South Dakota Investment Council

CIK 0001538846 · Q2 2026

13F Equity AUM

$5.8M

+11.3% QoQ

Positions

620

-2 QoQ

AUM Rank

#11,875

Top 95%

Skill Alpha (FF)

+2.3%/yr^ns

No Clear Edge

Rank #1,262 · Top 15%

vs S&P +0.9%/yr (unadj.)

Quarters Tracked

~12 years

Portfolio Concentration

Top 5: 27.9%Top 10: 37.9%Top 20: 47.0%

VWO10.6%

AGG5.9%

NVDA4.6%

AAPL3.7%

VCSH3.2%

MSFT2.9%

AMZN2.3%

GOOGL1.9%

GOOG1.6%

USHY1.3%

Others (610)62.1%

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

Sector Allocation

Financial Services30.7%

Technology22.7%

Healthcare10.4%

Industrials7.8%

Consumer Cyclical7.3%

Communication Services6.6%

Energy5.8%

Consumer Defensive3.4%

Other5.4%

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

Position Sizing

Positions: 620Median: 0.04%Avg: 0.16%

0–0.5%

587(45.5%)

0.5–1%

20(13.3%)

1–3%

8(13.3%)

3–5%

3(11.5%)

5%+

2(16.4%)

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

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Portfolio Overlap

Shared: 0Unique: 620vs 20 funds

0%Low

620

Fund positions

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.

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Position Changes This Quarter

New34Increased158Decreased306Exited34

New Positions

EXXONMOBIL HOLDINGS …0.3%

+146K

VT0.3%

+98K

BSX0.2%

+268K

ENQ0.2%

+58K

AEIS0.1%

+20K

HONEYWELL AEROSPACE …0.1%

+34K

HONEYWELL INTL INC0.1%

+32K

LECO0.1%

+12K

MTZ0.0%

+6K

SCSC0.0%

+42K

Increased

VCSH3.2%

+570K(+32%)

NLY0.3%

+373K(+105%)

ZTS0.7%

+369K(+167%)

HRB0.2%

+220K(+226%)

AGG5.9%

+181K(+6%)

KDP0.1%

+176K(+278%)

UBER0.2%

+162K(+444%)

PR0.1%

+154K(+130%)

BBWI0.8%

+138K(+8%)

CDW0.5%

+136K(+164%)

Decreased

VTOL1.1%

-362,227(-18%)

CNC0.3%

-334,228(-59%)

VWO10.6%

-305,463(-3%)

VTRS0.0%

-298,005(-88%)

VSAT0.2%

-211,185(-63%)

CSX0.1%

-179,640(-49%)

LBRT0.3%

-177,212(-24%)

MTG0.1%

-161,281(-48%)

HUM0.5%

-150,194(-66%)

DYH0.3%

-105,783(-48%)

Exited

-152,510

-63,142

-21,001

-39,138

-6,582

-105,898

-17,568

-21,319

-101,726

-5,147

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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