South Dakota Investment Council
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 5, 2025), South Dakota Investment Council reported 596 stock positions worth $4.9 billion. Its top holding was Vanguard Ftse Emerging Marke (VWO) at 13.0% of the portfolio, followed by iShares Core U.S. Aggregate (AGG, 6.0%) and Microsoft (MSFT, 4.0%). Compared with Q4 2024, it opened 27 new positions, sold out of 24, added to 142 and reduced 213. The biggest buy was Vanguard Ftse Emerging Marke (VWO, shares +0%) and the biggest sale Nvidia (NVDA, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- SIOUX FALLS, SD
- CIK
- 0001538846
- Portfolio Value
- $4.9B (Q1 2025)
- SEC Filing
- 0001538846-25-000006 ↗ filed May 5, 2025
Holdings Value
Holdings 596 stocks · $4.9B
| VWO Vanguard Ftse Emerging Marke | 12.98% | 14,025,913 | $634.8M | Add +0.1% |
| AGG iShares Core U.S. Aggregate | 5.96% | 2,945,885 | $291.4M | Add +0.3% |
| MSFT Microsoft Corp. | 3.97% | 516,829 | $194.0M | Add +0.5% |
| AAPL Apple Inc. | 3.89% | 855,859 | $190.1M | Reduce -0.7% |
| AMZN Amazon.com Inc. | 2.35% | 604,033 | $114.9M | Add +0.0% |
| VTOL Bristow Group Inc. | 2.34% | 3,619,957 | $114.3M | Reduce -0.1% |
| NVDA Nvidia Corp. | 2.20% | 993,230 | $107.6M | Reduce -0.1% |
| META Meta Platforms Inc. Class A | 1.44% | 122,446 | $70.6M | Reduce -3.0% |
| GOOGL Alphabet Inc. Class A | 1.43% | 452,873 | $70.0M | Reduce -0.9% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.33% | 122,069 | $65.0M | Add +0.4% |
| GOOG Alphabet Inc. Class C | 1.20% | 376,822 | $58.9M | Reduce -4.2% |
| LLY Eli Lilly & Co. | 1.07% | 63,371 | $52.3M | Reduce -0.1% |
| V Visa Inc. Class A | 0.84% | 117,876 | $41.3M | Add +0.4% |
| HUM Humana Inc. | 0.84% | 156,030 | $41.3M | Add +1.8% |
| JNJ Johnson & Johnson | 0.78% | 230,416 | $38.2M | Add +0.3% |
| EG Everest Group Ltd. | 0.74% | 99,181 | $36.0M | Add +7.4% |
| COP Conocophillips | 0.72% | 334,182 | $35.1M | Add +6.1% |
| PFE Pfizer Inc. | 0.70% | 1,347,526 | $34.1M | Reduce -0.1% |
| UNH Unitedhealth Group Inc. | 0.70% | 65,092 | $34.1M | Reduce -0.1% |
| MA Mastercard Inc. Class A | 0.67% | 60,087 | $32.9M | Reduce -0.1% |
| XOM Exxon Mobil Corp. | 0.66% | 270,023 | $32.1M | Reduce -18.7% |
| HES Hess Corp. | 0.63% | 191,612 | $30.6M | Reduce -12.2% |
| CMCSA Comcast Corp. Class A | 0.59% | 779,969 | $28.8M | Add +7.0% |
| WFC Wells Fargo & Co. | 0.58% | 397,583 | $28.5M | Reduce -2.0% |
| DG Dollar General Corp. | 0.57% | 316,598 | $27.8M | Add +14.4% |
| USB US Bancorp | 0.57% | 656,209 | $27.7M | Add +2.3% |
| RGA Reinsurance Group of America | 0.56% | 139,042 | $27.4M | Add +0.3% |
| JPM JPMorgan Chase & Co. | 0.54% | 107,993 | $26.5M | Reduce -0.9% |
| CSCO Cisco Systems Inc. | 0.54% | 426,597 | $26.3M | Reduce -14.9% |
| BMY Bristol-Myers Squibb Co. | 0.54% | 431,279 | $26.3M | Add +0.9% |
| TGT Target Corp. | 0.54% | 251,209 | $26.2M | Add +50.5% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.48% | 238,637 | $23.6M | Reduce -0.1% |
| C Citigroup Inc. | 0.48% | 331,534 | $23.5M | Reduce -12.4% |
| PYPL PayPal Holdings Inc. | 0.48% | 357,905 | $23.4M | Reduce -1.5% |
| MDT Medtronic PLC | 0.46% | 250,453 | $22.5M | Reduce -0.1% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.46% | 536,765 | $22.4M | Add +6.5% |
| RNR Renaissancere Holdings Ltd. | 0.44% | 89,737 | $21.5M | Add +0.7% |
| OXY Occidental Petroleum Corp. | 0.44% | 433,205 | $21.4M | Reduce -0.6% |
| EOG EOG Resources Inc. | 0.44% | 166,236 | $21.3M | Reduce -0.8% |
| HAL Halliburton Co. | 0.42% | 802,857 | $20.4M | Add +23.1% |
| COOP Mr Cooper Group Inc. | 0.40% | 163,919 | $19.6M | Reduce -19.6% |
| GPN Global Payments Inc. | 0.39% | 195,769 | $19.2M | Add +0.3% |
| LKQ LKQ Corp. | 0.39% | 449,850 | $19.1M | Add +0.8% |
| MRK Merck & Co. Inc. | 0.39% | 213,158 | $19.1M | Add +0.3% |
| CNC Centene Corp. | 0.39% | 313,899 | $19.1M | Reduce -0.2% |
| AVGO Broadcom Inc. | 0.39% | 113,737 | $19.0M | Reduce -0.1% |
| SOLV Solventum Corp. | 0.38% | 246,665 | $18.8M | Reduce -7.5% |
| UNM Unum Group | 0.38% | 229,043 | $18.7M | Reduce -6.8% |
| ACGL Arch Capital Group Ltd. | 0.38% | 190,740 | $18.3M | Add +2.2% |
| STZ Constellation Brands Inc. Class A | 0.37% | 99,394 | $18.2M | Add +628.8% |
| APA Apa Corp. | 0.37% | 851,275 | $17.9M | Add +9.9% |
| FDX FedEx Corp. | 0.36% | 72,690 | $17.7M | Add +38.9% |
| CHTR Charter Communications Inc. Class A | 0.36% | 47,721 | $17.6M | No change |
| AMAT Applied Materials Inc. | 0.36% | 119,771 | $17.4M | Add +0.9% |
| AMD Advanced Micro Devices | 0.35% | 168,628 | $17.3M | Add +10.6% |
| EW Edwards Lifesciences Corp. | 0.34% | 231,969 | $16.8M | Reduce -2.5% |
| LYB Lyondellbasell Indu Class A | 0.34% | 238,219 | $16.8M | Add +4.1% |
| DUK Duke Energy Corp. | 0.34% | 135,586 | $16.5M | No change |
| DE Deere & Co. | 0.33% | 34,857 | $16.4M | Reduce -18.9% |
| CVS CVS Health Corp. | 0.33% | 237,159 | $16.1M | Reduce -0.1% |
| TXN Texas Instruments Inc. | 0.32% | 86,850 | $15.6M | Reduce -0.2% |
| VZ Verizon Communications Inc. | 0.32% | 342,293 | $15.5M | Reduce -0.1% |
| SHEL Shell PLC-ADR | 0.32% | 211,521 | $15.5M | Reduce -0.1% |
| GILD Gilead Sciences Inc. | 0.31% | 136,411 | $15.3M | Reduce -37.2% |
| FANG Diamondback Energy Inc. | 0.31% | 95,465 | $15.3M | Add +0.5% |
| CHRD Chord Energy Corp. | 0.31% | 135,369 | $15.3M | Add +17.4% |
| FOXA Fox Corp. Class A | 0.31% | 268,885 | $15.2M | Reduce -11.6% |
| MTDR Matador Resources Co. | 0.31% | 292,809 | $15.0M | Add +11.8% |
| PM Philip Morris International | 0.30% | 93,523 | $14.8M | Reduce -19.1% |
| TSLA Tesla Inc. | 0.29% | 55,545 | $14.4M | Reduce -0.1% |
| AIG American International Group | 0.29% | 160,481 | $14.0M | Reduce -0.2% |
| UPS United Parcel Service Class B | 0.28% | 122,984 | $13.5M | Add +4.4% |
| DINO HF Sinclair Corp. | 0.27% | 401,143 | $13.2M | Add +59.7% |
| CSX CSX Corp. | 0.27% | 448,075 | $13.2M | Add +24.6% |
| BBWI Bath & Body Works Inc. | 0.27% | 433,284 | $13.1M | Add +0.9% |
| ALK Alaska Air Group Inc. | 0.27% | 264,937 | $13.0M | Reduce -27.6% |
| FIS Fidelity National Info Serv | 0.26% | 172,401 | $12.9M | Add +3.3% |
| MO Altria Group Inc. | 0.26% | 214,052 | $12.8M | Reduce -0.2% |
| VRTX Vertex Pharmaceuticals Inc. | 0.26% | 26,403 | $12.8M | Reduce -6.9% |
| ACN Accenture PLC Class A | 0.26% | 40,257 | $12.6M | Add +141.7% |
| TEL Te Connectivity PLC | 0.25% | 88,009 | $12.4M | Reduce -0.2% |
| TFC Truist Financial Corp. | 0.25% | 296,564 | $12.2M | Reduce -0.1% |
| BAX Baxter International Inc. | 0.25% | 355,044 | $12.2M | Add +1.2% |
| JBL Jabil Inc. | 0.25% | 89,252 | $12.1M | Reduce -36.6% |
| MU Micron Technology Inc. | 0.25% | 139,616 | $12.1M | No change |
| GD General Dynamics Corp. | 0.25% | 44,450 | $12.1M | Add +1.7% |
| FSLR First Solar Inc. | 0.24% | 93,407 | $11.8M | Add +59.9% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.24% | 140,685 | $11.8M | Reduce -1.6% |
| GPI Group 1 Automotive Inc. | 0.24% | 30,869 | $11.8M | Add +1.4% |
| AN Autonation Inc. | 0.24% | 72,191 | $11.7M | Reduce -1.2% |
| ADBE Adobe Inc. | 0.23% | 29,744 | $11.4M | Add +23.4% |
| ELV Elevance Health Inc. | 0.23% | 26,114 | $11.4M | Add +3.0% |
| IQV Iqvia Holdings Inc. | 0.23% | 63,899 | $11.3M | Add +410.0% |
| LRCX Lam Research Corp. | 0.23% | 153,139 | $11.1M | Reduce -0.1% |
| VRN Veren Inc. | 0.23% | 1,680,331 | $11.1M | Reduce -3.0% |
| T AT&T Inc. | 0.22% | 386,174 | $10.9M | Reduce -0.2% |
| RTX RTX Corp. | 0.22% | 81,738 | $10.8M | Reduce -15.3% |
| MCHP Microchip Technology Inc. | 0.22% | 223,120 | $10.8M | Add +20.2% |
| MDLZ Mondelez International Inc. Class A | 0.22% | 157,031 | $10.7M | Reduce -5.7% |
| SWK Stanley Black & Decker Inc. | 0.22% | 138,349 | $10.6M | No change |
Portfolio Sells Q4 2024 → Q1 2025
| NVDA Nvidia Corp. | Reduce -0.1% | 2.20% | −0.46 |
| AAPL Apple Inc. | Reduce -0.7% | 3.89% | −0.42 |
| GOOGL Alphabet Inc. Class A | Reduce -0.9% | 1.43% | −0.29 |
| GOOG Alphabet Inc. Class C | Reduce -4.2% | 1.20% | −0.29 |
| TPR Tapestry Inc. | Reduce -58.1% | 0.21% | −0.24 |
| ALK Alaska Air Group Inc. | Reduce -27.6% | 0.27% | −0.21 |
| JBL Jabil Inc. | Reduce -36.6% | 0.25% | −0.16 |
| TSLA Tesla Inc. | Reduce -0.1% | 0.29% | −0.15 |
| PYPL PayPal Holdings Inc. | Reduce -1.5% | 0.48% | −0.14 |
| VTOL Bristow Group Inc. | Reduce -0.1% | 2.34% | −0.14 |
| WMT Walmart Inc. | Reduce -44.1% | 0.17% | −0.14 |
| AVGO Broadcom Inc. | Reduce -0.1% | 0.39% | −0.14 |
| ORCL Oracle Corp. | Reduce -56.1% | 0.08% | −0.13 |
| MRNA Moderna Inc. | Reduce -19.8% | 0.14% | −0.11 |
| FHN First Horizon Corp. | Reduce -33.6% | 0.20% | −0.10 |
| COLB Columbia Banking System Inc. | Reduce -67.5% | 0.04% | −0.09 |
| GILD Gilead Sciences Inc. | Reduce -37.2% | 0.31% | −0.09 |
| BANC Banc of California Inc. | Sold out | 0.00% | −0.09 |
| EXE Expand Energy Corp. | Reduce -94.6% | 0.01% | −0.09 |
| MTG Mgic Investment Corp. | Reduce -44.1% | 0.12% | −0.08 |
| VFC VF Corp. | Reduce -26.3% | 0.10% | −0.08 |
| EWBC East West Bancorp Inc. | Reduce -21.9% | 0.21% | −0.07 |
| WHR Whirlpool Corp. | Reduce -9.0% | 0.19% | −0.07 |
| CFR Cullen/Frost Bankers Inc. | Reduce -46.5% | 0.07% | −0.06 |
| BGC BGC Group Inc. Class A | Sold out | 0.00% | −0.06 |
| DAL Delta Air Lines Inc. | Reduce -6.7% | 0.14% | −0.06 |
| PLNT Planet Fitness Inc. Class A | Reduce -80.8% | 0.01% | −0.06 |
| XOM Exxon Mobil Corp. | Reduce -18.7% | 0.66% | −0.06 |
| CSCO Cisco Systems Inc. | Reduce -14.9% | 0.54% | −0.05 |
| TGNA Tegna Inc. | Reduce -88.5% | 0.01% | −0.05 |
| HWC Hancock Whitney Corp. | Reduce -51.5% | 0.05% | −0.05 |
| C Citigroup Inc. | Reduce -12.4% | 0.48% | −0.05 |
| DIS The Walt Disney Co. | Reduce -0.1% | 0.48% | −0.05 |
| ENS Enersys | Reduce -60.5% | 0.03% | −0.05 |
| CVX Chevron Corp. | Reduce -82.3% | 0.01% | −0.05 |
| AR Antero Resources Corp. | Reduce -77.6% | 0.02% | −0.05 |
| WNC Wabash National Corp. | Sold out | 0.00% | −0.04 |
| WDC Western Digital Corp. | Reduce -0.2% | 0.10% | −0.04 |
| CRBG Corebridge Financial Inc. | Reduce -47.3% | 0.06% | −0.04 |
| AZPN Aspen Technology Inc. | Sold out | 0.00% | −0.04 |
| MYRG MYR Group Inc./Delaware | Sold out | 0.00% | −0.04 |
| RRC Range Resources Corp. | Reduce -95.7% | 0.00% | −0.04 |
| CPRI Capri Holdings Ltd. | Reduce -15.1% | 0.18% | −0.04 |
| HQY Healthequity Inc. | Sold out | 0.00% | −0.04 |
| ARW Arrow Electronics Inc. | Reduce -19.5% | 0.11% | −0.04 |
| WSM Williams-Sonoma Inc. | Reduce -31.2% | 0.05% | −0.04 |
| TCBI Texas Capital Bancshares Inc. | Reduce -63.6% | 0.02% | −0.03 |
| META Meta Platforms Inc. Class A | Reduce -3.0% | 1.44% | −0.03 |
| URBN Urban Outfitters Inc. | Sold out | 0.00% | −0.03 |
| DE Deere & Co. | Reduce -18.9% | 0.33% | −0.03 |
Portfolio Buys Q4 2024 → Q1 2025
| VWO Vanguard Ftse Emerging Marke | Add +0.1% | 12.98% | +0.68 |
| STZ Constellation Brands Inc. Class A | Add +628.8% | 0.37% | +0.31 |
| AGG iShares Core U.S. Aggregate | Add +0.3% | 5.96% | +0.29 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +0.4% | 1.33% | +0.23 |
| IQV Iqvia Holdings Inc. | Add +410.0% | 0.23% | +0.18 |
| EQH Equitable Holdings Inc. | New | 0.17% | +0.17 |
| X United States Steel Corp. | Add +237.7% | 0.21% | +0.16 |
| DG Dollar General Corp. | Add +14.4% | 0.57% | +0.15 |
| CLF Cleveland-Cliffs Inc. | Add +1318.6% | 0.16% | +0.15 |
| ACN Accenture PLC Class A | Add +141.7% | 0.26% | +0.14 |
| JNJ Johnson & Johnson | Add +0.3% | 0.78% | +0.12 |
| OC Owens Corning | Add +224.3% | 0.17% | +0.11 |
| CENX Century Aluminum Company | New | 0.11% | +0.11 |
| V Visa Inc. Class A | Add +0.4% | 0.84% | +0.10 |
| COP Conocophillips | Add +6.1% | 0.72% | +0.09 |
| DINO HF Sinclair Corp. | Add +59.7% | 0.27% | +0.09 |
| TGT Target Corp. | Add +50.5% | 0.54% | +0.09 |
| IBKR Interactive Brokers Gro Class A | New | 0.08% | +0.08 |
| SLB SLB Ltd. | Add +6.5% | 0.46% | +0.07 |
| STLD Steel Dynamics Inc. | New | 0.07% | +0.07 |
| EG Everest Group Ltd. | Add +7.4% | 0.74% | +0.07 |
| ALLY Ally Financial Inc. | New | 0.07% | +0.07 |
| FDX FedEx Corp. | Add +38.9% | 0.36% | +0.07 |
| HUM Humana Inc. | Add +1.8% | 0.84% | +0.07 |
| DVN Devon Energy Corp. | Add +80.2% | 0.12% | +0.07 |
| RS Reliance Inc. | Add +186.3% | 0.10% | +0.06 |
| LKQ LKQ Corp. | Add +0.8% | 0.39% | +0.06 |
| HAL Halliburton Co. | Add +23.1% | 0.42% | +0.06 |
| PSMT Pricesmart Inc. | Add +481.8% | 0.07% | +0.06 |
| CELH Celsius Holdings Inc. | Add +3.0% | 0.20% | +0.06 |
| BMY Bristol-Myers Squibb Co. | Add +0.9% | 0.54% | +0.06 |
| MHK Mohawk Industries Inc. | Add +116.6% | 0.10% | +0.06 |
| CAG Conagra Brands Inc. | Add +92.1% | 0.12% | +0.06 |
| FE Firstenergy Corp. | Add +90.7% | 0.11% | +0.05 |
| GEHC GE Healthcare Technology | Add +32.8% | 0.17% | +0.05 |
| PEP Pepsico Inc. | Add +42.5% | 0.16% | +0.05 |
| THC Tenet Healthcare Corp. | Add +39.9% | 0.14% | +0.05 |
| ELV Elevance Health Inc. | Add +3.0% | 0.23% | +0.05 |
| BAX Baxter International Inc. | Add +1.2% | 0.25% | +0.04 |
| CHRD Chord Energy Corp. | Add +17.4% | 0.31% | +0.04 |
| CMCSA Comcast Corp. Class A | Add +7.0% | 0.59% | +0.04 |
| ACT Enact Holdings Inc. | New | 0.04% | +0.04 |
| NWE Northwestern Energy Group Inc. | Add +26.9% | 0.14% | +0.04 |
| CSX CSX Corp. | Add +24.6% | 0.27% | +0.04 |
| FSLR First Solar Inc. | Add +59.9% | 0.24% | +0.04 |
| LBRT Liberty Energy Inc. | Add +225.2% | 0.05% | +0.03 |
| WTRG Essential Utilities Inc. | Add +45.1% | 0.08% | +0.03 |
| ACGL Arch Capital Group Ltd. | Add +2.2% | 0.38% | +0.03 |
| REGN Regeneron Pharmaceuticals | New | 0.03% | +0.03 |
| GNTX Gentex Corp. | Add +67.3% | 0.10% | +0.03 |
Notes & Other Activity Q4 2024 → Q1 2025
| OXY.WS Occidental Petroleum-CW27 | *W EXP 08/03/202 | Sold out | 287 | $8Kbefore exit |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
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 |