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Maryland State Retirement and Pension System
Dianne Sandoval · Pension Fund · Multi-Strategy
The Maryland State Retirement and Pension System (SRPS) administers retirement, disability, and survivor benefits for over 400,000 members, including state employees, teachers, law enforcement officers, and judges. Established in 1982 through the consolidation of several state-level retirement systems dating back to 1927, the institution is governed by a 15-member Board of Trustees and managed by the Maryland State Retirement Agency. Its primary focus is to ensure the long-term sustainability of the fund and the reliable payment of benefits to its retirees and their beneficiaries through the professional management of a diversified investment portfolio.
Simulated Performance
| Metric | Value |
|---|---|
| Total return | +13.5% |
| YTD return | +10.8% |
| Sharpe ratio | 3.28 |
| Win rate | 57% |
| AUM | $2.1B |
| Inception | Oct 1, 2025 |
| Updated | Sep 4, 2026 |
Institution Status
| Field | Value |
|---|---|
| AUM | $2.1B |
| Turnover | Low (<15%) |
| Avg holding | 18 Months |
| Inception | Oct 1, 2025 |
| Website | https://sra.maryland.gov |
Current Holdings
Updated on Sep 4, 2026.
| Ticker | Name | Portfolio % | Return |
|---|---|---|---|
| NVDA | NVIDIA Corporation | 13.1% | +20.8% |
| AAPL | Apple Inc | 11.9% | +22.4% |
| MSFT | Microsoft Corporation | 9.8% | -0.5% |
| GOOGL | Alphabet Inc Class A | 9.4% | +29.5% |
| AMZN | Amazon.com Inc | 6.6% | +14.2% |
| NGG | National Grid PLC ADR | 5.5% | +6.3% |
| AVGO | Broadcom Inc | 4.3% | +5.0% |
| WMB | Williams Companies Inc | 4.3% | +15.9% |
| AMT | American Tower Corp | 3.9% | -6.6% |
| META | Meta Platforms Inc. | 3.2% | -10.4% |
| ET | Energy Transfer LP | 3.1% | +27.2% |
| TRGP | Targa Resources Inc | 3.0% | +33.6% |
| KMI | Kinder Morgan Inc | 3.0% | +10.6% |
| OKE | ONEOK Inc | 2.9% | +29.4% |
| MPC | Marathon Petroleum Corp | 2.8% | +9.4% |
| LNG | Cheniere Energy Inc | 2.8% | +27.2% |
| SRE | Sempra Energy | 2.7% | -4.9% |
| MU | Micron Technology Inc | 2.7% | +15.4% |
| VLO | Valero Energy Corporation | 2.6% | +5.2% |
| TSLA | Tesla Inc | 2.6% | +7.5% |
Recent activity
| Date | Action | Ticker | Weight |
|---|---|---|---|
| Aug 31, 2026 | SELL | WMB | 4.2% → 4.3% |
| Aug 31, 2026 | SELL | TRGP | 3.1% → 3.0% |
| Aug 31, 2026 | SELL | TSLA | 2.8% → 2.6% |
| Aug 31, 2026 | BUY | GOOGL | 9.5% → 9.4% |
| Aug 31, 2026 | SELL | MPC | 2.8% → 2.8% |
Investment Style Analysis
Maryland State Retirement and Pension System is widely recognized for employing a Multi-Strategy strategy. As of Sep 4, 2026, the firm oversees approximately $2.1B in assets under management (AUM). The portfolio demonstrates a clear preference for the Semiconductors and Oil & Gas Midstream sectors, reflecting a high-conviction approach to capital allocation.
Recent Market Moves
During the latest rebalancing period ending Aug 31, Maryland State Retirement and Pension System made a significant move by reducing the position in WMB. This adjustment aligns with the fund's dynamic approach to risk management and capital deployment in current market conditions.
Investment Philosophy
The System's investment philosophy is built on the principle of prudent asset diversification to optimize long-term risk-adjusted returns while controlling volatility. It seeks to achieve or exceed its actuarial rate of return through a multi-strategy approach that includes allocations to growth equity, rate-sensitive instruments, real assets, credit, and absolute return strategies. The strategy is liability-informed, balancing the objective of maximizing fund returns with the need to minimize the volatility of required employer contributions over a long-term horizon (typically 10 to 20 years).
Disclaimer
The content provided on this page, including the simulated portfolio performance, holdings analysis, and AI-generated insights, is for informational and educational purposes only. It does not constitute financial advice, investment recommendations, or an offer to buy or sell any securities. All data is derived from historical SEC 13F filings and other public disclosures, which have a reporting lag. The "Simulated Performance" is a hypothetical reconstruction based on past disclosures and does not represent the actual returns of the institution. Past performance is not indicative of future results. Tritonix.ai is not affiliated with Maryland State Retirement and Pension System.
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Frequently asked questions
How is the simulated portfolio for Maryland State Retirement and Pension System constructed?
This simulation is powered by Tritonix AI using official SEC filings. We focus on the "Best Ideas" by filtering for only the Top 20 largest holdings and rebalancing them to 100%. The simulation tracks performance starting from Oct 1, 2025. Our AI monitors for updates every Monday to capture major shifts. This concentrated approach highlights the manager's true stock-picking skill and mirrors their actual investment returns.
What is Maryland State Retirement and Pension System's largest holding?
As of the latest filing, Maryland State Retirement and Pension System's top position is NVIDIA Corporation (NVDA), representing 13.1% of the portfolio. This reflects a high-conviction bet by the institution.
What is Maryland State Retirement and Pension System's historical performance and risk profile?
Our simulation indicates a total return of +13.5% with a win rate of 57%. Notably, the portfolio maintains a Sharpe Ratio of 3.28, suggesting an exceptional level of risk-adjusted returns compared to the broader market.
What sectors does Maryland State Retirement and Pension System primarily invest in?
Maryland State Retirement and Pension System has a strong preference for the Semiconductors sector, which makes up 20.1% of their disclosed assets. The portfolio also has exposure to Oil & Gas Midstream, indicating a specific thematic focus.
Is Maryland State Retirement and Pension System's portfolio concentrated or diversified?
Maryland State Retirement and Pension System runs a moderately concentrated portfolio with 20 disclosed positions. The top 3 holdings alone account for 34.8% of the total portfolio weight, suggesting a strategy that favors broader market exposure.
How has Maryland State Retirement and Pension System performed in 2026?
Our AI-simulated model portfolio for Maryland State Retirement and Pension System tracks a Year-to-Date (YTD) return of +10.8%. This metric helps investors gauge the institution's effectiveness in the current market environment.
Does Dianne Sandoval manage Maryland State Retirement and Pension System directly?
Yes, Dianne Sandoval serves as the key portfolio manager for Maryland State Retirement and Pension System, overseeing the investment strategy and final capital allocation decisions.