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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
KEYS icon
301
Keysight
KEYS
$60.8B
$9.15M 0.04%
45,031
-1,500
-3% -$278K
NU icon
302
Nu Holdings
NU
$65.1B
$9.05M 0.04%
540,800
+160,100
+42% +$2.57M
MCHP icon
303
Microchip Technology
MCHP
$44.8B
$9.02M 0.04%
141,518
-4,400
-3% -$271K
FIS icon
304
Fidelity National Information Services
FIS
$21.5B
$9.01M 0.04%
135,603
-5,700
-4% -$376K
WEC icon
305
WEC Energy
WEC
$35.6B
$8.98M 0.04%
85,184
-1,900
-2% -$210K
OTIS icon
306
Otis Worldwide
OTIS
$27.8B
$8.91M 0.04%
102,007
-4,100
-4% -$367K
VICI icon
307
VICI Properties
VICI
$28.6B
$8.86M 0.04%
315,200
+11,300
+4% +$336K
KMB icon
308
Kimberly-Clark
KMB
$36B
$8.77M 0.04%
86,916
-2,800
-3% -$306K
MTB icon
309
M&T Bank
MTB
$36.3B
$8.76M 0.04%
43,501
-1,700
-4% -$325K
EQT icon
310
EQT Corp
EQT
$34B
$8.76M 0.04%
163,400
-5,400
-3% -$303K
ARKB icon
311
ARK 21Shares Bitcoin ETF
ARKB
$2.43B
$8.71M 0.04%
300,000
– –
ARES icon
312
Ares Management
ARES
$31.7B
$8.71M 0.04%
+53,900
New +$8.4M
XYL icon
313
Xylem
XYL
$28.7B
$8.68M 0.04%
63,775
-2,100
-3% -$302K
ULTA icon
314
Ulta Beauty
ULTA
$23.1B
$8.68M 0.04%
14,353
– –
KVUE icon
315
Kenvue
KVUE
$36.1B
$8.65M 0.04%
501,539
-17,500
-3% -$286K
SNDK
316
Sandisk
SNDK
$200B
$8.64M 0.04%
+36,401
New +$7.29M
FITB
317
Fifth Third Bancorp
FITB
$52.1B
$8.63M 0.04%
184,316
-4,800
-3% -$211K
HUM icon
318
Humana
HUM
$45.4B
$8.56M 0.04%
33,425
-300
-0.9% -$78.6K
WTW icon
319
Willis Towers Watson
WTW
$31.6B
$8.54M 0.04%
25,992
-400
-2% -$131K
SYF icon
320
Synchrony
SYF
$25.4B
$8.51M 0.04%
102,040
-6,700
-6% -$512K
OXY icon
321
Occidental Petroleum
OXY
$58.8B
$8.32M 0.04%
202,339
-3,400
-2% -$142K
DVN icon
322
Devon Energy
DVN
$49.9B
$8.18M 0.04%
223,191
-1,300
-0.6% -$45.4K
VRSK icon
323
Verisk Analytics
VRSK
$23.3B
$8.15M 0.04%
36,456
-1,300
-3% -$293K
NRG icon
324
NRG Energy
NRG
$25.8B
$7.99M 0.04%
50,166
-2,100
-4% -$347K
TER icon
325
Teradyne
TER
$63B
$7.94M 0.04%
41,035
-2,000
-5% -$343K
11 12
13
14 15

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.