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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
ACM icon
551
Aecom
ACM
$7.93B
$2.98M 0.01%
31,276
-300
-1% -$35.3K
MEDP icon
552
Medpace
MEDP
$16.4B
$2.98M 0.01%
5,299
– –
HST icon
553
Host Hotels & Resorts
HST
$15.6B
$2.97M 0.01%
167,429
-5,500
-3% -$94.9K
EPAM icon
554
EPAM Systems
EPAM
$5.22B
$2.96M 0.01%
14,427
-600
-4% -$107K
REG icon
555
Regency Centers
REG
$14B
$2.95M 0.01%
42,804
-1,400
-3% -$98.2K
DOC icon
556
Healthpeak Properties
DOC
$14.3B
$2.92M 0.01%
181,893
-6,100
-3% -$108K
GL icon
557
Globe Life
GL
$14.1B
$2.91M 0.01%
20,836
-1,100
-5% -$149K
DAY
558
DELISTED
Dayforce
DAY
$2.89M 0.01%
41,810
-1,300
-3% -$89.5K
UDR icon
559
UDR
UDR
$12.1B
$2.89M 0.01%
78,745
-2,800
-3% -$99.6K
DTM icon
560
DT Midstream
DTM
$13.8B
$2.88M 0.01%
24,055
-100
-0.4% -$11.5K
FOX icon
561
Fox Class B
FOX
$24.1B
$2.88M 0.01%
44,331
-200
-0.4% -$11.7K
RVTY icon
562
Revvity
RVTY
$13.1B
$2.87M 0.01%
29,638
-1,800
-6% -$173K
PEN icon
563
Penumbra
PEN
$12.9B
$2.86M 0.01%
9,214
-100
-1% -$27.6K
HAS icon
564
Hasbro
HAS
$13.6B
$2.86M 0.01%
34,912
-900
-3% -$70.6K
UNM icon
565
Unum
UNM
$14.7B
$2.82M 0.01%
36,400
-900
-2% -$68.8K
WCC
566
WESCO International
WCC
$17.8B
$2.81M 0.01%
11,500
-100
-0.9% -$24.5K
BJ icon
567
BJs Wholesale Club
BJ
$12B
$2.8M 0.01%
31,115
-300
-1% -$27.5K
CLH icon
568
Clean Harbors
CLH
$16.8B
$2.79M 0.01%
11,907
-100
-0.8% -$22.8K
WSO icon
569
Watsco Inc
WSO
$13B
$2.79M 0.01%
8,283
– –
CACI icon
570
CACI
CACI
$14.9B
$2.78M 0.01%
5,221
– –
FHN icon
571
First Horizon
FHN
$12.3B
$2.78M 0.01%
116,356
-4,500
-4% -$100K
ELS icon
572
Equity Lifestyle Properties
ELS
$12.6B
$2.78M 0.01%
45,800
-300
-0.7% -$18.5K
EXEL icon
573
Exelixis
EXEL
$12.6B
$2.78M 0.01%
63,316
-800
-1% -$33.1K
PNW icon
574
Pinnacle West Capital
PNW
$12.2B
$2.77M 0.01%
31,261
-1,000
-3% -$89.6K
CCK icon
575
Crown Holdings
CCK
$13B
$2.77M 0.01%
26,900
-500
-2% -$48.7K
21 22
23
24 25

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.