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
TRGP icon
276
Targa Resources
TRGP
$57.5B
$10.4M 0.05%
56,200
-2,000
-3% -$337K
EBAY icon
277
eBay
EBAY
$46.4B
$10.3M 0.05%
118,328
-5,300
-4% -$459K
PAYX icon
278
Paychex
PAYX
$42.4B
$10.3M 0.05%
91,477
-3,800
-4% -$445K
FISV
279
Fiserv Inc
FISV
$27.4B
$10.1M 0.05%
150,934
+3,900
+3% +$326K
CCI icon
280
Crown Castle
CCI
$31.4B
$10.1M 0.05%
114,052
-3,700
-3% -$340K
STT icon
281
State Street
STT
$51.8B
$10.1M 0.05%
78,528
-3,700
-4% -$443K
A icon
282
Agilent Technologies
A
$41.9B
$10.1M 0.05%
74,181
-5,400
-7% -$776K
UAL icon
283
United Airlines
UAL
$40.9B
$10.1M 0.05%
90,028
-200
-0.2% -$20.2K
ATO icon
284
Atmos Energy
ATO
$28.6B
$10.1M 0.05%
60,010
+9,000
+18% +$1.56M
IQV icon
285
IQVIA
IQV
$39.5B
$10.1M 0.05%
44,594
-1,400
-3% -$305K
KDP icon
286
Keurig Dr Pepper
KDP
$39.8B
$9.96M 0.05%
355,700
-11,700
-3% -$321K
CCL icon
287
Carnival Corporation Ltd
CCL
$37.8B
$9.91M 0.05%
324,344
+4,000
+1% +$112K
ED icon
288
Consolidated Edison
ED
$39.9B
$9.9M 0.05%
99,642
-11,200
-10% -$1.11M
VMC icon
289
Vulcan Materials
VMC
$37B
$9.86M 0.05%
34,576
-1,200
-3% -$352K
MLM icon
290
Martin Marietta Materials
MLM
$32.9B
$9.86M 0.05%
15,837
-500
-3% -$311K
ACGL icon
291
Arch Capital
ACGL
$33.6B
$9.83M 0.05%
102,500
-2,900
-3% -$265K
GEHC icon
292
GE HealthCare
GEHC
$32.2B
$9.78M 0.05%
119,253
-4,200
-3% -$327K
FANG icon
293
Diamondback Energy
FANG
$56.3B
$9.77M 0.05%
64,963
-2,100
-3% -$310K
RMD icon
294
ResMed
RMD
$32.2B
$9.59M 0.05%
39,811
-1,400
-3% -$358K
VTR icon
295
Ventas
VTR
$45.4B
$9.52M 0.05%
123,005
+100
+0.1% +$7.54K
ADM icon
296
Archer Daniels Midland
ADM
$38.7B
$9.43M 0.05%
164,041
-3,400
-2% -$203K
FIX icon
297
Comfort Systems
FIX
$62.7B
$9.33M 0.05%
10,000
+1,600
+19% +$1.48M
FSLR icon
298
First Solar
FSLR
$25.2B
$9.3M 0.05%
35,600
-1,900
-5% -$479K
SYY icon
299
Sysco
SYY
$40.3B
$9.23M 0.04%
125,317
-3,800
-3% -$289K
PHM icon
300
Pultegroup
PHM
$24.8B
$9.19M 0.04%
78,369
-2,600
-3% -$319K
10 11
12
13 14

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.