South Dakota Investment Council

CIK 0001538846 · Q1 2026

13F Equity AUM

$5.2M

-99.9% QoQ

Positions

622

+16 QoQ

AUM Rank

#11,725

Top 94%

Skill Alpha (FF)

+0.1%/yr^ns

No Clear Edge

Rank #2,331 · Top 28%

vs S&P -3.4%/yr (unadj.)

Quarters Tracked

~11 years

Portfolio Concentration

Top 5: 28.1%Top 10: 38.1%Top 20: 47.2%

VWO11.0%

AGG6.2%

NVDA4.1%

AAPL3.6%

MSFT3.3%

VCSH2.7%

AMZN2.3%

GOOGL1.8%

VTOL1.8%

GOOG1.5%

Others (612)61.9%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services31.2%

Technology18.9%

Healthcare10.6%

Energy8.5%

Industrials7.7%

Consumer Cyclical7.2%

Communication Services6.7%

Consumer Defensive3.9%

Other5.3%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 622Median: 0.04%Avg: 0.16%

0–0.5%

593(47.7%)

0.5–1%

16(10.5%)

1–3%

8(13.7%)

3–5%

3(11.0%)

5%+

2(17.2%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 620Unique: 2vs 20 funds

8.5%Low

622

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

BlackRock, Inc.

15.6%

MORGAN STANLEY

11.8%

JPMORGAN CHASE & CO

12.7%

BANK OF AMERICA CORP /DE/

13%

STATE STREET CORP

18%

VANGUARD CAPITAL MANAGEMENT LLC

18.1%

GEODE CAPITAL MANAGEMENT, LLC

17.7%

VANGUARD PORTFOLIO MANAGEMENT LLC

21.5%

FMR LLC

20.3%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New28Increased126Decreased183Exited12

New Positions

SM0.1%

+110K

HTO0.0%

+34K

FN0.0%

+4K

VSNT0.0%

+37K

PINS0.0%

+85K

GXO0.0%

+20K

PRIM0.0%

+8K

WDAY0.0%

+7K

DDOG0.0%

+10K

AMCOR PLC0.0%

+21K

Increased

AGG6.2%

+451K(+16%)

VSAT0.3%

+162K(+93%)

VCSH2.7%

+147K(+9%)

ARMK0.1%

+112K(+178%)

7HP0.3%

+111K(+18%)

NVDA4.1%

+110K(+10%)

ZTS0.5%

+96K(+77%)

HRB0.1%

+85K(+680%)

NKE0.2%

+80K(+63%)

NCLH0.1%

+79K(+37%)

Decreased

VTOL1.8%

-801,900(-29%)

CLF0.0%

-632,145(-96%)

CENX0.0%

-286,874(-90%)

APA0.5%

-210,124(-26%)

BMY0.2%

-170,538(-49%)

LBRT0.4%

-159,414(-18%)

SNCY0.0%

-150,290(-73%)

HAL0.4%

-138,068(-20%)

DOW0.1%

-118,400(-62%)

CSX0.3%

-98,856(-21%)

Exited

-129,548

-22,274

-75,697

-34,752

-103,702

-16,203

-3,258

-11,949

-4,125

-567

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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