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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
AXON
351
Axon Enterprise
AXON
$49B
– –
-11,140
Closed -$788K
AXP icon
352
American Express
AXP
$232B
– –
-32,250
Closed -$2.76M
AYI icon
353
Acuity Brands
AYI
$10.8B
– –
-7,400
Closed -$634K
AZTA icon
354
Azenta
AZTA
$1.48B
– –
-22,400
Closed -$683K
AZZ icon
355
AZZ Inc
AZZ
$4.55B
– –
-8,100
Closed -$228K
AZO icon
356
AutoZone
AZO
$49.8B
– –
-1,090
Closed -$922K
BA icon
357
Boeing
BA
$182B
– –
-17,840
Closed -$2.66M
BALL icon
358
Ball Corp
BALL
$16.5B
– –
-4,700
Closed -$304K
BANC icon
359
Banc of California
BANC
$3.13B
– –
-13,900
Closed -$111K
BANR icon
360
Banner Corp
BANR
$2.5B
– –
-11,550
Closed -$382K
BAX icon
361
Baxter International
BAX
$14B
– –
-7,320
Closed -$594K
BBWI icon
362
Bath & Body Works
BBWI
$3.69B
– –
-4,119
Closed -$38K
BBY icon
363
Best Buy
BBY
$18B
– –
-3,290
Closed -$188K
BC icon
364
Brunswick
BC
$5.27B
– –
-15,310
Closed -$542K
BCC icon
365
Boise Cascade
BCC
$2.92B
– –
-12,070
Closed -$287K
BCO icon
366
Brink's
BCO
$4.7B
– –
-9,390
Closed -$489K
BDC icon
367
Belden
BDC
$5.39B
– –
-7,250
Closed -$262K
BDX icon
368
Becton Dickinson
BDX
$49.7B
– –
-3,978
Closed -$892K
BELFB
369
Bel Fuse Inc Class B
BELFB
$4.23B
– –
-3,100
Closed -$30K
BF.B icon
370
Brown-Forman Class B
BF.B
$12.8B
– –
-21,545
Closed -$1.2M
BFIN
371
DELISTED
BankFinancial
BFIN
– –
-37,310
Closed -$329K
BFS
372
Saul Centers
BFS
$860M
– –
-3,650
Closed -$120K
BGS icon
373
B&G Foods
BGS
$295M
– –
-20,010
Closed -$362K
BGSF icon
374
BGSF Inc
BGSF
$58.7M
– –
-23,070
Closed -$170K
BHE icon
375
Benchmark Electronics
BHE
$2.94B
– –
-11,520
Closed -$230K
13 14
15
16 17

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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.