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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
+1.02%
1 Year Est. Return
+13.04%
3 Year Est. Return
+34.61%
5 Year Est. Return
+23.86%
10 Year Est. Return
–
AUM
$2.62B
AUM Growth
+$1.18B
Cap. Flow
+$1.18B
Cap. Flow %
45.1%
Top 10 Hldgs %
33.55%
Holding
1,716
New
55
Increased
626
Reduced
537
Closed
38

Top Buys

Rank Stock Value
1
IVV icon
iShares Core S&P 500 ETF
IVV
+$344M
2
SPTI icon
State Street SPDR Portfolio Intermediate Term Treasury ETF
SPTI
+$117M
3
STIP icon
iShares 0-5 Year TIPS Bond ETF
STIP
+$59.9M
4
MBB icon
iShares MBS ETF
MBB
+$50.2M
5
FLRN icon
State Street SPDR Bloomberg Investment Grade Floating Rate ETF
FLRN
+$45.1M

Top Sells

Rank Stock Value
1
NGL icon
NGL Energy Partners
NGL
+$9.04M
2
CEQP
Crestwood Equity Partners LP
CEQP
+$7.87M
3
TCP
TC Pipelines LP
TCP
+$7.48M
4
CQP icon
Cheniere Energy
CQP
+$7.31M
5
NS
NuStar Energy L.P.
NS
+$7.27M

Sector Composition

Rank Sector Weight
1 Financials 8.75%
2 Technology 7.96%
3 Industrials 7.51%
4 Consumer Discretionary 5.82%
5 Healthcare 5.81%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ITRI icon
501
Itron
ITRI
$4.5B
$780K 0.03%
10,540
+490
+5% +$33K
TNL icon
502
Travel + Leisure Co
TNL
$4.58B
$779K 0.03%
16,920
-540
-3% -$24.1K
SVC
503
Service Properties Trust
SVC
$1.06B
$778K 0.03%
6,034
-46
-0.8% -$5.69K
HSII
504
DELISTED
Heidrick & Struggles
HSII
$777K 0.03%
28,480
+110
+0.4% +$3.1K
WTS icon
505
Watts Water Technologies
WTS
$12.8B
$777K 0.03%
8,290
-1,560
-16% -$145K
GWW icon
506
W.W. Grainger
GWW
$62.2B
$775K 0.03%
2,610
– –
ZD icon
507
Ziff Davis
ZD
$1.92B
$775K 0.03%
9,810
-34
-0.3% -$2.58K
AMED
508
DELISTED
Amedisys
AMED
$773K 0.03%
5,900
+510
+9% +$66.4K
CMG icon
509
Chipotle Mexican Grill
CMG
$41.3B
$773K 0.03%
46,000
– –
TGT icon
510
Target
TGT
$70.6B
$773K 0.03%
7,230
– –
INDB icon
511
Independent Bank
INDB
$4.05B
$772K 0.03%
10,340
+70
+0.7% +$5.08K
JCAP
512
DELISTED
Jernigan Capital, Inc.
JCAP
$772K 0.03%
40,090
– –
VG
513
DELISTED
Vonage Holdings Corporation
VG
$772K 0.03%
68,280
+2,270
+3% +$28.8K
WING icon
514
Wingstop
WING
$3.1B
$771K 0.03%
8,830
+60
+0.7% +$5.71K
NCMI icon
515
National CineMedia
NCMI
$252M
$770K 0.03%
+9,393
New +$702K
IPG
516
DELISTED
Interpublic Group of Companies
IPG
$768K 0.03%
35,640
– –
QLYS icon
517
Qualys
QLYS
$6.78B
$766K 0.03%
10,130
– –
RHI icon
518
Robert Half
RHI
$4.48B
$766K 0.03%
13,750
– –
CWT icon
519
California Water Service
CWT
$3.1B
$764K 0.03%
14,440
+60
+0.4% +$3.21K
LXP icon
520
LXP Industrial Trust
LXP
$3.58B
$762K 0.03%
14,866
-148
-1% -$7.4K
BCO icon
521
Brink's
BCO
$4.72B
$761K 0.03%
9,170
-10
-0.1% -$834
KMX icon
522
CarMax
KMX
$8.52B
$761K 0.03%
8,650
– –
ROG icon
523
Rogers Corp
ROG
$2.46B
$761K 0.03%
5,570
+50
+0.9% +$7.37K
VVV icon
524
Valvoline
VVV
$4.31B
$761K 0.03%
34,527
-260
-0.7% -$5.58K
TXNM
525
TXNM Energy Inc
TXNM
$5.91B
$761K 0.03%
14,610
-120
-0.8% -$6.06K
19 20
21
22 23

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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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Municipal Employees' Retirement System of Michigan's Q3 2019 Portfolio in Review

As of Q3 2019, Municipal Employees' Retirement System of Michigan held 1,716 positions worth $2.62B, up 83% from $1.43B the previous quarter. Its ten largest holdings account for 34% of the portfolio.

Municipal Employees' Retirement System of Michigan deployed $1.18B of net new capital in Q3 2019, opening 55 new positions and adding to 626 existing holdings. Its largest new stake was iShares Core S&P 500 ETF: 1,158,671 shares worth $346M.

By sector, the portfolio is most concentrated in Financials at 8.8% of assets, down from 16% a quarter earlier, followed by Technology and Industrials.

On the sell side, the largest reduction was MarketAxess Holdings, an estimated $2.31M trimmed.

  • Municipal Employees' Retirement System of Michigan's largest Q3 2019 buy was iShares Core S&P 500 ETF: 1,158,671 shares worth $346M.
  • Municipal Employees' Retirement System of Michigan added most to Foot Locker in Q3 2019, an estimated $748K increase.
  • Municipal Employees' Retirement System of Michigan's biggest Q3 2019 reduction was MarketAxess Holdings, cutting an estimated $2.31M.
  • Municipal Employees' Retirement System of Michigan fully exited NGL Energy Partners in Q3 2019, selling an estimated $9.04M.
  • Municipal Employees' Retirement System of Michigan's ten largest holdings make up 34% of its $2.62B portfolio in Q3 2019.
  • Municipal Employees' Retirement System of Michigan opened 55 new positions and closed 38 in Q3 2019.
  • Municipal Employees' Retirement System of Michigan's portfolio value rose 83% quarter-over-quarter to $2.62B.

Based on Municipal Employees' Retirement System of Michigan's 13F filing for Q3 2019, filed 29 Oct 2019.