13F
中
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Maryland State Retirement & Pension System

13F equity value
$4.9B
Positions
1,352
Top 10 concentration
24.2%
Quarters / total new picks
20 / 2,113
13F equity value over time
$0M$3B$5B2020202120222023202420252026

"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.

Not significant Verdict

13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.

We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 20 quarters, returned +0.0% per quarter — versus +1.8% per quarter from simply owning every 13F stock. It beat that baseline in only 35.0% of quarters (excess t = -1.96, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
-4.0%
t-stat
-1.96
Quarterly win rate
35%
Annualized excess
-7.7%
$1 → follow vs universe
$0.92 vs $1.34
Cumulative return: $1 invested in new picks vs universe
1.00 20210331: universe 1.00920210630: universe 1.09020210930: universe 0.97820211231: universe 0.83220220331: universe 0.89420220630: universe 0.82820220930: universe 0.88920221231: universe 0.82620230331: universe 0.87020230630: universe 0.83920230930: universe 0.95220231231: universe 0.99520240331: universe 1.01720240630: universe 1.11020240930: universe 1.10020241231: universe 1.02720250331: universe 1.11920250630: universe 1.15520250930: universe 1.29820251231: universe 1.343 20210331: follow 1.00420210630: follow 1.12120210930: follow 1.04420211231: follow 0.81520220331: follow 0.83920220630: follow 0.74320220930: follow 0.74320221231: follow 0.69120230331: follow 0.70620230630: follow 0.67120230930: follow 0.76020231231: follow 0.74820240331: follow 0.77620240630: follow 0.87120240930: follow 0.85720241231: follow 0.71920250331: follow 0.80520250630: follow 0.80720250930: follow 0.87520251231: follow 0.920 0.62 1.03 1.45 20212022202320242025 Follow Universe

Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)

Listed as facts. See the verdict above before treating this as signal.

Top 20 holdings of 1352 · 2026 Q1

Ticker Value Weight QoQ
NVDA $205M
4.2%
HOLD
AAPL $184M
3.7%
HOLD
ENB $158M
3.2%
ADD
MSFT $138M
2.8%
HOLD
AMZN $100M
2.0%
HOLD
TRP $87M
1.8%
ADD
WMB $85M
1.7%
TRIM
GOOGL $84M
1.7%
HOLD
AMT $77M
1.6%
TRIM
AVGO $72M
1.5%
HOLD
GOOG $68M
1.4%
HOLD
META $63M
1.3%
HOLD
KMI $62M
1.3%
TRIM
SRE $60M
1.2%
TRIM
LNG $58M
1.2%
TRIM
ET $55M
1.1%
TRIM
OKE $54M
1.1%
TRIM
TSLA $53M
1.1%
HOLD
TRGP $51M
1.0%
TRIM
EPD $49M
1.0%
TRIM

QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.

Listed as facts. See the verdict above before treating this as signal.

New positions in 2026 Q1

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Method & Limitations

Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.