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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 | |
|---|---|---|---|---|---|---|---|
51
Merck
MRK
$358B
| $85.2M | 0.38% |
663,390
-59,700
| -8% | -$6.99M |
2013 Q2
52 quarters
|
|
52
Palo Alto Networks
PANW
$303B
| $83.2M | 0.37% |
244,039
+32,939
| +16% | +$7.54M |
2022 Q2
16 quarters
|
|
53
Coca-Cola
KO
$396B
| $83M | 0.37% |
1,021,448
-16,700
| -2% | -$1.32M |
2013 Q2
52 quarters
|
|
54
Netflix
NFLX
$302B
| $82.5M | 0.37% |
1,155,690
-7,500
| -0.6% | -$661K |
2013 Q2
52 quarters
|
|
55
GE Vernova
GEV
$247B
| $82.1M | 0.36% |
69,840
-600
| -0.9% | -$612K |
2024 Q2
8 quarters
|
|
56
Hims & Hers Health
HIMS
$6.85B
| $81.3M | 0.36% |
2,346,282
+7,682
| +0.3% | +$206K |
2024 Q1
9 quarters
|
|
57
Chevron
CVX
$430B
| $79.5M | 0.35% |
479,339
-10,300
| -2% | -$1.92M |
2013 Q2
52 quarters
|
|
58
Goldman Sachs
GS
$260B
| $76.4M | 0.34% |
75,567
-2,800
| -4% | -$2.73M |
2013 Q2
52 quarters
|
|
59
Philip Morris
PM
$312B
| $72.2M | 0.32% |
399,058
-7,600
| -2% | -$1.32M |
2013 Q2
52 quarters
|
|
60
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$17.9B
| $72M | 0.32% |
+900,000
| New | +$72M |
2026 Q2
0 quarters
|
|
61
Texas Instruments
TXN
$255B
| $69.5M | 0.31% |
233,061
-4,000
| -2% | -$1.11M |
2013 Q2
52 quarters
|
|
62
Wells Fargo
WFC
$248B
| $69M | 0.31% |
835,149
-17,000
| -2% | -$1.37M |
2013 Q2
52 quarters
|
|
63
IBM
IBM
$221B
| $67.7M | 0.3% |
240,640
-3,500
| -1% | -$882K |
2013 Q2
52 quarters
|
|
64
Citigroup
C
$207B
| $67.2M | 0.3% |
480,136
-25,800
| -5% | -$3.36M |
2013 Q2
52 quarters
|
|
65
Marvell Technology
MRVL
$217B
| $66.8M | 0.3% |
+224,200
| New | +$45M |
2026 Q2
0 quarters
|
|
66
RTX Corp
RTX
$252B
| $65.4M | 0.29% |
344,800
-5,800
| -2% | -$1.06M |
2020 Q2
24 quarters
|
|
67
Linde
LIN
$227B
| $65M | 0.29% |
125,304
-1,600
| -1% | -$810K |
2018 Q4
30 quarters
|
|
68
Morgan Stanley
MS
$286B
| $64.2M | 0.28% |
306,926
-7,400
| -2% | -$1.47M |
2013 Q2
52 quarters
|
|
69
Amphenol
APH
$201B
| $64.1M | 0.28% |
727,148
-12,200
| -2% | -$879K |
2013 Q2
52 quarters
|
|
70
Oracle
ORCL
$408B
| $63.7M | 0.28% |
434,432
-8,500
| -2% | -$1.54M |
2013 Q2
52 quarters
|
|
71
Factset
FDS
$10.7B
| $61.1M | 0.27% |
265,428
+20,905
| +9% | +$4.8M |
2013 Q2
52 quarters
|
|
72
CrowdStrike
CRWD
$250B
| $60.5M | 0.27% |
317,336
+53,736
| +20% | +$7.63M |
2023 Q1
13 quarters
|
|
73
iShares MBS ETF
MBB
$35.9B
| $56.7M | 0.25% |
600,000
| – | – |
2020 Q4
22 quarters
|
|
74
Western Digital
WDC
$133B
| $56.4M | 0.25% |
88,257
-14,400
| -14% | -$7M |
2013 Q2
52 quarters
|
|
75
Qualcomm
QCOM
$191B
| $56.2M | 0.25% |
304,066
-29,700
| -9% | -$5.55M |
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.