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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
CCI icon
426
Crown Castle
CCI
$32.2B
– –
-5,960
Closed -$861K
CCOI icon
427
Cogent Communications
CCOI
$530M
– –
-12,910
Closed -$1.06M
CCRN
428
DELISTED
Cross Country Healthcare
CCRN
– –
-11,290
Closed -$76K
CCS icon
429
Century Communities
CCS
$2.04B
– –
-50,230
Closed -$729K
CDNS icon
430
Cadence Design Systems
CDNS
$89.2B
– –
-3,940
Closed -$260K
CDP icon
431
COPT Defense Properties
CDP
$4.23B
– –
-21,030
Closed -$465K
CE icon
432
Celanese
CE
$4.86B
– –
-1,800
Closed -$132K
CENT icon
433
Central Garden & Pet Co
CENT
$2.78B
– –
-3,863
Closed -$85K
CENTA icon
434
Central Garden & Pet Co Class A
CENTA
$2.41B
– –
-15,813
Closed -$323K
CENX icon
435
Century Aluminum
CENX
$4.59B
– –
-15,230
Closed -$55K
CEVA icon
436
CEVA Inc
CEVA
$855M
– –
-6,720
Closed -$168K
CFR icon
437
Cullen/Frost Bankers
CFR
$10.5B
– –
-10,680
Closed -$596K
CGNX icon
438
Cognex
CGNX
$10.4B
– –
-32,070
Closed -$1.35M
CHCO icon
439
City Holding Co
CHCO
$2.08B
– –
-5,020
Closed -$334K
CHDN icon
440
Churchill Downs
CHDN
$6.2B
– –
-13,220
Closed -$680K
CHCT
441
Community Healthcare Trust
CHCT
$433M
– –
-6,280
Closed -$240K
CHE icon
442
Chemed
CHE
$7.02B
– –
-3,000
Closed -$1.3M
CHEF icon
443
Chefs' Warehouse
CHEF
$4.57B
– –
-7,790
Closed -$78K
CHH icon
444
Choice Hotels
CHH
$4.71B
– –
-5,960
Closed -$365K
CHRD icon
445
Chord Energy
CHRD
$7.35B
– –
-89,590
Closed -$31K
CHRW icon
446
C.H. Robinson
CHRW
$17.5B
– –
-13,430
Closed -$889K
CHX
447
DELISTED
ChampionX
CHX
– –
-14,290
Closed -$82K
CIEN icon
448
Ciena
CIEN
$62.7B
– –
-29,030
Closed -$1.16M
CINF icon
449
Cincinnati Financial
CINF
$26.5B
– –
-15,930
Closed -$1.2M
CIVI
450
DELISTED
Civitas Resources
CIVI
– –
-32,330
Closed -$364K
16 17
18
19 20

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SFM
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AI
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PEA
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SUT
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WPL
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PVI
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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.