North Dakota State Investment Board

CIK 0002064039 · Q1 2026

13F Equity AUM

$2.3B

-14.0% QoQ

Positions

752

-74 QoQ

AUM Rank

#1,647

Top 13%

Skill Alpha (FF)

—

No alpha data

Quarters Tracked

~0 years

Portfolio Concentration

Top 5: 30.1%Top 10: 41.3%Top 20: 52.2%

USIG11.6%

LQD5.2%

NVDA5.1%

AAPL4.6%

MSFT3.4%

IVV3.2%

AMZN2.5%

GOOGL2.1%

AVGO1.8%

GOOG1.7%

Others (742)58.7%

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

Sector Allocation

Financial Services33.0%

Technology24.1%

Consumer Cyclical7.8%

Communication Services7.7%

Healthcare7.4%

Industrials6.7%

Consumer Defensive3.8%

Energy3.1%

Other6.4%

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

Position Sizing

Positions: 752Median: 0.03%Avg: 0.13%

0–0.5%

727(44.9%)

0.5–1%

9(6.2%)

1–3%

10(15.7%)

3–5%

3(11.3%)

5%+

3(22.0%)

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

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Portfolio Overlap

Shared: 752Unique: 0vs 20 funds

10.3%Low

752

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)

MORGAN STANLEY

14.3%

JPMORGAN CHASE & CO

15.6%

BANK OF AMERICA CORP /DE/

15.9%

BlackRock, Inc.

18.9%

STATE STREET CORP

21.9%

VANGUARD CAPITAL MANAGEMENT LLC

22.1%

VANGUARD PORTFOLIO MANAGEMENT LLC

26.5%

GEODE CAPITAL MANAGEMENT, LLC

21.6%

FMR LLC

25.5%

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

New7Increased7Decreased733Exited81

New Positions

IGSB0.8%

+335K

CHRD0.0%

+2K

PAHUSD0.0%

+7K

CE0.0%

+3K

MTDR0.0%

+3K

TIGO0.0%

+3K

DAR0.0%

+5K

Increased

LQD5.2%

+640K(+136%)

HBAN0.0%

+6K(+12%)

FITB0.1%

+3K(+15%)

SF0.0%

+802(+23%)

WAT0.0%

+797(+39%)

RGLD0.0%

+50(+2%)

PANW0.2%

+7(+0%)

Decreased

NVDA5.1%

-123,578(-15%)

AAPL4.6%

-77,305(-15%)

AMZN2.5%

-50,921(-15%)

T0.3%

-40,186(-17%)

MSFT3.4%

-39,433(-16%)

BAC0.4%

-38,568(-17%)

PFE0.2%

-31,255(-15%)

GOOGL2.1%

-30,914(-16%)

XOM0.9%

-26,257(-18%)

GOOG1.7%

-25,233(-16%)

Exited

-15,949

-79,041

-1,875

-989

-1,299

-2,969

-3,959

-3,197

HRB

-4,654

CART

-6,129

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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