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SOMRS

State of Michigan Retirement System Portfolio holdings

AUM $22.6B
1-Year Est. Return 40.24%
This Fund
S&P 500
This Quarter Est. Return
+3.57%
1 Year Est. Return
+40.24%
3 Year Est. Return
+127.54%
5 Year Est. Return
+152.65%
10 Year Est. Return
+534.6%
AUM
$20.6B
AUM Growth
-$244M
Cap. Flow
-$619M
Cap. Flow %
-3.01%
Top 10 Hldgs %
37.15%
Holding
963
New
19
Increased
89
Reduced
756
Closed
28

Top Buys

Rank Stock Value
1
DUOL icon
Duolingo
DUOL
+$130M
2
KBDC
Kayne Anderson BDC
KBDC
+$95.7M
3
KR icon
Kroger
KR
+$52M
4
CRH icon
CRH
CRH
+$20.9M
5
MTUM icon
iShares MSCI USA Momentum Factor ETF
MTUM
+$16M

Top Sells

Rank Stock Value
1
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$238M
2
NVDA icon
NVIDIA
NVDA
+$55.6M
3
AAPL icon
Apple
AAPL
+$40.7M
4
SPOT icon
Spotify
SPOT
+$39.1M
5
MSFT icon
Microsoft
MSFT
+$31M

Sector Composition

Rank Sector Weight
1 Technology 33%
2 Financials 12.17%
3 Communication Services 10.58%
4 Consumer Discretionary 9.44%
5 Healthcare 8.86%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TOST icon
376
Toast
TOST
$19.8B
$6.5M 0.03%
183,000
– –
GIS icon
377
General Mills
GIS
$20.7B
$6.49M 0.03%
139,602
-5,000
-3% -$238K
VLTO icon
378
Veralto
VLTO
$23.6B
$6.49M 0.03%
65,048
-5,800
-8% -$587K
IRM icon
379
Iron Mountain
IRM
$37.3B
$6.42M 0.03%
77,346
-2,500
-3% -$234K
PPG icon
380
PPG Industries
PPG
$25.6B
$6.22M 0.03%
60,743
-2,500
-4% -$251K
CTRA
381
DELISTED
Coterra Energy
CTRA
$6.18M 0.03%
234,659
-8,600
-4% -$217K
TWLO icon
382
Twilio
TWLO
$38.7B
$6.17M 0.03%
43,400
-2,000
-4% -$248K
HUBB icon
383
Hubbell
HUBB
$26.8B
$6.17M 0.03%
13,900
-500
-3% -$219K
LITE icon
384
Lumentum
LITE
$83.4B
$6.17M 0.03%
16,728
+100
+0.6% +$25.7K
WAT icon
385
Waters Corp
WAT
$41B
$6.15M 0.03%
16,197
-600
-4% -$221K
BRO icon
386
Brown & Brown
BRO
$23.6B
$6.13M 0.03%
76,851
-2,400
-3% -$200K
TROW icon
387
T. Rowe Price
TROW
$23.7B
$6.11M 0.03%
59,713
-3,200
-5% -$330K
FE icon
388
FirstEnergy
FE
$27.3B
$6.1M 0.03%
136,144
-4,400
-3% -$202K
EQR icon
389
Equity Residential
EQR
$24.9B
$6M 0.03%
95,225
-4,100
-4% -$252K
LYV icon
390
Live Nation Entertainment
LYV
$43.4B
$5.89M 0.03%
41,311
-1,300
-3% -$187K
LH icon
391
Labcorp
LH
$26.1B
$5.84M 0.03%
23,287
-800
-3% -$212K
CNC icon
392
Centene
CNC
$32.9B
$5.78M 0.03%
140,527
-4,600
-3% -$172K
WRB icon
393
W.R. Berkley
WRB
$25.9B
$5.73M 0.03%
81,719
-3,500
-4% -$258K
IP icon
394
International Paper
IP
$21.8B
$5.7M 0.03%
144,796
+2,000
+1% +$82.2K
EXPD icon
395
Expeditors International
EXPD
$24.1B
$5.69M 0.03%
38,208
-700
-2% -$95.3K
TPL icon
396
Texas Pacific Land
TPL
$23.7B
$5.69M 0.03%
19,800
+300
+2% +$91.6K
SW
397
Smurfit Westrock
SW
$26B
$5.68M 0.03%
146,964
-5,000
-3% -$191K
TSN icon
398
Tyson Foods
TSN
$19.9B
$5.62M 0.03%
95,928
– –
UTHR icon
399
United Therapeutics
UTHR
$21.7B
$5.62M 0.03%
11,532
-800
-6% -$373K
DRI icon
400
Darden Restaurants
DRI
$25.8B
$5.6M 0.03%
30,412
-1,200
-4% -$219K
14 15
16
17 18

Similar funds

FAM
Fred Alger Management New York $22.8B AUM 64.63% 1-Year Est. Return
BA
Bridgewater Associates Westport, Connecticut $22.4B AUM 34.48% 1-Year Est. Return
Tiger Global Management
Tiger Global Management New York $22.8B AUM 30.07% 1-Year Est. Return
CAM
Cresset Asset Management Chicago, Illinois $23.1B AUM 27.04% 1-Year Est. Return
CHP
Castle Hook Partners New York $23.4B AUM 158.96% 1-Year Est. Return
OAG
Orbis Allan Gray Hamilton, Bermuda $23.7B AUM 65.43% 1-Year Est. Return
Jacobs Levy Equity Management
Jacobs Levy Equity Management Florham Park, New Jersey $23.8B AUM 25.4% 1-Year Est. Return
Teacher Retirement System of Texas
Teacher Retirement System of Texas Austin, Texas $24B AUM 29.51% 1-Year Est. Return

State of Michigan Retirement System's Q4 2025 Portfolio in Review

As of Q4 2025, State of Michigan Retirement System held 963 positions worth $20.6B, down 1.2% from $20.8B the previous quarter. Its ten largest holdings account for 37% of the portfolio.

State of Michigan Retirement System withdrew a net $619M in Q4 2025, closing 28 positions and reducing 756 holdings. Its most notable exit was Spotify, an estimated $39.1M position sold in full.

By sector, the portfolio is most concentrated in Technology at 33% of assets, up from 33% a quarter earlier, followed by Financials and Communication Services.

Against the trend, State of Michigan Retirement System opened a new position in Kayne Anderson BDC worth $94M.

  • State of Michigan Retirement System's largest Q4 2025 buy was Kayne Anderson BDC: 6,566,762 shares worth $94M.
  • State of Michigan Retirement System added most to Duolingo in Q4 2025, an estimated $130M increase.
  • State of Michigan Retirement System's biggest Q4 2025 reduction was State Street SPDR S&P 500 ETF Trust, cutting an estimated $238M.
  • State of Michigan Retirement System fully exited Spotify in Q4 2025, selling an estimated $39.1M.
  • State of Michigan Retirement System's ten largest holdings make up 37% of its $20.6B portfolio in Q4 2025.
  • State of Michigan Retirement System opened 19 new positions and closed 28 in Q4 2025.
  • State of Michigan Retirement System's portfolio value fell 1.2% quarter-over-quarter to $20.6B.

Based on State of Michigan Retirement System's 13F filing for Q4 2025, filed 29 Jan 2026.