South Dakota Investment Council

Q4 2025 13F-HR Holdings

Location
Sioux Falls, SD
Holdings as of
12/31/2025
Date filed
2/12/2026
Form type
13F-HR
Num holdings
606
Total value ($000)
$5,252,934
Net value change ($000)
+108,824 (2.1%)
New positions
21
Sold out positions
22
Turnover %
4.9%
Sector allocation + QoQ delta (equities-only)
Prev filing: 11/12/2025 Next filing: — SEC filing

Snapshot: Change Analysis

Compared to Q3 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
VCSH 130,625 NEW
USHY 72,023 NEW
NVDA 16,371 8.5%
ZTS 14,097 893.3%
BBWI 13,254 64.4%
GOOGL 12,118 12.4%
SW 11,781 353.7%
GOOGL 9,182 12.2%
MOH 8,526 90.7%
LLY 8,332 19.3%
Top Reduces (Value $000, Stocks/ETFs)
VWO -64,867 -10.1%
MSFT -25,921 -10.6%
UNH -14,039 -20.7%
VTOL -13,744 -11.9%
COOP -11,265 -100.0%
CSCO -7,637 -36.5%
META -6,686 -8.0%
STT -6,335 -55.7%
OC -6,230 -53.6%
SHEL -5,818 -42.9%
Instrument mix + QoQ Δ (ex-options)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type