SEC Filing Analysis: State Insurance Fund (13F-HR)

Executive Summary

• Trading Significance: Low
• Key Takeaway: The State Insurance Fund filed its quarterly Form 13F-HR, reporting a total portfolio value of $220,857,260 as of September 30, 2025. The entire reported portfolio is concentrated in a single holding: the Calvert US Large Cap Core Responsible Index ETF.
• Market Impact: Neutral. This is a standard, backward-looking disclosure of holdings and does not represent new market-moving information. It provides transparency into the fund's allocation strategy.

Filer Information

Field	Value
Filer Name	State Insurance Fund
CIK	0001970005
Filing Type	13F-HR (Institutional Investment Manager Holdings Report)
Period of Report	2025-09-30

Portfolio Holdings Summary

This report details the institutional manager's long positions in specific securities as of the end of the quarter.

Issuer	Title of Class	CUSIP	Shares	Market Value ($)
CALVERT US LARGE CAP CORE RESPONSI	ETF	61774R205	2,697,658	220,857,260

Total Portfolio Value: $220,857,260

Market Impact Analysis

Stock Impact Prediction

• Direction: Neutral
• Reasoning: Form 13F is a report of holdings on a specific past date (September 30, 2025). It is not a real-time trade notification. As a routine disclosure, it is unlikely to cause any significant market reaction.

Volume & Sentiment

• Expected Volume Impact: None. The information is historical and widely expected as part of the quarterly reporting cycle.
• Sentiment Indicator: Neutral. The filing confirms a passive investment strategy in a broad-market ETF, offering no specific bullish or bearish signal on any individual company.

Investment Insights

Key Takeaways

1. Passive Strategy: The fund's entire reported portfolio is invested in a single ETF, indicating a passive, diversified approach rather than active stock picking.
2. ESG Focus: The chosen holding, Calvert US Large Cap Core Responsible Index ETF, signals a mandate or preference for investments that meet certain environmental, social, and governance (ESG) criteria.
3. Concentration: While diversified within the ETF itself, the fund's 13F portfolio is 100% concentrated in this single instrument. This is typical for entities that use ETFs to gain broad market exposure.

Contextual Analysis

Filing Context

• A Form 13F-HR must be filed quarterly by institutional investment managers with at least $100 million in assets under management. It discloses their long positions in publicly traded securities.
• This filing provides a snapshot of the fund's portfolio as of September 30, 2025. The positions may have changed since that date.

Filer Context

• The State Insurance Fund is a governmental entity, and its investment strategy is likely governed by specific mandates and risk management policies. The use of a broad, ESG-focused ETF aligns with a potentially conservative and socially responsible investment approach.

Risk Assessment

Analysis Risk Level: Low

Informational Value

• The primary value of this filing is for tracking institutional asset allocation trends and confirming the investment strategy of the filing manager.
• It does not provide actionable trading signals for individual stocks.
• The data is historical and may not reflect the current portfolio.

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IMPORTANT DISCLAIMER: This analysis is for informational purposes only and is not intended as investment advice. The information presented is based on publicly available SEC filings and should not be construed as a recommendation to buy, sell, or hold any securities. Past performance does not guarantee future results. All investments carry risk, including the potential loss of principal. Please consult with a qualified financial advisor before making any investment decisions.

Analysis generated on 2025-10-15 | Data source: SEC EDGAR