We are live on ! Find out more
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
KMI icon
226
Kinder Morgan
KMI
$70.1B
$14.1M 0.07%
512,545
-16,300
-3% -$440K
PSX icon
227
Phillips 66
PSX
$89.5B
$13.6M 0.07%
105,512
-3,800
-3% -$511K
COIN icon
228
Coinbase
COIN
$39.2B
$13.5M 0.07%
59,700
-1,500
-2% -$447K
VST icon
229
Vistra
VST
$48.6B
$13.5M 0.07%
83,400
-2,700
-3% -$492K
ROP icon
230
Roper Technologies
ROP
$39.5B
$13.4M 0.07%
30,111
+1,000
+3% +$463K
FAST icon
231
Fastenal
FAST
$60.1B
$13.2M 0.06%
328,156
-4,900
-1% -$206K
TMDX icon
232
Transmedics
TMDX
$3.1B
$13.1M 0.06%
108,000
– –
CTSH icon
233
Cognizant
CTSH
$26.4B
$13.1M 0.06%
158,123
-7,200
-4% -$539K
TGT icon
234
Target
TGT
$69.2B
$13.1M 0.06%
134,122
+2,900
+2% +$267K
AIG icon
235
American International
AIG
$40.4B
$13.1M 0.06%
153,067
-6,700
-4% -$536K
DLR icon
236
Digital Realty Trust
DLR
$70.6B
$13.1M 0.06%
84,581
-2,100
-2% -$345K
CBRE icon
237
CBRE Group
CBRE
$42.7B
$13M 0.06%
80,638
-3,100
-4% -$487K
MPC icon
238
Marathon Petroleum
MPC
$94.5B
$12.8M 0.06%
78,710
-3,500
-4% -$654K
DAL icon
239
Delta Air Lines
DAL
$59.5B
$12.7M 0.06%
183,503
-1,900
-1% -$119K
GWW icon
240
W.W. Grainger
GWW
$61.3B
$12.7M 0.06%
12,617
-400
-3% -$388K
EA
241
DELISTED
Electronic Arts
EA
$12.5M 0.06%
61,354
-2,000
-3% -$404K
MPWR icon
242
Monolithic Power Systems
MPWR
$68.9B
$12.5M 0.06%
13,770
-300
-2% -$289K
MET icon
243
MetLife
MET
$61.5B
$12.4M 0.06%
157,656
-5,200
-3% -$412K
AMP icon
244
Ameriprise Financial
AMP
$49.7B
$12.4M 0.06%
25,378
-2,000
-7% -$949K
AME icon
245
Ametek
AME
$58.8B
$12.4M 0.06%
60,253
-2,200
-4% -$428K
EXC icon
246
Exelon
EXC
$46.2B
$12.4M 0.06%
283,703
-3,200
-1% -$146K
WDAY icon
247
Workday
WDAY
$44.8B
$12.2M 0.06%
56,800
-1,600
-3% -$364K
OKE icon
248
Oneok
OKE
$57.7B
$12.1M 0.06%
164,781
-5,500
-3% -$390K
ODFL icon
249
Old Dominion Freight Line
ODFL
$43.4B
$12M 0.06%
76,288
-1,300
-2% -$186K
CTVA icon
250
Corteva
CTVA
$50.9B
$11.9M 0.06%
176,910
-6,800
-4% -$440K
8 9
10
11 12

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.