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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
RPM icon
526
RPM International
RPM
$14.5B
$3.28M 0.02%
31,518
-300
-0.9% -$32.5K
AKAM icon
527
Akamai
AKAM
$17.9B
$3.27M 0.02%
37,489
-9,300
-20% -$765K
AA icon
528
Alcoa
AA
$13.3B
$3.25M 0.02%
61,175
-500
-0.8% -$20.5K
DOCU
529
DocuSign
DOCU
$11.5B
$3.25M 0.02%
47,500
-600
-1% -$41.5K
CLX icon
530
Clorox
CLX
$12.7B
$3.22M 0.02%
31,951
-1,100
-3% -$119K
RGA icon
531
Reinsurance Group of America
RGA
$16.2B
$3.16M 0.02%
15,552
-200
-1% -$38.7K
MTZ icon
532
MasTec
MTZ
$23.3B
$3.16M 0.02%
14,539
-100
-0.7% -$21K
AIZ icon
533
Assurant
AIZ
$13.9B
$3.15M 0.02%
13,067
-600
-4% -$134K
LECO icon
534
Lincoln Electric
LECO
$15.4B
$3.11M 0.02%
12,989
-200
-2% -$47.4K
DKS icon
535
Dick's Sporting Goods
DKS
$18.1B
$3.1M 0.02%
15,670
-300
-2% -$65.4K
EVR icon
536
Evercore
EVR
$11.7B
$3.1M 0.02%
9,105
-100
-1% -$32.1K
OHI icon
537
Omega Healthcare
OHI
$14B
$3.1M 0.02%
69,863
-400
-0.6% -$17.2K
TOL icon
538
Toll Brothers
TOL
$13.9B
$3.09M 0.02%
22,826
-600
-3% -$81.4K
DT icon
539
Dynatrace
DT
$14.3B
$3.09M 0.02%
71,200
-600
-0.8% -$28K
CPT icon
540
Camden Property Trust
CPT
$11.1B
$3.07M 0.01%
27,900
-4,300
-13% -$447K
IVZ icon
541
Invesco
IVZ
$14.2B
$3.06M 0.01%
116,498
-4,100
-3% -$100K
NXT icon
542
Nextpower Inc
NXT
$16B
$3.06M 0.01%
35,100
-100
-0.3% -$9.07K
RNR icon
543
RenaissanceRe
RNR
$13.3B
$3.05M 0.01%
10,865
-300
-3% -$78.9K
HL icon
544
Hecla Mining
HL
$11.9B
$3.04M 0.01%
+158,400
New +$2.42M
KTOS icon
545
Kratos Defense & Security Solutions
KTOS
$11.8B
$3.03M 0.01%
39,900
-300
-0.7% -$24.6K
SF
546
Stifel
SF
$12.8B
$3.02M 0.01%
36,131
-300
-0.8% -$24K
ENTG icon
547
Entegris
ENTG
$25.2B
$3.02M 0.01%
35,800
-300
-0.8% -$26.1K
SWK icon
548
Stanley Black & Decker
SWK
$15.5B
$3.01M 0.01%
40,531
-1,300
-3% -$91.5K
MLI icon
549
Mueller Industries
MLI
$14.9B
$3.01M 0.01%
52,400
-400
-0.8% -$21.5K
ALLY icon
550
Ally Financial
ALLY
$13.6B
$3M 0.01%
66,200
-500
-0.7% -$20.6K
20 21
22
23 24

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.