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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
ZAGG
1526
DELISTED
ZAGG Inc Common Stock (Delaware)
ZAGG
– –
-41,290
Closed -$128K
VRTU
1527
DELISTED
Virtusa Corporation
VRTU
– –
-9,260
Closed -$263K
FBM
1528
DELISTED
Foundation Building Materials, Inc. Common Stock
FBM
– –
-5,460
Closed -$56K
CXO
1529
DELISTED
CONCHO RESOURCES INC.
CXO
– –
-5,930
Closed -$254K
WPX
1530
DELISTED
WPX Energy, Inc.
WPX
– –
-78,350
Closed -$239K
TIF
1531
DELISTED
Tiffany & Co.
TIF
– –
-1,540
Closed -$199K
BMY.RT
1532
DELISTED
Bristol-Myers Squibb Company Contingent Value Rights
BMY.RT
– –
-10,040
Closed -$38K
TCO
1533
DELISTED
Taubman Centers Inc.
TCO
– –
-11,490
Closed -$481K
DNKN
1534
DELISTED
Dunkin' Brands Group, Inc.
DNKN
– –
-15,550
Closed -$826K
BSTC
1535
DELISTED
BioSpecifics Technologies Corp.
BSTC
– –
-8,800
Closed -$498K
GPOR
1536
DELISTED
Gulfport Energy Corp.
GPOR
– –
-44,180
Closed -$20K
AMAG
1537
DELISTED
AMAG Pharmaceuticals
AMAG
– –
-10,170
Closed -$63K
JCAP
1538
DELISTED
Jernigan Capital, Inc.
JCAP
– –
-40,090
Closed -$439K
CBL
1539
DELISTED
CBL& Associates Properties, Inc.
CBL
– –
-52,590
Closed -$11K
ONDK
1540
DELISTED
On Deck Capital, Inc.
ONDK
– –
-96,660
Closed -$149K
NBL
1541
DELISTED
Noble Energy, Inc.
NBL
– –
-6,650
Closed -$40K
ETFC
1542
DELISTED
E*Trade Financial Corporation
ETFC
– –
-3,420
Closed -$117K
DLPH
1543
DELISTED
Delphi Technologies PLC Ordinary Shares
DLPH
– –
-15,980
Closed -$129K
MNTA
1544
DELISTED
Momenta Pharmaceuticals, Inc.
MNTA
– –
-35,170
Closed -$957K
CCMP
1545
DELISTED
CMC Materials, Inc. Common Stock
CCMP
– –
-5,460
Closed -$623K
LOGM
1546
DELISTED
LogMein, Inc.
LOGM
– –
-9,170
Closed -$764K
BFYT
1547
DELISTED
Benefytt Technologies, Inc. Class A Common Stock
BFYT
– –
-20,810
Closed -$466K
VAL
1548
DELISTED
Valaris plc Class A Ordinary Share
VAL
– –
-60,560
Closed -$27K
FSB
1549
DELISTED
Franklin Financial Network, Inc.
FSB
– –
-4,150
Closed -$85K
TLRD
1550
DELISTED
Tailored Brands, Inc.
TLRD
– –
-15,120
Closed -$26K
60 61
62
63 64

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AI
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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.