MERSOM

Municipal Employees' Retirement System of Michigan Portfolio holdings

AUM $8.31B

1-Year Return 8.76%

2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1 2013 Q4 2013 Q3

This Quarter Return

-14.26%

1 Year Return

+8.76%

3 Year Return

+28.77%

5 Year Return

+35.28%

10 Year Return

–

AUM

$1.69B

AUM Growth

–

Cap. Flow

+$1.69B

Cap. Flow % of AUM

100%

Top 10 Holdings % Top 10 Hldgs %

9.31%

Holding

1,675

New

1,674

Increased

–

Reduced

–

Closed

–

Top Buys

1	Microsoft MSFT	+$23.9M
2	Apple AAPL	+$21.8M
3	Amazon AMZN	+$19.2M
4	Berkshire Hathaway Class B BRK.B	+$13.8M
5	Enbridge ENB	+$12.5M

Top Sells

No sells this quarter

Sector Composition

1	Financials	14.97%
2	Technology	13.5%
3	Industrials	12.3%
4	Healthcare	11.35%
5	Energy	10.99%

Communication Services

Advertising Agencies

Broadcasting

Electronic Gaming & Multimedia

Entertainment

Internet Content & Information

Publishing

Telecom Services

Consumer Discretionary

Apparel Manufacturing

Apparel Retail

Auto Manufacturers

Auto Parts

Auto & Truck Dealerships

Department Stores

Footwear & Accessories

Furnishings, Fixtures & Appliances

Gambling

Home Improvement Retail

Internet Retail

Leisure

Lodging

Luxury Goods

Packaging & Containers

Personal Services

Recreational Vehicles

Residential Construction

Resorts & Casinos

Restaurants

Specialty Retail

Textile Manufacturing

Travel Services

Consumer Staples

Beverages - Brewers

Beverages - Non-Alcoholic

Beverages - Wineries & Distilleries

Confectioners

Discount Stores

Education & Training Services

Farm Products

Food Distribution

Grocery Stores

Household & Personal Products

Packaged Foods

Tobacco

Energy

Oil & Gas Drilling

Oil & Gas Equipment & Services

Oil & Gas Exploration & Production

Oil & Gas Integrated

Oil & Gas Midstream

Oil & Gas Refining & Marketing

Thermal Coal

Uranium

Financials

Asset Management

Banks - Diversified

Banks - Regional

Capital Markets

Credit Services

Diversified Insurance

Financial Conglomerates

Financial Data & Stock Exchanges

Insurance Brokers

Life Insurance

Mortgage Finance

Property & Casualty Insurance

Reinsurance

Shell Companies

Specialty - Insurance

Healthcare

Biotechnology

Diagnostics & Research

Drug Manufacturers - General

Drug Manufacturers - Specialty & Generic

Healthcare Plans

Health Information Services

Medical Care Facilities

Medical Devices

Medical Distribution

Medical Instruments & Supplies

Pharmaceutical Retailers

Industrials

Aerospace & Defense

Airlines

Airports & Air Services

Building Products & Equipment

Business Equipment & Supplies

Conglomerates

Consulting Services

Electrical Equipment & Parts

Engineering & Construction

Farm & Heavy Construction Machinery

Industrial Distribution

Infrastructure Operations

Integrated Freight & Logistics

Marine Shipping

Metal Fabrication

Pollution & Treatment Controls

Railroads

Rental & Leasing Services

Security & Protection Services

Specialty Business Services

Specialty Industrial Machinery

Staffing & Employment Services

Tools & Accessories

Trucking

Waste Management

Materials

Agricultural Inputs

Aluminum

Building Materials

Chemicals

Coking Coal

Copper

Gold

Lumber & Wood Production

Other Industrial Metals & Mining

Other Precious Metals & Mining

Paper & Paper Products

Silver

Specialty Chemicals

Steel

Real Estate

Diversified REIT

Healthcare Facilities REIT

Hotel & Motel REIT

Industrial REIT

Mortgage REIT

Office REIT

Real Estate Development

Real Estate Diversified

Real Estate Services

Residential REIT

Retail REIT

Specialty REIT

Technology

Communication Equipment

Computer Hardware

Consumer Electronics

Electronic Components

Electronics & Computer Distribution

Information Technology Services

Scientific & Technical Instruments

Semiconductor Equipment & Materials

Semiconductors

Software - Application

Software - Infrastructure

Solar

Utilities

Diversified Utilities

Electric Utilities

Gas Utilities

Independent Power Producers

Renewable Electricity

Water Utilities

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
251	251 CSX Corp CSX $60B	$1.36M	0.08%	+65,430	New	+$1.36M
252	252 Cullen/Frost Bankers CFR $8.27B	$1.35M	0.08%	+15,360	New	+$1.35M
253	253 CenterPoint Energy CNP $24.5B	$1.35M	0.08%	+47,740	New	+$1.35M
254	254 Royal Gold RGLD $12.2B	$1.35M	0.08%	+15,740	New	+$1.35M
255	255 Donaldson DCI $9.35B	$1.35M	0.08%	+31,000	New	+$1.35M
256	256 Allegion ALLE $14.6B	$1.34M	0.08%	+16,860	New	+$1.34M
257	257 State Street STT $31.8B	$1.34M	0.08%	+21,310	New	+$1.34M
258	258 Charles Schwab SCHW $170B	$1.34M	0.08%	+32,290	New	+$1.34M
259	259 Schlumberger SLB $53.4B	$1.34M	0.08%	+37,162	New	+$1.34M
260	260 PPL Corp PPL $26.4B	$1.34M	0.08%	+47,140	New	+$1.34M
261	261 Nucor NUE $32.4B	$1.34M	0.08%	+25,770	New	+$1.34M
262	262 Simulations Plus SLP $285M	$1.34M	0.08%	+67,110	New	+$1.34M
263	263 Commerce Bancshares CBSH $8.04B	$1.33M	0.08%	+31,712	New	+$1.33M
264	264 Constellation Brands STZ $25.7B	$1.33M	0.08%	+8,270	New	+$1.33M
265	CONE 265 DELISTED CyrusOne Inc Common Stock CONE	$1.33M	0.08%	+25,140	New	+$1.33M
266	266 Douglas Emmett DEI $2.7B	$1.32M	0.08%	+38,790	New	+$1.32M
267	267 A.O. Smith AOS $10.1B	$1.32M	0.08%	+30,960	New	+$1.32M
268	268 Cummins CMI $54.4B	$1.32M	0.08%	+9,860	New	+$1.32M
269	269 TransDigm Group TDG $73.9B	$1.32M	0.08%	+3,870	New	+$1.32M
270	270 Bio-Techne TECH $8.43B	$1.31M	0.08%	+36,280	New	+$1.31M
271	271 Boston Scientific BSX $160B	$1.31M	0.08%	+37,130	New	+$1.31M
272	272 Fair Isaac FICO $37.1B	$1.31M	0.08%	+6,990	New	+$1.31M
273	273 Hubbell HUBB $23.2B	$1.31M	0.08%	+13,160	New	+$1.31M
274	274 Stryker SYK $150B	$1.31M	0.08%	+8,340	New	+$1.31M
275	275 Charles River Laboratories CRL $7.75B	$1.31M	0.08%	+11,540	New	+$1.31M