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MERSOM

Municipal Employees' Retirement System of Michigan Portfolio holdings

AUM $9.05B
1-Year Est. Return 13.04%
This Fund
S&P 500
This Quarter Est. Return
+12.78%
1 Year Est. Return
+13.04%
3 Year Est. Return
+34.61%
5 Year Est. Return
+23.86%
10 Year Est. Return
–
AUM
$4B
AUM Growth
+$840M
Cap. Flow
+$496M
Cap. Flow %
12.39%
Top 10 Hldgs %
89.37%
Holding
1,603
New
5
Increased
101
Reduced
141
Closed
1,353

Top Buys

Rank Stock Value
1
SPTS icon
State Street SPDR Portfolio Short Term Treasury ETF
SPTS
+$529M
2
SPTI icon
State Street SPDR Portfolio Intermediate Term Treasury ETF
SPTI
+$437M
3
IJH icon
iShares Core S&P Mid-Cap ETF
IJH
+$385M
4
IVV icon
iShares Core S&P 500 ETF
IVV
+$349M
5
EMB icon
iShares JPMorgan USD Emerging Markets Bond ETF
EMB
+$159M

Top Sells

Rank Stock Value
1
HYG icon
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
+$341M
2
IEMG icon
iShares Core MSCI Emerging Markets ETF
IEMG
+$166M
3
IEUR icon
iShares Core MSCI Europe ETF
IEUR
+$165M
4
JNK icon
State Street SPDR Bloomberg High Yield Bond ETF
JNK
+$162M
5
USHY icon
iShares Broad USD High Yield Corporate Bond ETF
USHY
+$53.4M

Sector Composition

Rank Sector Weight
1 Technology 1.41%
2 Financials 1.29%
3 Healthcare 1.17%
4 Industrials 0.75%
5 Consumer Staples 0.74%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AFG icon
276
American Financial Group
AFG
$12B
– –
-14,050
Closed -$985K
AFL icon
277
Aflac
AFL
$60.7B
– –
-51,670
Closed -$1.77M
AGCO icon
278
AGCO
AGCO
$6.98B
– –
-11,740
Closed -$555K
AGM icon
279
Federal Agricultural Mortgage
AGM
$2.53B
– –
-8,490
Closed -$472K
AGYS icon
280
Agilysys
AGYS
$3.05B
– –
-6,230
Closed -$104K
AHRT
281
AH Realty Trust
AHRT
$506M
– –
-17,170
Closed -$184K
AIN icon
282
Albany International
AIN
$1.81B
– –
-9,510
Closed -$450K
AIR icon
283
AAR Corp
AIR
$5.86B
– –
-10,090
Closed -$179K
AIT icon
284
Applied Industrial Technologies
AIT
$13.1B
– –
-11,980
Closed -$548K
AIV
285
Aimco
AIV
$378M
– –
-193,375
Closed -$906K
AJG icon
286
Arthur J. Gallagher & Co
AJG
$64.3B
– –
-2,670
Closed -$218K
AKR icon
287
Acadia Realty Trust
AKR
$2.85B
– –
-26,940
Closed -$334K
ALE
288
DELISTED
Allete
ALE
– –
-9,700
Closed -$589K
ALEX
289
DELISTED
Alexander & Baldwin
ALEX
– –
-20,970
Closed -$235K
ALG icon
290
Alamo Group
ALG
$2B
– –
-13,560
Closed -$1.2M
ALGT icon
291
Allegiant Air
ALGT
$2.39B
– –
-4,090
Closed -$335K
ALOT icon
292
AstroNova
ALOT
$227M
– –
-16,460
Closed -$128K
ALRM icon
293
Alarm.com
ALRM
$2.7B
– –
-11,290
Closed -$439K
AM icon
294
Antero Midstream
AM
$10.5B
– –
-55,020
Closed -$116K
OSG
295
Octave Specialty Group
OSG
$208M
– –
-13,940
Closed -$172K
AMCX icon
296
AMC Global Media
AMCX
$500M
– –
-8,150
Closed -$198K
AMCR icon
297
Amcor
AMCR
$21.5B
– –
-4,604
Closed -$187K
AMD icon
298
Advanced Micro Devices
AMD
$808B
– –
-15,960
Closed -$726K
AME icon
299
Ametek
AME
$58.9B
– –
-3,280
Closed -$236K
AMED
300
DELISTED
Amedisys
AMED
– –
-6,050
Closed -$1.11M
10 11
12
13 14

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VAS
Vestmark Advisory Solutions Wakefield, Massachusetts $9.02B AUM 20.58% 1-Year Est. Return
SFM
Soros Fund Management New York $9.12B AUM 30.69% 1-Year Est. Return
AI
Ariel Investments Chicago, Illinois $8.93B AUM 29.58% 1-Year Est. Return
HI
Horizon Investments Charlotte, North Carolina $8.92B AUM 25.62% 1-Year Est. Return
PEA
Platinum Equity Advisors Beverly Hills, California $8.88B AUM 27.09% 1-Year Est. Return
SUT
SC US (TTGP) Menlo Park, California $9.25B AUM 20.49% 1-Year Est. Return
MU
Mirova US Boston, Massachusetts $8.81B AUM 21.38% 1-Year Est. Return
WPL
WINDACRE PARTNERSHIP LLC Houston, Texas $9.34B AUM 17.41% 1-Year Est. Return

Municipal Employees' Retirement System of Michigan's Q2 2020 Portfolio in Review

As of Q2 2020, Municipal Employees' Retirement System of Michigan held 1,603 positions worth $4B, up 27% from $3.16B the previous quarter. Its ten largest holdings account for 89% of the portfolio.

Municipal Employees' Retirement System of Michigan deployed $496M of net new capital in Q2 2020, opening 5 new positions and adding to 101 existing holdings. Its largest new stake was State Street SPDR Portfolio Intermediate Term Treasury ETF: 13,211,396 shares worth $439M.

By sector, the portfolio is most concentrated in Technology at 1.4% of assets, down from 5.7% a quarter earlier, followed by Financials and Healthcare.

On the sell side, the largest reduction was iShares Core MSCI Europe ETF, an estimated $165M trimmed.

  • Municipal Employees' Retirement System of Michigan's largest Q2 2020 buy was State Street SPDR Portfolio Intermediate Term Treasury ETF: 13,211,396 shares worth $439M.
  • Municipal Employees' Retirement System of Michigan added most to State Street SPDR Portfolio Short Term Treasury ETF in Q2 2020, an estimated $529M increase.
  • Municipal Employees' Retirement System of Michigan's biggest Q2 2020 reduction was iShares Core MSCI Europe ETF, cutting an estimated $165M.
  • Municipal Employees' Retirement System of Michigan fully exited iShares iBoxx $ High Yield Corporate Bond ETF in Q2 2020, selling an estimated $341M.
  • Municipal Employees' Retirement System of Michigan's ten largest holdings make up 89% of its $4B portfolio in Q2 2020.
  • Municipal Employees' Retirement System of Michigan opened 5 new positions and closed 1,353 in Q2 2020.
  • Municipal Employees' Retirement System of Michigan's portfolio value rose 27% quarter-over-quarter to $4B.

Based on Municipal Employees' Retirement System of Michigan's 13F filing for Q2 2020, filed 6 Jul 2020.