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
ON icon
351
ON Semiconductor
ON
$32.5B
$7.06M 0.03%
130,436
-7,600
-6% -$390K
HPQ icon
352
HP
HPQ
$26B
$7.05M 0.03%
316,462
-14,800
-4% -$377K
DOV icon
353
Dover
DOV
$28B
$7.01M 0.03%
35,923
-1,200
-3% -$219K
DTE icon
354
DTE Energy
DTE
$28.7B
$7.01M 0.03%
54,377
-1,800
-3% -$244K
TDY icon
355
Teledyne Technologies
TDY
$31.5B
$6.98M 0.03%
13,669
+200
+1% +$105K
EFX icon
356
Equifax
EFX
$21.2B
$6.96M 0.03%
32,078
-1,400
-4% -$307K
TSCO icon
357
Tractor Supply
TSCO
$18.5B
$6.92M 0.03%
138,375
-27,860
-17% -$1.5M
NVR icon
358
NVR
NVR
$16.7B
$6.9M 0.03%
946
-100
-10% -$748K
EXE
359
Expand Energy Corp
EXE
$22.5B
$6.89M 0.03%
62,400
-11,800
-16% -$1.31M
EIX icon
360
Edison International
EIX
$26.5B
$6.89M 0.03%
114,712
-1,000
-0.9% -$57.4K
COHR icon
361
Coherent
COHR
$68.8B
$6.85M 0.03%
37,106
+100
+0.3% +$15K
TPR icon
362
Tapestry
TPR
$31.1B
$6.85M 0.03%
53,599
-2,700
-5% -$309K
BR icon
363
Broadridge
BR
$19.1B
$6.82M 0.03%
30,560
-1,100
-3% -$251K
DLTR icon
364
Dollar Tree
DLTR
$24.6B
$6.81M 0.03%
55,369
-400
-0.7% -$42.9K
PPL
365
PPL Corp
PPL
$26.5B
$6.78M 0.03%
193,686
-6,300
-3% -$227K
DXCM icon
366
DexCom
DXCM
$33.6B
$6.78M 0.03%
102,100
-4,000
-4% -$259K
LDOS icon
367
Leidos
LDOS
$17.4B
$6.76M 0.03%
37,492
-100
-0.3% -$18.9K
NTRS icon
368
Northern Trust
NTRS
$34.9B
$6.76M 0.03%
49,513
-2,200
-4% -$289K
EL icon
369
Estee Lauder
EL
$31.7B
$6.74M 0.03%
64,338
+1,000
+2% +$97K
RF icon
370
Regions Financial
RF
$26.9B
$6.72M 0.03%
248,039
-10,100
-4% -$258K
AWK icon
371
American Water Works
AWK
$26.9B
$6.67M 0.03%
51,097
-8,900
-15% -$1.19M
CINF icon
372
Cincinnati Financial
CINF
$26.5B
$6.66M 0.03%
40,806
-1,500
-4% -$243K
CNP icon
373
CenterPoint Energy
CNP
$26.5B
$6.55M 0.03%
170,947
-5,600
-3% -$218K
STE icon
374
Steris
STE
$22.9B
$6.5M 0.03%
25,648
-1,000
-4% -$251K
STLD icon
375
Steel Dynamics
STLD
$37.8B
$6.5M 0.03%
38,360
-2,800
-7% -$445K
13 14
15
16 17

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.