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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
SLCA
1401
DELISTED
U.S. SILICA HOLDINGS, INC.
SLCA
– –
-22,520
Closed -$41K
SBOW
1402
DELISTED
SilverBow Resources, Inc.
SBOW
– –
-25,070
Closed -$62K
ETRN
1403
DELISTED
Equitrans Midstream Corporation Common Stock
ETRN
– –
-37,540
Closed -$189K
WIRE
1404
DELISTED
Encore Wire Corp
WIRE
– –
-6,490
Closed -$273K
SIX
1405
DELISTED
Six Flags Entertainment Corp.
SIX
– –
-14,750
Closed -$185K
CAMP
1406
DELISTED
CalAmp Corp.
CAMP
– –
-460
Closed -$48K
SMMF
1407
DELISTED
Summit Financial Group, Inc.
SMMF
– –
-16,170
Closed -$343K
AEL
1408
DELISTED
American Equity Investment Life Holding Company
AEL
– –
-28,210
Closed -$530K
MDC
1409
DELISTED
M.D.C. Holdings, Inc.
MDC
– –
-16,752
Closed -$360K
KAMN
1410
DELISTED
Kaman Corp
KAMN
– –
-8,630
Closed -$332K
CPE
1411
DELISTED
Callon Petroleum Company
CPE
– –
-12,096
Closed -$66K
PGTI
1412
DELISTED
PGT, Inc.
PGTI
– –
-17,930
Closed -$150K
EXPR
1413
DELISTED
Express, Inc.
EXPR
– –
-1,009
Closed -$30K
LBC
1414
DELISTED
Luther Burbank Corporation Common Stock
LBC
– –
-35,910
Closed -$329K
MDRX
1415
DELISTED
Veradigm Inc. Common Stock
MDRX
– –
-30,570
Closed -$215K
SRC
1416
DELISTED
SPIRIT REALTY CAPITAL, INC.
SRC
– –
-18,720
Closed -$490K
CHS
1417
DELISTED
Chicos FAS, Inc.
CHS
– –
-36,070
Closed -$47K
LTHM
1418
DELISTED
Livent Corporation
LTHM
– –
-45,220
Closed -$237K
RPT
1419
DELISTED
RPT Realty Common Shares of Beneficial Interest (MD)
RPT
– –
-24,900
Closed -$150K
VRTV
1420
DELISTED
VERITIV CORPORATION
VRTV
– –
-3,870
Closed -$30K
GHL
1421
DELISTED
Greenhill & Co., Inc.
GHL
– –
-4,770
Closed -$47K
PACW
1422
DELISTED
PacWest Bancorp
PACW
– –
-22,490
Closed -$403K
HT
1423
DELISTED
Hersha Hospitality Trust Priority Class A Common Shares of Beneficial Interest
HT
– –
-11,070
Closed -$40K
AVTA
1424
DELISTED
Avantax, Inc. Common Stock
AVTA
– –
-15,160
Closed -$183K
NXGN
1425
DELISTED
NextGen Healthcare, Inc. Common Stock
NXGN
– –
-14,810
Closed -$155K
55 56
57
58 59

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SFM
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AI
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HI
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PEA
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WPL
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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.