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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
ALLE icon
501
Allegion
ALLE
$14.2B
$3.59M 0.02%
22,528
-700
-3% -$117K
RS icon
502
Reliance Steel & Aluminium
RS
$21.7B
$3.58M 0.02%
12,397
-100
-0.8% -$28.1K
UHS icon
503
Universal Health Services
UHS
$10.1B
$3.57M 0.02%
16,374
-800
-5% -$177K
BLDR icon
504
Builders FirstSource
BLDR
$7.91B
$3.55M 0.02%
34,500
+300
+0.9% +$33.7K
HII icon
505
Huntington Ingalls Industries
HII
$12.8B
$3.5M 0.02%
10,306
-300
-3% -$93.1K
FNF icon
506
Fidelity National Financial
FNF
$13.1B
$3.5M 0.02%
64,100
+400
+0.6% +$22.8K
ITT icon
507
ITT
ITT
$19.4B
$3.49M 0.02%
20,129
+1,600
+9% +$287K
IEX icon
508
IDEX
IEX
$17.6B
$3.48M 0.02%
19,580
-800
-4% -$137K
GGG icon
509
Graco
GGG
$13.3B
$3.46M 0.02%
42,264
+200
+0.5% +$16.5K
ECHO
510
EchoStar
ECHO
$26.6B
$3.46M 0.02%
31,800
-200
-0.6% -$16.3K
MAS icon
511
Masco
MAS
$14.7B
$3.45M 0.02%
54,417
-2,200
-4% -$143K
ZBRA icon
512
Zebra Technologies
ZBRA
$18B
$3.45M 0.02%
14,191
+400
+3% +$107K
EQH icon
513
Equitable Holdings
EQH
$14.4B
$3.42M 0.02%
71,786
-3,200
-4% -$152K
CSL icon
514
Carlisle Companies
CSL
$14.9B
$3.41M 0.02%
10,672
+500
+5% +$162K
DPZ icon
515
Domino's
DPZ
$11.6B
$3.41M 0.02%
8,180
-300
-4% -$125K
CF icon
516
CF Industries
CF
$17.7B
$3.41M 0.02%
44,054
-3,800
-8% -$312K
NDSN icon
517
Nordson
NDSN
$17.3B
$3.35M 0.02%
13,951
-600
-4% -$141K
SJM icon
518
J.M. Smucker
SJM
$12.9B
$3.35M 0.02%
34,261
-500
-1% -$51.7K
APG icon
519
APi Group
APG
$18.8B
$3.35M 0.02%
87,450
-700
-0.8% -$25.9K
NBIX icon
520
Neurocrine Biosciences
NBIX
$15.3B
$3.34M 0.02%
23,581
– –
PFGC icon
521
Performance Food Group
PFGC
$16.4B
$3.34M 0.02%
37,103
-200
-0.5% -$19.3K
RBC icon
522
RBC Bearings
RBC
$17.5B
$3.32M 0.02%
7,400
-100
-1% -$42.3K
NTNX icon
523
Nutanix
NTNX
$18.4B
$3.31M 0.02%
64,000
+200
+0.3% +$12.2K
SOLV icon
524
Solventum
SOLV
$14.7B
$3.3M 0.02%
41,651
-1,400
-3% -$107K
GLPI icon
525
Gaming and Leisure Properties
GLPI
$12.7B
$3.28M 0.02%
73,500
+1,500
+2% +$66.5K
19 20
21
22 23

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.