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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
BEN icon
676
Franklin Resources
BEN
$17.1B
$1.92M 0.01%
80,237
-2,600
-3% -$59.7K
AMG icon
677
Affiliated Managers Group
AMG
$9.64B
$1.91M 0.01%
6,619
-100
-1% -$25.8K
CFR icon
678
Cullen/Frost Bankers
CFR
$10.5B
$1.91M 0.01%
15,064
-300
-2% -$37.6K
UGI icon
679
UGI
UGI
$7.55B
$1.9M 0.01%
50,758
-400
-0.8% -$14.2K
BRX icon
680
Brixmor Property Group
BRX
$9.16B
$1.9M 0.01%
72,307
-600
-0.8% -$15.8K
ATR icon
681
AptarGroup
ATR
$8.41B
$1.89M 0.01%
15,510
-200
-1% -$24.7K
LAD icon
682
Lithia Motors
LAD
$8.27B
$1.89M 0.01%
5,687
-400
-7% -$127K
VMI icon
683
Valmont Industries
VMI
$9.47B
$1.89M 0.01%
4,688
– –
CADE
684
DELISTED
Cadence Bank
CADE
$1.89M 0.01%
44,010
-400
-0.9% -$15.8K
HALO icon
685
Halozyme
HALO
$11.4B
$1.87M 0.01%
27,838
– –
OSK icon
686
Oshkosh
OSK
$9.4B
$1.87M 0.01%
14,908
-300
-2% -$38.6K
HQY icon
687
HealthEquity
HQY
$8.75B
$1.86M 0.01%
20,322
-300
-1% -$28.7K
AVTR icon
688
Avantor
AVTR
$9.32B
$1.85M 0.01%
161,100
-1,200
-0.7% -$14.8K
CYTK icon
689
Cytokinetics
CYTK
$10.4B
$1.84M 0.01%
28,900
+400
+1% +$24.9K
ONB icon
690
Old National Bancorp
ONB
$10.4B
$1.83M 0.01%
82,142
-900
-1% -$19.4K
SFM icon
691
Sprouts Farmers Market
SFM
$7.71B
$1.83M 0.01%
22,996
-300
-1% -$26.9K
ONTO icon
692
Onto Innovation
ONTO
$20.8B
$1.83M 0.01%
11,600
-100
-0.9% -$14.2K
R icon
693
Ryder
R
$10.1B
$1.82M 0.01%
9,530
-200
-2% -$35.9K
TTC icon
694
Toro Company
TTC
$9.25B
$1.82M 0.01%
23,132
-400
-2% -$29.6K
CMC icon
695
Commercial Metals
CMC
$8.01B
$1.82M 0.01%
26,237
-400
-2% -$25K
AVAV icon
696
AeroVironment
AVAV
$9.55B
$1.81M 0.01%
7,500
-100
-1% -$31.4K
SEIC icon
697
SEI Investments
SEIC
$12.6B
$1.8M 0.01%
21,988
-400
-2% -$32.9K
WTS icon
698
Watts Water Technologies
WTS
$12.8B
$1.79M 0.01%
6,495
– –
FR icon
699
First Industrial Realty Trust
FR
$8.42B
$1.79M 0.01%
31,268
-300
-1% -$16.7K
CLF icon
700
Cleveland-Cliffs
CLF
$6.96B
$1.79M 0.01%
134,627
+16,800
+14% +$212K
26 27
28
29 30

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.