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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
WING icon
726
Wingstop
WING
$3.08B
$1.57M 0.01%
6,572
-100
-1% -$24.8K
EXP icon
727
Eagle Materials
EXP
$6.44B
$1.56M 0.01%
7,529
-200
-3% -$44.1K
PB icon
728
Prosperity Bancshares
PB
$8.97B
$1.55M 0.01%
22,497
-100
-0.4% -$6.75K
FND icon
729
Floor & Decor
FND
$6.31B
$1.55M 0.01%
25,500
-100
-0.4% -$6.48K
MTG icon
730
MGIC Investment
MTG
$6.3B
$1.55M 0.01%
52,917
-2,000
-4% -$56.2K
THG icon
731
Hanover Insurance
THG
$7.73B
$1.54M 0.01%
8,432
-100
-1% -$18K
VNOM icon
732
Viper Energy
VNOM
$14.8B
$1.54M 0.01%
39,800
-400
-1% -$15.1K
LW icon
733
Lamb Weston
LW
$7.39B
$1.53M 0.01%
36,532
-1,200
-3% -$70.6K
AGCO icon
734
AGCO
AGCO
$6.97B
$1.53M 0.01%
14,658
-100
-0.7% -$10.6K
FLR icon
735
Fluor
FLR
$6.98B
$1.51M 0.01%
38,097
-400
-1% -$17.7K
ESAB icon
736
ESAB
ESAB
$5.29B
$1.51M 0.01%
13,502
-100
-0.7% -$11.4K
ESNT icon
737
Essent Group
ESNT
$6.17B
$1.48M 0.01%
22,833
-600
-3% -$37.2K
STWD icon
738
Starwood Property Trust
STWD
$6.06B
$1.48M 0.01%
82,300
+100
+0.1% +$1.84K
LFUS icon
739
Littelfuse
LFUS
$11.6B
$1.48M 0.01%
5,853
– –
FAF icon
740
First American
FAF
$7.44B
$1.48M 0.01%
24,064
-200
-0.8% -$12.5K
FCFS icon
741
FirstCash
FCFS
$9.33B
$1.47M 0.01%
9,215
-100
-1% -$15.8K
MAT icon
742
Mattel
MAT
$4.19B
$1.46M 0.01%
73,433
-3,300
-4% -$63.7K
FNB icon
743
FNB Corp
FNB
$6.91B
$1.45M 0.01%
84,651
-900
-1% -$14.7K
DOCS icon
744
Doximity
DOCS
$4.49B
$1.44M 0.01%
32,500
– –
KD icon
745
Kyndryl
KD
$2.88B
$1.44M 0.01%
54,034
-1,000
-2% -$27.1K
CPB icon
746
Campbell Soup
CPB
$6.92B
$1.43M 0.01%
51,401
-1,800
-3% -$54.1K
CRUS icon
747
Cirrus Logic
CRUS
$6.1B
$1.43M 0.01%
12,041
-200
-2% -$24.6K
CGNX icon
748
Cognex
CGNX
$10.4B
$1.43M 0.01%
39,653
-300
-0.8% -$12.1K
GATX icon
749
GATX Corp
GATX
$6.32B
$1.43M 0.01%
8,412
-100
-1% -$16.5K
GXO icon
750
GXO Logistics
GXO
$5.54B
$1.42M 0.01%
27,027
-200
-0.7% -$10.5K
28 29
30
31 32

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.