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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
EVR icon
601
Evercore
EVR
$12B
– –
-7,400
Closed -$341K
EVTC icon
602
Evertec
EVTC
$1.91B
– –
-18,490
Closed -$420K
EWBC icon
603
East-West Bancorp
EWBC
$18.6B
– –
-27,330
Closed -$703K
EXEL icon
604
Exelixis
EXEL
$12.5B
– –
-57,020
Closed -$982K
EXLS icon
605
EXL Service
EXLS
$5.36B
– –
-52,800
Closed -$549K
EXP icon
606
Eagle Materials
EXP
$6.41B
– –
-7,790
Closed -$455K
EXPD icon
607
Expeditors International
EXPD
$24.3B
– –
-20,430
Closed -$1.36M
EXPO icon
608
Exponent
EXPO
$3.24B
– –
-16,060
Closed -$1.16M
EXR icon
609
Extra Space Storage
EXR
$31.6B
– –
-1,860
Closed -$178K
EXTR icon
610
Extreme Networks
EXTR
$3.16B
– –
-37,660
Closed -$116K
EZPW icon
611
Ezcorp Inc
EZPW
$1.76B
– –
-97,820
Closed -$407K
F icon
612
Ford
F
$55.4B
– –
-55,660
Closed -$269K
FAF icon
613
First American
FAF
$7.56B
– –
-21,080
Closed -$894K
FARO
614
DELISTED
Faro Technologies
FARO
– –
-5,390
Closed -$240K
FAST icon
615
Fastenal
FAST
$58.9B
– –
-16,260
Closed -$254K
FBP icon
616
First Bancorp
FBP
$4.49B
– –
-67,340
Closed -$358K
FCF icon
617
First Commonwealth Financial
FCF
$2.19B
– –
-30,460
Closed -$278K
FCFS icon
618
FirstCash
FCFS
$9.14B
– –
-7,970
Closed -$572K
FCN icon
619
FTI Consulting
FCN
$4.24B
– –
-7,060
Closed -$846K
FCPT icon
620
Four Corners Property Trust
FCPT
$2.76B
– –
-21,346
Closed -$399K
FDS icon
621
Factset
FDS
$10.2B
– –
-7,100
Closed -$1.85M
FDX icon
622
FedEx
FDX
$80.3B
– –
-3,410
Closed -$413K
FE icon
623
FirstEnergy
FE
$27.1B
– –
-33,950
Closed -$1.36M
FELE icon
624
Franklin Electric
FELE
$4.68B
– –
-11,920
Closed -$562K
FF icon
625
Future Fuel
FF
$249M
– –
-41,600
Closed -$469K
23 24
25
26 27

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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
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
PVI
Partners Value Investments Hamilton, Bermuda $9.34B AUM 12.2% 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.