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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
+4.74%
1 Year Est. Return
+13.04%
3 Year Est. Return
+34.61%
5 Year Est. Return
+23.86%
10 Year Est. Return
–
AUM
$8.64B
AUM Growth
+$326M
Cap. Flow
-$46.6M
Cap. Flow %
-0.54%
Top 10 Hldgs %
76.59%
Holding
45
New
–
Increased
–
Reduced
1
Closed
–

Top Buys

No buys this quarter

Top Sells

Rank Stock Value
1
AG icon
First Majestic Silver
AG
+$46.6M

Sector Composition

Rank Sector Weight
1 Materials 0.16%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
QVML icon
1
Invesco S&P 500 QVM Multi-factor ETF
QVML
$1.53B
$1.34B 15.52%
34,132,010
– –
SPTI icon
2
State Street SPDR Portfolio Intermediate Term Treasury ETF
SPTI
$10.6B
$1.04B 12%
35,861,653
– –
IVV icon
3
iShares Core S&P 500 ETF
IVV
$904B
$992M 11.48%
1,481,662
– –
VGK icon
4
Vanguard FTSE Europe ETF
VGK
$31B
$705M 8.16%
8,835,451
– –
SPTS icon
5
State Street SPDR Portfolio Short Term Treasury ETF
SPTS
$6.11B
$643M 7.45%
21,942,738
– –
SCHP icon
6
Schwab US TIPS ETF
SCHP
$16.2B
$442M 5.12%
16,401,227
– –
SPIB icon
7
State Street SPDR Portfolio Intermediate Term Corporate Bond ETF
SPIB
$11.5B
$439M 5.09%
12,968,096
– –
QVMM
8
Invesco QQQ Trust Series 1
QVMM
$443M
$360M 4.17%
11,882,576
– –
SPTL icon
9
State Street SPDR Portfolio Long Term Treasury ETF
SPTL
$10.7B
$340M 3.94%
12,629,575
– –
IEMG icon
10
iShares Core MSCI Emerging Markets ETF
IEMG
$158B
$315M 3.64%
4,773,111
– –
IJH icon
11
iShares Core S&P Mid-Cap ETF
IJH
$128B
$297M 3.44%
4,555,207
– –
XBB icon
12
BondBloxx BB-Rated USD High Yield Corporate Bond ETF
XBB
$519M
$257M 2.98%
6,227,640
– –
XEMD icon
13
BondBloxx JPMorgan USD Emerging Markets 1-10 Year Bond ETF
XEMD
$844M
$205M 2.38%
4,698,046
– –
QVMS
14
Invesco S&P SmallCap 600 QVM Multi-factor ETF
QVMS
$258M
$199M 2.3%
7,114,414
– –
SPHY icon
15
State Street SPDR Portfolio High Yield Bond ETF
SPHY
$12B
$143M 1.65%
5,954,325
– –
PICK icon
16
iShares MSCI Global Metals & Mining Producers ETF
PICK
$2.33B
$135M 1.56%
3,032,992
– –
FLCA icon
17
Franklin FTSE Canada ETF
FLCA
$860M
$126M 1.46%
2,773,743
– –
FALN icon
18
iShares Fallen Angels USD Bond ETF
FALN
$1.6B
$96.6M 1.12%
3,476,559
– –
RING icon
19
iShares MSCI Global Gold Miners ETF
RING
$2.48B
$88.8M 1.03%
1,372,210
– –
BBCA icon
20
JPMorgan BetaBuilders Canada ETF
BBCA
$11.3B
$82M 0.95%
940,556
– –
XONE icon
21
BondBloxx Bloomberg One Year Target Duration US Treasury ETF
XONE
$844M
$58.5M 0.68%
1,178,547
– –
XFIV icon
22
BondBloxx Bloomberg Five Year Target Duration US Treasury ETF
XFIV
$324M
$34.9M 0.4%
704,064
– –
XLE icon
23
State Street Energy Select Sector SPDR ETF
XLE
$39.9B
$32.2M 0.37%
720,252
– –
ICOP icon
24
iShares Copper and Metals Mining ETF
ICOP
$474M
$29.5M 0.34%
784,271
– –
XHLF icon
25
BondBloxx Bloomberg Six Month Target Duration US Treasury ETF
XHLF
$1.99B
$22.6M 0.26%
448,334
– –
1
2

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VAS
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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 Q3 2025 Portfolio in Review

As of Q3 2025, Municipal Employees' Retirement System of Michigan held 45 positions worth $8.64B, up 3.9% from $8.31B the previous quarter. Its ten largest holdings account for 77% of the portfolio.

Trading was light in Q3 2025: portfolio turnover was 0%. Municipal Employees' Retirement System of Michigan opened no new positions and made no exits, leaving the 45-position portfolio largely intact.

By sector, the portfolio is most concentrated in Materials at 0.16% of assets, down from 0.61% a quarter earlier.

  • Municipal Employees' Retirement System of Michigan's biggest Q3 2025 reduction was First Majestic Silver, cutting an estimated $46.6M.
  • Municipal Employees' Retirement System of Michigan's ten largest holdings make up 77% of its $8.64B portfolio in Q3 2025.
  • Municipal Employees' Retirement System of Michigan opened 0 new positions and closed 0 in Q3 2025.
  • Municipal Employees' Retirement System of Michigan's portfolio value rose 3.9% quarter-over-quarter to $8.64B.

Based on Municipal Employees' Retirement System of Michigan's 13F filing for Q3 2025, filed 12 Nov 2025.