We are live on ! Find out more
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
LUV icon
401
Southwest Airlines
LUV
$22.2B
$5.6M 0.03%
135,403
-6,600
-5% -$231K
APTV icon
402
Aptiv
APTV
$10.1B
$5.58M 0.03%
73,349
-2,000
-3% -$161K
CMS icon
403
CMS Energy
CMS
$22.1B
$5.57M 0.03%
79,699
-1,300
-2% -$94.5K
CPAY icon
404
Corpay
CPAY
$27.3B
$5.5M 0.03%
18,284
-800
-4% -$232K
CHTR icon
405
Charter Communications
CHTR
$18.3B
$5.47M 0.03%
26,197
– –
PTC icon
406
PTC
PTC
$16B
$5.46M 0.03%
31,354
-1,000
-3% -$186K
SNA icon
407
Snap-on
SNA
$20.8B
$5.42M 0.03%
15,722
+100
+0.6% +$34.2K
KEY icon
408
KeyCorp
KEY
$24.7B
$5.42M 0.03%
262,428
-6,700
-2% -$125K
SBAC icon
409
SBA Communications
SBAC
$19.7B
$5.4M 0.03%
27,942
-1,100
-4% -$213K
GPN icon
410
Global Payments
GPN
$24.1B
$5.39M 0.03%
69,678
-2,300
-3% -$185K
WST icon
411
West Pharmaceutical
WST
$24.4B
$5.35M 0.03%
19,456
-700
-3% -$191K
VRSN icon
412
VeriSign
VRSN
$25.6B
$5.32M 0.03%
21,879
-900
-4% -$226K
DECK icon
413
Deckers Outdoor
DECK
$12.6B
$5.28M 0.03%
50,900
+2,300
+5% +$216K
CHD icon
414
Church & Dwight Co
CHD
$23.9B
$5.27M 0.03%
62,851
-3,000
-5% -$256K
AMCR icon
415
Amcor
AMCR
$21.5B
$5.25M 0.03%
125,835
+1,140
+0.9% +$47K
IT icon
416
Gartner
IT
$11B
$5.23M 0.03%
20,747
-1,700
-8% -$409K
PODD icon
417
Insulet
PODD
$9.98B
$5.23M 0.03%
18,400
-600
-3% -$188K
NI icon
418
NiSource
NI
$20.2B
$5.22M 0.03%
124,969
-2,400
-2% -$103K
FTV icon
419
Fortive
FTV
$18.5B
$5.22M 0.03%
94,460
-1,800
-2% -$93.4K
LVS icon
420
Las Vegas Sands
LVS
$29.6B
$5.19M 0.03%
79,701
-3,800
-5% -$233K
TYL icon
421
Tyler Technologies
TYL
$12.8B
$5.1M 0.02%
11,237
-500
-4% -$238K
STZ icon
422
Constellation Brands
STZ
$23.2B
$5.08M 0.02%
36,858
-1,800
-5% -$247K
DGX icon
423
Quest Diagnostics
DGX
$26.1B
$5.05M 0.02%
29,121
-1,100
-4% -$200K
L icon
424
Loews
L
$23.1B
$5.03M 0.02%
47,752
-1,600
-3% -$165K
ZBH icon
425
Zimmer Biomet
ZBH
$18.7B
$5.01M 0.02%
55,715
-300
-0.5% -$28.4K
15 16
17
18 19

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.