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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
HPE icon
251
Hewlett Packard
HPE
$72B
$11.8M 0.06%
492,281
-28,600
-5% -$674K
BKR icon
252
Baker Hughes
BKR
$64.3B
$11.8M 0.06%
258,312
-8,300
-3% -$394K
AXON
253
Axon Enterprise
AXON
$51.7B
$11.8M 0.06%
20,700
-500
-2% -$310K
TTWO icon
254
Take-Two Interactive
TTWO
$46.8B
$11.6M 0.06%
45,492
-1,400
-3% -$349K
DELL icon
255
Dell
DELL
$285B
$11.6M 0.06%
92,358
-6,000
-6% -$845K
PRU icon
256
Prudential Financial
PRU
$42.2B
$11.6M 0.06%
102,955
-1,500
-1% -$161K
DDOG icon
257
Datadog
DDOG
$88.6B
$11.6M 0.06%
85,200
-2,200
-3% -$348K
NDAQ icon
258
Nasdaq
NDAQ
$53.1B
$11.5M 0.06%
118,090
-4,500
-4% -$405K
ROK icon
259
Rockwell Automation
ROK
$49.6B
$11.4M 0.06%
29,413
-1,000
-3% -$376K
XEL icon
260
Xcel Energy
XEL
$48.5B
$11.4M 0.06%
154,894
-5,100
-3% -$402K
FDS icon
261
Factset
FDS
$10.1B
$11.4M 0.06%
39,235
-1,000
-2% -$281K
PSA icon
262
Public Storage
PSA
$60.7B
$11.3M 0.06%
43,721
-2,000
-4% -$560K
ETHE
263
Grayscale Ethereum Staking ETF Shares
ETHE
$1.52B
$11.2M 0.05%
460,000
– –
RSG icon
264
Republic Services
RSG
$65.9B
$11.2M 0.05%
52,687
-2,200
-4% -$474K
HIG icon
265
Hartford Financial Services
HIG
$38.1B
$11M 0.05%
80,141
-3,500
-4% -$462K
YUM icon
266
Yum! Brands
YUM
$39.5B
$11M 0.05%
72,714
-2,300
-3% -$341K
CARR icon
267
Carrier Global
CARR
$52.4B
$10.9M 0.05%
207,225
-9,100
-4% -$506K
PCG icon
268
PG&E
PCG
$38.1B
$10.8M 0.05%
672,760
-16,200
-2% -$259K
ETR icon
269
Entergy
ETR
$49.7B
$10.8M 0.05%
116,904
-3,800
-3% -$360K
GRMN
270
Garmin
GRMN
$59.7B
$10.7M 0.05%
52,697
+1,000
+2% +$217K
NUE icon
271
Nucor
NUE
$61.9B
$10.7M 0.05%
65,410
-4,300
-6% -$646K
WAB icon
272
Wabtec
WAB
$50.3B
$10.6M 0.05%
49,716
– –
EXPE icon
273
Expedia Group
EXPE
$38.5B
$10.6M 0.05%
37,264
-1,900
-5% -$469K
PEG icon
274
Public Service Enterprise Group
PEG
$37.5B
$10.5M 0.05%
130,666
-4,300
-3% -$351K
FICO icon
275
Fair Isaac
FICO
$22.4B
$10.5M 0.05%
6,200
-300
-5% -$516K
9 10
11
12 13

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.