1y return+17.4%S&P 500 +20.9%
3y return+54.7%S&P 500 +68.5%
5y return+47.0%S&P 500 +74.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since December 31, 2020: $167 against $200 in the S&P 500.2
Maryland State Retirement & Pension SystemS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| NVDANvidia Corporation | $250.9M | 4.3% | +6.6% |
| AAPLApple Inc | $224.9M | 3.9% | +7.4% |
| MSFTMicrosoft Corp | $149.0M | 2.6% | +7.2% |
| ENBEnbridge Inc | $141.3M | 2.4% | −10.7% |
| AMZNAmazon Com Inc | $124.3M | 2.1% | +8.2% |
| GOOGLAlphabet Inc | $112.0M | 1.9% | +7.3% |
| AVGOBroadcom Inc | $94.5M | 1.6% | +7.8% |
| WMBWilliams Cos Inc | $91.0M | 1.6% | +5.3% |
| GOOGAlphabet Inc | $90.3M | 1.5% | +7.6% |
| TRPTc Energy Corp | $82.3M | 1.4% | −10.6% |
| AMTAmerican Tower Corp | $76.3M | 1.3% | +4.6% |
| MUMicron Technology Inc | $70.0M | 1.2% | +8.2% |
| METAMeta Platforms Inc | $66.6M | 1.1% | +7.8% |
| TSLATesla Inc | $66.1M | 1.1% | +10.9% |
| KMIKinder Morgan Inc Del | $62.7M | 1.1% | +5.2% |
| SRESempra | $60.7M | 1.0% | +5.3% |
| TRGPTarga Res Corp | $57.5M | 1.0% | +5.0% |
| ETEnergy Transfer L P | $57.3M | 1.0% | +5.3% |
| Oneok Inc NewCUSIP 682680103 | $54.9M | 0.9% | +5.5% |
| LLYEli Lilly & Co | $51.5M | 0.9% | +6.8% |
| AMDAdvanced Micro Devices Inc | $50.7M | 0.9% | +8.2% |
| EPDEnterprise Prods Partners L | $50.5M | 0.9% | +5.0% |
| LNGCheniere Energy Inc | $50.2M | 0.9% | +2.5% |
| BRK/BBerkshire Hathaway Inc Del | $50.1M | 0.9% | +8.0% |
| EXCExelon Corp | $47.7M | 0.8% | +5.1% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| NVDANvidia Corporation | December 31, 2022 | +1269.2% | $250.9M |
| AVGOBroadcom Inc | December 31, 2020 | +762.7% | $94.5M |
| AMATApplied Matls Inc | December 31, 2020 | +737.7% | $30.9M |
| LLYEli Lilly & Co | December 31, 2020 | +610.4% | $51.5M |
| AMDAdvanced Micro Devices Inc | December 31, 2020 | +533.4% | $50.7M |
| METAMeta Platforms Inc | December 31, 2022 | +368.1% | $66.6M |
| GOOGLAlphabet Inc | December 31, 2020 | +307.8% | $112.0M |
| GOOGAlphabet Inc | December 31, 2020 | +303.4% | $90.3M |
| LNGCheniere Energy Inc | December 31, 2020 | +298.2% | $50.2M |
| TRGPTarga Res Corp | December 31, 2022 | +264.8% | $57.5M |
Sold off last quarter
- Honeywell Intl IncCUSIP 438516106 was $7.2M
- SESea Ltd was $2.8M
- WFGWest Fraser Timber Ltd was $1.9M
- Carnival CorpCUSIP 143658300 was $1.5M
- CTRACoterra Energy Inc was $1.3M
- Air Lease CorpCUSIP 00912X302 was $1.3M
- Sealed Air Corp NewCUSIP 81211K100 was $1.2M
- IJRIshares Tr was $1.2M
- Dupont De Nemours IncCUSIP 26614N102 was $932K
- Apellis Pharmaceuticals IncCUSIP 03753U106 was $837K
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +7.5% | +14.8% |
| March 31, 2026 | +1.0% | −4.6% |
| December 31, 2025 | +1.3% | +2.4% |
| September 30, 2025 | +6.8% | +7.8% |
| June 30, 2025 | +6.8% | +10.5% |
| March 31, 2025 | −2.4% | −4.6% |
| December 31, 2024 | +1.1% | +2.1% |
| September 30, 2024 | +7.3% | +5.4% |
| June 30, 2024 | +2.0% | +4.0% |
| March 31, 2024 | +7.4% | +10.0% |
| December 31, 2023 | +11.1% | +11.2% |
| September 30, 2023 | −4.4% | −3.6% |
| June 30, 2023 | +5.1% | +8.3% |
| March 31, 2023 | +5.8% | +7.0% |
| December 31, 2022 | +4.8% | +7.1% |
| September 30, 2022 | −5.0% | −5.3% |
| June 30, 2022 | −16.6% | −16.5% |
| March 31, 2022 | −5.3% | −4.9% |
| December 31, 2021 | +8.8% | +10.7% |
| September 30, 2021 | −0.1% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Maryland State Retirement & Pension System Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1795552&type=13F-HR&dateb=&owner=include&count=40CIK 1795552
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1795552/000179555226000005/Filed July 30, 2026 · accession 0001795552-26-000005