State of Michigan Retirement System’s Apollo Commercial Real Estate ARI Stock Holding History

State of Michigan Retirement System’s Portfolio ARI Stock Details ARI Fund Activity

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2021 Q4	–	Sell	-5,459,968	Closed	-$81M	–	978
2021 Q3	$81M	Hold	5,459,968	–	–	0.46%	40
2021 Q2	$87.1M	Hold	5,459,968	–	–	0.51%	42
2021 Q1	$76.3M	Hold	5,459,968	–	–	0.48%	44
2020 Q4	$61M	Hold	5,459,968	–	–	0.42%	52
2020 Q3	$49.2M	Hold	5,459,968	–	–	0.39%	62
2020 Q2	$53.6M	Hold	5,459,968	–	–	0.47%	50
2020 Q1	$40.5M	Hold	5,459,968	–	–	0.45%	49
2019 Q4	$99.9M	Hold	5,459,968	–	–	0.83%	22
2019 Q3	$105M	Sell	5,459,968 -460,000	-8%	-$8.67M	0.95%	18
2019 Q2	$109M	Hold	5,919,968	–	–	0.98%	17
2019 Q1	$108M	Hold	5,919,968	–	–	0.86%	19
2018 Q4	$98.6M	Hold	5,919,968	–	–	0.88%	21
2018 Q3	$112M	Hold	5,919,968	–	–	0.82%	21
2018 Q2	$108M	Buy	5,919,968 +735,000	+14%	+$13.5M	0.85%	21
2018 Q1	$93.2M	Buy	5,184,968 +1,470,000	+40%	+$26.9M	0.75%	26
2017 Q4	$68.5M	Buy	3,714,968 +734,200	+25%	+$13.5M	0.54%	37
2017 Q3	$54M	Hold	2,980,768	–	–	0.44%	54
2017 Q2	$55.3M	Hold	2,980,768	–	–	0.42%	53
2017 Q1	$56.1M	Hold	2,980,768	–	–	0.43%	45
2016 Q4	$49.5M	Hold	2,980,768	–	–	0.39%	55
2016 Q3	$48.8M	Hold	2,980,768	–	–	0.38%	55
2016 Q2	$47.9M	Buy	2,980,768 +661,768	+29%	+$10.6M	0.38%	54
2016 Q1	$37.8M	Buy	+2,319,000	New	+$37.3M	0.3%	65

Other funds holding ARI

BlackRock New York $5.72T AUM 30.48% 1-Year Est. Return

Vanguard Group Malvern, Pennsylvania $6.9T AUM 27.45% 1-Year Est. Return

State Street Boston, Massachusetts $2.9T AUM 29.55% 1-Year Est. Return

Allspring Global Investments Charlotte, North Carolina $59.7B AUM 29.08% 1-Year Est. Return

Geode Capital Management Boston, Massachusetts $1.61T AUM 30.72% 1-Year Est. Return

Invesco Atlanta, Georgia $1.02T AUM 30.18% 1-Year Est. Return

Mirae Asset Global Investments Seoul, South Korea $67.7B AUM 51.91% 1-Year Est. Return

Morgan Stanley New York $1.66T AUM 25.57% 1-Year Est. Return

Northern Trust Chicago, Illinois $757B AUM 28.64% 1-Year Est. Return

Norges Bank Oslo, Norway $935B AUM

State of Michigan Retirement System's ARI Position: Q4 2021 in Review

State of Michigan Retirement System sold out of Apollo Commercial Real Estate (ARI) in Q4 2021, closing a stake of 5,459,968 shares — an estimated $81M sold.

State of Michigan Retirement System first reported a position in ARI in Q1 2016 and held it in 23 quarters. The position peaked at $112M in Q3 2018. 228 funds tracked by Wall St. Rank hold ARI as of Q4 2021.

State of Michigan Retirement System reported no remaining Apollo Commercial Real Estate position as of Q4 2021 after selling out during the quarter.
State of Michigan Retirement System sold 5,459,968 Apollo Commercial Real Estate shares in Q4 2021, an estimated $81M.
State of Michigan Retirement System first reported a position in Apollo Commercial Real Estate in Q1 2016 and held it in 23 quarters.
State of Michigan Retirement System's Apollo Commercial Real Estate position peaked at $112M in Q3 2018.
228 funds tracked by Wall St. Rank held Apollo Commercial Real Estate as of Q4 2021.

Based on State of Michigan Retirement System's 13F filing for Q4 2021, filed 27 Jan 2022.