South Dakota Investment Council
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), South Dakota Investment Council reported 606 stock positions worth $5.1 billion. Its top holding was Vanguard Ftse Emerging Marke (VWO) at 12.5% of the portfolio, followed by iShares Core U.S. Aggregate (AGG, 5.4%) and Microsoft (MSFT, 4.7%). Compared with Q2 2025, it opened 30 new positions, sold out of 36, added to 84 and reduced 440. The biggest buy was Nvidia (NVDA, shares +5%) and the biggest sale Vanguard Ftse Emerging Marke (VWO, shares −16%).
- Most Recent 13F
- Q2 2026
- Location
- SIOUX FALLS, SD
- CIK
- 0001538846
- Portfolio Value
- $5.1B (Q3 2025)
- SEC Filing
- 0001538846-25-000018 ↗ filed Nov 12, 2025
Holdings Value
Holdings 606 stocks · $5.1B
| VWO Vanguard Ftse Emerging Marke | 12.47% | 11,842,466 | $641.6M | Reduce -15.6% |
| AGG iShares Core U.S. Aggregate | 5.43% | 2,784,735 | $279.2M | Reduce -0.2% |
| MSFT Microsoft Corp. | 4.74% | 470,772 | $243.8M | Reduce -8.8% |
| AAPL Apple Inc. | 3.93% | 794,886 | $202.4M | Reduce -6.9% |
| NVDA Nvidia Corp. | 3.76% | 1,035,437 | $193.2M | Add +4.6% |
| AMZN Amazon.com Inc. | 2.37% | 555,922 | $122.1M | Reduce -7.8% |
| VTOL Bristow Group Inc. | 2.24% | 3,190,092 | $115.1M | Reduce -7.0% |
| GOOGL Alphabet Inc. Class A | 1.90% | 402,753 | $97.9M | Reduce -10.8% |
| META Meta Platforms Inc. Class A | 1.62% | 113,400 | $83.3M | Reduce -7.3% |
| GOOG Alphabet Inc. Class C | 1.46% | 308,620 | $75.2M | Reduce -17.9% |
| UNH Unitedhealth Group Inc. | 1.32% | 196,526 | $67.9M | Add +55.3% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.14% | 116,256 | $58.4M | Reduce -3.9% |
| LLY Eli Lilly & Co. | 0.84% | 56,457 | $43.1M | Reduce -10.1% |
| HUM Humana Inc. | 0.75% | 148,842 | $38.7M | Reduce -9.9% |
| ELV Elevance Health Inc. | 0.72% | 115,312 | $37.3M | Add +167.8% |
| V Visa Inc. Class A | 0.68% | 102,439 | $35.0M | Reduce -7.4% |
| AVGO Broadcom Inc. | 0.65% | 101,632 | $33.5M | Reduce -11.1% |
| EG Everest Group Ltd. | 0.64% | 93,491 | $32.7M | Reduce -10.1% |
| PFE Pfizer Inc. | 0.63% | 1,280,594 | $32.6M | Reduce -4.8% |
| USB US Bancorp | 0.63% | 672,965 | $32.5M | Reduce -4.2% |
| COP Conocophillips | 0.55% | 300,300 | $28.4M | Reduce -1.9% |
| MA Mastercard Inc. Class A | 0.55% | 49,859 | $28.4M | Reduce -13.6% |
| CMCSA Comcast Corp. Class A | 0.54% | 888,363 | $27.9M | Add +9.2% |
| RGA Reinsurance Group of America | 0.51% | 136,448 | $26.2M | Add +1.2% |
| XOM Exxon Mobil Corp. | 0.47% | 212,302 | $23.9M | Reduce -8.4% |
| DG Dollar General Corp. | 0.46% | 226,463 | $23.4M | Reduce -6.4% |
| JNJ Johnson & Johnson | 0.45% | 125,553 | $23.3M | Reduce -20.9% |
| AMD Advanced Micro Devices | 0.45% | 143,855 | $23.3M | Reduce -14.7% |
| PYPL PayPal Holdings Inc. | 0.45% | 341,626 | $22.9M | Reduce -4.4% |
| AMAT Applied Materials Inc. | 0.44% | 111,074 | $22.7M | Reduce -7.3% |
| UPS United Parcel Service Class B | 0.44% | 270,150 | $22.6M | Add +52.2% |
| WFC Wells Fargo & Co. | 0.43% | 264,461 | $22.2M | Reduce -5.9% |
| TSLA Tesla Inc. | 0.42% | 49,057 | $21.8M | Reduce -11.4% |
| CSCO Cisco Systems Inc. | 0.41% | 305,830 | $20.9M | Reduce -8.1% |
| ACGL Arch Capital Group Ltd. | 0.41% | 230,571 | $20.9M | Add +12.8% |
| C Citigroup Inc. | 0.41% | 205,939 | $20.9M | Reduce -29.5% |
| BBWI Bath & Body Works Inc. | 0.40% | 798,796 | $20.6M | Add +65.0% |
| APA Apa Corp. | 0.40% | 837,659 | $20.3M | Reduce -2.7% |
| TMO Thermo Fisher Scientific Inc. | 0.39% | 41,592 | $20.2M | Add +1.6% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.39% | 174,949 | $20.0M | Reduce -17.4% |
| TGT Target Corp. | 0.39% | 222,971 | $20.0M | Reduce -11.2% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.38% | 570,203 | $19.6M | Add +6.2% |
| OXY Occidental Petroleum Corp. | 0.38% | 409,448 | $19.3M | Reduce -5.5% |
| RNR Renaissancere Holdings Ltd. | 0.37% | 75,651 | $19.2M | Reduce -13.7% |
| CNC Centene Corp. | 0.37% | 536,345 | $19.1M | Add +46.5% |
| CVX Chevron Corp. | 0.37% | 123,052 | $19.1M | Add +3351.7% |
| PVH PVH Corp. | 0.37% | 224,772 | $18.8M | Reduce -1.7% |
| HAL Halliburton Co. | 0.37% | 764,377 | $18.8M | Reduce -5.4% |
| IQV Iqvia Holdings Inc. | 0.36% | 97,241 | $18.5M | Add +10.9% |
| BMY Bristol-Myers Squibb Co. | 0.36% | 408,105 | $18.4M | Reduce -5.4% |
| JPM JPMorgan Chase & Co. | 0.36% | 57,906 | $18.3M | Reduce -8.5% |
| FSLR First Solar Inc. | 0.35% | 81,983 | $18.1M | Reduce -25.0% |
| TXN Texas Instruments Inc. | 0.35% | 97,245 | $17.9M | Add +12.4% |
| FDX FedEx Corp. | 0.34% | 75,193 | $17.7M | Reduce -4.3% |
| SOLV Solventum Corp. | 0.34% | 242,825 | $17.7M | Reduce -5.0% |
| EOG EOG Resources Inc. | 0.34% | 156,295 | $17.5M | Reduce -5.8% |
| MRK Merck & Co. Inc. | 0.34% | 207,758 | $17.4M | Reduce -2.5% |
| STZ Constellation Brands Inc. Class A | 0.34% | 128,939 | $17.4M | Add +27.5% |
| CSX CSX Corp. | 0.33% | 471,733 | $16.8M | Reduce -4.3% |
| ALK Alaska Air Group Inc. | 0.32% | 335,502 | $16.7M | Add +24.4% |
| CHTR Charter Communications Inc. Class A | 0.32% | 60,463 | $16.6M | Add +26.7% |
| MDT Medtronic PLC | 0.32% | 173,861 | $16.6M | Reduce -34.0% |
| LKQ LKQ Corp. | 0.31% | 518,170 | $15.8M | Add +14.3% |
| CVS CVS Health Corp. | 0.31% | 208,730 | $15.7M | Reduce -12.0% |
| DUK Duke Energy Corp. | 0.30% | 126,241 | $15.6M | Reduce -6.9% |
| EQH Equitable Holdings Inc. | 0.30% | 306,327 | $15.6M | Add +63.9% |
| ADBE Adobe Inc. | 0.30% | 43,910 | $15.5M | Add +10.2% |
| GPN Global Payments Inc. | 0.29% | 178,356 | $14.8M | Reduce -3.7% |
| LYB Lyondellbasell Indu Class A | 0.28% | 295,537 | $14.5M | Add +9.8% |
| LOW Lowe's Cos Inc. | 0.28% | 56,540 | $14.2M | Reduce -4.0% |
| QCOM Qualcomm Inc. | 0.27% | 83,849 | $13.9M | Add +10.7% |
| CLF Cleveland-Cliffs Inc. | 0.27% | 1,140,591 | $13.9M | Reduce -15.0% |
| DHR Danaher Corp. | 0.27% | 69,849 | $13.8M | Add +42.9% |
| VZ Verizon Communications Inc. | 0.27% | 312,479 | $13.7M | Reduce -8.7% |
| DE Deere & Co. | 0.26% | 29,780 | $13.6M | Reduce -7.0% |
| SHEL Shell PLC-ADR | 0.26% | 189,713 | $13.6M | Reduce -13.3% |
| MU Micron Technology Inc. | 0.26% | 80,273 | $13.4M | Reduce -38.5% |
| FANG Diamondback Energy Inc. | 0.26% | 93,716 | $13.4M | Reduce -3.0% |
| CHRD Chord Energy Corp. | 0.26% | 134,869 | $13.4M | Reduce -6.1% |
| MTDR Matador Resources Co. | 0.26% | 293,561 | $13.2M | Reduce -2.7% |
| UNM Unum Group | 0.26% | 169,557 | $13.2M | Reduce -21.2% |
| LBRT Liberty Energy Inc. | 0.25% | 1,053,442 | $13.0M | Add +260.0% |
| GD General Dynamics Corp. | 0.25% | 38,042 | $13.0M | Reduce -22.1% |
| TFC Truist Financial Corp. | 0.25% | 283,434 | $13.0M | Reduce -5.2% |
| GEHC GE Healthcare Technology | 0.25% | 172,012 | $12.9M | Reduce -2.4% |
| ORCL Oracle Corp. | 0.25% | 45,890 | $12.9M | Add +119.8% |
| RTX RTX Corp. | 0.25% | 75,610 | $12.7M | Reduce -6.8% |
| GPI Group 1 Automotive Inc. | 0.23% | 27,068 | $11.8M | Reduce -7.9% |
| ZBH Zimmer Biomet Holdings Inc. | 0.23% | 120,189 | $11.8M | Add +6.7% |
| MCHP Microchip Technology Inc. | 0.23% | 184,314 | $11.8M | Reduce -7.4% |
| FISV Fiserv Inc. | 0.23% | 91,766 | $11.8M | Add +967.0% |
| AIG American International Group | 0.23% | 150,226 | $11.8M | Reduce -6.4% |
| OC Owens Corning | 0.23% | 82,192 | $11.6M | Reduce -2.5% |
| UNP Union Pacific Corp. | 0.23% | 49,189 | $11.6M | Add +187.6% |
| CW Curtiss-Wright Corp. | 0.23% | 21,341 | $11.6M | Reduce -0.5% |
| LMT Lockheed Martin Corp. | 0.22% | 23,075 | $11.5M | Add +12.4% |
| STT State Street Corp. | 0.22% | 98,120 | $11.4M | Reduce -16.8% |
| COOP Mr Cooper Group Inc. | 0.22% | 53,444 | $11.3M | Reduce -59.9% |
| CENX Century Aluminum Company | 0.22% | 381,161 | $11.2M | Reduce -13.1% |
| LRCX Lam Research Corp. | 0.22% | 83,394 | $11.2M | Reduce -45.5% |
Portfolio Sells Q2 2025 → Q3 2025
| VWO Vanguard Ftse Emerging Marke | Reduce -15.6% | 12.47% | −0.84 |
| HES Hess Corp. | Sold out | 0.00% | −0.51 |
| VT Vanguard Tot World STK ETF | Sold out | 0.00% | −0.28 |
| DINO HF Sinclair Corp. | Reduce -89.6% | 0.04% | −0.23 |
| MSFT Microsoft Corp. | Reduce -8.8% | 4.74% | −0.18 |
| WBA Walgreens Boots Alliance Inc. | Sold out | 0.00% | −0.17 |
| COOP Mr Cooper Group Inc. | Reduce -59.9% | 0.22% | −0.16 |
| AMZN Amazon.com Inc. | Reduce -7.8% | 2.37% | −0.16 |
| TEL Te Connectivity PLC | Reduce -61.7% | 0.14% | −0.14 |
| EXPE Expedia Group Inc. | Reduce -87.4% | 0.03% | −0.13 |
| JBL Jabil Inc. | Reduce -96.3% | 0.01% | −0.13 |
| WDC Western Digital Corp. | Reduce -96.3% | 0.01% | −0.13 |
| MDT Medtronic PLC | Reduce -34.0% | 0.32% | −0.12 |
| CX Cemex Sab-Spons ADR Part Cer | Reduce -95.0% | 0.01% | −0.12 |
| DIS The Walt Disney Co. | Reduce -17.4% | 0.39% | −0.11 |
| META Meta Platforms Inc. Class A | Reduce -7.3% | 1.62% | −0.11 |
| INCY Incyte Corp. | Sold out | 0.00% | −0.11 |
| MO Altria Group Inc. | Reduce -52.2% | 0.13% | −0.11 |
| IBKR Interactive Brokers Gro Class A | Sold out | 0.00% | −0.10 |
| LLY Eli Lilly & Co. | Reduce -10.1% | 0.84% | −0.10 |
| WCPRF Whitecap Resources Inc. | Reduce -67.8% | 0.06% | −0.10 |
| HOOD Robinhood Markets Inc. Class A | Sold out | 0.00% | −0.10 |
| ABG Asbury Automotive Group | Reduce -89.6% | 0.01% | −0.09 |
| GILD Gilead Sciences Inc. | Reduce -59.6% | 0.06% | −0.09 |
| FOXA Fox Corp. Class A | Reduce -39.7% | 0.19% | −0.09 |
| TGT Target Corp. | Reduce -11.2% | 0.39% | −0.09 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -56.0% | 0.05% | −0.08 |
| AMED Amedisys Inc. | Sold out | 0.00% | −0.08 |
| UNM Unum Group | Reduce -21.2% | 0.26% | −0.08 |
| DG Dollar General Corp. | Reduce -6.4% | 0.46% | −0.08 |
| V Visa Inc. Class A | Reduce -7.4% | 0.68% | −0.07 |
| EW Edwards Lifesciences Corp. | Reduce -28.6% | 0.18% | −0.07 |
| NSC Norfolk Southern Corp. | Reduce -44.5% | 0.14% | −0.07 |
| MA Mastercard Inc. Class A | Reduce -13.6% | 0.55% | −0.07 |
| C Citigroup Inc. | Reduce -29.5% | 0.41% | −0.07 |
| LRCX Lam Research Corp. | Reduce -45.5% | 0.22% | −0.07 |
| FIS Fidelity National Info Serv | Reduce -8.7% | 0.20% | −0.07 |
| PYPL PayPal Holdings Inc. | Reduce -4.4% | 0.45% | −0.06 |
| GEO The Geo Group Inc. | Sold out | 0.00% | −0.06 |
| CELH Celsius Holdings Inc. | Reduce -44.0% | 0.15% | −0.06 |
| MOS The Mosaic Co. | Reduce -83.9% | 0.01% | −0.06 |
| MTCH Match Group Inc. | Reduce -51.4% | 0.08% | −0.06 |
| LNC Lincoln National Corp. | Sold out | 0.00% | −0.06 |
| ALLY Ally Financial Inc. | Sold out | 0.00% | −0.06 |
| DIN Dine Brands Global Inc. | Sold out | 0.00% | −0.06 |
| DE Deere & Co. | Reduce -7.0% | 0.26% | −0.05 |
| MU Micron Technology Inc. | Reduce -38.5% | 0.26% | −0.05 |
| AXS Axis Capital Holdings Ltd. | Reduce -35.3% | 0.07% | −0.05 |
| LHX L3HARRIS Technologies Inc. | Reduce -38.6% | 0.14% | −0.04 |
| PFSI Pennymac Financial Services | Reduce -44.8% | 0.10% | −0.04 |
Portfolio Buys Q2 2025 → Q3 2025
| NVDA Nvidia Corp. | Add +4.6% | 3.76% | +0.76 |
| UNH Unitedhealth Group Inc. | Add +55.3% | 1.32% | +0.56 |
| ELV Elevance Health Inc. | Add +167.8% | 0.72% | +0.40 |
| CVX Chevron Corp. | Add +3351.7% | 0.37% | +0.36 |
| FISV Fiserv Inc. | Add +967.0% | 0.23% | +0.20 |
| LBRT Liberty Energy Inc. | Add +260.0% | 0.25% | +0.19 |
| ORCL Oracle Corp. | Add +119.8% | 0.25% | +0.16 |
| UNP Union Pacific Corp. | Add +187.6% | 0.23% | +0.15 |
| MOH Molina Healthcare Inc. | Add +655.8% | 0.18% | +0.15 |
| CZR Caesars Entertainment Inc. | Add +347.1% | 0.16% | +0.12 |
| BBWI Bath & Body Works Inc. | Add +65.0% | 0.40% | +0.12 |
| KHC The Kraft Heinz Co. | Add +488.8% | 0.13% | +0.11 |
| EQH Equitable Holdings Inc. | Add +63.9% | 0.30% | +0.10 |
| FICO Fair Isaac Corp. | Add +1176.1% | 0.11% | +0.10 |
| FIX Comfort Systems USA Inc. | Add +21.2% | 0.21% | +0.10 |
| UPS United Parcel Service Class B | Add +52.2% | 0.44% | +0.10 |
| IQV Iqvia Holdings Inc. | Add +10.9% | 0.36% | +0.09 |
| DHR Danaher Corp. | Add +42.9% | 0.27% | +0.08 |
| IFF Intl Flavors & Fragrances | Add +268.1% | 0.11% | +0.07 |
| TMO Thermo Fisher Scientific Inc. | Add +1.6% | 0.39% | +0.07 |
| ALK Alaska Air Group Inc. | Add +24.4% | 0.32% | +0.07 |
| SW Smurfit Westrock PLC | New | 0.06% | +0.06 |
| SF Stifel Financial Corp. | New | 0.06% | +0.06 |
| MTG Mgic Investment Corp. | Add +42.4% | 0.19% | +0.06 |
| WFRD Weatherford International PL | New | 0.06% | +0.06 |
| TDW Tidewater Inc. | Add +208.2% | 0.08% | +0.06 |
| OZK Bank Ozk | Add +103.8% | 0.10% | +0.06 |
| EMN Eastman Chemical Co. | Add +57.9% | 0.20% | +0.05 |
| ACGL Arch Capital Group Ltd. | Add +12.8% | 0.41% | +0.05 |
| TRU Transunion | New | 0.05% | +0.05 |
| FBIN Fortune Brands Innovations I | New | 0.05% | +0.05 |
| LPLA LPL Financial Holdings Inc. | New | 0.05% | +0.05 |
| RMBS Rambus Inc. | Add +35.6% | 0.08% | +0.04 |
| DOCU Docusign Inc. | Add +140.6% | 0.07% | +0.04 |
| LMT Lockheed Martin Corp. | Add +12.4% | 0.22% | +0.04 |
| GNTX Gentex Corp. | Add +12.6% | 0.13% | +0.04 |
| GME Gamestop Corp. Class A | New | 0.04% | +0.04 |
| COHR Coherent Corp. | New | 0.04% | +0.04 |
| QCOM Qualcomm Inc. | Add +10.7% | 0.27% | +0.04 |
| ACT Enact Holdings Inc. | Add +57.6% | 0.10% | +0.04 |
| DUOL Duolingo | New | 0.04% | +0.04 |
| APG Api Group Corp. | Add +81.8% | 0.08% | +0.04 |
| REGN Regeneron Pharmaceuticals | Add +26.5% | 0.14% | +0.04 |
| NXT Nextpower Inc. | New | 0.04% | +0.04 |
| EWBC East West Bancorp Inc. | Add +17.5% | 0.18% | +0.04 |
| SLB SLB Ltd. | Add +6.2% | 0.38% | +0.03 |
| ZBH Zimmer Biomet Holdings Inc. | Add +6.7% | 0.23% | +0.03 |
| ACI Albertsons Cos Inc. Class A | New | 0.03% | +0.03 |
| WCC Wesco International Inc. | Add +4.7% | 0.18% | +0.03 |
| MP MP Materials Corp. | New | 0.03% | +0.03 |
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 |