South Dakota Investment Council
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), South Dakota Investment Council reported 605 stock positions worth $5.3 billion. Its top holding was Vanguard Ftse Emerging Marke (VWO) at 11.0% of the portfolio, followed by iShares Core U.S. Aggregate (AGG, 5.4%) and Microsoft (MSFT, 4.2%). Compared with Q3 2025, it opened 18 new positions, sold out of 21, added to 102 and reduced 440. The biggest buy was a new position in Vanguard S/T Corp. Bond ETF (VCSH) and the biggest sale Vanguard Ftse Emerging Marke (VWO, shares −9%).
- Most Recent 13F
- Q2 2026
- Location
- SIOUX FALLS, SD
- CIK
- 0001538846
- Portfolio Value
- $5.3B (Q4 2025)
- SEC Filing
- 0001538846-26-000002 ↗ filed Feb 12, 2026
Holdings Value
Holdings 605 stocks · $5.3B
| VWO Vanguard Ftse Emerging Marke | 10.98% | 10,728,387 | $576.8M | Reduce -9.4% |
| AGG iShares Core U.S. Aggregate | 5.37% | 2,821,235 | $281.8M | Add +1.3% |
| MSFT Microsoft Corp. | 4.15% | 450,592 | $217.9M | Reduce -4.3% |
| NVDA Nvidia Corp. | 3.99% | 1,123,662 | $209.6M | Add +8.5% |
| AAPL Apple Inc. | 3.90% | 752,718 | $204.6M | Reduce -5.3% |
| VCSH Vanguard S/T Corp. Bond ETF | 2.49% | 1,638,348 | $130.6M | New |
| AMZN Amazon.com Inc. | 2.43% | 553,484 | $127.8M | Reduce -0.4% |
| GOOGL Alphabet Inc. Class A | 2.10% | 351,524 | $110.0M | Reduce -12.7% |
| VTOL Bristow Group Inc. | 1.93% | 2,767,745 | $101.4M | Reduce -13.2% |
| GOOG Alphabet Inc. Class C | 1.61% | 268,790 | $84.3M | Reduce -12.9% |
| META Meta Platforms Inc. Class A | 1.46% | 116,034 | $76.6M | Add +2.3% |
| USHY iShares Broad Usd High Yield | 1.37% | 1,926,000 | $72.0M | New |
| BRK.B Berkshire Hathaway Inc. Class B | 1.05% | 109,756 | $55.2M | Reduce -5.6% |
| UNH Unitedhealth Group Inc. | 1.03% | 163,039 | $53.8M | Reduce -17.0% |
| LLY Eli Lilly & Co. | 0.98% | 47,837 | $51.4M | Reduce -15.3% |
| HUM Humana Inc. | 0.79% | 161,383 | $41.3M | Add +8.4% |
| ELV Elevance Health Inc. | 0.75% | 112,298 | $39.4M | Reduce -2.6% |
| USB US Bancorp | 0.74% | 728,211 | $38.9M | Add +8.2% |
| AVGO Broadcom Inc. | 0.70% | 106,282 | $36.8M | Add +4.6% |
| V Visa Inc. Class A | 0.65% | 97,870 | $34.3M | Reduce -4.5% |
| BBWI Bath & Body Works Inc. | 0.64% | 1,684,793 | $33.8M | Add +110.9% |
| COP Conocophillips | 0.61% | 342,552 | $32.1M | Add +14.1% |
| EG Everest Group Ltd. | 0.61% | 93,761 | $31.8M | Add +0.3% |
| PFE Pfizer Inc. | 0.57% | 1,204,986 | $30.0M | Reduce -5.9% |
| CMCSA Comcast Corp. Class A | 0.53% | 933,463 | $27.9M | Add +5.1% |
| MA Mastercard Inc. Class A | 0.51% | 47,204 | $26.9M | Reduce -5.3% |
| UPS United Parcel Service Class B | 0.51% | 270,350 | $26.8M | Add +0.1% |
| RGA Reinsurance Group of America | 0.48% | 123,648 | $25.2M | Reduce -9.4% |
| XOM Exxon Mobil Corp. | 0.46% | 202,282 | $24.3M | Reduce -4.7% |
| CNC Centene Corp. | 0.46% | 585,674 | $24.1M | Add +9.2% |
| AMD Advanced Micro Devices | 0.46% | 112,149 | $24.0M | Reduce -22.0% |
| AMAT Applied Materials Inc. | 0.46% | 93,049 | $23.9M | Reduce -16.2% |
| WFC Wells Fargo & Co. | 0.45% | 255,861 | $23.8M | Reduce -3.3% |
| TXN Texas Instruments Inc. | 0.45% | 134,713 | $23.4M | Add +38.5% |
| TGT Target Corp. | 0.41% | 221,871 | $21.7M | Reduce -0.5% |
| SLB SLB Ltd. filed as SLB LIMITED | 0.41% | 561,453 | $21.5M | Reduce -1.5% |
| ACGL Arch Capital Group Ltd. | 0.41% | 223,271 | $21.4M | Reduce -3.2% |
| MRK Merck & Co. Inc. | 0.41% | 202,458 | $21.3M | Reduce -2.5% |
| C Citigroup Inc. | 0.40% | 181,348 | $21.2M | Reduce -11.9% |
| TSLA Tesla Inc. | 0.40% | 46,237 | $20.8M | Reduce -5.8% |
| EOG EOG Resources Inc. | 0.39% | 196,834 | $20.7M | Add +25.9% |
| IQV Iqvia Holdings Inc. | 0.39% | 91,541 | $20.6M | Reduce -5.9% |
| ALK Alaska Air Group Inc. | 0.39% | 408,563 | $20.6M | Add +21.8% |
| STZ Constellation Brands Inc. Class A | 0.39% | 147,727 | $20.4M | Add +14.6% |
| APA Apa Corp. | 0.38% | 807,159 | $19.7M | Reduce -3.6% |
| TMO Thermo Fisher Scientific Inc. | 0.38% | 34,018 | $19.7M | Reduce -18.2% |
| HAL Halliburton Co. | 0.37% | 686,977 | $19.4M | Reduce -10.1% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.36% | 168,349 | $19.2M | Reduce -3.8% |
| PYPL PayPal Holdings Inc. | 0.36% | 327,626 | $19.1M | Reduce -4.1% |
| BMY Bristol-Myers Squibb Co. | 0.36% | 347,405 | $18.7M | Reduce -14.9% |
| OXY Occidental Petroleum Corp. | 0.35% | 447,851 | $18.4M | Add +9.4% |
| DG Dollar General Corp. | 0.34% | 135,626 | $18.0M | Reduce -40.1% |
| MOH Molina Healthcare Inc. | 0.34% | 103,322 | $17.9M | Add +110.3% |
| JPM JPMorgan Chase & Co. | 0.34% | 55,606 | $17.9M | Reduce -4.0% |
| JNJ Johnson & Johnson | 0.33% | 84,539 | $17.5M | Reduce -32.7% |
| LKQ LKQ Corp. | 0.33% | 575,570 | $17.4M | Add +11.1% |
| CSX CSX Corp. | 0.32% | 465,233 | $16.9M | Reduce -1.4% |
| LBRT Liberty Energy Inc. | 0.32% | 906,608 | $16.7M | Reduce -13.9% |
| ZBH Zimmer Biomet Holdings Inc. | 0.32% | 184,744 | $16.6M | Add +53.7% |
| SOLV Solventum Corp. | 0.30% | 200,891 | $15.9M | Reduce -17.3% |
| ACN Accenture PLC Class A | 0.30% | 59,101 | $15.9M | Add +32.8% |
| ZTS Zoetis Inc. | 0.30% | 124,585 | $15.7M | Add +1055.5% |
| DHR Danaher Corp. | 0.30% | 68,249 | $15.6M | Reduce -2.3% |
| FANG Diamondback Energy Inc. | 0.30% | 103,771 | $15.6M | Add +10.7% |
| FSLR First Solar Inc. | 0.30% | 59,556 | $15.6M | Reduce -27.4% |
| FDX FedEx Corp. | 0.30% | 53,847 | $15.6M | Reduce -28.4% |
| CVX Chevron Corp. | 0.29% | 100,842 | $15.4M | Reduce -18.1% |
| EQH Equitable Holdings Inc. | 0.29% | 319,156 | $15.2M | Add +4.2% |
| SW Smurfit Westrock PLC | 0.29% | 390,795 | $15.1M | Add +399.4% |
| CVS CVS Health Corp. | 0.29% | 189,769 | $15.1M | Reduce -9.1% |
| ADBE Adobe Inc. | 0.28% | 42,749 | $15.0M | Reduce -2.6% |
| PVH PVH Corp. | 0.28% | 218,952 | $14.7M | Reduce -2.6% |
| DUK Duke Energy Corp. | 0.28% | 124,941 | $14.6M | Reduce -1.0% |
| CHTR Charter Communications Inc. Class A | 0.27% | 69,137 | $14.4M | Add +14.3% |
| RNR Renaissancere Holdings Ltd. | 0.27% | 50,441 | $14.2M | Reduce -33.3% |
| TFC Truist Financial Corp. | 0.26% | 281,234 | $13.8M | Reduce -0.8% |
| GPN Global Payments Inc. | 0.26% | 176,556 | $13.7M | Reduce -1.0% |
| DE Deere & Co. | 0.26% | 29,340 | $13.7M | Reduce -1.5% |
| UNM Unum Group | 0.26% | 173,957 | $13.5M | Add +2.6% |
| HPQ HP Inc. | 0.26% | 603,819 | $13.5M | Add +54.9% |
| MTDR Matador Resources Co. | 0.26% | 315,830 | $13.4M | Add +7.6% |
| MDT Medtronic PLC | 0.26% | 139,367 | $13.4M | Reduce -19.8% |
| LOW Lowe's Cos Inc. | 0.25% | 55,160 | $13.3M | Reduce -2.4% |
| CSCO Cisco Systems Inc. | 0.25% | 172,500 | $13.3M | Reduce -43.6% |
| RTX RTX Corp. | 0.25% | 70,535 | $12.9M | Reduce -6.7% |
| LRCX Lam Research Corp. | 0.25% | 75,469 | $12.9M | Reduce -9.5% |
| CHRD Chord Energy Corp. | 0.24% | 138,381 | $12.8M | Add +2.6% |
| LYB Lyondellbasell Indu Class A | 0.24% | 296,137 | $12.8M | Add +0.2% |
| PG The Procter & Gamble Co. | 0.24% | 88,967 | $12.8M | Add +95.2% |
| VZ Verizon Communications Inc. | 0.24% | 306,479 | $12.5M | Reduce -1.9% |
| CENX Century Aluminum Company | 0.24% | 317,361 | $12.4M | Reduce -16.7% |
| HON Honeywell International Inc. | 0.24% | 63,411 | $12.4M | Add +165.6% |
| MU Micron Technology Inc. | 0.23% | 43,039 | $12.3M | Reduce -46.4% |
| GEHC GE Healthcare Technology | 0.23% | 148,812 | $12.2M | Reduce -13.5% |
| QCOM Qualcomm Inc. | 0.23% | 70,676 | $12.1M | Reduce -15.7% |
| FISV Fiserv Inc. | 0.23% | 176,267 | $11.8M | Add +92.1% |
| MCHP Microchip Technology Inc. | 0.22% | 177,644 | $11.3M | Reduce -3.6% |
| LMT Lockheed Martin Corp. | 0.21% | 23,100 | $11.2M | Add +0.1% |
| UNP Union Pacific Corp. | 0.21% | 48,019 | $11.1M | Reduce -2.4% |
| PEP Pepsico Inc. | 0.20% | 74,834 | $10.7M | Reduce -2.7% |
Other holdings (1): bonds, preferreds, convertibles and warrants · $23K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| GME.WS Gamestop Corp. | *W EXP 10/30/202 | 7,679 | $23K | No change |
Total filed on the 13F, all lines: $5.3B.
Portfolio Sells Q3 2025 → Q4 2025
| VWO Vanguard Ftse Emerging Marke | Reduce -9.4% | 10.98% | −1.49 |
| MSFT Microsoft Corp. | Reduce -4.3% | 4.15% | −0.59 |
| VTOL Bristow Group Inc. | Reduce -13.2% | 1.93% | −0.31 |
| UNH Unitedhealth Group Inc. | Reduce -17.0% | 1.03% | −0.29 |
| COOP Mr Cooper Group Inc. | Sold out | 0.00% | −0.22 |
| CSCO Cisco Systems Inc. | Reduce -43.6% | 0.25% | −0.15 |
| STT State Street Corp. | Reduce -60.1% | 0.10% | −0.13 |
| OC Owens Corning | Reduce -41.3% | 0.10% | −0.12 |
| JNJ Johnson & Johnson | Reduce -32.7% | 0.33% | −0.12 |
| SHEL Shell PLC-ADR | Reduce -44.4% | 0.15% | −0.12 |
| DG Dollar General Corp. | Reduce -40.1% | 0.34% | −0.11 |
| FOXA Fox Corp. Class A | Reduce -59.8% | 0.09% | −0.11 |
| CLF Cleveland-Cliffs Inc. | Reduce -42.5% | 0.17% | −0.10 |
| RNR Renaissancere Holdings Ltd. | Reduce -33.3% | 0.27% | −0.10 |
| HBI Hanesbrands Inc. | Sold out | 0.00% | −0.10 |
| CELH Celsius Holdings Inc. | Reduce -46.6% | 0.06% | −0.09 |
| PVH PVH Corp. | Reduce -2.6% | 0.28% | −0.09 |
| IVZ Invesco Ltd. | Reduce -70.7% | 0.04% | −0.09 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -5.6% | 1.05% | −0.09 |
| PYPL PayPal Holdings Inc. | Reduce -4.1% | 0.36% | −0.08 |
| CVX Chevron Corp. | Reduce -18.1% | 0.29% | −0.08 |
| TEL Te Connectivity PLC | Reduce -51.9% | 0.07% | −0.07 |
| GM General Motors Co. | Reduce -88.2% | 0.01% | −0.07 |
| MDT Medtronic PLC | Reduce -19.8% | 0.26% | −0.07 |
| HAS Hasbro Inc. | Reduce -97.1% | 0.00% | −0.07 |
| P Everpure Inc. Class A | Reduce -54.9% | 0.04% | −0.06 |
| WMT Walmart Inc. | Reduce -45.5% | 0.09% | −0.06 |
| PFE Pfizer Inc. | Reduce -5.9% | 0.57% | −0.06 |
| GD General Dynamics Corp. | Reduce -21.8% | 0.19% | −0.06 |
| CW Curtiss-Wright Corp. | Reduce -26.1% | 0.17% | −0.06 |
| WCPRF Whitecap Resources Inc. | Reduce -26.0% | 0.00% | −0.06 |
| LW Lamb Weston Holdings Inc. | Reduce -23.4% | 0.07% | −0.06 |
| ELF Elf Beauty Inc. | Reduce -7.7% | 0.06% | −0.06 |
| FSLR First Solar Inc. | Reduce -27.4% | 0.30% | −0.06 |
| BNY Bank of New York Mellon Corp. | Reduce -46.7% | 0.07% | −0.05 |
| DAL Delta Air Lines Inc. | Reduce -37.9% | 0.15% | −0.05 |
| MO Altria Group Inc. | Reduce -27.8% | 0.08% | −0.05 |
| FDX FedEx Corp. | Reduce -28.4% | 0.30% | −0.05 |
| ASB Associated Banc-Corp. | Reduce -47.4% | 0.05% | −0.05 |
| GPI Group 1 Automotive Inc. | Reduce -9.3% | 0.18% | −0.05 |
| AIG American International Group | Reduce -24.4% | 0.18% | −0.04 |
| EW Edwards Lifesciences Corp. | Reduce -28.5% | 0.14% | −0.04 |
| MTG Mgic Investment Corp. | Reduce -23.5% | 0.14% | −0.04 |
| SOLV Solventum Corp. | Reduce -17.3% | 0.30% | −0.04 |
| QCOM Qualcomm Inc. | Reduce -15.7% | 0.23% | −0.04 |
| SNX TD Synnex Corp. | Reduce -11.4% | 0.16% | −0.04 |
| MA Mastercard Inc. Class A | Reduce -5.3% | 0.51% | −0.04 |
| VFC VF Corp. | Reduce -56.2% | 0.04% | −0.04 |
| AAPL Apple Inc. | Reduce -5.3% | 3.90% | −0.04 |
| GS Goldman Sachs Group Inc. | Reduce -41.5% | 0.06% | −0.04 |
Portfolio Buys Q3 2025 → Q4 2025
| VCSH Vanguard S/T Corp. Bond ETF | New | 2.49% | +2.49 |
| USHY iShares Broad Usd High Yield | New | 1.37% | +1.37 |
| ZTS Zoetis Inc. | Add +1055.5% | 0.30% | +0.27 |
| BBWI Bath & Body Works Inc. | Add +110.9% | 0.64% | +0.24 |
| NVDA Nvidia Corp. | Add +8.5% | 3.99% | +0.24 |
| SW Smurfit Westrock PLC | Add +399.4% | 0.29% | +0.22 |
| MOH Molina Healthcare Inc. | Add +110.3% | 0.34% | +0.16 |
| HON Honeywell International Inc. | Add +165.6% | 0.24% | +0.14 |
| CLX Clorox Company | Add +881.1% | 0.14% | +0.12 |
| RDN Radian Group Inc. | New | 0.12% | +0.12 |
| RKT Rocket Cos Inc. Class A | New | 0.11% | +0.11 |
| CL Colgate-Palmolive Co. | Add +214.0% | 0.16% | +0.11 |
| USB US Bancorp | Add +8.2% | 0.74% | +0.11 |
| PG The Procter & Gamble Co. | Add +95.2% | 0.24% | +0.11 |
| TXN Texas Instruments Inc. | Add +38.5% | 0.45% | +0.10 |
| ACN Accenture PLC Class A | Add +32.8% | 0.30% | +0.09 |
| CNC Centene Corp. | Add +9.2% | 0.46% | +0.09 |
| ZBH Zimmer Biomet Holdings Inc. | Add +53.7% | 0.32% | +0.09 |
| ARW Arrow Electronics Inc. | Add +100.3% | 0.20% | +0.09 |
| IT Gartner Inc. | Add +397.2% | 0.10% | +0.08 |
| UPS United Parcel Service Class B | Add +0.1% | 0.51% | +0.07 |
| KVUE Kenvue Inc. | Add +90.4% | 0.14% | +0.07 |
| ALK Alaska Air Group Inc. | Add +21.8% | 0.39% | +0.07 |
| GNRC Generac Holdings Inc. | Add +117.9% | 0.16% | +0.07 |
| VNQ Vanguard Real Estate ETF | New | 0.06% | +0.06 |
| KMB Kimberly-Clark Corp. | Add +2705.6% | 0.06% | +0.06 |
| COP Conocophillips | Add +14.1% | 0.61% | +0.06 |
| EOG EOG Resources Inc. | Add +25.9% | 0.39% | +0.05 |
| STZ Constellation Brands Inc. Class A | Add +14.6% | 0.39% | +0.05 |
| REGN Regeneron Pharmaceuticals | Add +1.3% | 0.19% | +0.05 |
| HPQ HP Inc. | Add +54.9% | 0.26% | +0.05 |
| AVGO Broadcom Inc. | Add +4.6% | 0.70% | +0.05 |
| CRK Comstock Resources Inc. | New | 0.04% | +0.04 |
| NTNX Nutanix Inc. Class A | New | 0.04% | +0.04 |
| NKE Nike Inc. Class B | Add +50.8% | 0.16% | +0.04 |
| AMTM Amentum Holdings Inc. | Add +91.0% | 0.07% | +0.04 |
| AVT Avnet Inc. | New | 0.04% | +0.04 |
| DVN Devon Energy Corp. | Add +29.1% | 0.16% | +0.04 |
| FANG Diamondback Energy Inc. | Add +10.7% | 0.30% | +0.04 |
| HUM Humana Inc. | Add +8.4% | 0.79% | +0.03 |
| MSI Motorola Solutions Inc. | Add +374.0% | 0.04% | +0.03 |
| PPG PPG Industries Inc. | Add +23.2% | 0.18% | +0.03 |
| CAG Conagra Brands Inc. | Add +40.0% | 0.11% | +0.03 |
| IFF Intl Flavors & Fragrances | Add +15.6% | 0.14% | +0.03 |
| NXPI NXP Semiconductors NV | Add +33.5% | 0.13% | +0.03 |
| TDW Tidewater Inc. | Add +40.3% | 0.11% | +0.02 |
| TWLO Twilio Inc. Class A | Add +106.6% | 0.04% | +0.02 |
| GNTX Gentex Corp. | Add +47.7% | 0.15% | +0.02 |
| LKQ LKQ Corp. | Add +11.1% | 0.33% | +0.02 |
| KHC The Kraft Heinz Co. | Add +28.9% | 0.15% | +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 |