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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
+1.55%
1 Year Est. Return
+13.04%
3 Year Est. Return
+34.61%
5 Year Est. Return
+23.86%
10 Year Est. Return
–
AUM
$8.84B
AUM Growth
+$205M
Cap. Flow
+$74M
Cap. Flow %
0.84%
Top 10 Hldgs %
77.34%
Holding
45
New
–
Increased
11
Reduced
8
Closed
9

Top Buys

Rank Stock Value
1
SPTS icon
State Street SPDR Portfolio Short Term Treasury ETF
SPTS
+$115M
2
SPTL icon
State Street SPDR Portfolio Long Term Treasury ETF
SPTL
+$74.7M
3
XBB icon
BondBloxx BB-Rated USD High Yield Corporate Bond ETF
XBB
+$47.1M
4
SPTI icon
State Street SPDR Portfolio Intermediate Term Treasury ETF
SPTI
+$40.1M
5
IEMG icon
iShares Core MSCI Emerging Markets ETF
IEMG
+$30.5M

Top Sells

Rank Stock Value
1
IVV icon
iShares Core S&P 500 ETF
IVV
+$68.2M
2
SPIB icon
State Street SPDR Portfolio Intermediate Term Corporate Bond ETF
SPIB
+$42.8M
3
RING icon
iShares MSCI Global Gold Miners ETF
RING
+$35.6M
4
SCHP icon
Schwab US TIPS ETF
SCHP
+$30.9M
5
XHLF icon
BondBloxx Bloomberg Six Month Target Duration US Treasury ETF
XHLF
+$22.6M

Sector Composition

Rank Sector Weight
1 Materials 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
XTRE icon
26
BondBloxx Bloomberg Three Year Target Duration US Treasury ETF
XTRE
$165M
$20M 0.23%
402,313
– –
XSVN icon
27
BondBloxx Bloomberg Seven Year Target Duration US Treasury ETF
XSVN
$391M
$19.4M 0.22%
403,857
– –
XTEN icon
28
BondBloxx Bloomberg Ten Year Target Duration US Treasury ETF
XTEN
$1.04B
$18.6M 0.21%
403,452
– –
BBAX icon
29
JPMorgan BetaBuilders Developed Asia Pacific-ex Japan ETF
BBAX
$6.8B
$16.8M 0.19%
298,785
– –
XTWY icon
30
BondBloxx Bloomberg Twenty Year Target Duration US Treasury ETF
XTWY
$245M
$15.9M 0.18%
420,244
– –
XB icon
31
BondBloxx B-Rated USD High Yield Corporate Bond ETF
XB
$72.3M
$10.5M 0.12%
266,860
– –
STIP icon
32
iShares 0-5 Year TIPS Bond ETF
STIP
$15.9B
$9.77M 0.11%
95,402
-25,798
-21% -$2.66M
VGSH icon
33
Vanguard Short-Term Treasury ETF
VGSH
$30.2B
$7.82M 0.09%
133,074
-9,132
-6% -$537K
SPSB icon
34
State Street SPDR Portfolio Short Term Corporate Bond ETF
SPSB
$10.8B
$6.89M 0.08%
228,061
– –
XCCC icon
35
BondBloxx CCC-Rated USD High Yield Corporate Bond ETF
XCCC
$268M
$4.63M 0.05%
121,654
– –
IJR icon
36
iShares Core S&P Small-Cap ETF
IJR
$112B
$2.9M 0.03%
24,129
– –
AG icon
37
First Majestic Silver
AG
$9.44B
– –
-1,126,289
Closed -$13.8M
HYBB icon
38
iShares BB Rated Corporate Bond ETF
HYBB
$428M
– –
-38,566
Closed -$1.82M
MBB icon
39
iShares MBS ETF
MBB
$39B
– –
-67,551
Closed -$6.43M
SPDW icon
40
State Street SPDR Portfolio Developed World ex-US ETF
SPDW
$41.9B
– –
-276,169
Closed -$11.8M
SPEM icon
41
State Street SPDR Portfolio Emerging Markets ETF
SPEM
$17.7B
– –
-107,144
Closed -$5.01M
SPYM
42
State Street SPDR Portfolio S&P 500 ETF
SPYM
$168B
– –
-188,205
Closed -$14.7M
SPMD icon
43
State Street SPDR Portfolio S&P 400 Mid Cap ETF
SPMD
$19B
– –
-26,947
Closed -$1.54M
SPSM icon
44
State Street SPDR Portfolio S&P 600 Small Cap ETF
SPSM
$17.5B
– –
-16,642
Closed -$771K
XHLF icon
45
BondBloxx Bloomberg Six Month Target Duration US Treasury ETF
XHLF
$1.99B
– –
-448,334
Closed -$22.6M
1
2

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VAS
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SFM
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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 Q4 2025 Portfolio in Review

As of Q4 2025, Municipal Employees' Retirement System of Michigan held 45 positions worth $8.84B, up 2.4% from $8.64B the previous quarter. Its ten largest holdings account for 77% of the portfolio.

Municipal Employees' Retirement System of Michigan's Q4 2025 filing shows 11 increased, 8 reduced and 9 closed positions. The largest sale was iShares Core S&P 500 ETF, an estimated $68.2M.

By sector, the portfolio is most concentrated in Materials at 0% of assets, down from 0.16% a quarter earlier.

  • Municipal Employees' Retirement System of Michigan added most to State Street SPDR Portfolio Short Term Treasury ETF in Q4 2025, an estimated $115M increase.
  • Municipal Employees' Retirement System of Michigan's biggest Q4 2025 reduction was iShares Core S&P 500 ETF, cutting an estimated $68.2M.
  • Municipal Employees' Retirement System of Michigan fully exited BondBloxx Bloomberg Six Month Target Duration US Treasury ETF in Q4 2025, selling an estimated $22.6M.
  • Municipal Employees' Retirement System of Michigan's ten largest holdings make up 77% of its $8.84B portfolio in Q4 2025.
  • Municipal Employees' Retirement System of Michigan opened 0 new positions and closed 9 in Q4 2025.
  • Municipal Employees' Retirement System of Michigan's portfolio value rose 2.4% quarter-over-quarter to $8.84B.

Based on Municipal Employees' Retirement System of Michigan's 13F filing for Q4 2025, filed 6 Feb 2026.