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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 | |
|---|---|---|---|---|---|---|---|
401
Omnicom Group
OMC
$22.1B
| $6.42M | 0.03% |
88,182
-1,000
| -1% | -$75.3K |
2013 Q2
52 quarters
|
|
402
Entegris
ENTG
$21.2B
| $6.42M | 0.03% |
35,700
-900
| -2% | -$130K |
2025 Q1
5 quarters
|
|
403
nVent Electric
NVT
$23B
| $6.41M | 0.03% |
37,806
-1,000
| -3% | -$156K |
2018 Q2
32 quarters
|
|
404
Expand Energy Corp
EXE
$21.6B
| $6.41M | 0.03% |
70,300
+8,100
| +13% | +$769K |
2022 Q4
14 quarters
|
|
405
Snap-on
SNA
$19B
| $6.37M | 0.03% |
15,822
+100
| +0.6% | +$37.8K |
2013 Q2
52 quarters
|
|
406
Cognizant
CTSH
$29.7B
| $6.34M | 0.03% |
163,823
+7,100
| +5% | +$374K |
2013 Q2
52 quarters
|
|
407
FirstEnergy
FE
$26.7B
| $6.34M | 0.03% |
133,344
-2,500
| -2% | -$119K |
2013 Q2
52 quarters
|
|
408
Moderna
MRNA
$87B
| $6.33M | 0.03% |
90,441
-400
| -0.4% | -$20.7K |
2021 Q3
19 quarters
|
|
409
ATI
ATI
$25.3B
| $6.29M | 0.03% |
31,900
-800
| -2% | -$136K |
2025 Q1
5 quarters
|
|
410
Illumina
ILMN
$39.6B
| $6.22M | 0.03% |
35,400
-1,400
| -4% | -$205K |
2015 Q4
42 quarters
|
|
411
JB Hunt Transport Services
JBHT
$21.5B
| $6.22M | 0.03% |
21,495
| – | – |
2013 Q2
52 quarters
|
|
412
TechnipFMC
FTI
$27.3B
| $6.18M | 0.03% |
93,200
-4,100
| -4% | -$290K |
2025 Q3
3 quarters
|
|
413
United Therapeutics
UTHR
$22.9B
| $6.14M | 0.03% |
11,332
-400
| -3% | -$225K |
2013 Q2
52 quarters
|
|
414
Okta
OKTA
$32.7B
| $6.1M | 0.03% |
44,700
+900
| +2% | +$84.6K |
2025 Q2
4 quarters
|
|
415
Expeditors International
EXPD
$25.5B
| $6.08M | 0.03% |
37,308
-800
| -2% | -$124K |
2013 Q2
52 quarters
|
|
416
CMS Energy
CMS
$21.5B
| $6.05M | 0.03% |
79,099
-900
| -1% | -$67.5K |
2013 Q2
52 quarters
|
|
417
Sterling Infrastructure
STRL
$13B
| $6.04M | 0.03% |
7,200
-200
| -3% | -$140K |
2025 Q4
2 quarters
|
|
418
Darden Restaurants
DRI
$24.5B
| $6.04M | 0.03% |
29,312
-800
| -3% | -$160K |
2013 Q2
52 quarters
|
|
419
Verisk Analytics
VRSK
$24.8B
| $6.02M | 0.03% |
33,556
-2,900
| -8% | -$511K |
2015 Q4
42 quarters
|
|
420
Church & Dwight Co
CHD
$24.8B
| $6.02M | 0.03% |
62,151
+300
| +0.5% | +$28.7K |
2013 Q2
52 quarters
|
|
421
Ares Management
ARES
$25.5B
| $6.01M | 0.03% |
54,000
+200
| +0.4% | +$24K |
2025 Q4
2 quarters
|
|
422
MasTec
MTZ
$15.3B
| $6.01M | 0.03% |
14,439
-300
| -2% | -$115K |
2018 Q4
30 quarters
|
|
423
Quest Diagnostics
DGX
$25.9B
| $6M | 0.03% |
28,321
-400
| -1% | -$78.5K |
2013 Q2
52 quarters
|
|
424
Best Buy
BBY
$19.4B
| $5.97M | 0.03% |
78,703
+4,300
| +6% | +$286K |
2013 Q2
52 quarters
|
|
425
Woodward
WWD
$19.4B
| $5.92M | 0.03% |
13,910
-400
| -3% | -$152K |
2013 Q2
52 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.