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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
FIZZ icon
1501
National Beverage
FIZZ
$2.93B
$155K 0.01%
+7,000
New +$151K
FOXA icon
1502
Fox Class A
FOXA
$27.1B
$154K 0.01%
4,890
– –
CF icon
1503
CF Industries
CF
$17.7B
$153K 0.01%
3,100
– –
NI icon
1504
NiSource
NI
$20.2B
$153K 0.01%
5,120
– –
VNO icon
1505
Vornado Realty Trust
VNO
$7.42B
$153K 0.01%
2,400
– –
MERC icon
1506
Mercer International
MERC
$34.1M
$151K 0.01%
12,010
-15,270
-56% -$193K
GME icon
1507
GameStop
GME
$8.32B
$150K 0.01%
108,760
-12,720
-10% -$13.7K
PNW icon
1508
Pinnacle West Capital
PNW
$12.2B
$150K 0.01%
1,550
– –
TAP icon
1509
Molson Coors Class B
TAP
$7.83B
$150K 0.01%
2,600
– –
AAL icon
1510
American Airlines Group
AAL
$9.98B
$149K 0.01%
5,510
– –
EG icon
1511
Everest Group
EG
$14B
$149K 0.01%
560
– –
MCRI icon
1512
Monarch Casino & Resort
MCRI
$2.18B
$149K 0.01%
3,580
+60
+2% +$2.67K
RGS icon
1513
Regis Corp
RGS
$70.9M
$149K 0.01%
368
-84
-19% -$30.2K
LW icon
1514
Lamb Weston
LW
$7.38B
$148K 0.01%
2,030
– –
TTGT icon
1515
TechTarget
TTGT
$274M
$148K 0.01%
6,570
+90
+1% +$2.07K
HSKA
1516
DELISTED
Heska Corp
HSKA
$148K 0.01%
2,090
+50
+2% +$3.75K
BF.B icon
1517
Brown-Forman Class B
BF.B
$12.9B
$145K 0.01%
2,305
– –
RJF icon
1518
Raymond James Financial
RJF
$34.6B
$143K 0.01%
2,595
– –
CHS
1519
DELISTED
Chicos FAS, Inc.
CHS
$143K 0.01%
35,360
-62,450
-64% -$211K
FTI icon
1520
TechnipFMC
FTI
$29.9B
$142K 0.01%
7,916
– –
GRMN
1521
Garmin
GRMN
$60.4B
$142K 0.01%
1,680
– –
ETD icon
1522
Ethan Allen Interiors
ETD
$579M
$141K 0.01%
7,390
-6,600
-47% -$126K
WHR icon
1523
Whirlpool
WHR
$2.82B
$141K 0.01%
890
+30
+3% +$4.31K
ICD
1524
DELISTED
Independence Contract Drilling, Inc.
ICD
$141K 0.01%
5,865
– –
OPB
1525
DELISTED
Opus Bank Common Stock
OPB
$141K 0.01%
6,460
– –
59 60
61
62 63

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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
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.