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Maryland State Retirement & Pension System

120 E. BALTIMORE STREET, BALTIMORE, MD 21202 • 410-625-5555

Q2 2025 · Filed 2025-07-23
Market Value
$4.5B
+8.7%
Holdings
1,483
-18
New Purchases
58
Added To
572
Closed
24
Reduced
141
Top 10 Concentration
24.7%
Turnover
5.5%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
NVDA 3.98% 2.87% +1.11% $179M
MSFT 3.97% 3.16% +0.81% $179M
AVGO 1.37% 0.87% +0.50% $62M
META 1.74% 1.43% +0.31% $78M
B 0.26% 0.00% +0.26% $12M
AMZN 2.27% 2.02% +0.24% $102M
EFA 0.27% 0.06% +0.21% $12M
NFLX 0.61% 0.45% +0.16% $28M
TSLA 0.96% 0.81% +0.15% $43M
ORCL 0.39% 0.25% +0.14% $18M
PLTR 0.32% 0.20% +0.12% $14M
JPM 0.87% 0.78% +0.09% $39M
WPM 0.09% 0.00% +0.09% $4M
GOOGL 1.10% 1.03% +0.08% $50M
COF 0.14% 0.08% +0.07% $7M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
XLU 0.00% 1.08% -1.08% $0
AMLP 0.00% 0.50% -0.50% $0
VNQ 0.00% 0.47% -0.47% $0
AAPL 3.26% 3.71% -0.45% $147M
ENB 2.88% 3.18% -0.30% $130M
OKE 1.08% 1.33% -0.25% $48M
UNH 0.31% 0.55% -0.24% $14M
PCG 0.65% 0.81% -0.17% $29M
GIB 0.00% 0.16% -0.16% $0
TRGP 0.80% 0.94% -0.15% $36M
TRP 1.48% 1.62% -0.14% $67M
BRK-B 0.97% 1.10% -0.14% $43M
PBA 0.59% 0.71% -0.12% $27M
EPD 0.90% 1.02% -0.11% $41M
MFC 0.12% 0.21% -0.10% $5M

Sector Allocation Over Time

Industry Breakdown

IndustryWeight
Technology 20.5%
Energy 20.1%
Financial Services 11.2%
Utilities 10.5%
Healthcare 7.3%

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 56 $1.6B 34.5%
Large Cap 660 $2.5B 54.7%
Mid Cap 538 $404M 9.0%
Small Cap 221 $82M 1.8%
Micro Cap 8 $1M 0.0%

Portfolio Analytics

Avg Market Cap
$55.2B
Median Market Cap
$9.4B
Avg P/E
32.4
Median P/E
22.0
Avg Dividend Yield
0.02%
Avg Beta
1.04
# Stocks
1,475
# ETFs / Funds
8

Top Holdings (1,483 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 NVDA 3.98% 1,134,365 $179M $157.99 $60M +37,535 +3.4%
2 MSFT 3.97% 359,478 $179M $497.41 $48M +10,876 +3.1%
3 AAPL 3.26% 714,491 $147M $205.17 -$7M +23,853 +3.5%
4 ENB 2.88% 2,860,172 $130M $45.38 -$2M -118,402 -4.0%
5 AMZN 2.27% 465,051 $102M $219.39 $18M +24,890 +5.7%
6 AMT 2.18% 444,614 $98M $221.02 $7M +26,490 +6.3%
7 META 1.74% 105,824 $78M $738.09 $19M +3,154 +3.1%
8 WMB 1.62% 1,159,547 $73M $62.81 $8M +68,855 +6.3%
9 TRP 1.48% 1,364,049 $67M $48.86 -$415K -56,266 -4.0%
10 AVGO 1.37% 223,974 $62M $275.65 $26M +8,549 +4.0%
11 KMI 1.20% 1,836,672 $54M $29.40 $5M +106,634 +6.2%
12 LNG 1.14% 210,590 $51M $243.52 $5M +9,870 +4.9%
13 ET 1.12% 2,783,399 $50M $18.13 $2M +164,563 +6.3%
14 GOOGL 1.10% 281,932 $50M $176.23 $7M +6,542 +2.4%
15 OKE 1.08% 593,282 $48M $81.63 -$7M +38,076 +6.9%
16 SRE 1.04% 619,453 $47M $75.77 $6M +52,668 +9.3%
17 BRK-B 0.97% 89,447 $43M $485.77 -$2M +3,646 +4.2%
18 TSLA 0.96% 136,418 $43M $317.66 $10M +6,241 +4.8%
19 CCI 0.94% 413,517 $42M $102.73 $2M +24,624 +6.3%
20 EXC 0.92% 958,907 $42M $43.42 $197K +59,638 +6.6%
21 GOOG 0.90% 229,600 $41M $177.39 $5M +2,258 +1.0%
22 EPD 0.90% 1,309,570 $41M $31.01 -$1M +77,937 +6.3%
23 JPM 0.87% 134,689 $39M $289.91 $7M +3,052 +2.3%
24 TRGP 0.80% 205,934 $36M $174.08 -$3M +10,889 +5.6%
25 ED 0.76% 342,212 $34M $100.35 $57K +32,202 +10.4%
26 LLY 0.67% 38,839 $30M $779.53 -$728K +1,299 +3.5%
27 V 0.65% 82,636 $29M $355.05 $1M +1,834 +2.3%
28 FTS 0.65% 610,877 $29M $47.78 $239K -24,865 -3.9%
29 PCG 0.65% 2,087,079 $29M $13.94 -$5M +124,542 +6.3%
30 NFLX 0.61% 20,549 $28M $1,339.13 $9M +489 +2.4%
31 PBA 0.59% 707,413 $27M $37.58 -$3M -31,816 -4.3%
32 AWK 0.57% 185,208 $26M $139.11 $37K +10,807 +6.2%
33 SBAC 0.53% 102,053 $24M $234.84 $3M +5,850 +6.1%
34 ATO 0.52% 150,832 $23M $154.11 $1M +8,983 +6.3%
35 CNP 0.51% 619,898 $23M $36.74 $2M +37,027 +6.3%
36 XOM 0.50% 210,319 $23M $107.80 -$2M +4,368 +2.1%
37 ES 0.49% 348,939 $22M $63.62 $2M +21,151 +6.5%
38 MA 0.49% 39,443 $22M $561.94 $1M +1,208 +3.2%
39 COST 0.47% 21,524 $21M $989.94 $2M +741 +3.6%
40 WMT 0.46% 211,266 $21M $97.78 $3M +8,142 +4.0%
41 SHOP 0.42% 165,345 $19M $115.43 $3M -5,416 -3.2%
42 EIX 0.42% 364,525 $19M $51.60 -$2M +18,412 +5.3%
43 PG 0.40% 114,016 $18M $159.32 -$658K +3,567 +3.2%
44 NI 0.40% 447,059 $18M $40.34 $1M +26,685 +6.3%
45 JNJ 0.40% 116,816 $18M $152.75 -$882K +3,903 +3.5%
46 HD 0.39% 48,244 $18M $366.64 $651K +1,757 +3.8%
47 RY 0.39% 133,267 $18M $131.90 $3M +570 +0.4%
48 ORCL 0.39% 80,332 $18M $218.63 $7M +5,467 +7.3%
49 MPLX 0.39% 340,375 $18M $51.51 $453K +21,254 +6.7%
50 TD 0.35% 216,943 $16M $73.61 $3M -3,724 -1.7%
51 ABBV 0.35% 85,957 $16M $185.62 -$1M +3,002 +3.6%
52 BAC 0.35% 333,206 $16M $47.32 $3M +21,803 +7.0%
53 AEM 0.34% 128,349 $15M $119.23 $1M -3,512 -2.7%
54 PLTR 0.32% 105,969 $14M $136.32 $6M +9,549 +9.9%
55 UNH 0.31% 44,230 $14M $311.97 -$9M +1,122 +2.6%
56 PM 0.31% 75,727 $14M $182.13 $2M +3,029 +4.2%
57 CSCO 0.30% 193,458 $13M $69.38 $2M +6,799 +3.6%
58 KO 0.30% 189,019 $13M $70.75 $371K +7,473 +4.1%
59 IBM 0.30% 45,223 $13M $294.78 $3M +2,322 +5.4%
60 GE 0.29% 51,112 $13M $257.39 $3M +778 +1.6%
61 WFC 0.28% 158,393 $13M $80.12 $2M +4,244 +2.8%
62 CRM 0.27% 45,380 $12M $272.69 $777K +2,163 +5.0%
63 SBS 0.27% 557,685 $12M $21.97 $2M -25,398 -4.4%
64 EFA 0.27% 136,922 $12M $89.39 $10M +104,452 +321.7%
65 SU 0.27% 319,619 $12M $37.49 $883K +32,909 +11.5%
66 B 0.26% 562,888 $12M $20.83 +562,888 NEW
67 ABT 0.25% 84,163 $11M $136.01 $717K +3,275 +4.0%
68 PAC 0.25% 49,687 $11M $229.62 $2M -2,263 -4.4%
69 CVX 0.25% 79,279 $11M $143.19 -$1M +2,614 +3.4%
70 AMD 0.25% 78,275 $11M $141.90 $3M +2,993 +4.0%
71 DIS 0.24% 88,021 $11M $124.01 $3M +3,100 +3.6%
72 LIN 0.24% 22,825 $11M $469.18 $247K +356 +1.6%
73 DTM 0.24% 96,483 $11M $109.91 $2M +6,014 +6.7%
74 GS 0.23% 14,799 $10M $707.75 $3M +670 +4.7%
75 INTU 0.23% 13,271 $10M $787.63 $3M +502 +3.9%
76 BNS 0.23% 187,707 $10M $55.35 $2M +5,030 +2.8%
77 NOW 0.23% 10,046 $10M $1,028.08 $3M +444 +4.6%
78 UBS 0.23% 302,560 $10M $33.86 -$2M -115,146 -27.6%
79 CM 0.23% 143,742 $10M $71.04 $2M -5,626 -3.8%
80 MCD 0.23% 34,745 $10M $292.17 -$374K +1,049 +3.1%
81 T 0.22% 340,952 $10M $28.94 $373K +5,238 +1.6%
82 CNQ 0.22% 309,001 $10M $31.45 $1M +30,525 +11.0%
83 MRK 0.22% 122,466 $10M $79.16 -$950K +3,882 +3.3%
84 RTX 0.21% 65,028 $9M $146.02 $1M +2,845 +4.6%
85 ISRG 0.21% 17,346 $9M $543.41 $1M +825 +5.0%
86 TXN 0.20% 44,174 $9M $207.62 $2M +1,608 +3.8%
87 BKNG 0.20% 1,581 $9M $5,789.24 $2M +33 +2.1%
88 UBER 0.20% 97,856 $9M $93.30 $2M +2,806 +3.0%
89 WTRG 0.20% 245,821 $9M $37.14 $195K +19,794 +8.8%
90 VZ 0.20% 205,282 $9M $43.27 -$57K +8,210 +4.2%
91 ALC 0.20% 99,867 $9M $88.52 -$212K +3,691 +3.8%
92 PEP 0.20% 66,604 $9M $132.04 -$846K +2,310 +3.6%
93 CAT 0.19% 22,509 $9M $388.21 $1M -100 -0.4%
94 AXP 0.19% 26,696 $9M $318.98 $2M +745 +2.9%
95 QCOM 0.19% 53,433 $9M $159.26 $488K +1,210 +2.3%
96 ADBE 0.18% 20,686 $8M $386.88 $184K +299 +1.5%
97 BN 0.18% 128,710 $8M $61.94 $1M +1,915 +1.5%
98 MS 0.18% 55,978 $8M $140.86 $2M +2,264 +4.2%
99 SPGI 0.17% 14,924 $8M $527.29 $433K +289 +2.0%
100 BLK 0.17% 7,415 $8M $1,049.25 $1M +511 +7.4%

New Positions

SymbolValue% Port
B $12M 0.26%
WPM $4M 0.09%
STRL $2M 0.05%
RAL $2M 0.04%
QSR $1M 0.02%
FLEX $925K 0.02%
INSM $873K 0.02%
RDDT $853K 0.02%
SFM $783K 0.02%
RKLB $681K 0.02%
CRS $646K 0.01%
TLN $641K 0.01%
QXO $583K 0.01%
IOT $519K 0.01%
SSB $449K 0.01%

Sold Out Positions

SymbolValue% Port
GIB —%
SON —%
BGS —%
RYN —%
CABO —%
PRSU —%
OXM —%
NEU —%
CTKB —%
LQDT —%
HELE —%
HSTM —%
AMLP —%
IJR —%
SRPT —%
View SEC EDGAR Filings for Maryland State Retirement & Pension System →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms