Data as of Q4 2025 (Dec 31, 2025)

Maryland State Retirement & Pension System

•CIK: 1795552•Filing: Q4 2025

Maryland State Retirement & Pension System, with $4.9B in AUM, maintains a tech-heavy portfolio, led by top holdings in NVDA, AAPL, and MSFT, reflecting a focus on growth-oriented sectors. Recent strategic shifts include adding MU and EFA significantly, while reducing exposure to BWA and HTD, indicating a pivot towards more resilient and growth-aligned assets.

Total AUM
$4.9B
QoQ Performance
+2.0%
Positions
1,360
Top 10 Concentration
31.9%
Latest Filing
Q4 2025

Top Holdings Allocation

NVDA4.5%
AAPL4.1%
MSFT3.7%
ENB2.7%
AMZN2.3%
GOOGL1.9%
AMT1.7%
AVGO1.6%

📈 Biggest Buys

TTE
TOTALENERGIES SE
NEW
0.4% of portfolio
NFLX
NETFLIX INC
+906.5%
0.4% of portfolio
NOW
SERVICENOW INC
+400.0%
0.2% of portfolio
CCO
CAMECO CORP
NEW
0.1% of portfolio
BN
BROOKFIELD CORP
+50.3%
0.2% of portfolio

📉 Biggest Sells

ENB
ENBRIDGE INC
-5.2%
2.7% of portfolio
TRP
TC ENERGY CORP
-5.2%
1.5% of portfolio
EFV
ISHARES TR
-38.5%
0.1% of portfolio
—
FERROVIAL SE
-5.7%
0.7% of portfolio
FTS
FORTIS INC
-5.4%
0.6% of portfolio

Sector Breakdown

Other46.2%
Technology26.9%
Consumer7.1%
Financial6.3%
Healthcare4.8%
Real Estate2.3%
Industrial2.0%
Utilities1.4%

🚪 Exited Positionssold since Q3 2025

SE
SEA LTD
SOLD
$5.5M
ORLY
OREILLY AUTOMOTIVE INC
SOLD
$4.6M
MIGA
STRATEGY INC
SOLD
$4.2M
RBLX
ROBLOX CORP
SOLD
$4.2M
NOC
NORTHROP GRUMMAN CORP
SOLD
$4.1M
+1165 more exited positions

Changes from Q3 2025

NEW2 new positions
↑92 increased
↓42 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023

📌 Top Holdings

NVDA4.5%
NVIDIA CORPORATION
$218.4M
AAPL4.1%
APPLE INC
$198.3M
MSFT3.7%
MICROSOFT CORP
$179.5M
ENB2.7%
ENBRIDGE INC
$130.4M
AMZN2.3%
AMAZON COM INC
$110.8M

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