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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
PDFS icon
1026
PDF Solutions
PDFS
$2.13B
– –
-8,540
Closed -$100K
PEB icon
1027
Pebblebrook Hotel Trust
PEB
$2.05B
– –
-24,230
Closed -$264K
PEBO icon
1028
Peoples Bancorp
PEBO
$1.49B
– –
-11,380
Closed -$252K
PEG icon
1029
Public Service Enterprise Group
PEG
$37.8B
– –
-34,750
Closed -$1.56M
PEN icon
1030
Penumbra
PEN
$12.9B
– –
-6,030
Closed -$973K
PENN icon
1031
PENN Entertainment
PENN
$2.53B
– –
-20,450
Closed -$259K
PETS icon
1032
PetMed Express
PETS
$43.4M
– –
-6,160
Closed -$177K
PFBC icon
1033
Preferred Bank
PFBC
$1.28B
– –
-15,840
Closed -$536K
PFS icon
1034
Provident Financial Services
PFS
$3.26B
– –
-18,550
Closed -$239K
PII icon
1035
Polaris
PII
$3.91B
– –
-10,790
Closed -$520K
PIPR icon
1036
Piper Sandler
PIPR
$5.54B
– –
-19,720
Closed -$249K
PK icon
1037
Park Hotels & Resorts
PK
$3.03B
– –
-44,920
Closed -$355K
PKE icon
1038
Park Aerospace
PKE
$811M
– –
-5,960
Closed -$75K
PLAB icon
1039
Photronics
PLAB
$1.97B
– –
-103,550
Closed -$1.06M
PLAY icon
1040
Dave & Buster's
PLAY
$370M
– –
-9,550
Closed -$125K
PLCE icon
1041
Children's Place
PLCE
$53.4M
– –
-4,770
Closed -$93K
PLD icon
1042
Prologis
PLD
$134B
– –
-10,580
Closed -$850K
PLUS icon
1043
ePlus
PLUS
$2.31B
– –
-8,360
Closed -$262K
PLXS icon
1044
Plexus
PLXS
$7.04B
– –
-9,040
Closed -$493K
PMT
1045
PennyMac Mortgage Investment
PMT
$828M
– –
-31,040
Closed -$330K
PNFP icon
1046
Pinnacle Financial Partners Inc
PNFP
$16.2B
– –
-13,420
Closed -$504K
PNTG icon
1047
Pennant Group
PNTG
$1.35B
– –
-8,105
Closed -$115K
PNW icon
1048
Pinnacle West Capital
PNW
$12.2B
– –
-15,260
Closed -$1.16M
POOL icon
1049
Pool Corp
POOL
$7.29B
– –
-7,510
Closed -$1.48M
POST icon
1050
Post Holdings
POST
$3.65B
– –
-19,054
Closed -$1.03M
40 41
42
43 44

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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.