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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
-18.78%
1 Year Est. Return
+13.04%
3 Year Est. Return
+34.61%
5 Year Est. Return
+23.86%
10 Year Est. Return
–
AUM
$3.16B
AUM Growth
+$69.9M
Cap. Flow
+$797M
Cap. Flow %
25.22%
Top 10 Hldgs %
62.93%
Holding
1,690
New
25
Increased
642
Reduced
33
Closed
92

Top Buys

Rank Stock Value
1
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$381M
2
HYG icon
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
+$374M
3
IEUR icon
iShares Core MSCI Europe ETF
IEUR
+$212M
4
IEMG icon
iShares Core MSCI Emerging Markets ETF
IEMG
+$201M
5
JNK icon
State Street SPDR Bloomberg High Yield Bond ETF
JNK
+$180M

Top Sells

Rank Stock Value
1
SPTI icon
State Street SPDR Portfolio Intermediate Term Treasury ETF
SPTI
+$226M
2
SPTS icon
State Street SPDR Portfolio Short Term Treasury ETF
SPTS
+$67.4M
3
SPTL icon
State Street SPDR Portfolio Long Term Treasury ETF
SPTL
+$66.1M
4
VGIT icon
Vanguard Intermediate-Term Treasury ETF
VGIT
+$59.5M
5
FLRN icon
State Street SPDR Bloomberg Investment Grade Floating Rate ETF
FLRN
+$45.1M

Sector Composition

Rank Sector Weight
1 Technology 5.71%
2 Financials 5.31%
3 Industrials 4.28%
4 Healthcare 4.21%
5 Consumer Discretionary 3.23%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CB icon
1601
Chubb
CB
$133B
– –
-17,356
Closed -$2.7M
CLB icon
1602
Core Laboratories
CLB
$557M
– –
-8,160
Closed -$307K
CPRI icon
1603
Capri Holdings
CPRI
$1.77B
– –
-2,110
Closed -$80K
CWCO icon
1604
Consolidated Water Co
CWCO
$509M
– –
-53,900
Closed -$879K
EG icon
1605
Everest Group
EG
$14B
– –
-4,710
Closed -$1.3M
ETN icon
1606
Eaton
ETN
$177B
– –
-24,180
Closed -$2.29M
DMC
1607
Del Monte Corp
DMC
$1.44B
– –
-9,320
Closed -$326K
FLRN icon
1608
State Street SPDR Bloomberg Investment Grade Floating Rate ETF
FLRN
$2.97B
– –
-1,468,189
Closed -$45.1M
FN icon
1609
Fabrinet
FN
$20.8B
– –
-11,280
Closed -$731K
FTI icon
1610
TechnipFMC
FTI
$29.4B
– –
-7,916
Closed -$126K
GNK icon
1611
Genco Shipping & Trading
GNK
$1.12B
– –
-53,570
Closed -$569K
GRMN
1612
Garmin
GRMN
$60.1B
– –
-2,050
Closed -$200K
HELE icon
1613
Helen of Troy
HELE
$707M
– –
-4,660
Closed -$838K
ICHR icon
1614
Ichor Holdings
ICHR
$2.65B
– –
-6,870
Closed -$229K
IGSB icon
1615
iShares 1-5 Year Investment Grade Corporate Bond ETF
IGSB
$23.4B
– –
-282,539
Closed -$15.2M
III icon
1616
Information Services Group
III
$248M
– –
-141,710
Closed -$359K
IVZ icon
1617
Invesco
IVZ
$14.2B
– –
-52,330
Closed -$940K
JCI icon
1618
Johnson Controls International
JCI
$92B
– –
-11,307
Closed -$460K
JHG
1619
DELISTED
Janus Henderson
JHG
– –
-29,504
Closed -$721K
JRVR icon
1620
James River Group Holdings
JRVR
$205M
– –
-9,300
Closed -$383K
LIN icon
1621
Linde
LIN
$222B
– –
-7,660
Closed -$1.63M
LYB icon
1622
LyondellBasell Industries
LYB
$20.1B
– –
-3,860
Closed -$365K
MDT icon
1623
Medtronic
MDT
$117B
– –
-51,920
Closed -$5.89M
MOD icon
1624
Modine Manufacturing
MOD
$10.7B
– –
-64,160
Closed -$494K
NBR icon
1625
Nabors Industries
NBR
$1.31B
– –
-2,069
Closed -$298K
63 64
65
66 67

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SFM
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AI
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HI
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PEA
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SUT
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WPL
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Municipal Employees' Retirement System of Michigan's Q1 2020 Portfolio in Review

As of Q1 2020, Municipal Employees' Retirement System of Michigan held 1,690 positions worth $3.16B, up 2.3% from $3.09B the previous quarter. Its ten largest holdings account for 63% of the portfolio.

Municipal Employees' Retirement System of Michigan deployed $797M of net new capital in Q1 2020, opening 25 new positions and adding to 642 existing holdings. Its largest new stake was State Street SPDR S&P 500 ETF Trust: 1,250,193 shares worth $322M.

By sector, the portfolio is most concentrated in Technology at 5.7% of assets, down from 7.4% a quarter earlier, followed by Financials and Industrials.

On the sell side, the largest reduction was State Street SPDR Portfolio Short Term Treasury ETF, an estimated $67.4M trimmed.

  • Municipal Employees' Retirement System of Michigan's largest Q1 2020 buy was State Street SPDR S&P 500 ETF Trust: 1,250,193 shares worth $322M.
  • Municipal Employees' Retirement System of Michigan added most to iShares Core S&P 500 ETF in Q1 2020, an estimated $168M increase.
  • Municipal Employees' Retirement System of Michigan's biggest Q1 2020 reduction was State Street SPDR Portfolio Short Term Treasury ETF, cutting an estimated $67.4M.
  • Municipal Employees' Retirement System of Michigan fully exited State Street SPDR Portfolio Intermediate Term Treasury ETF in Q1 2020, selling an estimated $226M.
  • Municipal Employees' Retirement System of Michigan's ten largest holdings make up 63% of its $3.16B portfolio in Q1 2020.
  • Municipal Employees' Retirement System of Michigan opened 25 new positions and closed 92 in Q1 2020.
  • Municipal Employees' Retirement System of Michigan's portfolio value rose 2.3% quarter-over-quarter to $3.16B.

Based on Municipal Employees' Retirement System of Michigan's 13F filing for Q1 2020, filed 29 Apr 2020.