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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
WY icon
451
Weyerhaeuser
WY
$17.9B
$4.47M 0.02%
188,677
-6,500
-3% -$150K
PNR icon
452
Pentair
PNR
$10.5B
$4.46M 0.02%
42,864
-1,500
-3% -$160K
SGI
453
Somnigroup International
SGI
$13.9B
$4.43M 0.02%
49,638
-300
-0.6% -$26.2K
ESS icon
454
Essex Property Trust
ESS
$18.4B
$4.41M 0.02%
16,860
-600
-3% -$155K
GDDY icon
455
GoDaddy
GDDY
$11.7B
$4.39M 0.02%
35,400
-2,000
-5% -$259K
TTD icon
456
Trade Desk
TTD
$6.55B
$4.38M 0.02%
115,300
-5,200
-4% -$230K
LNT icon
457
Alliant Energy
LNT
$18.3B
$4.37M 0.02%
67,259
-2,200
-3% -$147K
ALB icon
458
Albemarle
ALB
$15.5B
$4.36M 0.02%
30,807
-1,000
-3% -$114K
DOW icon
459
Dow Inc
DOW
$21.9B
$4.35M 0.02%
186,111
-19,800
-10% -$455K
HOLX
460
DELISTED
Hologic
HOLX
$4.34M 0.02%
58,265
-1,900
-3% -$139K
BG icon
461
Bunge Global
BG
$21.7B
$4.34M 0.02%
48,700
+200
+0.4% +$18.4K
WWD icon
462
Woodward
WWD
$21.3B
$4.3M 0.02%
14,210
-100
-0.7% -$27.5K
COO icon
463
Cooper Companies
COO
$14.9B
$4.27M 0.02%
52,044
-1,900
-4% -$142K
INCY icon
464
Incyte
INCY
$24.4B
$4.26M 0.02%
43,159
-1,200
-3% -$116K
FTI icon
465
TechnipFMC
FTI
$29.9B
$4.26M 0.02%
95,600
-2,300
-2% -$97.1K
RGLD icon
466
Royal Gold
RGLD
$19.2B
$4.26M 0.02%
19,148
+3,500
+22% +$694K
JBHT icon
467
JB Hunt Transport Services
JBHT
$26.4B
$4.22M 0.02%
21,695
– –
EG icon
468
Everest Group
EG
$14B
$4.21M 0.02%
12,411
– –
J icon
469
Jacobs Solutions
J
$16.8B
$4.15M 0.02%
31,299
-1,000
-3% -$147K
THC icon
470
Tenet Healthcare
THC
$21.4B
$4.13M 0.02%
20,793
-200
-1% -$40.4K
SMCI icon
471
Super Micro Computer
SMCI
$26B
$4.11M 0.02%
140,300
+4,700
+3% +$194K
INVH icon
472
Invitation Homes
INVH
$18B
$4.1M 0.02%
147,700
-4,800
-3% -$134K
TLN
473
Talen Energy Corp
TLN
$17.1B
$4.05M 0.02%
10,800
-100
-0.9% -$38.9K
GWRE icon
474
Guidewire Software
GWRE
$14.6B
$4.04M 0.02%
20,100
+100
+0.5% +$22.1K
WPC icon
475
W.P. Carey
WPC
$16.2B
$4.04M 0.02%
62,700
+2,900
+5% +$193K
17 18
19
20 21

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.