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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
SAIA icon
651
Saia
SAIA
$9.73B
$2.05M 0.01%
6,286
-100
-2% -$30.2K
KNSL icon
652
Kinsale Capital Group
KNSL
$8.51B
$2.05M 0.01%
5,245
– –
WAL icon
653
Western Alliance Bancorporation
WAL
$9.01B
$2.05M 0.01%
24,400
-300
-1% -$24.4K
ZION icon
654
Zions Bancorporation
ZION
$10.5B
$2.04M 0.01%
34,900
-300
-0.9% -$16.3K
OGE icon
655
OGE Energy
OGE
$9.69B
$2.03M 0.01%
47,614
-300
-0.6% -$13.4K
ERIE icon
656
Erie Indemnity
ERIE
$13.5B
$2.02M 0.01%
7,032
-200
-3% -$59.7K
KNX icon
657
Knight Transportation
KNX
$11.6B
$2M 0.01%
38,327
-300
-0.8% -$14.1K
MOS icon
658
The Mosaic Company
MOS
$7.18B
$2M 0.01%
83,108
-2,700
-3% -$72.7K
MTCH icon
659
Match Group
MTCH
$8.4B
$2M 0.01%
61,853
-3,200
-5% -$105K
ARE icon
660
Alexandria Real Estate Equities
ARE
$8.27B
$1.99M 0.01%
40,718
-1,100
-3% -$64.7K
AOS icon
661
A.O. Smith
AOS
$8.51B
$1.98M 0.01%
29,633
-1,300
-4% -$87.8K
HSIC icon
662
Henry Schein
HSIC
$10.1B
$1.98M 0.01%
26,188
-1,700
-6% -$120K
COLB icon
663
Columbia Banking Systems
COLB
$9.12B
$1.97M 0.01%
70,641
-600
-0.8% -$16.2K
RRC icon
664
Range Resources
RRC
$9.39B
$1.97M 0.01%
55,986
-700
-1% -$26.1K
OKLO
665
Oklo
OKLO
$8.39B
$1.97M 0.01%
+27,500
New +$3.07M
POOL icon
666
Pool Corp
POOL
$7.25B
$1.97M 0.01%
8,613
-1,876
-18% -$488K
HRL icon
667
Hormel Foods
HRL
$13.4B
$1.96M 0.01%
82,775
+4,000
+5% +$93.4K
ALV icon
668
Autoliv
ALV
$8.85B
$1.96M 0.01%
16,500
-300
-2% -$35.8K
GME icon
669
GameStop
GME
$8.32B
$1.96M 0.01%
97,400
-600
-0.6% -$13.5K
CART icon
670
Maplebear
CART
$11.2B
$1.95M 0.01%
43,400
-500
-1% -$20.5K
ADC icon
671
Agree Realty
ADC
$9.25B
$1.95M 0.01%
27,100
+800
+3% +$58.5K
MGM icon
672
MGM Resorts International
MGM
$11.1B
$1.95M 0.01%
53,444
-1,800
-3% -$61.1K
CUBE icon
673
CubeSmart
CUBE
$9.28B
$1.94M 0.01%
53,900
-400
-0.7% -$15.2K
PRI icon
674
Primerica
PRI
$9.57B
$1.94M 0.01%
7,519
-200
-3% -$52.2K
UMBF icon
675
UMB Financial
UMBF
$11.4B
$1.94M 0.01%
16,841
-200
-1% -$22.7K
25 26
27
28 29

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.