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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 | |
|---|---|---|---|---|---|---|---|
301
Republic Services
RSG
$70.8B
| $10.9M | 0.05% |
51,187
-1,400
| -3% | -$293K |
2013 Q2
52 quarters
|
|
302
CBRE Group
CBRE
$38.4B
| $10.9M | 0.05% |
80,838
+1,100
| +1% | +$152K |
2013 Q2
52 quarters
|
|
303
Pultegroup
PHM
$21.5B
| $10.7M | 0.05% |
78,169
+600
| +0.8% | +$72.9K |
2013 Q2
52 quarters
|
|
304
Emcor
EME
$31.9B
| $10.5M | 0.05% |
12,600
-200
| -2% | -$169K |
2016 Q2
40 quarters
|
|
305
Public Service Enterprise Group
PEG
$35.7B
| $10.4M | 0.05% |
127,566
-2,800
| -2% | -$224K |
2013 Q2
52 quarters
|
|
306
Hartford Financial Services
HIG
$36.6B
| $10.3M | 0.05% |
77,641
-2,400
| -3% | -$321K |
2013 Q2
52 quarters
|
|
307
Sysco
SYY
$40.4B
| $10.2M | 0.05% |
122,417
-2,700
| -2% | -$204K |
2013 Q2
52 quarters
|
|
308
PayPal
PYPL
$48.4B
| $10.1M | 0.04% |
234,992
-15,200
| -6% | -$691K |
2015 Q3
43 quarters
|
|
309
Diamondback Energy
FANG
$57.1B
| $10M | 0.04% |
57,163
-9,700
| -15% | -$1.88M |
2018 Q4
30 quarters
|
|
310
Waters Corp
WAT
$42.8B
| $10M | 0.04% |
26,719
| – | – |
2013 Q2
52 quarters
|
|
311
Huntington Bancshares
HBAN
$31B
| $9.97M | 0.04% |
562,050
+1,100
| +0.2% | +$18.2K |
2013 Q2
52 quarters
|
|
312
Occidental Petroleum
OXY
$62.4B
| $9.94M | 0.04% |
204,639
+2,700
| +1% | +$153K |
2013 Q2
52 quarters
|
|
313
Interactive Brokers
IBKR
$37.4B
| $9.93M | 0.04% |
114,100
-2,200
| -2% | -$183K |
2017 Q4
34 quarters
|
|
314
NetApp
NTAP
$40.1B
| $9.89M | 0.04% |
63,929
-2,500
| -4% | -$327K |
2013 Q2
52 quarters
|
|
315
Roper Technologies
ROP
$37.8B
| $9.82M | 0.04% |
29,011
-700
| -2% | -$239K |
2013 Q2
52 quarters
|
|
316
Vulcan Materials
VMC
$33.3B
| $9.79M | 0.04% |
33,176
-1,300
| -4% | -$373K |
2013 Q2
52 quarters
|
|
317
WEC Energy
WEC
$35.5B
| $9.74M | 0.04% |
83,384
-1,600
| -2% | -$183K |
2013 Q2
52 quarters
|
|
318
M&T Bank
MTB
$31.2B
| $9.71M | 0.04% |
40,801
-2,200
| -5% | -$481K |
2013 Q2
52 quarters
|
|
319
Iron Mountain
IRM
$33.5B
| $9.62M | 0.04% |
76,146
-1,100
| -1% | -$135K |
2013 Q2
52 quarters
|
|
320
Agilent Technologies
A
$48.7B
| $9.61M | 0.04% |
72,381
-1,500
| -2% | -$183K |
2013 Q2
52 quarters
|
|
321
Arch Capital
ACGL
$34.6B
| $9.57M | 0.04% |
98,600
-2,800
| -3% | -$264K |
2022 Q4
14 quarters
|
|
322
Expedia Group
EXPE
$34.7B
| $9.56M | 0.04% |
37,364
+200
| +0.5% | +$47.5K |
2013 Q2
52 quarters
|
|
323
Centene
CNC
$34.1B
| $9.56M | 0.04% |
148,927
+8,600
| +6% | +$460K |
2014 Q3
47 quarters
|
|
324
Biogen
BIIB
$34.5B
| $9.42M | 0.04% |
43,603
+600
| +1% | +$115K |
2013 Q2
52 quarters
|
|
325
Kenvue
KVUE
$36.3B
| $9.4M | 0.04% |
491,639
-8,900
| -2% | -$157K |
2023 Q3
11 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.