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State of Michigan Retirement System Portfolio holdings
AUM
$22.6B
Turnover
5.03%
1-Year Est. Return
40.24%
This Fund
S&P 500
This Quarter
Est. Return
+26.19%
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
$22.6B
AUM Growth
+$3.66B
(+19%)
Cap. Flow
+$818M
Cap. Flow
% of AUM
3.62%
Top 10 Holdings %
Top 10 Hldgs %
30.97%
Holding
975
New
34
Increased
149
Reduced
743
Closed
15
Avg Time Held
8.8
years
Top 10 Avg Time Held
4.5
years
Top 20 Avg Time Held
4.8
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
HubSpot
HUBS
|
+$226M |
| 2 |
Adobe
ADBE
|
+$125M |
| 3 |
Charter Communications
CHTR
|
+$107M |
| 4 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$98.8M |
| 5 |
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
|
+$98.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TransDigm Group
TDG
|
+$75.5M |
| 2 |
State Street Health Care Select Sector SPDR ETF
XLV
|
+$59.3M |
| 3 |
Meta Platforms (Facebook)
META
|
+$53.4M |
| 4 |
Cigna
CI
|
+$42M |
| 5 |
Intel
INTC
|
+$34.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 36.61% |
| 2 | Financials | 10.43% |
| 3 | Communication Services | 9.47% |
| 4 | Healthcare | 8.27% |
| 5 | Consumer Discretionary | 8.06% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
276
Vistra
VST
$51.7B
| $12.9M | 0.06% |
81,200
-2,000
| -2% | -$310K |
2023 Q3
11 quarters
|
|
277
State Street
STT
$46B
| $12.8M | 0.06% |
75,428
-2,900
| -4% | -$447K |
2013 Q2
52 quarters
|
|
278
Archer Daniels Midland
ADM
$40B
| $12.8M | 0.06% |
166,941
+3,200
| +2% | +$244K |
2017 Q1
37 quarters
|
|
279
eBay
EBAY
$54.7B
| $12.7M | 0.06% |
113,728
-4,300
| -4% | -$459K |
2013 Q2
52 quarters
|
|
280
Microchip Technology
MCHP
$40.3B
| $12.6M | 0.06% |
138,518
-2,800
| -2% | -$250K |
2013 Q2
52 quarters
|
|
281
Nike
NKE
$55.2B
| $12.6M | 0.06% |
307,103
-154,612
| -33% | -$6.8M |
2013 Q2
52 quarters
|
|
282
Keurig Dr Pepper
KDP
$46.5B
| $12.5M | 0.06% |
380,500
+25,600
| +7% | +$746K |
2022 Q2
16 quarters
|
|
283
DELISTED
Electronic Arts
EA
| $12.4M | 0.05% |
60,254
-1,200
| -2% | -$243K |
2013 Q2
52 quarters
|
|
284
Garmin
GRMN
$55B
| $12.4M | 0.05% |
51,997
-600
| -1% | -$146K |
2013 Q2
52 quarters
|
|
285
United Airlines
UAL
$32.9B
| $12.3M | 0.05% |
90,528
+700
| +0.8% | +$72.5K |
2015 Q3
43 quarters
|
|
286
Coinbase
COIN
$48.5B
| $12.2M | 0.05% |
83,659
+25,359
| +43% | +$4.58M |
2025 Q2
4 quarters
|
|
287
Carvana
CVNA
$66.7B
| $12.1M | 0.05% |
183,400
-1,100
| -0.6% | -$77.8K |
2025 Q4
2 quarters
|
|
288
Becton Dickinson
BDX
$52.8B
| $11.8M | 0.05% |
78,088
+300
| +0.4% | +$44.9K |
2017 Q4
34 quarters
|
|
289
Axon Enterprise
AXON
$33.9B
| $11.5M | 0.05% |
20,600
| – | – |
2019 Q2
28 quarters
|
|
290
Carnival Corporation Ltd
CCL
$35.6B
| $11.5M | 0.05% |
403,344
+62,800
| +18% | +$1.72M |
2013 Q2
52 quarters
|
|
291
Autodesk
ADSK
$51.2B
| $11.5M | 0.05% |
58,923
-900
| -2% | -$206K |
2013 Q2
52 quarters
|
|
292
PG&E
PCG
$38.9B
| $11.4M | 0.05% |
676,160
+4,600
| +0.7% | +$77.4K |
2020 Q4
22 quarters
|
|
293
Jabil
JBL
$30.1B
| $11.4M | 0.05% |
29,500
-3,600
| -11% | -$1.24M |
2013 Q2
52 quarters
|
|
294
Yum! Brands
YUM
$41.2B
| $11.3M | 0.05% |
70,614
-1,900
| -3% | -$294K |
2013 Q2
52 quarters
|
|
295
American International
AIG
$41.4B
| $11.2M | 0.05% |
150,867
-1,100
| -0.7% | -$83.6K |
2013 Q2
52 quarters
|
|
296
ON Semiconductor
ON
$28.7B
| $11.2M | 0.05% |
118,436
-9,600
| -7% | -$984K |
2020 Q3
23 quarters
|
|
297
Ameriprise Financial
AMP
$44.4B
| $11.2M | 0.05% |
24,378
+500
| +2% | +$229K |
2013 Q2
52 quarters
|
|
298
Take-Two Interactive
TTWO
$39.1B
| $11.1M | 0.05% |
44,592
-900
| -2% | -$199K |
2017 Q1
37 quarters
|
|
299
Ventas
VTR
$43.5B
| $11.1M | 0.05% |
124,505
+400
| +0.3% | +$34.1K |
2013 Q2
52 quarters
|
|
300
Prudential Financial
PRU
$40.1B
| $11M | 0.05% |
102,155
| – | – |
2013 Q2
52 quarters
|
|
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State of Michigan Retirement System's Q2 2026 Portfolio in Review
As of Q2 2026, State of Michigan Retirement System held 975 positions worth $22.6B, up 19% from $18.9B the previous quarter. Its ten largest holdings account for 31% of the portfolio.
State of Michigan Retirement System deployed $818M of net new capital in Q2 2026, opening 34 new positions and adding to 149 existing holdings. Its largest new stake was iShares Securitized Income Active ETF: 1,900,000 shares worth $94.7M.
By sector, the portfolio is most concentrated in Technology at 37% of assets, up from 32% a quarter earlier, followed by Financials and Communication Services.
On the sell side, the largest reduction was TransDigm Group, an estimated $75.5M trimmed.
- State of Michigan Retirement System's largest Q2 2026 buy was iShares Securitized Income Active ETF: 1,900,000 shares worth $94.7M.
- State of Michigan Retirement System added most to HubSpot in Q2 2026, an estimated $226M increase.
- State of Michigan Retirement System's biggest Q2 2026 reduction was TransDigm Group, cutting an estimated $75.5M.
- State of Michigan Retirement System fully exited State Street Health Care Select Sector SPDR ETF in Q2 2026, selling an estimated $59.3M.
- State of Michigan Retirement System's ten largest holdings make up 31% of its $22.6B portfolio in Q2 2026.
- State of Michigan Retirement System opened 34 new positions and closed 15 in Q2 2026.
- State of Michigan Retirement System's portfolio value rose 19% quarter-over-quarter to $22.6B.
Based on State of Michigan Retirement System's 13F filing for Q2 2026, filed 30 Jul 2026.