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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 | |
|---|---|---|---|---|---|---|---|
326
Kimberly-Clark
KMB
$35.1B
| $9.33M | 0.04% |
85,016
-1,700
| -2% | -$168K |
2013 Q2
52 quarters
|
|
327
Williams-Sonoma
WSM
$29.5B
| $9.3M | 0.04% |
39,900
-600
| -1% | -$119K |
2013 Q2
52 quarters
|
|
328
Nu Holdings
NU
$70.3B
| $9.26M | 0.04% |
692,800
+152,000
| +28% | +$2.05M |
2025 Q3
3 quarters
|
|
329
Ameren
AEE
$29.4B
| $9.14M | 0.04% |
80,887
+8,700
| +12% | +$961K |
2013 Q2
52 quarters
|
|
330
EQT Corp
EQT
$34B
| $9.12M | 0.04% |
171,500
+8,500
| +5% | +$477K |
2013 Q2
52 quarters
|
|
331
Nasdaq
NDAQ
$52.3B
| $9.02M | 0.04% |
114,390
-2,900
| -2% | -$254K |
2013 Q2
52 quarters
|
|
332
Paychex
PAYX
$39.6B
| $8.93M | 0.04% |
90,777
-300
| -0.3% | -$28.4K |
2013 Q2
52 quarters
|
|
333
Martin Marietta Materials
MLM
$35.5B
| $8.84M | 0.04% |
15,337
-400
| -3% | -$237K |
2013 Q2
52 quarters
|
|
334
Teledyne Technologies
TDY
$28.6B
| $8.78M | 0.04% |
13,169
-500
| -4% | -$315K |
2015 Q1
45 quarters
|
|
335
Atmos Energy
ATO
$28.3B
| $8.77M | 0.04% |
50,910
-10,300
| -17% | -$1.84M |
2013 Q2
52 quarters
|
|
336
Qnity Electronics Inc
Q
$24.3B
| $8.76M | 0.04% |
53,647
-1,100
| -2% | -$162K |
2025 Q4
2 quarters
|
|
337
IQVIA
IQV
$43.8B
| $8.62M | 0.04% |
44,590
+296
| +0.7% | +$51.6K |
2017 Q3
35 quarters
|
|
338
Twilio
TWLO
$37.4B
| $8.56M | 0.04% |
41,500
-2,600
| -6% | -$461K |
2023 Q4
10 quarters
|
|
339
Edison International
EIX
$21.6B
| $8.5M | 0.04% |
114,112
-400
| -0.3% | -$28.5K |
2013 Q2
52 quarters
|
|
340
Crown Castle
CCI
$35B
| $8.46M | 0.04% |
111,752
-2,000
| -2% | -$176K |
2013 Q2
52 quarters
|
|
341
Citizens Financial Group
CFG
$26.6B
| $8.31M | 0.04% |
118,573
-3,400
| -3% | -$219K |
2016 Q1
41 quarters
|
|
342
Northern Trust
NTRS
$30.3B
| $8.24M | 0.04% |
47,413
-1,300
| -3% | -$214K |
2013 Q2
52 quarters
|
|
343
Toast
TOST
$18.2B
| $8.15M | 0.04% |
292,900
+109,900
| +60% | +$2.87M |
2025 Q3
3 quarters
|
|
344
DTE Energy
DTE
$27B
| $8.12M | 0.04% |
53,277
-1,000
| -2% | -$146K |
2013 Q2
52 quarters
|
|
345
First Solar
FSLR
$18.6B
| $8.12M | 0.04% |
34,400
-1,100
| -3% | -$258K |
2013 Q2
52 quarters
|
|
346
VICI Properties
VICI
$26B
| $8.1M | 0.04% |
305,200
-9,400
| -3% | -$263K |
2021 Q4
18 quarters
|
|
347
Steel Dynamics
STLD
$34.5B
| $7.96M | 0.04% |
34,700
-3,660
| -10% | -$857K |
2013 Q2
52 quarters
|
|
348
NRG Energy
NRG
$21.9B
| $7.9M | 0.04% |
54,066
-1,400
| -3% | -$202K |
2013 Q2
52 quarters
|
|
349
Extra Space Storage
EXR
$29.5B
| $7.86M | 0.03% |
54,079
-1,400
| -3% | -$200K |
2013 Q2
52 quarters
|
|
350
The Kraft Heinz Company
KHC
$28.1B
| $7.78M | 0.03% |
329,539
+13,100
| +4% | +$302K |
2015 Q3
43 quarters
|
|
Similar funds
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.