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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
FOSL icon
1476
Fossil Group
FOSL
$326M
$171K 0.01%
13,650
-12,110
-47% -$137K
EGRX
1477
DELISTED
Eagle Pharmaceuticals, Inc.
EGRX
$171K 0.01%
3,030
-150
-5% -$8.44K
VECO icon
1478
Veeco
VECO
$3.33B
$170K 0.01%
14,588
+280
+2% +$3.15K
RUTH
1479
DELISTED
Ruth's Hospitality Group, Inc.
RUTH
$170K 0.01%
8,320
-120
-1% -$2.5K
DRE
1480
DELISTED
Duke Realty Corp.
DRE
$169K 0.01%
4,980
– –
REGI
1481
DELISTED
Renewable Energy Group, Inc.
REGI
$169K 0.01%
11,270
-61,050
-84% -$842K
COHU icon
1482
Cohu
COHU
$2.78B
$167K 0.01%
12,360
+240
+2% +$3.33K
ACLS icon
1483
Axcelis
ACLS
$4.46B
$166K 0.01%
9,700
– –
CTXS
1484
DELISTED
Citrix Systems Inc
CTXS
$166K 0.01%
1,720
– –
BKR icon
1485
Baker Hughes
BKR
$63.2B
$165K 0.01%
7,110
– –
HRL icon
1486
Hormel Foods
HRL
$13.5B
$165K 0.01%
3,780
– –
FMC icon
1487
FMC
FMC
$1.25B
$164K 0.01%
1,870
– –
LUMN icon
1488
Lumen
LUMN
$6.56B
$164K 0.01%
13,173
– –
TISI icon
1489
Team
TISI
$101M
$164K 0.01%
911
+15
+2% +$2.48K
ICHR icon
1490
Ichor Holdings
ICHR
$2.73B
$163K 0.01%
6,730
-3,760
-36% -$88.9K
REG icon
1491
Regency Centers
REG
$14B
$163K 0.01%
2,350
+70
+3% +$4.66K
DNR
1492
DELISTED
Denbury Resources, Inc.
DNR
$163K 0.01%
137,140
-119,420
-47% -$138K
AAP icon
1493
Advance Auto Parts
AAP
$3.4B
$162K 0.01%
980
– –
VICR icon
1494
Vicor
VICR
$10.6B
$162K 0.01%
5,480
+630
+13% +$19.4K
ADTN icon
1495
Adtran
ADTN
$665M
$161K 0.01%
14,230
– –
TDAY
1496
USA Today Co
TDAY
$997M
$160K 0.01%
18,150
+1,930
+12% +$17.6K
HT
1497
DELISTED
Hersha Hospitality Trust Priority Class A Common Shares of Beneficial Interest
HT
$160K 0.01%
10,780
– –
NDAQ icon
1498
Nasdaq
NDAQ
$53.7B
$158K 0.01%
4,770
– –
AGYS icon
1499
Agilysys
AGYS
$3.05B
$156K 0.01%
6,110
+830
+16% +$21.1K
JKHY icon
1500
Jack Henry & Associates
JKHY
$10.8B
$156K 0.01%
1,070
– –
58 59
60
61 62

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VAS
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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
HI
Horizon Investments Charlotte, North Carolina $8.92B AUM 25.62% 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

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.