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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
NVDA icon
1
NVIDIA
NVDA
$5.27T
$1.5B 7.31%
8,060,260
-298,700
-4% -$55.6M
AAPL icon
2
Apple
AAPL
$4.5T
$1.14B 5.53%
4,183,799
-151,700
-3% -$40.7M
MSFT icon
3
Microsoft
MSFT
$3.76T
$1.08B 5.25%
2,233,867
-61,900
-3% -$31M
AMZN icon
4
Amazon
AMZN
$3T
$693M 3.37%
3,003,020
-77,900
-3% -$17.8M
AVGO icon
5
Broadcom
AVGO
$2.01T
$639M 3.11%
1,846,860
-58,200
-3% -$20.8M
GOOGL icon
6
Alphabet (Google) Class A
GOOGL
$4.37T
$603M 2.93%
1,925,280
-76,700
-4% -$21.9M
SPY icon
7
State Street SPDR S&P 500 ETF Trust
SPY
$810B
$600M 2.92%
879,840
-351,900
-29% -$238M
META icon
8
Meta Platforms (Facebook)
META
$1.52T
$560M 2.72%
848,314
-12,700
-1% -$8.48M
GOOG icon
9
Alphabet (Google) Class C
GOOG
$4.35T
$492M 2.39%
1,568,960
-26,100
-2% -$7.48M
TSLA icon
10
Tesla
TSLA
$1.31T
$331M 1.61%
735,657
-23,300
-3% -$10.3M
MTUM icon
11
iShares MSCI USA Momentum Factor ETF
MTUM
$25.4B
$322M 1.57%
1,287,290
+63,800
+5% +$16M
JPM icon
12
JPMorgan Chase
JPM
$956B
$294M 1.43%
912,731
-30,900
-3% -$9.57M
LLY icon
13
Eli Lilly
LLY
$1.1T
$276M 1.34%
256,704
-9,900
-4% -$9.47M
LQD icon
14
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$32.6B
$239M 1.16%
2,172,400
– –
V icon
15
Visa
V
$675B
$194M 0.94%
553,223
-41,000
-7% -$14M
AMD icon
16
Advanced Micro Devices
AMD
$767B
$181M 0.88%
843,000
-12,700
-1% -$2.85M
BRK.B icon
17
Berkshire Hathaway Class B
BRK.B
$1.14T
$171M 0.83%
339,729
-4,300
-1% -$2.14M
PLTR icon
18
Palantir
PLTR
$421B
$156M 0.76%
878,000
-17,100
-2% -$3.1M
NFLX icon
19
Netflix
NFLX
$318B
$150M 0.73%
1,599,590
-104,900
-6% -$11.3M
COST icon
20
Costco
COST
$423B
$146M 0.71%
169,769
-5,100
-3% -$4.62M
MA icon
21
Mastercard
MA
$493B
$138M 0.67%
241,581
-13,200
-5% -$7.38M
JNJ icon
22
Johnson & Johnson
JNJ
$631B
$135M 0.66%
654,467
-23,500
-3% -$4.65M
XOM icon
23
ExxonMobil
XOM
$662B
$133M 0.65%
1,104,018
-49,000
-4% -$5.68M
WMT icon
24
Walmart Inc
WMT
$897B
$131M 0.64%
1,174,420
-12,700
-1% -$1.36M
ISRG icon
25
Intuitive Surgical
ISRG
$139B
$119M 0.58%
209,353
-4,100
-2% -$2.18M
1
2 3 4 5

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
DSA
Davis Selected Advisers Tucson, Arizona $21.8B AUM 23.45% 1-Year Est. Return
CHP
Castle Hook Partners New York $23.4B AUM 158.96% 1-Year Est. Return
IC
IEQ Capital Foster City, California $21.5B AUM 75.26% 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.