 | $12.3M | Add +7.3% |
| GS Goldman Sachs Group Inc. | 0.25% | 14,993 | $11.9M | Add +1.3% |
| PAC Grupo Aeroportuario Pac-ADR | 0.25% | 49,461 | $11.7M | Reduce -0.5% |
| ABT Abbott Laboratories | 0.24% | 86,355 | $11.6M | Add +2.6% |
| DTM DT Midstream Inc. | 0.24% | 99,105 | $11.2M | Add +2.7% |
| RTX RTX Corp. | 0.23% | 66,708 | $11.2M | Add +2.6% |
| LIN Linde PLC | 0.23% | 23,417 | $11.1M | Add +2.6% |
| CRM Salesforce Inc. | 0.23% | 46,458 | $11.0M | Add +2.4% |
| CAT Caterpillar Inc. | 0.23% | 23,071 | $11.0M | Add +2.5% |
| WTRG Essential Utilities Inc. | 0.23% | 273,383 | $10.9M | Add +11.2% |
| BN Brookfield Corp. | 0.23% | 158,254 | $10.8M | Add +22.9% |
| MCD McDonald's Corp. | 0.23% | 35,595 | $10.8M | Add +2.5% |
| KGC Kinross Gold Corp. | 0.23% | 433,009 | $10.7M | Reduce -0.8% |
| CNQ Canadian Natural Resources | 0.22% | 332,764 | $10.7M | Add +7.7% |
| MRK Merck & Co. Inc. | 0.22% | 125,714 | $10.6M | Add +2.6% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.22% | 90,153 | $10.3M | Add +2.4% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 0.21% | 75,873 | $9.9M | Add +10.3% |
| T AT&T Inc. | 0.21% | 348,719 | $9.8M | Add +2.3% |
| UBER Uber Technologies Inc. | 0.21% | 100,441 | $9.8M | Add +2.6% |
| PEP Pepsico Inc. | 0.20% | 68,309 | $9.6M | Add +2.6% |
| NOW ServiceNow Inc. | 0.20% | 10,306 | $9.5M | Add +2.6% |
| MU Micron Technology Inc. | 0.20% | 55,717 | $9.3M | Add +2.6% |
| INTU Intuit Inc. | 0.20% | 13,615 | $9.3M | Add +2.6% |
| VZ Verizon Communications Inc. | 0.19% | 210,620 | $9.3M | Add +2.6% |
| C Citigroup Inc. | 0.19% | 91,062 | $9.2M | Add +1.1% |
| TMO Thermo Fisher Scientific Inc. | 0.19% | 18,830 | $9.1M | Add +2.6% |
| MS Morgan Stanley | 0.19% | 57,412 | $9.1M | Add +2.6% |
| AXP American Express Co. | 0.19% | 27,369 | $9.1M | Add +2.5% |
| QCOM Qualcomm Inc. | 0.19% | 53,884 | $9.0M | Add +0.8% |
| BLK BlackRock Inc. | 0.19% | 7,605 | $8.9M | Add +2.6% |
| BKNG Booking Holdings Inc. | 0.18% | 1,622 | $8.8M | Add +2.6% |
Portfolio Sells Q2 2025 → Q3 2025
| EFA iShares MSCI Eafe ETF | Reduce -48.5% | 0.14% | −0.13 |
| IGF iShares Global Infrastructur | Reduce -60.1% | 0.04% | −0.07 |
| AVAV Aerovironment Inc. | Sold out | 0.00% | −0.05 |
| AMRZ Amrize Ltd. | Sold out | 0.00% | −0.05 |
| KTOS Kratos Defense & Security | Sold out | 0.00% | −0.05 |
| BCE Bce Inc. | Sold out | 0.00% | −0.04 |
| HES Hess Corp. | Sold out | 0.00% | −0.04 |
| EAT Brinker International Inc. | Reduce -51.0% | 0.02% | −0.03 |
| ANSS Ansys Inc. | Sold out | 0.00% | −0.03 |
| BMI Badger Meter Inc. | Reduce -51.0% | 0.02% | −0.03 |
| QRVO Qorvo Inc. | Reduce -48.1% | 0.03% | −0.03 |
| GMS GMS Inc. | Sold out | 0.00% | −0.03 |
| CE Celanese Corp. | Reduce -44.0% | 0.02% | −0.03 |
| SHAK Shake Shack Inc. Class A | Reduce -51.0% | 0.01% | −0.03 |
| GKOS Glaukos Corp. | Reduce -50.9% | 0.01% | −0.02 |
| EPRT Essential Properties Realty | Reduce -50.9% | 0.02% | −0.02 |
| SPXC SPX Technologies Inc. | Reduce -48.2% | 0.03% | −0.02 |
| FMC FMC Corp. | Reduce -44.1% | 0.02% | −0.02 |
| WSC Willscot Holdings Corp. | Reduce -44.3% | 0.02% | −0.02 |
| ITRI Itron Inc. | Reduce -51.0% | 0.02% | −0.02 |
| SPSC SPS Commerce Inc. | Reduce -51.2% | 0.01% | −0.02 |
| RHP Ryman Hospitality Properties | Reduce -48.6% | 0.02% | −0.02 |
| MP MP Materials Corp. | Reduce -84.3% | 0.01% | −0.02 |
| RAL Ralliant Corp. | Reduce -43.9% | 0.02% | −0.02 |
| LRN Stride Inc. | Reduce -50.9% | 0.02% | −0.02 |
| MMSI Merit Medical Systems Inc. | Reduce -51.0% | 0.01% | −0.02 |
| CORT Corcept Therapeutics Inc. | Reduce -44.1% | 0.03% | −0.02 |
| INSP Inspire Medical Systems Inc. | Reduce -47.8% | 0.01% | −0.02 |
| FSS Federal Signal Corp. | Reduce -51.2% | 0.02% | −0.02 |
| DY Dycom Industries Inc. | Reduce -50.8% | 0.03% | −0.02 |
| TRNO Terreno Realty Corp. | Reduce -51.1% | 0.02% | −0.02 |
| JXN Jackson Financial Inc. Class A | Reduce -52.3% | 0.02% | −0.02 |
| GPI Group 1 Automotive Inc. | Reduce -51.1% | 0.02% | −0.02 |
| AWI Armstrong World Industries | Reduce -44.2% | 0.03% | −0.02 |
| BCPC Balchem Corp. | Reduce -51.3% | 0.01% | −0.02 |
| CSW CSW Industrials Inc. | Reduce -51.0% | 0.01% | −0.02 |
| AL Sumisho Air Lease Corp. | Reduce -43.5% | 0.03% | −0.02 |
| BOX Box Inc. Class A | Reduce -51.1% | 0.01% | −0.02 |
| TMDX Transmedics Group Inc. | Reduce -50.7% | 0.01% | −0.02 |
| ADMA Adma Biologics Inc. | Reduce -51.1% | 0.01% | −0.02 |
| TFX Teleflex Inc. | Reduce -43.8% | 0.02% | −0.02 |
| PLMR Palomar Holdings Inc. | Reduce -51.0% | 0.01% | −0.02 |
| RHI Robert Half Inc. | Reduce -44.2% | 0.01% | −0.02 |
| COOP Mr Cooper Group Inc. | Reduce -43.8% | 0.05% | −0.02 |
| ITGR Integer Holdings Corp. | Reduce -50.9% | 0.01% | −0.02 |
| BWA Borgwarner Inc. | Reduce -44.7% | 0.04% | −0.02 |
| TGTX TG Therapeutics Inc. | Reduce -51.1% | 0.01% | −0.02 |
| RDN Radian Group Inc. | Reduce -50.7% | 0.01% | −0.02 |
| PBH Prestige Consumer Healthcare | Reduce -51.3% | 0.01% | −0.02 |
| VIRT Virtu Financial Inc. Class A | Reduce -43.3% | 0.01% | −0.02 |
Portfolio Buys Q2 2025 → Q3 2025
| AAPL Apple Inc. | Add +1.5% | 3.88% | +0.67 |
| NVDA Nvidia Corp. | Add +2.6% | 4.56% | +0.64 |
| GOOGL Alphabet Inc. Class A | Add +2.6% | 1.48% | +0.39 |
| TSLA Tesla Inc. | Add +2.6% | 1.31% | +0.36 |
| GOOG Alphabet Inc. Class C | Add +2.6% | 1.21% | +0.31 |
| AVGO Broadcom Inc. | Add +2.6% | 1.59% | +0.24 |
| ENB Enbridge Inc. | Add +0.4% | 3.04% | +0.20 |
| SRE Sempra | Add +2.9% | 1.20% | +0.18 |
| B Barrick Mining Corp. | Add +2.8% | 0.40% | +0.14 |
| SHOP Shopify Inc. Class A | Add +7.4% | 0.55% | +0.14 |
| AEM Agnico Eagle Mines Ltd. | Add +3.5% | 0.47% | +0.13 |
| TRP TC Energy Corp. | Add +0.4% | 1.56% | +0.10 |
| ORCL Oracle Corp. | Add +2.7% | 0.49% | +0.10 |
| PLTR Palantir Technologies Inc. Class A | Add +2.8% | 0.42% | +0.10 |
| MSFT Microsoft Corp. | Add +2.6% | 4.01% | +0.10 |
| APP AppLovin Corp. Class A | Add +2.7% | 0.18% | +0.09 |
| ABBV Abbvie Inc. | Add +2.7% | 0.43% | +0.08 |
| JNJ Johnson & Johnson | Add +2.7% | 0.47% | +0.08 |
| RY Royal Bank of Canada | Add +11.4% | 0.46% | +0.07 |
| CVX Chevron Corp. | Add +20.6% | 0.31% | +0.06 |
| UBS UBS Group AG-Reg | Add +10.3% | 0.29% | +0.06 |
| JPM JPMorgan Chase & Co. | Add +2.6% | 0.92% | +0.06 |
| ES Eversource Energy | Add +3.7% | 0.54% | +0.05 |
| BN Brookfield Corp. | Add +22.9% | 0.23% | +0.05 |
| ATO Atmos Energy Corp. | Add +3.8% | 0.56% | +0.05 |
| INTC Intel Corp. | Add +2.9% | 0.15% | +0.05 |
| MU Micron Technology Inc. | Add +2.6% | 0.20% | +0.05 |
| BNS Bank of Nova Scotia | Add +8.2% | 0.28% | +0.05 |
| TD Toronto-Dominion Bank | Add +9.2% | 0.40% | +0.05 |
| LRCX Lam Research Corp. | Add +2.6% | 0.18% | +0.05 |
| ANET Arista Networks Inc. | Add +2.6% | 0.16% | +0.05 |
| PCG P G & E Corp. | Add +2.9% | 0.68% | +0.04 |
| GE General Electric | Add +2.4% | 0.33% | +0.04 |
| BMO Bank of Montreal | Add +10.3% | 0.21% | +0.04 |
| CAT Caterpillar Inc. | Add +2.5% | 0.23% | +0.04 |
| HOOD Robinhood Markets Inc. Class A | Add +2.1% | 0.11% | +0.04 |
| EFV iShares MSCI Eafe Value ETF | Add +33.7% | 0.13% | +0.04 |
| CM Can Imperial BK of Commerce | Add +7.3% | 0.26% | +0.04 |
| HD Home Depot Inc. | Add +2.8% | 0.42% | +0.03 |
| ARGX Argenx SE - ADR | Add +12.4% | 0.10% | +0.03 |
| SU Suncor Energy Inc. | Add +4.2% | 0.29% | +0.03 |
| FNV Franco-Nevada Corp. | Add +12.4% | 0.09% | +0.03 |
| APH Amphenol Corp. Class A | Add +2.6% | 0.16% | +0.03 |
| AMD Advanced Micro Devices | Add +2.4% | 0.27% | +0.03 |
| WTRG Essential Utilities Inc. | Add +11.2% | 0.23% | +0.03 |
| TMO Thermo Fisher Scientific Inc. | Add +2.6% | 0.19% | +0.03 |
| NEM Newmont Corp. | Add +1.6% | 0.10% | +0.03 |
| WPM Wheaton Precious Metals Corp. | Add +11.6% | 0.11% | +0.03 |
| UNH Unitedhealth Group Inc. | Add +2.6% | 0.33% | +0.03 |
| RTX RTX Corp. | Add +2.6% | 0.23% | +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 |