North Dakota State Investment Board

CIK

2064039

Location

BISMARCK, ND

Portfolio Value

Mid $1,703,032,329

Diversification

Diversified

Filing Date

Global Rank

#1,313 / 8,607 ▼ 142 · as of Mar 2026

Top Industry

Semiconductors 12.2%

3Y Alpha vs SPY

-0.7%

Period ended 3 months ago

Filed May 8, 2026 · 2mo

2 quarters · since Dec 2025

Clone Performance

Feb 2026–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+10.0%

SPY

+10.6%

Annualised alpha

-1.8%

Max drawdown

−8.3%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

740 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

6.9%

−0.1 pts

Top 5

24.2%

−1.6 pts

Top 10

33.4%

−2.3 pts

HHI

167

Diversified−17

Portfolio Trend

2 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Technology	32.4%	$552,081,467	121
Financial Services	12.6%	$214,277,908	109
Consumer Cyclical	10.5%	$178,083,358	80
Healthcare	10.1%	$171,821,777	82
Industrials	9.5%	$160,975,186	123
Communication Services	8.2%	$139,849,930	27
Consumer Defensive	5.6%	$94,998,049	42
Energy	4.2%	$71,443,555	36
Utilities	2.5%	$42,531,802	36
Basic Materials	2.3%	$38,393,394	32
Real Estate	2.2%	$37,712,677	51
Unclassified	0.1%	$863,226	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

6 positions

Ticker	Company	Δ Shares	Shares	Value
HBAN	Huntington Bancshares Inc /Md/	+6,352	57,794	$904,476
FITB	Fifth Third Bancorp	+3,367	26,208	$1,217,623
SF	Stifel Financial Corp	+802	4,334	$320,369
WAT	Waters Corp /De/	+797	2,839	$845,454
RGLD	Royal Gold Inc	+50	2,369	$602,886
PANW	Palo Alto Networks Inc	+7	22,525	$3,611,208
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
NVDA	Nvidia Corp	−123,578	678,180	$118,274,592
AAPL	Apple Inc.	−77,305	422,448	$107,213,077
AMZN	Amazon Com Inc	−50,921	277,964	$57,891,562
T	At&T Inc.	−40,186	200,266	$5,805,711
MSFT	Microsoft Corp	−39,433	214,906	$79,551,754
BAC	Bank Of America Corp /De/	−38,568	192,684	$9,393,345
PFE	Pfizer Inc	−31,255	183,524	$5,153,353
GOOGL	Alphabet Inc.	−30,914	168,437	$48,435,743
XOM	ExxonMobil Holdings Corp	−26,257	122,421	$20,769,946
AVGO	Broadcom Inc.	−24,487	133,824	$41,419,866
WMT	Walmart Inc.	−23,106	126,069	$15,667,855
VZ	Verizon Communications Inc	−22,536	123,599	$6,204,669
NFLX	Netflix Inc	−22,525	122,805	$11,807,700
INTC	Intel Corp	−22,007	127,861	$5,642,505
CSCO	Cisco Systems, Inc.	−21,312	117,692	$9,131,722
CMCSA	Comcast Corp	−20,882	104,705	$3,006,080
NU	Nu Holdings Ltd.	−20,878	96,899	$1,392,438
F	Ford Motor Co	−20,788	113,089	$1,305,047
KO	Coca Cola Co	−20,698	112,688	$8,569,922
WFC	Wells Fargo & Company/Mn	−19,532	91,089	$7,251,595
JPM	Jpmorgan Chase & Co	−16,556	78,718	$23,155,686
WBD	Warner Bros. Discovery, Inc.	−14,931	118,009	$3,240,527
TSLA	Tesla, Inc.	−14,714	81,761	$30,394,651
MRK	Merck & Co., Inc.	−13,421	73,011	$8,782,493
JNJ	Johnson & Johnson	−12,798	69,731	$17,045,045
No positions match the current search.

New Positions

Positions the filer opened this quarter

6 positions

Ticker	Company	Shares	Value
DAR	Darling Ingredients Inc.	4,571	$282,716
CHRD	Chord Energy Corp	1,677	$238,435
ESI	Element Solutions Inc	6,583	$224,743
TIGO	Millicom International Cellular SA	2,916	$218,525
MTDR	Matador Resources Co	3,414	$215,696
CE	Celanese Corp	3,196	$210,200
No positions match the current search.

Sold Out

Positions the filer fully exited

25 positions

Ticker	Company	Shares	Value
EXAS	EXACT SCIENCES CORP	15,949	$1,619,780
JEF	Jefferies Financial Group Inc.	5,434	$336,744
PLNT	Planet Fitness, Inc.	2,971	$322,264
MOH	Molina Healthcare, Inc.	1,839	$319,140
RBRK	Rubrik, Inc.	4,112	$314,485
RGEN	Repligen Corp	1,849	$302,977
LAD	Lithia Motors Inc	900	$299,097
PCOR	Procore Technologies, Inc.	4,063	$295,542
TPG	TPG Inc.	4,585	$292,706
CRBG	Corebridge Financial, Inc.	9,566	$288,606
OMF	OneMain Holdings, Inc.	4,214	$284,655
POOL	Pool Corp	1,235	$282,506
PAYC	Paycom Software, Inc.	1,761	$280,632
CART	Maplebear Inc.	6,129	$275,682
LNC	Lincoln National Corp	6,011	$267,669
G	Genpact LTD	5,709	$267,067
CELH	Celsius Holdings, Inc.	5,808	$265,657
MIDD	MIDDLEBY Corp	1,785	$265,375
VOYA	Voya Financial, Inc.	3,400	$253,266
CHDN	Churchill Downs Inc	2,225	$253,160
BROS	Dutch Bros Inc.	4,115	$251,920
QRVO	Qorvo, Inc.	2,969	$250,910
AXTA	Axalta Coating Systems Ltd.	7,719	$249,400
ESTC	Elastic N.V.	3,204	$241,709
STAG	STAG Industrial, Inc.	6,572	$241,586
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

740 positions · $1,703,032,329 total · as of Mar 31, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Showing 1–50 of 740 positions by value · page 1 of 15

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
NVDA	Nvidia Corp Technology	Reduced	678,180	-123,578	$118,274,592	−20.9%	6.94%
AAPL	Apple Inc. Technology	Reduced	422,448	-77,305	$107,213,077	−21.1%	6.30%
MSFT	Microsoft Corp Technology	Reduced	214,906	-39,433	$79,551,754	−35.3%	4.67%
AMZN	Amazon Com Inc Consumer Cyclical	Reduced	277,964	-50,921	$57,891,562	−23.7%	3.40%
GOOGL	Alphabet Inc. Communication Services	Reduced	168,437	-30,914	$48,435,743	−22.4%	2.84%
AVGO	Broadcom Inc. Technology	Reduced	133,824	-24,487	$41,419,866	−24.4%	2.43%
META	Meta Platforms, Inc. Communication Services	Reduced	63,267	-11,627	$36,196,948	−26.8%	2.13%
TSLA	Tesla, Inc. Consumer Cyclical	Reduced	81,761	-14,714	$30,394,651	−29.9%	1.78%
BRK-B	Berkshire Hathaway Inc Financial Services	Reduced	53,446	-9,819	$25,611,323	−19.5%	1.50%
JPM	Jpmorgan Chase & Co Financial Services	Reduced	78,718	-16,556	$23,155,686	−24.6%	1.36%
LLY	ELI LILLY & Co Healthcare	Reduced	23,214	-4,268	$21,351,540	−27.7%	1.25%
XOM	ExxonMobil Holdings Corp Energy	Reduced	122,421	-26,257	$20,769,946	+16.1%	1.22%
JNJ	Johnson & Johnson Healthcare	Reduced	69,731	-12,798	$17,045,045	−0.2%	1.00%
WMT	Walmart Inc. Consumer Defensive	Reduced	126,069	-23,106	$15,667,855	−5.7%	0.92%
V	Visa Inc. Financial Services	Reduced	48,778	-9,640	$14,742,662	−28.0%	0.87%
COST	Costco Wholesale Corp /New Consumer Defensive	Reduced	12,862	-2,361	$12,816,082	−2.4%	0.75%
NFLX	Netflix Inc Communication Services	Reduced	122,805	-22,525	$11,807,700	−13.3%	0.69%
MA	Mastercard Inc Financial Services	Reduced	23,310	-4,580	$11,647,074	−26.8%	0.68%
CVX	Chevron Corp Energy	Reduced	54,288	-11,581	$11,232,187	+11.9%	0.66%
ABBV	AbbVie Inc. Healthcare	Reduced	51,334	-9,428	$11,164,631	−19.6%	0.66%
MU	Micron Technology Inc Technology	Reduced	32,376	-5,942	$10,937,907	+0.0%	0.64%
PG	PROCTER & GAMBLE Co Consumer Defensive	Reduced	68,063	-12,498	$9,831,019	−14.8%	0.58%
CAT	Caterpillar Inc Industrials	Reduced	13,417	-2,458	$9,505,407	+4.5%	0.56%
AMD	Advanced Micro Devices Inc Technology	Reduced	46,665	-8,554	$9,493,060	−19.7%	0.56%
HD	Home Depot, Inc. Consumer Cyclical	Reduced	28,851	-5,296	$9,488,805	−19.2%	0.56%
PLTR	Palantir Technologies Inc. Technology	Reduced	64,372	-11,593	$9,416,336	−30.3%	0.55%
BAC	Bank Of America Corp /De/ Financial Services	Reduced	192,684	-38,568	$9,393,345	−26.1%	0.55%
CSCO	Cisco Systems, Inc. Technology	Reduced	117,692	-21,312	$9,131,722	−14.7%	0.54%
MRK	Merck & Co., Inc. Healthcare	Reduced	73,011	-13,421	$8,782,493	−3.5%	0.52%
KO	Coca Cola Co Consumer Defensive	Reduced	112,688	-20,698	$8,569,922	−8.1%	0.50%
GE	General Electric Co Industrials	Reduced	30,141	-5,916	$8,553,111	−23.0%	0.50%
AMAT	Applied Materials Inc /De Technology	Reduced	23,241	-4,266	$7,943,541	+12.4%	0.47%
LRCX	Lam Research Corp Technology	Reduced	36,382	-7,482	$7,773,378	+3.5%	0.46%
RTX	RTX Corp Industrials	Reduced	38,768	-7,116	$7,478,347	−11.1%	0.44%
PM	Philip Morris International Inc. Consumer Defensive	Reduced	45,145	-8,289	$7,464,274	−12.9%	0.44%
WFC	Wells Fargo & Company/Mn Financial Services	Reduced	91,089	-19,532	$7,251,595	−29.7%	0.43%
GS	Goldman Sachs Group Inc Financial Services	Reduced	8,514	-1,794	$7,202,758	−20.5%	0.42%
ORCL	Oracle Corp Technology	Reduced	48,777	-8,010	$7,175,584	−35.2%	0.42%
UNH	Unitedhealth Group Inc Healthcare	Reduced	26,368	-4,845	$7,134,917	−30.8%	0.42%
GEV	GE Vernova Inc. Industrials	Reduced	7,923	-1,454	$6,915,986	+12.8%	0.41%
LIN	Linde PLC Basic Materials	Reduced	13,607	-2,498	$6,745,806	−1.8%	0.40%
IBM	International Business Machines Corp Technology	Reduced	26,960	-4,949	$6,534,834	−30.9%	0.38%
MCD	Mcdonalds Corp Consumer Cyclical	Reduced	20,714	-3,803	$6,437,704	−14.1%	0.38%
VZ	Verizon Communications Inc Communication Services	Reduced	123,599	-22,536	$6,204,669	+4.2%	0.36%
PEP	Pepsico Inc Consumer Defensive	Reduced	39,707	-7,290	$6,166,100	−8.6%	0.36%
C	Citigroup Inc Financial Services	Reduced	51,411	-11,195	$5,830,521	−20.2%	0.34%
T	At&T Inc. Communication Services	Reduced	200,266	-40,186	$5,805,711	−2.8%	0.34%
INTC	Intel Corp Technology	Reduced	127,861	-22,007	$5,642,505	+2.0%	0.33%
NEE	Nextera Energy Inc Utilities	Reduced	60,452	-10,275	$5,614,781	−1.1%	0.33%
AMGN	Amgen Inc Healthcare	Reduced	15,944	-2,879	$5,609,896	−8.9%	0.33%