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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
-3.33%
1 Year Est. Return
+13.04%
3 Year Est. Return
+34.61%
5 Year Est. Return
+23.86%
10 Year Est. Return
–
AUM
$7.2B
AUM Growth
+$181M
Cap. Flow
+$422M
Cap. Flow %
5.87%
Top 10 Hldgs %
61.68%
Holding
51
New
–
Increased
11
Reduced
11
Closed
2

Top Buys

Rank Stock Value
1
SPTL icon
State Street SPDR Portfolio Long Term Treasury ETF
SPTL
+$192M
2
SPTI icon
State Street SPDR Portfolio Intermediate Term Treasury ETF
SPTI
+$167M
3
SPTS icon
State Street SPDR Portfolio Short Term Treasury ETF
SPTS
+$166M
4
IVV icon
iShares Core S&P 500 ETF
IVV
+$105M
5
MBB icon
iShares MBS ETF
MBB
+$73.3M

Top Sells

Rank Stock Value
1
QVML icon
Invesco S&P 500 QVM Multi-factor ETF
QVML
+$105M
2
IPAC icon
iShares Core MSCI Pacific ETF
IPAC
+$74.6M
3
EWJV icon
iShares MSCI Japan Value ETF
EWJV
+$46.5M
4
IJH icon
iShares Core S&P Mid-Cap ETF
IJH
+$38.8M
5
USHY icon
iShares Broad USD High Yield Corporate Bond ETF
USHY
+$35.7M

Sector Composition

Rank Sector Weight
1 Materials 0.45%
2 Consumer Discretionary 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IVV icon
1
iShares Core S&P 500 ETF
IVV
$904B
$1.32B 18.35%
3,075,006
+235,198
+8% +$105M
QVML icon
2
Invesco S&P 500 QVM Multi-factor ETF
QVML
$1.53B
$802M 11.15%
32,080,028
-4,043,973
-11% -$105M
IEMG icon
3
iShares Core MSCI Emerging Markets ETF
IEMG
$158B
$399M 5.55%
8,390,863
– –
SPTS icon
4
State Street SPDR Portfolio Short Term Treasury ETF
SPTS
$6.11B
$378M 5.26%
13,165,238
+5,763,358
+78% +$166M
TUA icon
5
Simplify Short Term Treasury Futures Strategy ETF
TUA
$659M
$361M 5.02%
16,534,947
+2,238,137
+16% +$50M
VGSH icon
6
Vanguard Short-Term Treasury ETF
VGSH
$30.2B
$260M 3.61%
4,514,768
+69,516
+2% +$4.01M
QVMM
7
Invesco QQQ Trust Series 1
QVMM
$443M
$250M 3.48%
10,848,386
– –
IPAC icon
8
iShares Core MSCI Pacific ETF
IPAC
$2.78B
$249M 3.46%
4,476,690
-1,303,661
-23% -$74.6M
XONE icon
9
BondBloxx Bloomberg One Year Target Duration US Treasury ETF
XONE
$844M
$224M 3.11%
4,502,743
– –
VGIT icon
10
Vanguard Intermediate-Term Treasury ETF
VGIT
$42.4B
$194M 2.69%
3,390,733
– –
QVMS
11
Invesco S&P SmallCap 600 QVM Multi-factor ETF
QVMS
$258M
$188M 2.61%
8,595,731
– –
IJH icon
12
iShares Core S&P Mid-Cap ETF
IJH
$128B
$186M 2.59%
3,730,765
-740,045
-17% -$38.8M
SPTL icon
13
State Street SPDR Portfolio Long Term Treasury ETF
SPTL
$10.7B
$180M 2.5%
6,883,165
+6,825,839
+11,907% +$192M
XEMD icon
14
BondBloxx JPMorgan USD Emerging Markets 1-10 Year Bond ETF
XEMD
$844M
$175M 2.43%
4,504,991
– –
EMB icon
15
iShares JPMorgan USD Emerging Markets Bond ETF
EMB
$14.9B
$171M 2.38%
2,073,137
-258,848
-11% -$22.1M
VGK icon
16
Vanguard FTSE Europe ETF
VGK
$31B
$167M 2.33%
2,890,092
– –
SPTI icon
17
State Street SPDR Portfolio Intermediate Term Treasury ETF
SPTI
$10.6B
$165M 2.29%
5,977,627
+5,977,460
+3,579,317% +$167M
EMHC icon
18
State Street SPDR Bloomberg Emerging Markets USD Bond ETF
EMHC
$290M
$164M 2.29%
7,262,948
-26,553
-0.4% -$621K
ISVL icon
19
iShares International Developed Small Cap Value Factor ETF
ISVL
$332M
$141M 1.96%
4,592,859
– –
SPHY icon
20
State Street SPDR Portfolio High Yield Bond ETF
SPHY
$12B
$135M 1.88%
6,034,761
-661,667
-10% -$15M
BBEU icon
21
JPMorgan BetaBuilders Europe ETF
BBEU
$9.52B
$115M 1.6%
2,267,719
+394,710
+21% +$21.1M
PICK icon
22
iShares MSCI Global Metals & Mining Producers ETF
PICK
$2.33B
$102M 1.42%
2,571,734
-74,981
-3% -$3.05M
MBB icon
23
iShares MBS ETF
MBB
$39B
$96.1M 1.34%
1,082,379
+801,744
+286% +$73.3M
EWJV icon
24
iShares MSCI Japan Value ETF
EWJV
$754M
$87M 1.21%
3,046,678
-1,648,955
-35% -$46.5M
XHLF icon
25
BondBloxx Bloomberg Six Month Target Duration US Treasury ETF
XHLF
$1.99B
$86.2M 1.2%
1,714,155
– –
1
2 3

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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
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SUT
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MU
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WPL
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Municipal Employees' Retirement System of Michigan's Q3 2023 Portfolio in Review

As of Q3 2023, Municipal Employees' Retirement System of Michigan held 51 positions worth $7.2B, up 2.6% from $7.01B the previous quarter. Its ten largest holdings account for 62% of the portfolio.

Municipal Employees' Retirement System of Michigan deployed $422M of net new capital in Q3 2023, adding to 11 existing holdings.

By sector, the portfolio is most concentrated in Materials at 0.45% of assets, up from 0.33% a quarter earlier, followed by Consumer Discretionary.

On the sell side, the largest reduction was Invesco S&P 500 QVM Multi-factor ETF, an estimated $105M trimmed.

  • Municipal Employees' Retirement System of Michigan added most to State Street SPDR Portfolio Long Term Treasury ETF in Q3 2023, an estimated $192M increase.
  • Municipal Employees' Retirement System of Michigan's biggest Q3 2023 reduction was Invesco S&P 500 QVM Multi-factor ETF, cutting an estimated $105M.
  • Municipal Employees' Retirement System of Michigan fully exited iShares Broad USD High Yield Corporate Bond ETF in Q3 2023, selling an estimated $35.7M.
  • Municipal Employees' Retirement System of Michigan's ten largest holdings make up 62% of its $7.2B portfolio in Q3 2023.
  • Municipal Employees' Retirement System of Michigan opened 0 new positions and closed 2 in Q3 2023.
  • Municipal Employees' Retirement System of Michigan's portfolio value rose 2.6% quarter-over-quarter to $7.2B.

Based on Municipal Employees' Retirement System of Michigan's 13F filing for Q3 2023, filed 6 Nov 2023.