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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
BWA icon
626
BorgWarner
BWA
$13.8B
$2.28M 0.01%
+50,600
New +$2.22M
APA icon
627
APA Corp
APA
$14B
$2.27M 0.01%
92,873
-3,900
-4% -$94.3K
FYBR
628
DELISTED
Frontier Communications
FYBR
$2.25M 0.01%
59,200
-400
-0.7% -$15.1K
EGP icon
629
EastGroup Properties
EGP
$11B
$2.25M 0.01%
12,627
-100
-0.8% -$17.8K
HLI icon
630
Houlihan Lokey
HLI
$9.24B
$2.25M 0.01%
12,900
– –
ROIV icon
631
Roivant Sciences
ROIV
$26.2B
$2.25M 0.01%
103,500
+1,100
+1% +$21.7K
SSB icon
632
SouthState Bank Corp
SSB
$10.8B
$2.24M 0.01%
23,800
-300
-1% -$27.8K
STRL icon
633
Sterling Infrastructure
STRL
$16.9B
$2.24M 0.01%
+7,300
New +$2.52M
WTFC icon
634
Wintrust Financial
WTFC
$11B
$2.22M 0.01%
15,863
-100
-0.6% -$13.3K
RRX icon
635
Regal Rexnord
RRX
$11.4B
$2.2M 0.01%
15,701
-100
-0.6% -$14.2K
PAYC icon
636
Paycom
PAYC
$10.1B
$2.19M 0.01%
13,773
-500
-4% -$88.6K
OC icon
637
Owens Corning
OC
$12.3B
$2.17M 0.01%
19,408
-4,680
-19% -$549K
CAG icon
638
Conagra Brands
CAG
$7.39B
$2.17M 0.01%
125,215
-4,300
-3% -$76.4K
GTLS
639
DELISTED
Chart Industries
GTLS
$2.14M 0.01%
10,400
-100
-1% -$20.3K
CR icon
640
Crane Co
CR
$12.7B
$2.13M 0.01%
11,572
-100
-0.9% -$18.6K
CRBG icon
641
Corebridge Financial
CRBG
$15.3B
$2.13M 0.01%
+70,600
New +$2.17M
PLNT icon
642
Planet Fitness
PLNT
$3.71B
$2.13M 0.01%
19,600
-400
-2% -$41.2K
REXR icon
643
Rexford Industrial Realty
REXR
$8.12B
$2.13M 0.01%
54,882
-1,300
-2% -$53.6K
GNRC icon
644
Generac Holdings
GNRC
$12.8B
$2.09M 0.01%
15,316
-600
-4% -$96.8K
FLS icon
645
Flowserve
FLS
$10.3B
$2.09M 0.01%
30,068
-1,100
-4% -$70.7K
TTEK icon
646
Tetra Tech
TTEK
$9.33B
$2.07M 0.01%
61,740
-800
-1% -$27.1K
TAP icon
647
Molson Coors Class B
TAP
$7.85B
$2.07M 0.01%
44,338
-19,964
-31% -$921K
FRT icon
648
Federal Realty Investment Trust
FRT
$10.3B
$2.07M 0.01%
20,524
-400
-2% -$39.4K
RGEN icon
649
Repligen
RGEN
$9.45B
$2.06M 0.01%
12,553
– –
COKE icon
650
Coca-Cola Consolidated
COKE
$12.7B
$2.05M 0.01%
13,400
-900
-6% -$132K
24 25
26
27 28

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.