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Maryland State Retirement & Pension System

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

Q4 2025 · Filed 2026-02-17
Market Value
$4.8B
+2.0%
Holdings
1,386
-97
New Purchases
41
Added To
472
Closed
43
Reduced
104
Top 10 Concentration
25.8%
Turnover
6.1%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
GOOGL 1.90% 1.50% +0.40% $91M
TOTB.DE 0.38% 0.00% +0.38% $18M
GOOG 1.55% 1.22% +0.33% $74M
LLY 0.90% 0.65% +0.25% $43M
AAPL 4.14% 3.93% +0.21% $198M
MU 0.33% 0.20% +0.13% $16M
B 0.53% 0.40% +0.12% $25M
CCJ 0.09% 0.00% +0.09% $4M
AMD 0.36% 0.28% +0.08% $17M
AMZN 2.31% 2.23% +0.08% $111M
TRGP 0.82% 0.75% +0.07% $39M
EFA 0.21% 0.14% +0.07% $10M
RY 0.53% 0.47% +0.06% $25M
TD 0.46% 0.40% +0.06% $22M
AVGO 1.67% 1.61% +0.06% $80M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
ENB 2.72% 3.08% -0.36% $130M
MSFT 3.75% 4.07% -0.32% $180M
LNG 0.87% 1.07% -0.21% $42M
META 1.51% 1.70% -0.19% $72M
AMT 1.70% 1.87% -0.17% $82M
ORCL 0.34% 0.49% -0.15% $16M
NFLX 0.42% 0.54% -0.12% $20M
TRP 1.49% 1.59% -0.09% $72M
WMB 1.52% 1.61% -0.09% $73M
PBA 0.53% 0.61% -0.08% $25M
CCI 0.80% 0.87% -0.07% $38M
HD 0.36% 0.43% -0.07% $17M
NVDA 4.56% 4.62% -0.06% $218M
COOP 0.00% 0.05% -0.05% $0
TU 0.00% 0.05% -0.05% $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 $1.9B 38.8%
Large Cap 655 $2.6B 54.5%
Mid Cap 537 $288M 6.0%
Small Cap 135 $29M 0.6%
Micro Cap 3 $221K 0.0%

Portfolio Analytics

Avg Market Cap
$59.0B
Median Market Cap
$10.5B
Avg P/E
32.3
Median P/E
22.2
Avg Dividend Yield
0.02%
Avg Beta
1.04
# Stocks
1,381
# ETFs / Funds
5

Top Holdings (1,386 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 NVDA 4.56% 1,170,950 $218M $186.50 $1M +7,100 +0.6%
2 AAPL 4.14% 729,503 $198M $271.86 $14M +4,300 +0.6%
3 MSFT 3.75% 371,216 $180M $483.62 -$12M +2,360 +0.6%
4 ENB 2.72% 2,723,345 $130M $47.88 -$15M -149,496 -5.2%
5 AMZN 2.31% 479,969 $111M $230.82 $6M +2,900 +0.6%
6 GOOGL 1.90% 290,921 $91M $313.00 $21M +1,700 +0.6%
7 AMT 1.70% 464,765 $82M $175.57 -$6M +7,490 +1.6%
8 AVGO 1.67% 231,038 $80M $346.10 $4M +1,240 +0.5%
9 GOOG 1.55% 236,806 $74M $313.80 $17M +1,300 +0.6%
10 WMB 1.52% 1,212,373 $73M $60.11 -$3M +19,670 +1.6%
11 META 1.51% 109,232 $72M $660.09 -$8M +600 +0.6%
12 TRP 1.49% 1,299,068 $72M $55.09 -$3M -71,007 -5.2%
13 TSLA 1.32% 141,137 $63M $449.72 $1M +1,160 +0.8%
14 SRE 1.19% 647,749 $57M $88.29 -$139K +10,625 +1.7%
15 KMI 1.11% 1,942,033 $53M $27.49 -$648K +33,379 +1.8%
16 ET 1.03% 2,979,123 $49M $16.49 -$1M +51,687 +1.8%
17 BRK-B 0.97% 92,216 $46M $502.65 $213K +440 +0.5%
18 OKE 0.96% 624,177 $46M $73.50 $1M +9,504 +1.6%
19 JPM 0.92% 136,046 $44M $322.22 $230K -2,200 -1.6%
20 EPD 0.91% 1,366,687 $44M $32.06 $2M +21,916 +1.6%
21 EXC 0.91% 1,004,044 $44M $43.59 -$674K +16,694 +1.7%
22 LLY 0.90% 40,079 $43M $1,074.68 $13M +200 +0.5%
23 LNG 0.87% 213,817 $42M $194.39 -$9M -802 -0.4%
24 TRGP 0.82% 212,921 $39M $184.50 $4M +3,006 +1.4%
25 CCI 0.80% 432,184 $38M $88.87 -$3M +7,006 +1.6%
26 ED 0.74% 358,556 $36M $99.32 $166K +5,936 +1.7%
27 PCG 0.73% 2,182,033 $35M $16.07 $3M +35,005 +1.6%
28 FTS 0.63% 577,450 $30M $52.02 -$920K -33,043 -5.4%
29 V 0.62% 84,243 $30M $350.71 $581K -600 -0.7%
30 SHOP 0.60% 178,354 $29M $161.09 $2M +780 +0.4%
31 ATO 0.56% 159,227 $27M $167.63 -$30K +2,735 +1.8%
32 XOM 0.53% 211,592 $25M $120.34 $1M -4,300 -2.0%
33 PBA 0.53% 664,819 $25M $38.14 -$3M -39,409 -5.6%
34 RY 0.53% 148,311 $25M $170.56 $3M -203 -0.1%
35 B 0.53% 580,383 $25M $43.58 $6M +1,644 +0.3%
36 AWK 0.53% 193,482 $25M $130.50 -$1M +3,165 +1.7%
37 ES 0.52% 372,192 $25M $67.33 -$684K +10,322 +2.9%
38 JNJ 0.52% 120,224 $25M $206.95 $3M +300 +0.2%
39 CNP 0.52% 646,928 $25M $38.34 $93K +10,072 +1.6%
40 WMT 0.51% 217,973 $24M $111.41 $2M +1,200 +0.6%
41 MA 0.48% 40,250 $23M $570.88 -$76K -280 -0.7%
42 EIX 0.48% 381,455 $23M $60.02 $2M +6,097 +1.6%
43 AEM 0.47% 132,713 $23M $169.66 $138K -193 -0.1%
44 TD 0.46% 234,301 $22M $94.29 $3M -2,520 -1.1%
45 SBAC 0.43% 105,784 $20M $193.43 $172K +844 +0.8%
46 ABBV 0.42% 88,502 $20M $228.49 -$224K +200 +0.2%
47 NFLX 0.42% 212,430 $20M $93.76 -$5M +191,325 +906.5%
48 NI 0.41% 472,429 $20M $41.76 -$161K +13,091 +2.9%
49 PLTR 0.40% 109,092 $19M $177.75 -$473K +200 +0.2%
50 COST 0.40% 22,231 $19M $862.34 -$1M +120 +0.5%
51 MPLX 0.39% 354,526 $19M $53.37 $1M +5,008 +1.4%
52 BAC 0.38% 333,160 $18M $55.00 $971K -3,200 -0.9%
53 TOTB.DE 0.38% 278,287 $18M $65.29 +278,287 NEW
54 AMD 0.36% 80,479 $17M $214.16 $4M +300 +0.4%
55 HD 0.36% 49,935 $17M $344.10 -$3M +320 +0.6%
56 PG 0.35% 117,776 $17M $143.31 -$1M +700 +0.6%
57 ORCL 0.34% 84,441 $16M $194.91 -$7M +1,960 +2.4%
58 GE 0.34% 52,120 $16M $308.03 $316K -200 -0.4%
59 MU 0.33% 55,817 $16M $285.41 $7M +100 +0.2%
60 UBS 0.32% 331,417 $15M $46.63 $2M -2,467 -0.7%
61 CSCO 0.32% 199,096 $15M $77.03 $2M +600 +0.3%
62 BNS 0.32% 205,623 $15M $73.79 $2M +2,511 +1.2%
63 UNH 0.31% 45,526 $15M $330.11 -$636K +160 +0.3%
64 SU 0.31% 333,390 $15M $44.41 $872K +371 +0.1%
65 WFC 0.31% 157,616 $15M $93.20 $1M -3,200 -2.0%
66 CVX 0.30% 93,783 $14M $152.41 -$550K -1,800 -1.9%
67 CM 0.30% 156,046 $14M $90.70 $2M +1,806 +1.2%
68 IBM 0.29% 46,462 $14M $296.21 $709K +200 +0.4%
69 KO 0.28% 194,057 $14M $69.91 $736K +600 +0.3%
70 CAT 0.28% 23,231 $13M $572.87 $2M +160 +0.7%
71 MRK 0.28% 125,714 $13M $105.26 $3M
72 GS 0.27% 14,753 $13M $879.00 $1M -240 -1.6%
73 SBS 0.27% 538,053 $13M $23.85 -$985K -17,094 -3.1%
74 PM 0.26% 78,251 $13M $160.40 -$44K +600 +0.8%
75 CRM 0.26% 46,558 $12M $264.91 $1M +100 +0.2%
76 PAC 0.26% 46,680 $12M $263.63 $575K -2,781 -5.6%
77 KGC 0.26% 434,709 $12M $28.18 $2M +1,700 +0.4%
78 RTX 0.26% 66,708 $12M $183.40 $1M
79 DTM 0.25% 100,629 $12M $119.68 $838K +1,524 +1.5%
80 CNQ 0.24% 337,164 $11M $33.89 $772K +4,400 +1.3%
81 MCD 0.23% 35,915 $11M $305.63 $160K +320 +0.9%
82 BN 0.23% 237,910 $11M $45.94 $89K +79,656 +50.3%
83 TMO 0.23% 18,830 $11M $579.45 $2M
84 ABT 0.23% 86,355 $11M $125.29 -$747K
85 WTRG 0.22% 279,813 $11M $38.36 -$174K +6,430 +2.4%
86 LRCX 0.22% 62,673 $11M $171.18 $2M -1,100 -1.7%
87 C 0.22% 88,862 $10M $116.69 $1M -2,200 -2.4%
88 DIS 0.22% 90,653 $10M $113.77 -$9K +500 +0.6%
89 AMAT 0.21% 39,990 $10M $256.99 $2M
90 MS 0.21% 57,412 $10M $177.53 $1M
91 ISRG 0.21% 17,678 $10M $566.36 $2M -120 -0.7%
92 AXP 0.21% 27,049 $10M $369.95 $916K -320 -1.2%
93 LIN 0.21% 23,417 $10M $426.39 -$1M
94 EFA 0.21% 102,433 $10M $96.03 $3M +31,936 +45.3%
95 BMO 0.20% 75,551 $10M $129.93 -$58K -322 -0.4%
96 PEP 0.20% 68,309 $10M $143.52 $210K
97 QCOM 0.19% 53,884 $9M $171.05 $253K
98 INTU 0.19% 13,615 $9M $662.42 -$279K
99 GEV 0.19% 13,648 $9M $653.57 $528K
100 WES 0.18% 222,847 $9M $39.50 $1M +24,898 +12.6%

New Positions

SymbolValue% Port
TOTB.DE $18M 0.38%
CCJ $4M 0.09%
SOLS $2M 0.03%
PRIM $981K 0.02%
CWST $895K 0.02%
PTCT $892K 0.02%
Q $831K 0.02%
BTSG $623K 0.01%
FIBK $451K 0.01%
RRR $439K 0.01%
PRGO $391K 0.01%
UPWK $378K 0.01%
VICR $364K 0.01%
IRDM $355K 0.01%
HE $310K 0.01%

Sold Out Positions

SymbolValue% Port
DY —%
RC —%
TREX —%
EPR —%
ELF —%
ENR —%
LXP —%
SPXC —%
WLY —%
VVV —%
PVH —%
IIPR —%
BRBR —%
DFIN —%
CRCL —%
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