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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
AMAT icon
51
Applied Materials
AMAT
$417B
$65.9M 0.32%
256,255
-13,200
-5% -$3.16M
PM icon
52
Philip Morris
PM
$290B
$65.4M 0.32%
407,558
-13,400
-3% -$2.08M
RTX icon
53
RTX Corp
RTX
$302B
$64.4M 0.31%
351,000
-39,932
-10% -$6.94M
CI icon
54
Cigna
CI
$72.4B
$63.1M 0.31%
229,241
-1,000
-0.4% -$280K
LRCX icon
55
Lam Research
LRCX
$390B
$62.3M 0.3%
364,200
-7,400
-2% -$1.15M
VLUE icon
56
iShares MSCI USA Value Factor ETF
VLUE
$9.47B
$61.2M 0.3%
447,700
-87,300
-16% -$11.5M
C icon
57
Citigroup
C
$228B
$60.4M 0.29%
517,836
-35,500
-6% -$3.69M
ABT icon
58
Abbott
ABT
$190B
$59.2M 0.29%
472,457
+1,700
+0.4% +$217K
QCOM icon
59
Qualcomm
QCOM
$171B
$57.4M 0.28%
335,366
+1,900
+0.6% +$326K
MBB icon
60
iShares MBS ETF
MBB
$39B
$57.1M 0.28%
600,000
– –
DIS icon
61
Walt Disney
DIS
$179B
$57M 0.28%
501,366
-2,400
-0.5% -$264K
TMO icon
62
Thermo Fisher Scientific
TMO
$224B
$57M 0.28%
98,410
-3,700
-4% -$2.09M
MCD icon
63
McDonald's
MCD
$194B
$57M 0.28%
186,415
-6,600
-3% -$2.02M
XLV icon
64
State Street Health Care Select Sector SPDR ETF
XLV
$43.9B
$56.4M 0.27%
364,188
+9,300
+3% +$1.39M
MS icon
65
Morgan Stanley
MS
$338B
$56.1M 0.27%
316,226
-11,900
-4% -$1.98M
INTC icon
66
Intel
INTC
$493B
$55.1M 0.27%
1,494,283
-103,400
-6% -$3.9M
LIN icon
67
Linde
LIN
$226B
$54.2M 0.26%
127,104
-4,600
-3% -$1.97M
T icon
68
AT&T
T
$168B
$53.9M 0.26%
2,170,913
-27,000
-1% -$684K
TJX icon
69
TJX Companies
TJX
$172B
$53.6M 0.26%
348,982
+1,000
+0.3% +$148K
PEP icon
70
PepsiCo
PEP
$189B
$52.5M 0.26%
366,122
-17,100
-4% -$2.51M
VZ icon
71
Verizon
VZ
$196B
$52.3M 0.25%
1,284,050
+16,500
+1% +$669K
APH icon
72
Amphenol
APH
$206B
$52.3M 0.25%
386,974
-28,600
-7% -$3.83M
AXP icon
73
American Express
AXP
$230B
$52M 0.25%
140,677
-6,100
-4% -$2.18M
APP icon
74
Applovin
APP
$107B
$50.6M 0.25%
75,100
-2,300
-3% -$1.45M
ACN icon
75
Accenture
ACN
$110B
$50.3M 0.24%
187,338
+6,400
+4% +$1.63M
1 2
3
4 5

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
Capital Fund Management (CFM)
Capital Fund Management (CFM) Paris, France $22.1B AUM 20.49% 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

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.