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Maryland State Retirement & Pension System

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

Q3 2025 · Filed 2025-10-29
Market Value
$4.7B
+4.4%
Holdings
1,483
New Purchases
24
Added To
521
Closed
138
Reduced
445
Top 10 Concentration
26.3%
Turnover
10.9%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
AAPL 3.93% 3.26% +0.67% $185M
NVDA 4.62% 3.98% +0.64% $217M
GOOGL 1.50% 1.10% +0.39% $70M
TSLA 1.33% 0.96% +0.36% $62M
GOOG 1.22% 0.90% +0.32% $57M
AVGO 1.61% 1.37% +0.24% $76M
ENB 3.08% 2.88% +0.20% $145M
SRE 1.22% 1.04% +0.18% $57M
B 0.40% 0.26% +0.14% $19M
SHOP 0.56% 0.42% +0.14% $26M
AEM 0.48% 0.34% +0.14% $22M
TRP 1.59% 1.48% +0.10% $74M
ORCL 0.49% 0.39% +0.10% $23M
PLTR 0.42% 0.32% +0.10% $20M
MSFT 4.07% 3.97% +0.09% $191M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
AMT 1.87% 2.18% -0.31% $88M
EFA 0.14% 0.27% -0.13% $7M
OKE 0.95% 1.08% -0.12% $45M
SBAC 0.43% 0.53% -0.10% $20M
NFLX 0.54% 0.61% -0.07% $25M
CCI 0.87% 0.94% -0.07% $41M
IGF 0.05% 0.11% -0.07% $2M
LNG 1.07% 1.14% -0.07% $50M
AVAV 0.00% 0.05% -0.05% $0
ET 1.07% 1.12% -0.05% $50M
KTOS 0.00% 0.05% -0.05% $0
KMI 1.15% 1.20% -0.05% $54M
TRGP 0.75% 0.80% -0.05% $35M
BCE 0.00% 0.04% -0.04% $0
HES 0.00% 0.04% -0.04% $0

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 $1.8B 38.0%
Large Cap 656 $2.6B 55.4%
Mid Cap 549 $283M 6.0%
Small Cap 216 $31M 0.7%
Micro Cap 6 $471K 0.0%

Portfolio Analytics

Avg Market Cap
$55.1B
Median Market Cap
$9.3B
Avg P/E
32.7
Median P/E
22.0
Avg Dividend Yield
0.02%
Avg Beta
1.04
# Stocks
1,478
# ETFs / Funds
5

Top Holdings (1,483 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 NVDA 4.62% 1,163,850 $217M $186.58 $38M +29,485 +2.6%
2 MSFT 4.07% 368,856 $191M $517.95 $12M +9,378 +2.6%
3 AAPL 3.93% 725,203 $185M $254.63 $38M +10,712 +1.5%
4 ENB 3.08% 2,872,841 $145M $50.43 $15M +12,669 +0.4%
5 AMZN 2.23% 477,069 $105M $219.57 $3M +12,018 +2.6%
6 AMT 1.87% 457,275 $88M $192.32 -$10M +12,661 +2.9%
7 META 1.70% 108,632 $80M $734.38 $2M +2,808 +2.6%
8 AVGO 1.61% 229,798 $76M $329.91 $14M +5,824 +2.6%
9 WMB 1.61% 1,192,703 $76M $63.35 $3M +33,156 +2.9%
10 TRP 1.59% 1,370,075 $74M $54.36 $8M +6,026 +0.4%
11 GOOGL 1.50% 289,221 $70M $243.10 $21M +7,289 +2.6%
12 TSLA 1.33% 139,977 $62M $444.72 $19M +3,559 +2.6%
13 GOOG 1.22% 235,506 $57M $243.55 $17M +5,906 +2.6%
14 SRE 1.22% 637,124 $57M $89.98 $10M +17,671 +2.9%
15 KMI 1.15% 1,908,654 $54M $28.31 $36K +71,982 +3.9%
16 LNG 1.07% 214,619 $50M $234.98 -$852K +4,029 +1.9%
17 ET 1.07% 2,927,436 $50M $17.16 -$228K +144,037 +5.2%
18 BRK-B 0.98% 91,776 $46M $502.74 $3M +2,329 +2.6%
19 OKE 0.95% 614,673 $45M $72.97 -$4M +21,391 +3.6%
20 EXC 0.95% 987,350 $44M $45.01 $3M +28,443 +3.0%
21 JPM 0.93% 138,246 $44M $315.43 $5M +3,557 +2.6%
22 EPD 0.90% 1,344,771 $42M $31.27 $1M +35,201 +2.7%
23 CCI 0.87% 425,178 $41M $96.49 -$1M +11,661 +2.8%
24 ED 0.75% 352,620 $35M $100.52 $1M +10,408 +3.0%
25 TRGP 0.75% 209,915 $35M $167.54 -$680K +3,981 +1.9%
26 PCG 0.69% 2,147,028 $32M $15.08 $3M +59,949 +2.9%
27 FTS 0.66% 610,493 $31M $50.71 $2M -384 -0.1%
28 LLY 0.65% 39,879 $30M $763.00 $152K +1,040 +2.7%
29 V 0.62% 84,843 $29M $341.38 -$376K +2,207 +2.7%
30 PBA 0.61% 704,228 $28M $40.42 $2M -3,185 -0.5%
31 ATO 0.57% 156,492 $27M $170.75 $3M +5,660 +3.8%
32 AWK 0.56% 190,317 $26M $139.19 $726K +5,109 +2.8%
33 SHOP 0.56% 177,574 $26M $148.52 $7M +12,229 +7.4%
34 ES 0.55% 361,870 $26M $71.14 $4M +12,931 +3.7%
35 NFLX 0.54% 21,105 $25M $1,198.92 -$2M +556 +2.7%
36 CNP 0.53% 636,856 $25M $38.80 $2M +16,958 +2.7%
37 XOM 0.52% 215,892 $24M $112.75 $2M +5,573 +2.6%
38 ORCL 0.49% 82,481 $23M $281.24 $6M +2,149 +2.7%
39 MA 0.49% 40,530 $23M $568.81 $889K +1,087 +2.8%
40 AEM 0.48% 132,906 $22M $168.38 $7M +4,557 +3.5%
41 WMT 0.48% 216,773 $22M $103.06 $2M +5,507 +2.6%
42 JNJ 0.47% 119,924 $22M $185.42 $4M +3,108 +2.7%
43 RY 0.47% 148,514 $22M $147.35 $4M +15,247 +11.4%
44 EIX 0.44% 375,358 $21M $55.28 $2M +10,833 +3.0%
45 COST 0.44% 22,111 $20M $925.63 -$841K +587 +2.7%
46 ABBV 0.44% 88,302 $20M $231.54 $4M +2,345 +2.7%
47 SBAC 0.43% 104,940 $20M $193.35 -$4M +2,887 +2.8%
48 HD 0.43% 49,615 $20M $405.19 $2M +1,371 +2.8%
49 NI 0.42% 459,338 $20M $43.30 $2M +12,279 +2.8%
50 PLTR 0.42% 108,892 $20M $182.42 $5M +2,923 +2.8%
51 B 0.40% 578,739 $19M $32.84 $7M +15,851 +2.8%
52 TD 0.40% 236,821 $19M $79.94 $3M +19,878 +9.2%
53 PG 0.38% 117,076 $18M $153.65 -$176K +3,060 +2.7%
54 MPLX 0.37% 349,518 $17M $49.95 -$74K +9,143 +2.7%
55 BAC 0.37% 336,360 $17M $51.59 $2M +3,154 +0.9%
56 GE 0.34% 52,320 $16M $300.82 $3M +1,208 +2.4%
57 UNH 0.33% 45,366 $16M $345.30 $2M +1,136 +2.6%
58 CVX 0.32% 95,583 $15M $155.29 $3M +16,304 +20.6%
59 SU 0.30% 333,019 $14M $41.84 $2M +13,400 +4.2%
60 SBS 0.29% 555,147 $14M $24.89 $2M -2,538 -0.5%
61 UBS 0.29% 333,884 $14M $40.83 $3M +31,324 +10.3%
62 CSCO 0.29% 198,496 $14M $68.42 $159K +5,038 +2.6%
63 WFC 0.29% 160,816 $13M $83.82 $789K +2,423 +1.5%
64 BNS 0.28% 203,112 $13M $64.64 $3M +15,405 +8.2%
65 IBM 0.28% 46,262 $13M $282.16 -$278K +1,039 +2.3%
66 AMD 0.28% 80,179 $13M $161.79 $2M +1,904 +2.4%
67 KO 0.27% 193,457 $13M $66.32 -$543K +4,438 +2.4%
68 PM 0.27% 77,651 $13M $162.20 -$1M +1,924 +2.5%
69 CM 0.26% 154,240 $12M $79.89 $2M +10,498 +7.3%
70 GS 0.25% 14,993 $12M $796.35 $1M +194 +1.3%
71 PAC 0.25% 49,461 $12M $237.19 $323K -226 -0.5%
72 ABT 0.25% 86,355 $12M $133.94 $119K +2,192 +2.6%
73 DTM 0.24% 99,105 $11M $113.06 $600K +2,622 +2.7%
74 RTX 0.24% 66,708 $11M $167.33 $2M +1,680 +2.6%
75 LIN 0.24% 23,417 $11M $475.00 $414K +592 +2.6%
76 CRM 0.23% 46,458 $11M $237.00 -$1M +1,078 +2.4%
77 CAT 0.23% 23,071 $11M $477.15 $2M +562 +2.5%
78 WTRG 0.23% 273,383 $11M $39.90 $2M +27,562 +11.2%
79 BN 0.23% 158,254 $11M $68.49 $3M +29,544 +22.9%
80 MCD 0.23% 35,595 $11M $303.89 $666K +850 +2.5%
81 KGC 0.23% 433,009 $11M $24.80 $4M -3,632 -0.8%
82 CNQ 0.23% 332,764 $11M $32.02 $934K +23,763 +7.7%
83 MRK 0.22% 125,714 $11M $83.93 $857K +3,248 +2.6%
84 DIS 0.22% 90,153 $10M $114.50 -$593K +2,132 +2.4%
85 BMO 0.21% 75,873 $10M $130.15 $2M +7,082 +10.3%
86 T 0.21% 348,719 $10M $28.24 -$19K +7,767 +2.3%
87 UBER 0.21% 100,441 $10M $97.97 $710K +2,585 +2.6%
88 PEP 0.20% 68,309 $10M $140.44 $799K +1,705 +2.6%
89 NOW 0.20% 10,306 $9M $920.28 -$844K +260 +2.6%
90 MU 0.20% 55,717 $9M $167.32 $3M +1,410 +2.6%
91 INTU 0.20% 13,615 $9M $682.91 -$1M +344 +2.6%
92 VZ 0.20% 210,620 $9M $43.95 $374K +5,338 +2.6%
93 C 0.20% 91,062 $9M $101.50 $2M +1,023 +1.1%
94 TMO 0.19% 18,830 $9M $485.02 $2M +475 +2.6%
95 MS 0.19% 57,412 $9M $158.96 $1M +1,434 +2.6%
96 AXP 0.19% 27,369 $9M $332.16 $575K +673 +2.5%
97 QCOM 0.19% 53,884 $9M $166.36 $454K +451 +0.8%
98 BLK 0.19% 7,605 $9M $1,165.87 $1M +190 +2.6%
99 BKNG 0.19% 1,622 $9M $5,399.27 -$395K +41 +2.6%
100 APP 0.18% 11,901 $9M $718.54 $4M +313 +2.7%

New Positions

SymbolValue% Port
HL $1M 0.02%
IJR $929K 0.02%
MIR $824K 0.02%
QTWO $650K 0.01%
WAY $629K 0.01%
NE $510K 0.01%
VCTR $460K 0.01%
ACHC $434K 0.01%
VCYT $391K 0.01%
MAN $356K 0.01%
SRPT $352K 0.01%
KGS $350K 0.01%
CRCL $312K 0.01%
WEN $298K 0.01%
ACMR $297K 0.01%

Sold Out Positions

SymbolValue% Port
AMN —%
EPC —%
SLGN —%
NXRT —%
USPH —%
SBSI —%
MMI —%
DCOM —%
CSR —%
AAMI —%
PRLB —%
LPG —%
DEA —%
VTOL —%
CRI —%
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