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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
CHDN icon
701
Churchill Downs
CHDN
$6.17B
$1.78M 0.01%
15,680
-200
-1% -$20.7K
NNN icon
702
NNN REIT
NNN
$8.79B
$1.78M 0.01%
44,884
-100
-0.2% -$4.1K
G icon
703
Genpact
G
$5.7B
$1.77M 0.01%
37,884
-700
-2% -$30.3K
CHWY icon
704
Chewy
CHWY
$9.15B
$1.76M 0.01%
53,200
+100
+0.2% +$3.47K
PNFP icon
705
Pinnacle Financial Partners Inc
PNFP
$16.1B
$1.74M 0.01%
18,227
-100
-0.5% -$9.19K
CELH icon
706
Celsius Holdings
CELH
$6.99B
$1.73M 0.01%
37,800
-300
-0.8% -$15.1K
NFG icon
707
National Fuel Gas
NFG
$7.77B
$1.71M 0.01%
21,312
-200
-0.9% -$16.5K
DINO icon
708
HF Sinclair
DINO
$15.6B
$1.7M 0.01%
36,900
-1,000
-3% -$51.5K
VOYA icon
709
Voya Financial
VOYA
$9.01B
$1.68M 0.01%
22,516
-400
-2% -$29.1K
INGR icon
710
Ingredion
INGR
$6.54B
$1.65M 0.01%
14,988
-300
-2% -$33.8K
SNV
711
DELISTED
Synovus
SNV
$1.64M 0.01%
32,804
-200
-0.6% -$9.62K
AXTA icon
712
Axalta
AXTA
$7.98B
$1.63M 0.01%
50,400
-1,200
-2% -$35.2K
MUSA icon
713
Murphy USA
MUSA
$10.1B
$1.62M 0.01%
4,024
-200
-5% -$76.7K
MIDD icon
714
Middleby
MIDD
$5.38B
$1.62M 0.01%
10,920
-200
-2% -$26.3K
IDA icon
715
Idacorp
IDA
$8.21B
$1.62M 0.01%
12,820
– –
STAG icon
716
STAG Industrial
STAG
$7.12B
$1.62M 0.01%
44,100
-400
-0.9% -$15.2K
MP icon
717
MP Materials
MP
$9.64B
$1.61M 0.01%
31,800
-200
-0.6% -$12.7K
ACI icon
718
Albertsons Companies
ACI
$5.83B
$1.61M 0.01%
93,500
-23,500
-20% -$419K
CBSH icon
719
Commerce Bancshares
CBSH
$8.56B
$1.6M 0.01%
30,552
-501
-2% -$26.2K
EXLS icon
720
EXL Service
EXLS
$5.2B
$1.59M 0.01%
37,500
-1,000
-3% -$40.9K
ORA icon
721
Ormat Technologies
ORA
$6.97B
$1.59M 0.01%
14,400
-100
-0.7% -$10.9K
OLLI icon
722
Ollie's Bargain Outlet
OLLI
$4.73B
$1.59M 0.01%
14,503
-100
-0.7% -$12.1K
H icon
723
Hyatt Hotels
H
$16.8B
$1.59M 0.01%
9,900
-200
-2% -$30.6K
SSD icon
724
Simpson Manufacturing
SSD
$7.99B
$1.59M 0.01%
9,827
-100
-1% -$16.9K
PCTY icon
725
Paylocity
PCTY
$7.73B
$1.58M 0.01%
10,372
-300
-3% -$44.6K
27 28
29
30 31

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.