South Dakota Investment Council
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 4, 2025), South Dakota Investment Council reported 593 stock positions worth $5.0 billion. Its top holding was Vanguard Ftse Emerging Marke (VWO) at 12.3% of the portfolio, followed by iShares Core U.S. Aggregate (AGG, 5.7%) and Microsoft (MSFT, 4.3%). Compared with Q3 2024, it opened 21 new positions, sold out of 17, added to 91 and reduced 131. The biggest buy was Apa (APA, shares +97%) and the biggest sale Exxon Mobil (XOM, shares −24%).
- Most Recent 13F
- Q2 2026
- Location
- SIOUX FALLS, SD
- CIK
- 0001538846
- Portfolio Value
- $5.0B (Q4 2024)
- SEC Filing
- 0001538846-25-000002 ↗ filed Feb 4, 2025
Holdings Value
Holdings 593 stocks · $5.0B
| VWO Vanguard Ftse Emerging Marke | 12.30% | 14,005,335 | $616.8M | Add +2.3% |
| AGG iShares Core U.S. Aggregate | 5.67% | 2,935,485 | $284.4M | Add +1.3% |
| MSFT Microsoft Corp. | 4.32% | 514,227 | $216.7M | Reduce -2.2% |
| AAPL Apple Inc. | 4.30% | 861,813 | $215.8M | Reduce -0.4% |
| NVDA Nvidia Corp. | 2.66% | 994,475 | $133.5M | Reduce -0.1% |
| AMZN Amazon.com Inc. | 2.64% | 603,873 | $132.5M | Reduce -3.8% |
| VTOL Bristow Group Inc. | 2.48% | 3,621,831 | $124.2M | Reduce -3.9% |
| GOOGL Alphabet Inc. Class A | 1.73% | 457,141 | $86.5M | Reduce -0.5% |
| GOOG Alphabet Inc. Class C | 1.49% | 393,229 | $74.9M | Reduce -5.0% |
| META Meta Platforms Inc. Class A | 1.47% | 126,299 | $73.9M | Reduce -0.3% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.10% | 121,537 | $55.1M | No change |
| LLY Eli Lilly & Co. | 0.98% | 63,450 | $49.0M | Reduce -3.7% |
| HUM Humana Inc. | 0.78% | 153,317 | $38.9M | Add +39.9% |
| V Visa Inc. Class A | 0.74% | 117,400 | $37.1M | Add +0.3% |
| PFE Pfizer Inc. | 0.71% | 1,348,986 | $35.8M | Add +0.7% |
| XOM Exxon Mobil Corp. | 0.71% | 332,157 | $35.7M | Reduce -24.2% |
| EG Everest Group Ltd. | 0.67% | 92,310 | $33.5M | Add +18.1% |
| JNJ Johnson & Johnson | 0.66% | 229,647 | $33.2M | Add +1.1% |
| UNH Unitedhealth Group Inc. | 0.66% | 65,171 | $33.0M | Reduce -4.4% |
| MA Mastercard Inc. Class A | 0.63% | 60,172 | $31.7M | No change |
| COP Conocophillips | 0.62% | 315,079 | $31.2M | Add +18.4% |
| PYPL PayPal Holdings Inc. | 0.62% | 363,387 | $31.0M | Reduce -7.8% |
| USB US Bancorp | 0.61% | 641,439 | $30.7M | Reduce -0.7% |
| CSCO Cisco Systems Inc. | 0.59% | 501,197 | $29.7M | No change |
| RGA Reinsurance Group of America | 0.59% | 138,700 | $29.6M | No change |
| HES Hess Corp. | 0.58% | 218,295 | $29.0M | No change |
| WFC Wells Fargo & Co. | 0.57% | 405,863 | $28.5M | Reduce -12.1% |
| CMCSA Comcast Corp. Class A | 0.55% | 729,186 | $27.4M | Add +10.7% |
| C Citigroup Inc. | 0.53% | 378,283 | $26.6M | Reduce -2.4% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.53% | 238,999 | $26.6M | Reduce -1.8% |
| AVGO Broadcom Inc. | 0.53% | 113,870 | $26.4M | No change |
| JPM JPMorgan Chase & Co. | 0.52% | 108,928 | $26.1M | Reduce -0.3% |
| BMY Bristol-Myers Squibb Co. | 0.48% | 427,492 | $24.2M | No change |
| ALK Alaska Air Group Inc. | 0.47% | 365,771 | $23.7M | Reduce -32.7% |
| TPR Tapestry Inc. | 0.45% | 347,057 | $22.7M | Reduce -30.3% |
| TGT Target Corp. | 0.45% | 166,921 | $22.6M | Add +42.8% |
| TSLA Tesla Inc. | 0.45% | 55,595 | $22.5M | Reduce -0.5% |
| RNR Renaissancere Holdings Ltd. | 0.44% | 89,128 | $22.2M | Reduce -0.5% |
| GPN Global Payments Inc. | 0.44% | 195,207 | $21.9M | Add +1.8% |
| OXY Occidental Petroleum Corp. | 0.43% | 435,880 | $21.5M | Add +14.4% |
| MRK Merck & Co. Inc. | 0.42% | 212,486 | $21.1M | Add +0.8% |
| DG Dollar General Corp. | 0.42% | 276,654 | $21.0M | Add +19.6% |
| EOG EOG Resources Inc. | 0.41% | 167,592 | $20.5M | No change |
| JBL Jabil Inc. | 0.40% | 140,846 | $20.3M | Reduce -19.0% |
| GILD Gilead Sciences Inc. | 0.40% | 217,238 | $20.1M | Reduce -1.7% |
| MDT Medtronic PLC | 0.40% | 250,757 | $20.0M | Reduce -10.2% |
| COOP Mr Cooper Group Inc. | 0.39% | 203,789 | $19.6M | No change |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.39% | 504,009 | $19.3M | Add +3.5% |
| AMAT Applied Materials Inc. | 0.39% | 118,740 | $19.3M | Reduce -9.7% |
| CNC Centene Corp. | 0.38% | 314,399 | $19.0M | Add +1.3% |
| AMD Advanced Micro Devices | 0.37% | 152,474 | $18.4M | Add +1.9% |
| DE Deere & Co. | 0.36% | 43,005 | $18.2M | No change |
| UNM Unum Group | 0.36% | 245,849 | $18.0M | Reduce -0.6% |
| APA Apa Corp. | 0.36% | 774,245 | $17.9M | Add +96.6% |
| HAL Halliburton Co. | 0.35% | 651,939 | $17.7M | Add +1.4% |
| EW Edwards Lifesciences Corp. | 0.35% | 238,019 | $17.6M | Reduce -1.5% |
| SOLV Solventum Corp. | 0.35% | 266,579 | $17.6M | Reduce -1.3% |
| ACGL Arch Capital Group Ltd. | 0.34% | 186,714 | $17.2M | Add +26.8% |
| LYB Lyondellbasell Indu Class A | 0.34% | 228,876 | $17.0M | Add +19.6% |
| BBWI Bath & Body Works Inc. | 0.33% | 429,504 | $16.7M | Add +2.2% |
| LKQ LKQ Corp. | 0.33% | 446,173 | $16.4M | Add +23.7% |
| CHTR Charter Communications Inc. Class A | 0.33% | 47,721 | $16.4M | Reduce -2.3% |
| TXN Texas Instruments Inc. | 0.33% | 87,003 | $16.3M | Reduce -5.7% |
| WMT Walmart Inc. | 0.31% | 173,927 | $15.7M | Reduce -22.5% |
| FANG Diamondback Energy Inc. | 0.31% | 94,990 | $15.6M | Add +0.5% |
| FHN First Horizon Corp. | 0.30% | 757,866 | $15.3M | Reduce -7.4% |
| UPS United Parcel Service Class B | 0.30% | 117,820 | $14.9M | Add +42.9% |
| FOXA Fox Corp. Class A | 0.29% | 304,259 | $14.8M | Reduce -3.7% |
| MTDR Matador Resources Co. | 0.29% | 261,922 | $14.7M | Add +10.2% |
| FDX FedEx Corp. | 0.29% | 52,353 | $14.7M | Reduce -0.4% |
| DUK Duke Energy Corp. | 0.29% | 135,586 | $14.6M | No change |
| EWBC East West Bancorp Inc. | 0.29% | 149,517 | $14.3M | Reduce -8.3% |
| PM Philip Morris International | 0.28% | 115,614 | $13.9M | Reduce -0.6% |
| VZ Verizon Communications Inc. | 0.27% | 342,789 | $13.7M | No change |
| FIS Fidelity National Info Serv | 0.27% | 166,904 | $13.5M | Reduce -2.3% |
| CHRD Chord Energy Corp. | 0.27% | 115,302 | $13.5M | Add +26.2% |
| SHEL Shell PLC-ADR | 0.26% | 211,777 | $13.3M | No change |
| TFC Truist Financial Corp. | 0.26% | 296,985 | $12.9M | Reduce -1.2% |
| GPI Group 1 Automotive Inc. | 0.26% | 30,433 | $12.8M | No change |
| WHR Whirlpool Corp. | 0.25% | 110,546 | $12.7M | Reduce -1.3% |
| TEL Te Connectivity PLC | 0.25% | 88,197 | $12.6M | No change |
| MRNA Moderna Inc. | 0.25% | 299,399 | $12.4M | Add +4.0% |
| AN Autonation Inc. | 0.25% | 73,094 | $12.4M | Add +12.2% |
| STT State Street Corp. | 0.24% | 121,247 | $11.9M | Reduce -24.7% |
| INCY Incyte Corp. | 0.24% | 170,735 | $11.8M | No change |
| MU Micron Technology Inc. | 0.23% | 139,616 | $11.8M | No change |
| AIG American International Group | 0.23% | 160,828 | $11.7M | No change |
| CSX CSX Corp. | 0.23% | 359,629 | $11.6M | Add +264.4% |
| GD General Dynamics Corp. | 0.23% | 43,703 | $11.5M | Reduce -1.4% |
| VRTX Vertex Pharmaceuticals Inc. | 0.23% | 28,368 | $11.4M | No change |
| MO Altria Group Inc. | 0.22% | 214,521 | $11.2M | Reduce -2.2% |
| RTX RTX Corp. | 0.22% | 96,564 | $11.2M | Reduce -0.7% |
| SWK Stanley Black & Decker Inc. | 0.22% | 138,349 | $11.1M | Add +1.8% |
| LRCX Lam Research Corp. | 0.22% | 153,320 | $11.1M | No change |
| PVH PVH Corp. | 0.22% | 104,335 | $11.0M | Add +40.8% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.22% | 143,002 | $11.0M | Reduce -11.9% |
| CPRI Capri Holdings Ltd. | 0.22% | 514,626 | $10.8M | Reduce -0.4% |
| ADBE Adobe Inc. | 0.21% | 24,094 | $10.7M | Add +187.3% |
| CVS CVS Health Corp. | 0.21% | 237,445 | $10.7M | No change |
| MCHP Microchip Technology Inc. | 0.21% | 185,665 | $10.6M | Add +181.1% |
Other holdings (1): bonds, preferreds, convertibles and warrants · $8K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| OXY.WS Occidental Petroleum-CW27 | *W EXP 08/03/202 | 287 | $8K | No change |
Total filed on the 13F, all lines: $5.0B.
Portfolio Sells Q3 2024 → Q4 2024
| XOM Exxon Mobil Corp. | Reduce -24.2% | 0.71% | −0.29 |
| CPRI Capri Holdings Ltd. | Reduce -0.4% | 0.22% | −0.21 |
| REX Rex American Resources Corp. | Sold out | 0.00% | −0.20 |
| LLY Eli Lilly & Co. | Reduce -3.7% | 0.98% | −0.16 |
| MTB M & T Bank Corp. | Sold out | 0.00% | −0.16 |
| DAL Delta Air Lines Inc. | Reduce -52.3% | 0.20% | −0.14 |
| AMAT Applied Materials Inc. | Reduce -9.7% | 0.39% | −0.13 |
| UNH Unitedhealth Group Inc. | Reduce -4.4% | 0.66% | −0.12 |
| ZBRA Zebra Technologies Corp. Class A | Reduce -96.8% | 0.00% | −0.12 |
| FSLR First Solar Inc. | Reduce -11.9% | 0.21% | −0.12 |
| MSFT Microsoft Corp. | Reduce -2.2% | 4.32% | −0.10 |
| CRK Comstock Resources Inc. | Reduce -94.7% | 0.01% | −0.10 |
| SWN Southwestern Energy Co. | Sold out | 0.00% | −0.09 |
| MDT Medtronic PLC | Reduce -10.2% | 0.40% | −0.09 |
| NXPI NXP Semiconductors NV | Reduce -77.1% | 0.02% | −0.09 |
| AR Antero Resources Corp. | Reduce -64.6% | 0.06% | −0.08 |
| VTOL Bristow Group Inc. | Reduce -3.9% | 2.48% | −0.08 |
| INGR Ingredion Inc. | Reduce -45.2% | 0.09% | −0.07 |
| VTRS Viatris Inc. | Reduce -48.4% | 0.09% | −0.07 |
| EHC Encompass Health Corp. | Reduce -31.6% | 0.13% | −0.06 |
| BAX Baxter International Inc. | Reduce -0.5% | 0.20% | −0.06 |
| TXN Texas Instruments Inc. | Reduce -5.7% | 0.33% | −0.05 |
| STT State Street Corp. | Reduce -24.7% | 0.24% | −0.04 |
| WMT Walmart Inc. | Reduce -22.5% | 0.31% | −0.04 |
| KVUE Kenvue Inc. | Reduce -17.2% | 0.14% | −0.04 |
| PNC PNC Financial Services Group | Reduce -25.4% | 0.15% | −0.04 |
| PPC Pilgrim's Pride Corp. | Reduce -31.9% | 0.08% | −0.04 |
| BANC Banc of California Inc. | Reduce -34.3% | 0.09% | −0.04 |
| SRPT Sarepta Therapeutics Inc. | Reduce -59.6% | 0.02% | −0.04 |
| RNR Renaissancere Holdings Ltd. | Reduce -0.5% | 0.44% | −0.03 |
| GD General Dynamics Corp. | Reduce -1.4% | 0.23% | −0.03 |
| GLW Corning Inc. | Reduce -80.0% | 0.01% | −0.03 |
| LMT Lockheed Martin Corp. | Reduce -0.9% | 0.17% | −0.03 |
| EMN Eastman Chemical Co. | Reduce -1.1% | 0.14% | −0.03 |
| HAS Hasbro Inc. | Reduce -2.1% | 0.09% | −0.03 |
| GNRC Generac Holdings Inc. | Reduce -23.8% | 0.09% | −0.03 |
| NCLH Norwegian Cruise Line Holdin | Reduce -35.0% | 0.13% | −0.03 |
| NEM Newmont Corp. | Reduce -23.1% | 0.03% | −0.02 |
| MRC MRC Global Inc. | Reduce -43.3% | 0.03% | −0.02 |
| FTNT Fortinet Inc. | Reduce -54.9% | 0.03% | −0.02 |
| RRX Regal Rexnord Corp. | Reduce -21.6% | 0.06% | −0.02 |
| NFLX Netflix Inc. | Reduce -77.6% | 0.01% | −0.02 |
| LECO Lincoln Electric Holdings | Sold out | 0.00% | −0.02 |
| LPX Louisiana-Pacific Corp. | Reduce -25.3% | 0.05% | −0.02 |
| CTRA Coterra Energy Inc. | Reduce -86.0% | 0.00% | −0.02 |
| CVX Chevron Corp. | Reduce -23.6% | 0.06% | −0.02 |
| LII Lennox International Inc. | Reduce -98.8% | 0.00% | −0.02 |
| SOLV Solventum Corp. | Reduce -1.3% | 0.35% | −0.02 |
| SWX Southwest Gas Holdings Inc. | Reduce -40.0% | 0.02% | −0.02 |
| JBLU Jetblue Airways Corp. | Sold out | 0.00% | −0.02 |
Portfolio Buys Q3 2024 → Q4 2024
| APA Apa Corp. | Add +96.6% | 0.36% | +0.17 |
| CSX CSX Corp. | Add +264.4% | 0.23% | +0.16 |
| ADBE Adobe Inc. | Add +187.3% | 0.21% | +0.13 |
| ZBH Zimmer Biomet Holdings Inc. | Add +266.6% | 0.17% | +0.12 |
| V Visa Inc. Class A | Add +0.3% | 0.74% | +0.11 |
| MCHP Microchip Technology Inc. | Add +181.1% | 0.21% | +0.11 |
| VRN Veren Inc. | Add +194.2% | 0.18% | +0.11 |
| CX Cemex Sab-Spons ADR Part Cer | Add +43530.9% | 0.11% | +0.11 |
| HUM Humana Inc. | Add +39.9% | 0.78% | +0.10 |
| TGT Target Corp. | Add +42.8% | 0.45% | +0.09 |
| UPS United Parcel Service Class B | Add +42.9% | 0.30% | +0.08 |
| COP Conocophillips | Add +18.4% | 0.62% | +0.08 |
| PVH PVH Corp. | Add +40.8% | 0.22% | +0.07 |
| BBWI Bath & Body Works Inc. | Add +2.2% | 0.33% | +0.07 |
| EG Everest Group Ltd. | Add +18.1% | 0.67% | +0.07 |
| MTDR Matador Resources Co. | Add +10.2% | 0.29% | +0.06 |
| GPN Global Payments Inc. | Add +1.8% | 0.44% | +0.05 |
| SNCY Sun Country Airlines Holding | Add +232.8% | 0.07% | +0.05 |
| ELF Elf Beauty Inc. | Add +101.7% | 0.09% | +0.05 |
| CAG Conagra Brands Inc. | Add +483.3% | 0.06% | +0.05 |
| IQV Iqvia Holdings Inc. | New | 0.05% | +0.05 |
| TMO Thermo Fisher Scientific Inc. | Add +241.5% | 0.07% | +0.05 |
| THC Tenet Healthcare Corp. | Add +175.9% | 0.09% | +0.05 |
| CELH Celsius Holdings Inc. | Add +75.1% | 0.14% | +0.05 |
| OXY Occidental Petroleum Corp. | Add +14.4% | 0.43% | +0.05 |
| LKQ LKQ Corp. | Add +23.7% | 0.33% | +0.05 |
| BRY Berry Corp. | Add +66.4% | 0.16% | +0.04 |
| AXS Axis Capital Holdings Ltd. | Add +45.7% | 0.11% | +0.04 |
| VVV Valvoline Inc. | Add +157.4% | 0.07% | +0.04 |
| USFD US Foods Holding Corp. | New | 0.04% | +0.04 |
| SU Suncor Energy Inc. | New | 0.04% | +0.04 |
| CHRD Chord Energy Corp. | Add +26.2% | 0.27% | +0.04 |
| DG Dollar General Corp. | Add +19.6% | 0.42% | +0.04 |
| VSAT Viasat Inc. | Add +98.5% | 0.11% | +0.04 |
| PG The Procter & Gamble Co. | Add +36.4% | 0.13% | +0.03 |
| ICE Intercontinental Exchange Inc. | New | 0.03% | +0.03 |
| RMBS Rambus Inc. | New | 0.03% | +0.03 |
| BGC BGC Group Inc. Class A | Add +78.5% | 0.06% | +0.03 |
| SMPL The Simply Good Foods Co. | New | 0.02% | +0.02 |
| ACGL Arch Capital Group Ltd. | Add +26.8% | 0.34% | +0.02 |
| CASY Casey's General Stores Inc. | Add +28.0% | 0.08% | +0.02 |
| MANH Manhattan Associates Inc. | Add +48.2% | 0.06% | +0.02 |
| AN Autonation Inc. | Add +12.2% | 0.25% | +0.02 |
| WMS Advanced Drainage Systems Inc. | New | 0.02% | +0.02 |
| APTV Aptiv PLC | Add +32.9% | 0.16% | +0.02 |
| AVTR Avantor Inc. | New | 0.02% | +0.02 |
| CUBI Customers Bancorp Inc. | Add +3.2% | 0.20% | +0.02 |
| CAL Caleres Inc. | New | 0.02% | +0.02 |
| POR Portland General Electric Co. | Add +88.7% | 0.04% | +0.02 |
| CDW CDW Corp. | Add +533.9% | 0.02% | +0.02 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 620 | $5.8B | VWO, AGG, NVDA, AAPL, VCSH |
| Q1 2026 | 621 | $5.2B | VWO, AGG, NVDA, AAPL, MSFT |
| Q4 2025 | 605 | $5.3B | VWO, AGG, MSFT, NVDA, AAPL |
| Q3 2025 | 606 | $5.1B | VWO, AGG, MSFT, AAPL, NVDA |
| Q2 2025 | 612 | $5.2B | VWO, AGG, MSFT, AAPL, NVDA |
| Q1 2025 | 596 | $4.9B | VWO, AGG, MSFT, AAPL, AMZN |
| Q4 2024 | 593 | $5.0B | VWO, AGG, MSFT, AAPL, NVDA |
| Q3 2024 | 588 | $5.1B | VWO, AGG, MSFT, AAPL, VTOL |
| Q2 2024 | 581 | $4.9B | VWO, MSFT, AGG, AAPL, VTOL |
| Q1 2024 | 584 | $4.8B | VWO, AGG, MSFT, AAPL, VTOL |