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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
LEN icon
326
Lennar Class A
LEN
$20.6B
$7.93M 0.04%
77,115
-4,300
-5% -$519K
HAL icon
327
Halliburton
HAL
$27.9B
$7.87M 0.04%
278,422
-3,400
-1% -$89.8K
CSGP icon
328
CoStar Group
CSGP
$12.4B
$7.85M 0.04%
116,800
-4,900
-4% -$347K
EME icon
329
Emcor
EME
$36.7B
$7.83M 0.04%
12,800
-200
-2% -$130K
CIEN icon
330
Ciena
CIEN
$61.2B
$7.79M 0.04%
33,296
-400
-1% -$77.6K
RJF icon
331
Raymond James Financial
RJF
$34.6B
$7.72M 0.04%
48,044
-2,600
-5% -$420K
KHC icon
332
Kraft Heinz
KHC
$28.8B
$7.69M 0.04%
316,939
+6,500
+2% +$162K
HBAN icon
333
Huntington Bancshares
HBAN
$35.9B
$7.67M 0.04%
442,250
+21,800
+5% +$358K
DG icon
334
Dollar General
DG
$26.3B
$7.65M 0.04%
57,654
-1,900
-3% -$212K
JBL icon
335
Jabil
JBL
$38.6B
$7.64M 0.04%
33,500
-2,300
-6% -$491K
BIIB icon
336
Biogen
BIIB
$30.4B
$7.59M 0.04%
43,103
– –
LULU icon
337
lululemon athletica
LULU
$13.9B
$7.52M 0.04%
36,208
+100
+0.3% +$18.1K
MTD icon
338
Mettler-Toledo International
MTD
$28.6B
$7.52M 0.04%
5,396
-200
-4% -$279K
IBKR icon
339
Interactive Brokers
IBKR
$42B
$7.5M 0.04%
116,600
-3,800
-3% -$254K
IR icon
340
Ingersoll Rand
IR
$32.7B
$7.46M 0.04%
94,123
-3,700
-4% -$292K
WSM icon
341
Williams-Sonoma
WSM
$28.9B
$7.36M 0.04%
41,200
+200
+0.5% +$37.5K
OMC icon
342
Omnicom Group
OMC
$23.3B
$7.31M 0.04%
90,482
+33,898
+60% +$2.59M
EXR icon
343
Extra Space Storage
EXR
$31B
$7.24M 0.04%
55,579
-1,800
-3% -$245K
HSY icon
344
Hershey
HSY
$36.3B
$7.23M 0.04%
39,734
-2,000
-5% -$366K
CFG icon
345
Citizens Financial Group
CFG
$30.9B
$7.21M 0.04%
123,473
-4,500
-4% -$242K
ES icon
346
Eversource Energy
ES
$26.7B
$7.21M 0.04%
107,033
-3,900
-4% -$274K
CBOE icon
347
Cboe Global Markets
CBOE
$30B
$7.18M 0.03%
28,603
-1,300
-4% -$323K
NTAP icon
348
NetApp
NTAP
$39.2B
$7.17M 0.03%
66,929
-4,100
-6% -$468K
AVB icon
349
AvalonBay Communities
AVB
$25.8B
$7.07M 0.03%
39,011
-1,800
-4% -$327K
AEE icon
350
Ameren
AEE
$29.9B
$7.07M 0.03%
70,787
-2,300
-3% -$236K
12 13
14
15 16

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.