Maryland State Retirement & Pension System
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Maryland State Retirement & Pension System reported 1,369 stock positions worth $4.9 billion. Its top holding was Nvidia (NVDA) at 4.5% of the portfolio, followed by Apple (AAPL, 4.1%) and Microsoft (MSFT, 3.7%). Compared with Q3 2025, it opened 40 new positions, sold out of 41, added to 477 and reduced 107. The biggest buy was Alphabet Class A (GOOGL, shares +1%) and the biggest sale Enbridge (ENB, shares −5%).
- Most Recent 13F
- Q2 2026
- Location
- BALTIMORE, MD
- CIK
- 0001795552
- Portfolio Value
- $4.9B (Q4 2025)
- SEC Filing
- 0001795552-26-000002 ↗ filed Feb 17, 2026
Holdings Value
Holdings 1,369 stocks · $4.9B
| NVDA Nvidia Corp. | 4.50% | 1,170,950 | $218.4M | Add +0.6% |
| AAPL Apple Inc. | 4.08% | 729,503 | $198.3M | Add +0.6% |
| MSFT Microsoft Corp. | 3.70% | 371,216 | $179.5M | Add +0.6% |
| ENB Enbridge Inc. | 2.68% | 2,723,345 | $130.4M | Reduce -5.2% |
| AMZN Amazon.com Inc. | 2.28% | 479,969 | $110.8M | Add +0.6% |
| GOOGL Alphabet Inc. Class A | 1.87% | 290,921 | $91.1M | Add +0.6% |
| AMT American Tower Corp. | 1.68% | 464,765 | $81.6M | Add +1.6% |
| AVGO Broadcom Inc. | 1.65% | 231,038 | $80.0M | Add +0.5% |
| GOOG Alphabet Inc. Class C | 1.53% | 236,806 | $74.3M | Add +0.6% |
| WMB Williams Cos Inc. | 1.50% | 1,212,373 | $72.9M | Add +1.6% |
| META Meta Platforms Inc. Class A | 1.48% | 109,232 | $72.1M | Add +0.6% |
| TRP TC Energy Corp. | 1.47% | 1,299,068 | $71.6M | Reduce -5.2% |
| TSLA Tesla Inc. | 1.31% | 141,137 | $63.5M | Add +0.8% |
| SRE Sempra | 1.18% | 647,749 | $57.2M | Add +1.7% |
| KMI Kinder Morgan Inc. | 1.10% | 1,942,033 | $53.4M | Add +1.8% |
| ET Energy Transfer LP | 1.01% | 2,979,123 | $49.1M | Add +1.8% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.95% | 92,216 | $46.4M | Add +0.5% |
| OKE Oneok Inc. | 0.94% | 624,177 | $45.9M | Add +1.6% |
| JPM JPMorgan Chase & Co. | 0.90% | 136,046 | $43.8M | Reduce -1.6% |
| EPD Enterprise Products Partners | 0.90% | 1,366,687 | $43.8M | Add +1.6% |
| EXC Exelon Corp. | 0.90% | 1,004,044 | $43.8M | Add +1.7% |
| LLY Eli Lilly & Co. | 0.89% | 40,079 | $43.1M | Add +0.5% |
| LNG Cheniere Energy Inc. | 0.86% | 213,817 | $41.6M | Reduce -0.4% |
| TRGP Targa Resources Corp. | 0.81% | 212,921 | $39.3M | Add +1.4% |
| CCI Crown Castle Inc. | 0.79% | 432,184 | $38.4M | Add +1.6% |
| FER Ferrovial NV | 0.74% | 553,340 | $36.0M | Reduce -5.7% |
| ED Consolidated Edison Inc. | 0.73% | 358,556 | $35.6M | Add +1.7% |
| PCG P G & E Corp. | 0.72% | 2,182,033 | $35.1M | Add +1.6% |
| FTS Fortis Inc. | 0.62% | 577,450 | $30.0M | Reduce -5.4% |
| V Visa Inc. Class A | 0.61% | 84,243 | $29.5M | Reduce -0.7% |
| SHOP Shopify Inc. Class A | 0.59% | 178,354 | $28.7M | Add +0.4% |
| ATO Atmos Energy Corp. | 0.55% | 159,227 | $26.7M | Add +1.8% |
| XOM Exxon Mobil Corp. | 0.52% | 211,592 | $25.5M | Reduce -2.0% |
| PBA Pembina Pipeline Corp. | 0.52% | 664,819 | $25.4M | Reduce -5.6% |
| RY Royal Bank of Canada | 0.52% | 148,311 | $25.3M | Reduce -0.1% |
| B Barrick Mining Corp. | 0.52% | 580,383 | $25.3M | Add +0.3% |
| AWK American Water Works Co. Inc. | 0.52% | 193,482 | $25.2M | Add +1.7% |
| ES Eversource Energy | 0.52% | 372,192 | $25.1M | Add +2.9% |
| JNJ Johnson & Johnson | 0.51% | 120,224 | $24.9M | Add +0.3% |
| CNP Centerpoint Energy Inc. | 0.51% | 646,928 | $24.8M | Add +1.6% |
| WMT Walmart Inc. | 0.50% | 217,973 | $24.3M | Add +0.6% |
| MA Mastercard Inc. Class A | 0.47% | 40,250 | $23.0M | Reduce -0.7% |
| EIX Edison International | 0.47% | 381,455 | $22.9M | Add +1.6% |
| AEM Agnico Eagle Mines Ltd. | 0.46% | 132,713 | $22.5M | Reduce -0.1% |
| TD Toronto-Dominion Bank | 0.45% | 234,301 | $22.1M | Reduce -1.1% |
| SBAC SBA Communications Corp. | 0.42% | 105,784 | $20.5M | Add +0.8% |
| ABBV Abbvie Inc. | 0.42% | 88,502 | $20.2M | Add +0.2% |
| NFLX Netflix Inc. | 0.41% | 212,430 | $19.9M | Add +0.7% |
| NI Nisource Inc. | 0.41% | 472,429 | $19.7M | Add +2.9% |
| PLTR Palantir Technologies Inc. Class A | 0.40% | 109,092 | $19.4M | Add +0.2% |
| COST Costco Wholesale Corp. | 0.39% | 22,231 | $19.2M | Add +0.5% |
| MPLX MPLX LP | 0.39% | 354,526 | $18.9M | Add +1.4% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.38% | 333,160 | $18.3M | Reduce -0.9% |
| TTE Totalenergies SE | 0.37% | 278,287 | $18.2M | New |
| AMD Advanced Micro Devices | 0.35% | 80,479 | $17.2M | Add +0.4% |
| HD Home Depot Inc. | 0.35% | 49,935 | $17.2M | Add +0.6% |
| PG The Procter & Gamble Co. | 0.35% | 117,776 | $16.9M | Add +0.6% |
| ORCL Oracle Corp. | 0.34% | 84,441 | $16.5M | Add +2.4% |
| GE General Electric filed as GE AEROSPACE | 0.33% | 52,120 | $16.1M | Reduce -0.4% |
| MU Micron Technology Inc. | 0.33% | 55,817 | $15.9M | Add +0.2% |
| UBS UBS Group AG-Reg | 0.32% | 331,417 | $15.5M | Reduce -0.7% |
| CSCO Cisco Systems Inc. | 0.32% | 199,096 | $15.3M | Add +0.3% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 0.31% | 205,623 | $15.2M | Add +1.2% |
| UNH Unitedhealth Group Inc. | 0.31% | 45,526 | $15.0M | Add +0.3% |
| SU Suncor Energy Inc. | 0.30% | 333,390 | $14.8M | Add +0.1% |
| WFC Wells Fargo & Co. | 0.30% | 157,616 | $14.7M | Reduce -2.0% |
| CVX Chevron Corp. | 0.29% | 93,783 | $14.3M | Reduce -1.9% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO | 0.29% | 156,046 | $14.2M | Add +1.2% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.28% | 46,462 | $13.8M | Add +0.4% |
| KO The Coca-Cola Co. | 0.28% | 194,057 | $13.6M | Add +0.3% |
| CAT Caterpillar Inc. | 0.27% | 23,231 | $13.3M | Add +0.7% |
| MRK Merck & Co. Inc. | 0.27% | 125,714 | $13.2M | No change |
| GS Goldman Sachs Group Inc. | 0.27% | 14,753 | $13.0M | Reduce -1.6% |
| SBS Cia Saneamento Basico DE-ADR filed as COMPANHIA DE SANEAMENTO BASI | 0.26% | 538,053 | $12.8M | Reduce -3.1% |
| PM Philip Morris International | 0.26% | 78,251 | $12.6M | Add +0.8% |
| CRM Salesforce Inc. | 0.25% | 46,558 | $12.3M | Add +0.2% |
| PAC Grupo Aeroportuario Pac-ADR | 0.25% | 46,680 | $12.3M | Reduce -5.6% |
| KGC Kinross Gold Corp. | 0.25% | 434,709 | $12.3M | Add +0.4% |
| RTX RTX Corp. | 0.25% | 66,708 | $12.2M | No change |
| DTM DT Midstream Inc. | 0.25% | 100,629 | $12.0M | Add +1.5% |
| CNQ Canadian Natural Resources | 0.24% | 337,164 | $11.4M | Add +1.3% |
| MCD McDonald's Corp. | 0.23% | 35,915 | $11.0M | Add +0.9% |
| BN Brookfield Corp. | 0.23% | 237,910 | $10.9M | Add +0.2% |
| TMO Thermo Fisher Scientific Inc. | 0.22% | 18,830 | $10.9M | No change |
| ABT Abbott Laboratories | 0.22% | 86,355 | $10.8M | No change |
| WTRG Essential Utilities Inc. | 0.22% | 279,813 | $10.7M | Add +2.4% |
| LRCX Lam Research Corp. | 0.22% | 62,673 | $10.7M | Reduce -1.7% |
| C Citigroup Inc. | 0.21% | 88,862 | $10.4M | Reduce -2.4% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.21% | 90,653 | $10.3M | Add +0.6% |
| AMAT Applied Materials Inc. | 0.21% | 39,990 | $10.3M | No change |
| MS Morgan Stanley | 0.21% | 57,412 | $10.2M | No change |
| ISRG Intuitive Surgical Inc. | 0.21% | 17,678 | $10.0M | Reduce -0.7% |
| AXP American Express Co. | 0.21% | 27,049 | $10.0M | Reduce -1.2% |
| LIN Linde PLC | 0.21% | 23,417 | $10.0M | No change |
| EFA iShares MSCI Eafe ETF | 0.20% | 102,433 | $9.8M | Add +45.3% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 0.20% | 75,551 | $9.8M | Reduce -0.4% |
| PEP Pepsico Inc. | 0.20% | 68,309 | $9.8M | No change |
| QCOM Qualcomm Inc. | 0.19% | 53,884 | $9.2M | No change |
| INTU Intuit Inc. | 0.19% | 13,615 | $9.0M | No change |
| GEV GE Vernova Inc. | 0.18% | 13,648 | $8.9M | No change |
Portfolio Sells Q3 2025 → Q4 2025
| ENB Enbridge Inc. | Reduce -5.2% | 2.68% | −0.36 |
| LNG Cheniere Energy Inc. | Reduce -0.4% | 0.86% | −0.20 |
| TRP TC Energy Corp. | Reduce -5.2% | 1.47% | −0.09 |
| PBA Pembina Pipeline Corp. | Reduce -5.6% | 0.52% | −0.08 |
| COOP Mr Cooper Group Inc. | Sold out | 0.00% | −0.05 |
| TU Telus Corp. | Sold out | 0.00% | −0.05 |
| EFV iShares MSCI Eafe Value ETF | Reduce -38.5% | 0.08% | −0.05 |
| FTS Fortis Inc. | Reduce -5.4% | 0.62% | −0.03 |
| STRL Sterling Infrastructure Inc. | Sold out | 0.00% | −0.03 |
| T AT&T Inc. | Reduce -0.9% | 0.18% | −0.03 |
| SNDK Sandisk Corp. | Reduce -74.8% | 0.03% | −0.03 |
| BWA Borgwarner Inc. | Reduce -75.3% | 0.01% | −0.03 |
| SPXC SPX Technologies Inc. | Sold out | 0.00% | −0.03 |
| SBS Cia Saneamento Basico DE-ADR | Reduce -3.1% | 0.26% | −0.03 |
| DY Dycom Industries Inc. | Sold out | 0.00% | −0.03 |
| HL Hecla Mining Co. | Sold out | 0.00% | −0.02 |
| K Kellanova | Sold out | 0.00% | −0.02 |
| ORLY O'reilly Automotive Inc. | Reduce -1.4% | 0.08% | −0.02 |
| CVX Chevron Corp. | Reduce -1.9% | 0.29% | −0.02 |
| SOBO South Bow Corp. | Reduce -5.8% | 0.13% | −0.02 |
| JPM JPMorgan Chase & Co. | Reduce -1.6% | 0.90% | −0.01 |
| ASR Grupo Aeroportuario Sur-ADR | Reduce -6.1% | 0.13% | −0.01 |
| MA Mastercard Inc. Class A | Reduce -0.7% | 0.47% | −0.01 |
| PYPL PayPal Holdings Inc. | Reduce -2.1% | 0.06% | −0.01 |
| IPG Interpublic Group of Cos Inc. | Sold out | 0.00% | −0.01 |
| CMCSA Comcast Corp. Class A | Reduce -0.9% | 0.11% | −0.01 |
| BTG B2GOLD Corp. | Reduce -0.8% | 0.06% | −0.01 |
| CHTR Charter Communications Inc. Class A | Reduce -5.3% | 0.02% | −0.01 |
| WFG West Fraser Timber Co. Ltd. | Reduce -4.5% | 0.04% | −0.01 |
| LNWO Light & Wonder Inc. | Sold out | 0.00% | −0.01 |
| LMT Lockheed Martin Corp. | Reduce -1.5% | 0.10% | −0.01 |
| ELF Elf Beauty Inc. | Sold out | 0.00% | −0.01 |
| HBI Hanesbrands Inc. | Sold out | 0.00% | −0.01 |
| LEN Lennar Corp. Class A | Reduce -4.5% | 0.02% | −0.01 |
| PREMIER INC-CLASS A | Sold out | 0.00% | −0.01 |
| CP Canadian Pacific Kansas City | Reduce -1.3% | 0.15% | −0.01 |
| CRCL Circle Internet Group Inc. | Sold out | 0.00% | −0.01 |
| AEM Agnico Eagle Mines Ltd. | Reduce -0.1% | 0.46% | −0.01 |
| ADBE Adobe Inc. | Reduce -1.3% | 0.15% | −0.01 |
| VBTX Veritex Holdings Inc. | Sold out | 0.00% | −0.01 |
| CCOI Cogent Communications Holdin | Sold out | 0.00% | −0.01 |
| TREX Trex Company Inc. | Sold out | 0.00% | −0.01 |
| BMO Bank of Montreal | Reduce -0.4% | 0.20% | −0.01 |
| SPR Spirit Aerosystems Hold Class A | Sold out | 0.00% | −0.01 |
| WLY Wiley (john) & Sons Class A | Sold out | 0.00% | −0.01 |
| GIS General Mills Inc. | Reduce -7.9% | 0.02% | −0.01 |
| NFE New Fortress Energy Inc. | Sold out | 0.00% | −0.01 |
| NEU Newmarket Corp. | Sold out | 0.00% | −0.01 |
| PZZA Papa John's Intl Inc. | Sold out | 0.00% | −0.00 |
| LNN Lindsay Corp. | Sold out | 0.00% | −0.00 |
Portfolio Buys Q3 2025 → Q4 2025
| GOOGL Alphabet Inc. Class A | Add +0.6% | 1.87% | +0.40 |
| TTE Totalenergies SE | New | 0.37% | +0.37 |
| GOOG Alphabet Inc. Class C | Add +0.6% | 1.53% | +0.33 |
| LLY Eli Lilly & Co. | Add +0.5% | 0.89% | +0.25 |
| AAPL Apple Inc. | Add +0.6% | 4.08% | +0.20 |
| MU Micron Technology Inc. | Add +0.2% | 0.33% | +0.13 |
| B Barrick Mining Corp. | Add +0.3% | 0.52% | +0.12 |
| CCJ Cameco Corp. | New | 0.09% | +0.09 |
| AMD Advanced Micro Devices | Add +0.4% | 0.35% | +0.08 |
| AMZN Amazon.com Inc. | Add +0.6% | 2.28% | +0.08 |
| TRGP Targa Resources Corp. | Add +1.4% | 0.81% | +0.07 |
| EFA iShares MSCI Eafe ETF | Add +45.3% | 0.20% | +0.06 |
| AVGO Broadcom Inc. | Add +0.5% | 1.65% | +0.05 |
| JNJ Johnson & Johnson | Add +0.3% | 0.51% | +0.05 |
| CAT Caterpillar Inc. | Add +0.7% | 0.27% | +0.04 |
| PCG P G & E Corp. | Add +1.6% | 0.72% | +0.04 |
| SHOP Shopify Inc. Class A | Add +0.4% | 0.59% | +0.04 |
| BNS Bank of Nova Scotia | Add +1.2% | 0.31% | +0.04 |
| EIX Edison International | Add +1.6% | 0.47% | +0.04 |
| IWB iShares Russell 1000 ETF | Add +39.0% | 0.12% | +0.04 |
| CM Can Imperial BK of Commerce | Add +1.2% | 0.29% | +0.03 |
| WMT Walmart Inc. | Add +0.6% | 0.50% | +0.03 |
| CSCO Cisco Systems Inc. | Add +0.3% | 0.32% | +0.03 |
| KGC Kinross Gold Corp. | Add +0.4% | 0.25% | +0.03 |
| LKQ LKQ Corp. | Add +310.6% | 0.03% | +0.02 |
| SOLS Solstice Adv Materials Inc. | Add +293.0% | 0.03% | +0.02 |
| MPLX MPLX LP | Add +1.4% | 0.39% | +0.02 |
| CRM Salesforce Inc. | Add +0.2% | 0.25% | +0.02 |
| EMN Eastman Chemical Co. | Add +306.7% | 0.03% | +0.02 |
| PRIM Primoris Services Corp. | New | 0.02% | +0.02 |
| EPD Enterprise Products Partners | Add +1.6% | 0.90% | +0.02 |
| CWST Casella Waste Systems Inc. Class A | New | 0.02% | +0.02 |
| PTCT PTC Therapeutics Inc. | New | 0.02% | +0.02 |
| WES Western Midstream Partners L | Add +12.6% | 0.18% | +0.02 |
| FCX Freeport-McMoran Inc. | Add +2.8% | 0.08% | +0.02 |
| LITE Lumentum Holdings Inc. | Add +12.6% | 0.03% | +0.02 |
| KMX Carmax Inc. | Add +296.9% | 0.02% | +0.02 |
| MHK Mohawk Industries Inc. | Add +309.7% | 0.02% | +0.02 |
| APH Amphenol Corp. Class A | Add +2.0% | 0.17% | +0.01 |
| INDV Indivior Ltd. | New | 0.01% | +0.01 |
| ARWR Arrowhead Pharmaceuticals Inc. | Add +1.8% | 0.03% | +0.01 |
| CIEN Ciena Corp. | Add +4.5% | 0.03% | +0.01 |
| RKT Rocket Cos Inc. Class A | Add +238.1% | 0.02% | +0.01 |
| INTC Intel Corp. | Add +0.7% | 0.17% | +0.01 |
| BTSG Brightspring Health Services | New | 0.01% | +0.01 |
| GILD Gilead Sciences Inc. | Add +0.5% | 0.16% | +0.01 |
| DTM DT Midstream Inc. | Add +1.5% | 0.25% | +0.01 |
| MGA Magna International Inc. | Add +4.3% | 0.09% | +0.01 |
| ARGX Argenx SE - ADR | Add +0.5% | 0.11% | +0.01 |
| SU Suncor Energy Inc. | Add +0.1% | 0.30% | +0.01 |
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 |