South Dakota Investment Council
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 5, 2025), South Dakota Investment Council reported 612 stock positions worth $5.2 billion. Its top holding was Vanguard Ftse Emerging Marke (VWO) at 13.3% of the portfolio, followed by iShares Core U.S. Aggregate (AGG, 5.3%) and Microsoft (MSFT, 4.9%). Compared with Q1 2025, it opened 41 new positions, sold out of 25, added to 128 and reduced 143. The biggest buy was Vanguard Ftse Emerging Marke (VWO, shares +0%) and the biggest sale iShares Core U.S. Aggregate (AGG, shares −5%).
- Most Recent 13F
- Q2 2026
- Location
- SIOUX FALLS, SD
- CIK
- 0001538846
- Portfolio Value
- $5.2B (Q2 2025)
- SEC Filing
- 0001538846-25-000008 ↗ filed Aug 5, 2025
Holdings Value
Holdings 612 stocks · $5.2B
| VWO Vanguard Ftse Emerging Marke | 13.31% | 14,033,302 | $694.1M | Add +0.1% |
| AGG iShares Core U.S. Aggregate | 5.31% | 2,790,935 | $276.9M | Reduce -5.3% |
| MSFT Microsoft Corp. | 4.92% | 516,129 | $256.7M | Reduce -0.1% |
| AAPL Apple Inc. | 3.36% | 853,883 | $175.2M | Reduce -0.2% |
| NVDA Nvidia Corp. | 3.00% | 989,545 | $156.3M | Reduce -0.4% |
| AMZN Amazon.com Inc. | 2.54% | 602,655 | $132.2M | Reduce -0.2% |
| VTOL Bristow Group Inc. | 2.17% | 3,429,158 | $113.1M | Reduce -5.3% |
| META Meta Platforms Inc. Class A | 1.73% | 122,376 | $90.3M | Reduce -0.1% |
| GOOGL Alphabet Inc. Class A | 1.53% | 451,719 | $79.6M | Reduce -0.3% |
| GOOG Alphabet Inc. Class C | 1.28% | 375,996 | $66.7M | Reduce -0.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.13% | 120,969 | $58.8M | Reduce -0.9% |
| LLY Eli Lilly & Co. | 0.94% | 62,814 | $49.0M | Reduce -0.9% |
| HUM Humana Inc. | 0.77% | 165,254 | $40.4M | Add +5.9% |
| UNH Unitedhealth Group Inc. | 0.76% | 126,554 | $39.5M | Add +94.4% |
| V Visa Inc. Class A | 0.75% | 110,661 | $39.3M | Reduce -6.1% |
| EG Everest Group Ltd. | 0.68% | 103,981 | $35.3M | Add +4.8% |
| PFE Pfizer Inc. | 0.63% | 1,345,208 | $32.6M | Reduce -0.2% |
| MA Mastercard Inc. Class A | 0.62% | 57,727 | $32.4M | Reduce -3.9% |
| USB US Bancorp | 0.61% | 702,553 | $31.8M | Add +7.1% |
| AVGO Broadcom Inc. | 0.60% | 114,287 | $31.5M | Add +0.5% |
| CMCSA Comcast Corp. Class A | 0.56% | 813,925 | $29.0M | Add +4.3% |
| DG Dollar General Corp. | 0.53% | 242,036 | $27.7M | Reduce -23.6% |
| COP Conocophillips | 0.53% | 306,240 | $27.5M | Reduce -8.4% |
| RGA Reinsurance Group of America | 0.51% | 134,796 | $26.7M | Reduce -3.0% |
| PYPL PayPal Holdings Inc. | 0.51% | 357,323 | $26.6M | Reduce -0.2% |
| HES Hess Corp. | 0.51% | 191,479 | $26.5M | Reduce -0.1% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.50% | 211,697 | $26.3M | Reduce -11.3% |
| XOM Exxon Mobil Corp. | 0.48% | 231,668 | $25.0M | Reduce -14.2% |
| C Citigroup Inc. | 0.48% | 292,131 | $24.9M | Reduce -11.9% |
| TGT Target Corp. | 0.47% | 251,033 | $24.8M | Reduce -0.1% |
| JNJ Johnson & Johnson | 0.47% | 158,793 | $24.3M | Reduce -31.1% |
| AMD Advanced Micro Devices | 0.46% | 168,628 | $23.9M | No change |
| CSCO Cisco Systems Inc. | 0.44% | 332,920 | $23.1M | Reduce -22.0% |
| MDT Medtronic PLC | 0.44% | 263,553 | $23.0M | Add +5.2% |
| WFC Wells Fargo & Co. | 0.43% | 280,954 | $22.5M | Reduce -29.3% |
| AMAT Applied Materials Inc. | 0.42% | 119,771 | $21.9M | No change |
| RNR Renaissancere Holdings Ltd. | 0.41% | 87,652 | $21.3M | Reduce -2.3% |
| BMY Bristol-Myers Squibb Co. | 0.38% | 431,279 | $20.0M | No change |
| COOP Mr Cooper Group Inc. | 0.38% | 133,344 | $19.9M | Reduce -18.6% |
| CNC Centene Corp. | 0.38% | 365,999 | $19.9M | Add +16.6% |
| EOG EOG Resources Inc. | 0.38% | 165,835 | $19.8M | Reduce -0.2% |
| CHTR Charter Communications Inc. Class A | 0.37% | 47,721 | $19.5M | No change |
| SOLV Solventum Corp. | 0.37% | 255,625 | $19.4M | Add +3.6% |
| ACGL Arch Capital Group Ltd. | 0.36% | 204,467 | $18.6M | Add +7.2% |
| JPM JPMorgan Chase & Co. | 0.35% | 63,271 | $18.3M | Reduce -41.4% |
| OXY Occidental Petroleum Corp. | 0.35% | 433,205 | $18.2M | No change |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.35% | 536,765 | $18.1M | No change |
| FSLR First Solar Inc. | 0.35% | 109,273 | $18.1M | Add +17.0% |
| TXN Texas Instruments Inc. | 0.34% | 86,529 | $18.0M | Reduce -0.4% |
| UPS United Parcel Service Class B | 0.34% | 177,546 | $17.9M | Add +44.4% |
| FDX FedEx Corp. | 0.34% | 78,590 | $17.9M | Add +8.1% |
| TSLA Tesla Inc. | 0.34% | 55,382 | $17.6M | Reduce -0.3% |
| UNM Unum Group | 0.33% | 215,267 | $17.4M | Reduce -6.0% |
| MRK Merck & Co. Inc. | 0.32% | 213,158 | $16.9M | No change |
| LKQ LKQ Corp. | 0.32% | 453,550 | $16.8M | Add +0.8% |
| ELV Elevance Health Inc. | 0.32% | 43,053 | $16.7M | Add +64.9% |
| TMO Thermo Fisher Scientific Inc. | 0.32% | 40,952 | $16.6M | Add +411.5% |
| HAL Halliburton Co. | 0.32% | 807,707 | $16.5M | Add +0.6% |
| STZ Constellation Brands Inc. Class A | 0.32% | 101,125 | $16.5M | Add +1.7% |
| CVS CVS Health Corp. | 0.31% | 237,159 | $16.4M | No change |
| DE Deere & Co. | 0.31% | 32,026 | $16.3M | Reduce -8.1% |
| CSX CSX Corp. | 0.31% | 493,175 | $16.1M | Add +10.1% |
| MU Micron Technology Inc. | 0.31% | 130,441 | $16.1M | Reduce -6.6% |
| DUK Duke Energy Corp. | 0.31% | 135,586 | $16.0M | No change |
| APA Apa Corp. | 0.30% | 860,575 | $15.7M | Add +1.1% |
| PVH PVH Corp. | 0.30% | 228,753 | $15.7M | Add +52.3% |
| LYB Lyondellbasell Indu Class A | 0.30% | 269,286 | $15.6M | Add +13.0% |
| ADBE Adobe Inc. | 0.30% | 39,842 | $15.4M | Add +34.0% |
| SHEL Shell PLC-ADR | 0.30% | 218,821 | $15.4M | Add +3.5% |
| LRCX Lam Research Corp. | 0.29% | 153,139 | $14.9M | No change |
| VT Vanguard Tot World STK ETF | 0.28% | 115,591 | $14.9M | Add +453.3% |
| TEL Te Connectivity PLC | 0.28% | 88,009 | $14.8M | No change |
| GPN Global Payments Inc. | 0.28% | 185,202 | $14.8M | Reduce -5.4% |
| VZ Verizon Communications Inc. | 0.28% | 342,293 | $14.8M | No change |
| FOXA Fox Corp. Class A | 0.28% | 261,685 | $14.7M | Reduce -2.7% |
| BBWI Bath & Body Works Inc. | 0.28% | 484,182 | $14.5M | Add +11.8% |
| MTDR Matador Resources Co. | 0.28% | 301,609 | $14.4M | Add +3.0% |
| GD General Dynamics Corp. | 0.27% | 48,850 | $14.2M | Add +9.9% |
| FIS Fidelity National Info Serv | 0.27% | 172,401 | $14.0M | No change |
| DINO HF Sinclair Corp. | 0.27% | 341,327 | $14.0M | Reduce -14.9% |
| MCHP Microchip Technology Inc. | 0.27% | 198,952 | $14.0M | Reduce -10.8% |
| CHRD Chord Energy Corp. | 0.27% | 143,615 | $13.9M | Add +6.1% |
| IQV Iqvia Holdings Inc. | 0.27% | 87,712 | $13.8M | Add +37.3% |
| AIG American International Group | 0.26% | 160,481 | $13.7M | No change |
| EW Edwards Lifesciences Corp. | 0.26% | 171,057 | $13.4M | Reduce -26.3% |
| ALK Alaska Air Group Inc. | 0.26% | 269,737 | $13.3M | Add +1.8% |
| FANG Diamondback Energy Inc. | 0.25% | 96,570 | $13.3M | Add +1.2% |
| LOW Lowe's Cos Inc. | 0.25% | 58,921 | $13.1M | Add +183.8% |
| GEHC GE Healthcare Technology | 0.25% | 176,317 | $13.1M | Add +70.2% |
| TFC Truist Financial Corp. | 0.25% | 298,964 | $12.9M | Add +0.8% |
| GPI Group 1 Automotive Inc. | 0.25% | 29,403 | $12.8M | Reduce -4.8% |
| STT State Street Corp. | 0.24% | 117,946 | $12.5M | No change |
| ACN Accenture PLC Class A | 0.24% | 41,803 | $12.5M | Add +3.8% |
| MO Altria Group Inc. | 0.24% | 210,595 | $12.3M | Reduce -1.6% |
| QCOM Qualcomm Inc. | 0.23% | 75,751 | $12.1M | Add +141.8% |
| RTX RTX Corp. | 0.23% | 81,088 | $11.8M | Reduce -0.8% |
| OC Owens Corning | 0.22% | 84,334 | $11.6M | Add +40.9% |
| CUBI Customers Bancorp Inc. | 0.22% | 195,897 | $11.5M | Add +2.6% |
| CELH Celsius Holdings Inc. | 0.21% | 241,252 | $11.2M | Reduce -11.8% |
| T AT&T Inc. | 0.21% | 385,536 | $11.2M | Reduce -0.2% |
Portfolio Sells Q1 2025 → Q2 2025
| AGG iShares Core U.S. Aggregate | Reduce -5.3% | 5.31% | −0.65 |
| AAPL Apple Inc. | Reduce -0.2% | 3.36% | −0.53 |
| JNJ Johnson & Johnson | Reduce -31.1% | 0.47% | −0.32 |
| VRN Veren Inc. | Sold out | 0.00% | −0.23 |
| X United States Steel Corp. | Sold out | 0.00% | −0.21 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.9% | 1.13% | −0.20 |
| COP Conocophillips | Reduce -8.4% | 0.53% | −0.19 |
| JPM JPMorgan Chase & Co. | Reduce -41.4% | 0.35% | −0.19 |
| XOM Exxon Mobil Corp. | Reduce -14.2% | 0.48% | −0.18 |
| PM Philip Morris International | Reduce -59.3% | 0.13% | −0.17 |
| VTOL Bristow Group Inc. | Reduce -5.3% | 2.17% | −0.17 |
| GILD Gilead Sciences Inc. | Reduce -47.0% | 0.15% | −0.16 |
| TPR Tapestry Inc. | Reduce -78.2% | 0.05% | −0.16 |
| WFC Wells Fargo & Co. | Reduce -29.3% | 0.43% | −0.15 |
| AMGN Amgen Inc. | Reduce -65.3% | 0.06% | −0.14 |
| LLY Eli Lilly & Co. | Reduce -0.9% | 0.94% | −0.13 |
| BRY Berry Corp. | Sold out | 0.00% | −0.13 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -40.8% | 0.13% | −0.13 |
| ESNT Essent Group Ltd. | Reduce -66.7% | 0.06% | −0.13 |
| FHN First Horizon Corp. | Reduce -62.0% | 0.08% | −0.12 |
| HES Hess Corp. | Reduce -0.1% | 0.51% | −0.12 |
| BNY Bank of New York Mellon Corp. | Reduce -47.6% | 0.13% | −0.11 |
| JBL Jabil Inc. | Reduce -63.3% | 0.14% | −0.11 |
| GPN Global Payments Inc. | Reduce -5.4% | 0.28% | −0.11 |
| INCY Incyte Corp. | Reduce -51.7% | 0.11% | −0.10 |
| WOLF Wolfspeed Inc. | Sold out | 0.00% | −0.10 |
| CSCO Cisco Systems Inc. | Reduce -22.0% | 0.44% | −0.10 |
| BAC Bank of America Corp. | Reduce -58.2% | 0.07% | −0.09 |
| V Visa Inc. Class A | Reduce -6.1% | 0.75% | −0.09 |
| EW Edwards Lifesciences Corp. | Reduce -26.3% | 0.26% | −0.09 |
| KVUE Kenvue Inc. | Reduce -34.5% | 0.09% | −0.08 |
| CMA Comerica Inc. | Reduce -70.6% | 0.03% | −0.07 |
| PFE Pfizer Inc. | Reduce -0.2% | 0.63% | −0.07 |
| EWBC East West Bancorp Inc. | Reduce -36.5% | 0.14% | −0.07 |
| TGT Target Corp. | Reduce -0.1% | 0.47% | −0.06 |
| TKR Timken Co. | Reduce -45.8% | 0.06% | −0.06 |
| EOG EOG Resources Inc. | Reduce -0.2% | 0.38% | −0.06 |
| CRBG Corebridge Financial Inc. | Sold out | 0.00% | −0.06 |
| MA Mastercard Inc. Class A | Reduce -3.9% | 0.62% | −0.05 |
| BERY Berry Global Group Inc. | Sold out | 0.00% | −0.05 |
| DOW Dow Inc. | Reduce -4.3% | 0.10% | −0.05 |
| UNM Unum Group | Reduce -6.0% | 0.33% | −0.05 |
| CPRI Capri Holdings Ltd. | Reduce -13.3% | 0.13% | −0.05 |
| RGA Reinsurance Group of America | Reduce -3.0% | 0.51% | −0.05 |
| PFSI Pennymac Financial Services | Reduce -17.1% | 0.15% | −0.04 |
| OSK Oshkosh Corp. | Reduce -45.6% | 0.07% | −0.04 |
| WSM Williams-Sonoma Inc. | Reduce -75.8% | 0.01% | −0.04 |
| SCI Service Corp. International | Reduce -33.0% | 0.07% | −0.04 |
| DG Dollar General Corp. | Reduce -23.6% | 0.53% | −0.04 |
| AN Autonation Inc. | Reduce -26.4% | 0.20% | −0.04 |
Portfolio Buys Q1 2025 → Q2 2025
| VWO Vanguard Ftse Emerging Marke | Add +0.1% | 13.31% | +0.33 |
| TMO Thermo Fisher Scientific Inc. | Add +411.5% | 0.32% | +0.24 |
| VT Vanguard Tot World STK ETF | Add +453.3% | 0.28% | +0.24 |
| AVGO Broadcom Inc. | Add +0.5% | 0.60% | +0.21 |
| NUE Nucor Corp. | Add +4279.3% | 0.18% | +0.18 |
| HPQ HP Inc. | New | 0.18% | +0.18 |
| WCPRF Whitecap Resources Inc. | New | 0.16% | +0.16 |
| LOW Lowe's Cos Inc. | Add +183.8% | 0.25% | +0.15 |
| JXN Jackson Financial Inc. Class A | Add +706.7% | 0.16% | +0.14 |
| PPG PPG Industries Inc. | Add +393.5% | 0.17% | +0.14 |
| NLY Annaly Capital Management Inc. | Add +1069.8% | 0.15% | +0.14 |
| QCOM Qualcomm Inc. | Add +141.8% | 0.23% | +0.13 |
| DHR Danaher Corp. | Add +205.8% | 0.19% | +0.12 |
| FSLR First Solar Inc. | Add +17.0% | 0.35% | +0.11 |
| PVH PVH Corp. | Add +52.3% | 0.30% | +0.10 |
| HOOD Robinhood Markets Inc. Class A | New | 0.10% | +0.10 |
| REX Rex American Resources Corp. | Add +1879.5% | 0.10% | +0.10 |
| MTUS Metallus Inc. | Add +273.8% | 0.12% | +0.09 |
| BDX Becton Dickinson and Co. | Add +293.1% | 0.14% | +0.09 |
| ELV Elevance Health Inc. | Add +64.9% | 0.32% | +0.09 |
| HG Hamilton Insurance Grou Class B | New | 0.08% | +0.08 |
| GEHC GE Healthcare Technology | Add +70.2% | 0.25% | +0.08 |
| STLD Steel Dynamics Inc. | Add +119.2% | 0.15% | +0.08 |
| SYY Sysco Corp. | Add +314.9% | 0.11% | +0.08 |
| FLEX Flex Ltd. | Add +718.0% | 0.09% | +0.08 |
| REGN Regeneron Pharmaceuticals | Add +330.6% | 0.10% | +0.07 |
| NXPI NXP Semiconductors NV | Add +217.8% | 0.10% | +0.07 |
| EME Emcor Group Inc. | Add +25.1% | 0.17% | +0.07 |
| GVA Granite Construction Inc. | Add +608.3% | 0.08% | +0.07 |
| UPS United Parcel Service Class B | Add +44.4% | 0.34% | +0.07 |
| ELF Elf Beauty Inc. | Add +21.4% | 0.12% | +0.07 |
| MHK Mohawk Industries Inc. | Add +85.8% | 0.17% | +0.06 |
| ADBE Adobe Inc. | Add +34.0% | 0.30% | +0.06 |
| UNH Unitedhealth Group Inc. | Add +94.4% | 0.76% | +0.06 |
| MTN Vail Resorts Inc. | Add +95.2% | 0.12% | +0.06 |
| CIVI Civitas Resources Inc. | New | 0.06% | +0.06 |
| OKTA Okta Inc. | New | 0.05% | +0.05 |
| DAL Delta Air Lines Inc. | Add +29.0% | 0.19% | +0.05 |
| GEO The Geo Group Inc. | Add +454.0% | 0.06% | +0.05 |
| WW WW International Inc.-New | New | 0.05% | +0.05 |
| OC Owens Corning | Add +40.9% | 0.22% | +0.05 |
| GE General Electric | Add +40.1% | 0.11% | +0.05 |
| CENX Century Aluminum Company | Add +57.3% | 0.15% | +0.05 |
| APG Api Group Corp. | New | 0.04% | +0.04 |
| OZK Bank Ozk | Add +1666.4% | 0.05% | +0.04 |
| USB US Bancorp | Add +7.1% | 0.61% | +0.04 |
| PLMR Palomar Holdings Inc. | New | 0.04% | +0.04 |
| PEP Pepsico Inc. | Add +52.8% | 0.20% | +0.04 |
| THC Tenet Healthcare Corp. | Add +5.2% | 0.18% | +0.04 |
| CSX CSX Corp. | Add +10.1% | 0.31% | +0.04 |
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 |