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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
BLD
576
DELISTED
TopBuild
BLD
$2.74M 0.01%
6,557
-100
-2% -$42.9K
ALGN icon
577
Align Technology
ALGN
$12.3B
$2.73M 0.01%
17,500
-700
-4% -$100K
BMRN icon
578
BioMarin Pharmaceuticals
BMRN
$13.3B
$2.7M 0.01%
45,400
-300
-0.7% -$16.3K
SNX icon
579
TD Synnex
SNX
$20.6B
$2.69M 0.01%
17,921
-300
-2% -$46K
MRNA icon
580
Moderna
MRNA
$25.4B
$2.68M 0.01%
91,041
-1,500
-2% -$40.8K
BAX icon
581
Baxter International
BAX
$14B
$2.68M 0.01%
140,128
+1,200
+0.9% +$24K
AES icon
582
AES
AES
$10.5B
$2.67M 0.01%
186,395
-6,200
-3% -$87.4K
ELAN icon
583
Elanco Animal Health
ELAN
$11.2B
$2.66M 0.01%
117,400
-900
-0.8% -$19.6K
WYNN icon
584
Wynn Resorts
WYNN
$10.6B
$2.66M 0.01%
22,072
-800
-3% -$98.9K
NYT icon
585
New York Times
NYT
$10.3B
$2.65M 0.01%
38,216
-400
-1% -$24.8K
NCLH icon
586
Norwegian Cruise Line
NCLH
$8.82B
$2.64M 0.01%
118,279
-1,000
-0.8% -$21.1K
CMA
587
DELISTED
Comerica
CMA
$2.63M 0.01%
30,200
-400
-1% -$32.2K
BAH icon
588
Booz Allen Hamilton
BAH
$9.4B
$2.62M 0.01%
+31,000
New +$2.77M
TXRH icon
589
Texas Roadhouse
TXRH
$13.8B
$2.6M 0.01%
15,678
-100
-0.6% -$16.9K
BXP icon
590
Boston Properties
BXP
$11.1B
$2.6M 0.01%
38,557
-1,000
-3% -$71.1K
LAMR icon
591
Lamar Advertising Co
LAMR
$15.9B
$2.6M 0.01%
20,538
-100
-0.5% -$12.5K
AYI icon
592
Acuity Brands
AYI
$10.7B
$2.59M 0.01%
7,194
– –
MTSI icon
593
MACOM Technology Solutions
MTSI
$24.3B
$2.59M 0.01%
15,100
-200
-1% -$31.7K
SCI icon
594
Service Corp International
SCI
$11.3B
$2.59M 0.01%
33,162
-200
-0.6% -$16K
CRL icon
595
Charles River Laboratories
CRL
$13.5B
$2.58M 0.01%
12,930
-400
-3% -$72.6K
WTRG icon
596
Essential Utilities
WTRG
$11.5B
$2.57M 0.01%
66,871
-7,300
-10% -$287K
NWSA icon
597
News Corp Class A
NWSA
$15.6B
$2.56M 0.01%
98,054
-3,800
-4% -$99.7K
MKSI icon
598
MKS Inc
MKSI
$21.2B
$2.53M 0.01%
15,840
-200
-1% -$29.7K
EHC icon
599
Encompass Health
EHC
$12.2B
$2.52M 0.01%
23,745
-200
-0.8% -$23.2K
AMH icon
600
American Homes 4 Rent
AMH
$12.3B
$2.47M 0.01%
77,000
-600
-0.8% -$19.2K
22 23
24
25 26

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.