North Dakota State Investment Board
SEC Form 13F institutional filer · CIK 0002064039
13F-HR · 485 reported holdings · 2026-03-31
SEC-registered institutional investment manager.
Reported long-US-equity value
$1.98B
Top-10 concentration
45.4%
North Dakota State Investment Board — $1.98B AUM allocation strategy
North Dakota State Investment Board files SEC Form 13F and reports $1.98B of long US equity value across 485 reported holdings for 2026-03-31.
Its largest sector bet is Information Technology 17.5%, followed by Communication Services 6.8% and Consumer Discretionary 4.4%.
The top 10 holdings account for 45% of reported value — a broadly spread portfolio. The sector and industry splits below are of the same reported value. Track quarter-over-quarter adds, trims, new positions and exits below — sourced from SEC 13F filings, public domain.
North Dakota State Investment Board — latest SEC 13F insights
Reported long-US-equity value (13F AUM)
$1.98B
total across 485 reported holdings · 2026-03-31 · excludes shorts, cash, non-US
Top-10 concentration
45% of value
higher = narrower conviction; lower = spread / hedging
Biggest adds (shares)
+$HBAN +6.35K sh · +$12K+$FITB +3.37K sh · +$148K+$WAT +797 sh · +$69.8K
Biggest trims (shares)
−$NVDA −124K sh · −$31.3M−$AAPL −77.3K sh · −$28.6M−$AMZN −50.9K sh · −$18M
Added from nil (new positions)
None this quarter
Sector allocation (share of reported value)
each slice is a share of the reported long-US-equity value — smaller sectors and the rest of the book roll into “Other holdings”
Qtr shift = share-point change vs the prior quarter's filing — first period tracked for this filer; the column fills in with the next quarterly refresh.
Industry allocation (share of reported value)
- Semiconductors8.1%—
- Interactive Media & Services6.2%—
- Technology Hardware, Storage & Peripherals5.4%—
- Systems Software4.0%—
- Broadline Retail2.9%—
- Pharmaceuticals2.0%—
- Automobile Manufacturers1.5%—
- Consumer Staples Merchandise Retail1.4%—
- Other holdings68.4%—
the finer GICS cut of the same book — same denominator — smaller industries roll into “Other holdings”
Qtr shift = share-point change vs the prior quarter's filing — first period tracked for this filer; the column fills in with the next quarterly refresh.
Top S&P 500 holdings
9 of 9 rows · sorted by Value ↓
| Ticker | Holding | Shares | Value | Δ QoQ | Weight |
|---|---|---|---|---|---|
| $NVDA | NVIDIA Corporation | 678K | $118M | -124K | 6.0% |
| $AAPL | Apple Inc | 422K | $107M | -77.3K | 5.4% |
| $MSFT | Microsoft Corporation | 215K | $79.6M | -39.4K | 4.0% |
| $AMZN | Amazon.com Inc | 278K | $57.9M | -50.9K | 2.9% |
| $GOOG | Alphabet Inc. Class C Capital Stock | 168K | $48.4M | -30.9K | 2.4% |
| $AVGO | Broadcom Inc | 134K | $41.4M | -24.5K | 2.1% |
| $GOOGL | Alphabet Inc | 137K | $39.3M | -25.2K | 2.0% |
| $META | Meta Platforms Inc | 63.3K | $36.2M | -11.6K | 1.8% |
| $TSLA | Tesla Inc | 81.8K | $30.4M | -14.7K | 1.5% |
…and 476 more holdings in the full 13F filing (top positions only shown).
SEC Form 13F data sets · public domain · 45-day filing lag · >$100M AUM managers · as reported
← All 13F filers·← QuantOrb.pro
How to read Δ QoQ — the five insight categories, and the caveats
The categories. Analysts, quants and retail traders look past total portfolio value to isolate actionable signals. Five categories matter.
Conviction & concentration shifts
New positions vs complete exits — a brand-new stock signals high conviction; a full liquidation suggests a broken thesis or tax-loss harvesting. Aggressive sizing — look at share count, not dollars: a 20% share increase during a drawdown is strong dip-buying. Concentration — a narrowing top-5/10 means conviction; spreading capital across more names means hedging.
Sector & macro allocation rotations
Aggregating Δ QoQ moves across sectors shows where smart money is leaning in or sneaking out — rotating out of growth into defensives or energy, for example. The fund's total long equity exposure quarter-over-quarter is a proxy for overall institutional risk appetite.
Crowding & smart-money consensus
When several managers initiate or expand the same stock in the same quarter, that is institutional consensus. Contrarian reads: top pickers buying hard into a beaten-down name the market is selling.
Derivative & option overlays
Reported call/put changes indicate whether managers are adding downside hedges or leveraging upside exposure. Note: a long increase may be half of a market-neutral pair trade.
Who reads this
| Retail "cloners" | High-conviction ideas to replicate ~45 days after quarter-end. |
| Corporate IR | Which funds bought or dumped the stock, before the next call. |
| Quant / algo traders | Cross-sectional factor inputs: flow, momentum, ownership. |
Four caveats before you trade on it
- 45-day lag — holdings are quarter-end; positions may already be closed.
- Long-only — 13Fs miss shorts, pair trades and cash.
- No non-US / fixed income — the picture is US equities plus options.
- Corporate actions — splits and spinoffs distort raw share deltas.
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