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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
BALL icon
476
Ball Corp
BALL
$16.4B
$4.02M 0.02%
75,901
+2,300
+3% +$113K
NLY icon
477
Annaly Capital Management
NLY
$17.6B
$3.98M 0.02%
178,031
+10,900
+7% +$237K
USFD icon
478
US Foods
USFD
$23.8B
$3.97M 0.02%
52,700
-900
-2% -$67.6K
BMNR
479
BitMine Immersion Technologies
BMNR
$11B
$3.94M 0.02%
145,000
+85,000
+142% +$3.45M
TRU icon
480
TransUnion
TRU
$15.5B
$3.94M 0.02%
45,900
-500
-1% -$41.1K
PSNL icon
481
Personalis
PSNL
$1.54B
$3.93M 0.02%
493,798
– –
NVT icon
482
nVent Electric
NVT
$27.5B
$3.89M 0.02%
38,106
-200
-0.5% -$20.8K
FN icon
483
Fabrinet
FN
$20.3B
$3.87M 0.02%
8,500
– –
AVY icon
484
Avery Dennison
AVY
$13.6B
$3.82M 0.02%
20,987
-900
-4% -$156K
SFIX
485
Stitch Fix
SFIX
$487M
$3.82M 0.02%
726,983
– –
XPO icon
486
XPO
XPO
$24.7B
$3.77M 0.02%
27,742
-300
-1% -$40.9K
VTRS icon
487
Viatris
VTRS
$18.4B
$3.75M 0.02%
301,499
-13,800
-4% -$149K
JLL icon
488
Jones Lang LaSalle
JLL
$17B
$3.74M 0.02%
11,111
-200
-2% -$62.7K
BWXT icon
489
BWX Technologies
BWXT
$15.6B
$3.73M 0.02%
21,600
-200
-0.9% -$37.5K
CRS icon
490
Carpenter Technology
CRS
$26.6B
$3.72M 0.02%
11,800
-100
-0.8% -$30.1K
OKTA icon
491
Okta
OKTA
$26.9B
$3.7M 0.02%
42,800
+3,000
+8% +$262K
ATI icon
492
ATI
ATI
$30.9B
$3.68M 0.02%
32,100
-700
-2% -$68.2K
PTON icon
493
Peloton Interactive
PTON
$2.44B
$3.67M 0.02%
596,477
– –
EWBC icon
494
East-West Bancorp
EWBC
$18.6B
$3.66M 0.02%
32,522
-300
-0.9% -$31.8K
PINS icon
495
Pinterest
PINS
$13.2B
$3.65M 0.02%
+140,800
New +$4.05M
TKO icon
496
TKO Group
TKO
$14.6B
$3.64M 0.02%
17,400
-1,300
-7% -$253K
JKHY icon
497
Jack Henry & Associates
JKHY
$11.1B
$3.63M 0.02%
19,916
-900
-4% -$150K
CG icon
498
Carlyle Group
CG
$18.3B
$3.62M 0.02%
61,300
-700
-1% -$39.8K
RL icon
499
Ralph Lauren
RL
$23.1B
$3.6M 0.02%
10,180
-300
-3% -$102K
KIM icon
500
Kimco Realty
KIM
$16.4B
$3.59M 0.02%
177,333
-5,800
-3% -$120K
18 19
20
21 22

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
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
Teacher Retirement System of Texas
Teacher Retirement System of Texas Austin, Texas $24B AUM 29.51% 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.