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Livermore
Livermore
ZHEN

Maryland State Retirement & Pension System

SEC CIK
0001795552
Latest filing
Jul 30, 2026

The latest 13F from Maryland State Retirement & Pension System covers Q2 2026 (filed Jul 30, 2026): 1,423 long positions worth $5.84B. The top 10 holdings make up 23.3% of the portfolio, and the largest is NVIDIA Corp (NVDA) at 4.3%. Livermore has 22 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
107
Est. +$79.1M
Added
695
Est. +$468.0M
Reduced
204
Est. −$75.7M
Sold out
36
Est. −$24.6M

Top 5 holdings

Share of this quarter's portfolio value

  1. NVDANVIDIA Corp
    4.3%$250.9MHistory
  2. AAPLApple Inc.
    3.9%$224.9MHistory
  3. MSFTMicrosoft Corp
    2.6%$149.0MHistory
  4. ENBEnbridge Inc
    2.4%$141.3MHistory
  5. AMZNAmazon Com Inc
    2.1%$124.3MHistory

Share of portfolio

Top 5 holdings and the other 1,418 positions, by share of portfolio value

  1. NVDA4.3%
  2. AAPL3.9%
  3. MSFT2.6%
  4. ENB2.4%
  5. AMZN2.1%
  6. Other 1,418 positions84.7%

Biggest buys

New and added positions, by estimated amount bought

  1. MPCMarathon Petroleum Corp
    +$37.4MAddedHistory
  2. VLOValero Energy Corp
    +$36.6MAddedHistory
  3. PSXPhillips 66
    +$34.1MAddedHistory
  4. NVDANVIDIA Corp
    +$15.6MAddedHistory
  5. AAPLApple Inc.
    +$15.4MAddedHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. MUMicron Technology Inc
    +0.81 pp0.4% → 1.2%History
  2. MPCMarathon Petroleum Corp
    +0.63 pp0.1% → 0.7%History
  3. VLOValero Energy Corp
    +0.62 pp0.1% → 0.7%History
  4. PSXPhillips 66
    +0.57 pp0.1% → 0.6%History
  5. AMDAdvanced Micro Devices Inc
    +0.54 pp0.3% → 0.9%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. ENBEnbridge Inc
    −$16.8MReducedHistory
  2. AEMAgnico Eagle Mines Ltd
    −$10.7MReducedHistory
  3. TRPTC Energy Corp
    −$9.77MReducedHistory
  4. HONHoneywell International Inc
    −$7.25MSold outHistory
  5. BBarrick Mining Corp
    −$6.47MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. ENBEnbridge Inc
    −0.79 pp3.2% → 2.4%History
  2. AEMAgnico Eagle Mines Ltd
    −0.37 pp0.5% → 0.2%History
  3. TRPTC Energy Corp
    −0.36 pp1.8% → 1.4%History
  4. SUSuncor Energy Inc
    −0.22 pp0.4% → 0.2%History
  5. BBarrick Mining Corp
    −0.22 pp0.4% → 0.2%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$5.84B
+$916.2M (+18.6%) vs. prior quarter
Positions
1,423
+71 vs. prior quarter
Top 10 concentration
23.3%
Top 10 as share of value
Turnover
1.9%
Q2 2026, one quarter
Average holding period
16.4 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $5.84B (Q2 2026)

Q1 2021: $2.88BQ2 2021: $3.06BQ3 2021: $3.53BQ4 2021: $3.82BQ1 2022: $3.70BQ2 2022: $3.10BQ3 2022: $1.20BQ4 2022: $3.42BQ1 2023: $4.48BQ2 2023: $4.74BQ3 2023: $4.35BQ4 2023: $4.86BQ1 2024: $5.02BQ2 2024: $5.42BQ3 2024: $4.76BQ4 2024: $4.64BQ1 2025: $4.20BQ2 2025: $4.57BQ3 2025: $4.76BQ4 2025: $4.86BQ1 2026: $4.92BQ2 2026: $5.84B
Q1 2021Q2 2026
13F filings of Maryland State Retirement & Pension System by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 30, 20261,423$5.84BNVDAAAPLMSFTvs. Q1 2026SEC
Q1 2026May 4, 20261,352$4.92BNVDAAAPLENBvs. Q4 2025SEC
Q4 2025Feb 17, 20261,369$4.86BNVDAAAPLMSFTvs. Q3 2025SEC
Q3 2025Oct 29, 20251,368$4.76BNVDAMSFTAAPLvs. Q2 2025SEC
Q2 2025Jul 23, 20251,488$4.57BNVDAMSFTAAPLvs. Q1 2025SEC
Q1 2025May 12, 20251,450$4.20BAAPLENBMSFTvs. Q4 2024SEC
Q4 2024Feb 11, 20251,512$4.64BAAPLNVDAMSFTvs. Q3 2024SEC
Q3 2024Nov 12, 20241,521$4.76BAAPLMSFTNVDAvs. Q2 2024SEC
Q2 2024Jul 30, 20241,547$5.42BMSFTAAPLNVDAvs. Q1 2024SEC
Q1 2024Apr 19, 20241,535$5.02BMSFTAAPLNVDAvs. Q4 2023SEC
Q4 2023Feb 6, 20241,550$4.86BAAPLMSFTAMZNvs. Q3 2023SEC
Q3 2023Oct 24, 20231,533$4.35BAAPLMSFTAMZNvs. Q2 2023SEC
Q2 2023Jul 11, 20231,564$4.74BAAPLMSFTENBvs. Q1 2023SEC
Q1 2023Apr 20, 20231,516$4.48BAAPLMSFTENBvs. Q4 2022SEC
Q4 2022Jan 18, 20231,510$3.42BAAPLMSFTAMZNvs. Q3 2022SEC
Q3 2022Oct 28, 2022519$1.20BAAPLAMZNGOOGLvs. Q2 2022SEC
Q2 2022Aug 1, 20221,492$3.10BAAPLMSFTState Street Financial Select Sector SPDR ETFvs. Q1 2022SEC
Q1 2022Apr 11, 20221,496$3.70BAAPLMSFTAMZNvs. Q4 2021SEC
Q4 2021Feb 9, 20221,507$3.82BAAPLMSFTAMZNvs. Q3 2021SEC
Q3 2021Oct 29, 20211,511$3.53BAAPLMSFTAMZNvs. Q2 2021SEC
Q2 2021Jul 13, 2021929$3.06BAAPLMSFTAMZNvs. Q1 2021SEC
Q1 2021May 10, 2021970$2.88BAAPLMSFTAMZN–SEC