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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
ABMD
1451
DELISTED
Abiomed Inc
ABMD
– –
-620
Closed -$90K
TWTR
1452
DELISTED
Twitter, Inc.
TWTR
– –
-10,950
Closed -$269K
Y
1453
DELISTED
Alleghany Corp
Y
– –
-2,700
Closed -$1.49M
CVET
1454
DELISTED
Covetrus, Inc. Common Stock
CVET
– –
-30,220
Closed -$246K
EXTN
1455
DELISTED
Exterran Corporation
EXTN
– –
-8,890
Closed -$43K
HNGR
1456
DELISTED
Hanger Inc.
HNGR
– –
-11,420
Closed -$178K
DRE
1457
DELISTED
Duke Realty Corp.
DRE
– –
-5,120
Closed -$166K
ABTX
1458
DELISTED
Allegiance Bancshares
ABTX
– –
-19,370
Closed -$467K
CTXS
1459
DELISTED
Citrix Systems Inc
CTXS
– –
-21,850
Closed -$3.09M
GCP
1460
DELISTED
GCP Applied Technologies Inc.
GCP
– –
-16,660
Closed -$297K
USAK
1461
DELISTED
USA Truck Inc
USAK
– –
-35,260
Closed -$112K
MANT
1462
DELISTED
Mantech International Corp
MANT
– –
-8,340
Closed -$606K
POLY
1463
DELISTED
Plantronics, Inc.
POLY
– –
-10,140
Closed -$102K
CDR
1464
DELISTED
Cedar Realty Trust, Inc
CDR
– –
-3,918
Closed -$24K
ACC
1465
DELISTED
American Campus Communities, Inc.
ACC
– –
-25,790
Closed -$716K
MTOR
1466
DELISTED
MERITOR, Inc.
MTOR
– –
-22,820
Closed -$302K
SAFM
1467
DELISTED
Sanderson Farms Inc
SAFM
– –
-3,660
Closed -$451K
NTUS
1468
DELISTED
Natus Medical Inc
NTUS
– –
-10,560
Closed -$244K
PSB
1469
DELISTED
PS Business Parks, Inc.
PSB
– –
-3,760
Closed -$510K
WMC
1470
DELISTED
Western Asset Mortgage Capital Corporation
WMC
– –
-4,089
Closed -$94K
CDK
1471
DELISTED
CDK Global, Inc.
CDK
– –
-22,780
Closed -$748K
NP
1472
DELISTED
Neenah, Inc. Common Stock
NP
– –
-5,160
Closed -$223K
COHR
1473
DELISTED
Coherent Inc
COHR
– –
-4,530
Closed -$482K
TVTY
1474
DELISTED
Tivity Health, Inc. Common Stock
TVTY
– –
-13,385
Closed -$84K
TSC
1475
DELISTED
TriState Capital Holdings, Inc.
TSC
– –
-22,090
Closed -$214K
57 58
59
60 61

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SFM
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AI
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HI
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PEA
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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.