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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
ABBV icon
26
AbbVie
ABBV
$440B
$106M 0.51%
462,708
-15,100
-3% -$3.44M
MU icon
27
Micron Technology
MU
$1.03T
$105M 0.51%
367,142
-3,100
-0.8% -$711K
BAC icon
28
Bank of America
BAC
$453B
$103M 0.5%
1,873,512
-89,900
-5% -$4.75M
TDG icon
29
TransDigm Group
TDG
$68.3B
$101M 0.49%
75,792
-400
-0.5% -$524K
DUOL icon
30
Duolingo
DUOL
$6.3B
$98.4M 0.48%
560,500
+551,000
+5,800% +$130M
CSCO icon
31
Cisco
CSCO
$488B
$94.2M 0.46%
1,222,862
-77,300
-6% -$5.74M
KBDC
32
Kayne Anderson BDC
KBDC
$898M
$94M 0.46%
+6,566,762
New +$95.7M
PG icon
33
Procter & Gamble
PG
$335B
$90.2M 0.44%
629,637
-27,500
-4% -$4.05M
HD icon
34
Home Depot
HD
$342B
$89.7M 0.44%
260,584
-68,500
-21% -$25.1M
BRK.A icon
35
Berkshire Hathaway Class A
BRK.A
$1.09T
$87.6M 0.43%
116
– –
KR icon
36
Kroger
KR
$34.3B
$87M 0.42%
1,392,587
+795,700
+133% +$52M
ORCL icon
37
Oracle
ORCL
$442B
$85.8M 0.42%
440,332
-7,900
-2% -$1.88M
GE icon
38
GE Aerospace
GE
$379B
$85.1M 0.41%
276,161
-10,600
-4% -$3.19M
UNH icon
39
UnitedHealth
UNH
$364B
$80.9M 0.39%
244,919
-10,200
-4% -$3.46M
WFC icon
40
Wells Fargo
WFC
$269B
$80.7M 0.39%
866,049
-45,900
-5% -$3.98M
MRK icon
41
Merck
MRK
$328B
$76.3M 0.37%
724,490
-13,300
-2% -$1.25M
CVX icon
42
Chevron
CVX
$386B
$75.5M 0.37%
495,539
-25,000
-5% -$3.81M
CAT icon
43
Caterpillar
CAT
$393B
$74.7M 0.36%
130,472
-3,400
-3% -$1.89M
KO icon
44
Coca-Cola
KO
$373B
$72.7M 0.35%
1,040,348
-41,300
-4% -$2.88M
IBM icon
45
IBM
IBM
$222B
$72.5M 0.35%
244,740
-7,200
-3% -$2.16M
ANET icon
46
Arista Networks
ANET
$265B
$70.3M 0.34%
536,556
-6,300
-1% -$867K
GS icon
47
Goldman Sachs
GS
$302B
$69.1M 0.34%
78,567
-7,406
-9% -$6.04M
IJH icon
48
iShares Core S&P Mid-Cap ETF
IJH
$128B
$68.3M 0.33%
1,034,810
-248,000
-19% -$16.2M
HIMS icon
49
Hims & Hers Health
HIMS
$6.99B
$66.8M 0.32%
2,057,700
– –
CRM icon
50
Salesforce
CRM
$158B
$66M 0.32%
249,243
-9,300
-4% -$2.31M
1
2
3 4 5

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
Capital Fund Management (CFM)
Capital Fund Management (CFM) Paris, France $22.1B AUM 20.49% 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

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.