We are live on ! Find out more
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
FBIN icon
751
Fortune Brands Innovations
FBIN
$5.79B
$1.42M 0.01%
28,342
-200
-0.7% -$10K
CHE icon
752
Chemed
CHE
$7.03B
$1.42M 0.01%
3,309
-200
-6% -$87.1K
HR icon
753
Healthcare Realty
HR
$6.6B
$1.41M 0.01%
83,053
-700
-0.8% -$12.5K
KEX icon
754
Kirby Corp
KEX
$7.28B
$1.41M 0.01%
12,759
-500
-4% -$50.8K
LEA icon
755
Lear
LEA
$8.16B
$1.4M 0.01%
12,255
-400
-3% -$42.7K
MASI
756
DELISTED
Masimo
MASI
$1.4M 0.01%
10,796
-200
-2% -$28.6K
ULS icon
757
UL Solutions
ULS
$15.5B
$1.4M 0.01%
+17,800
New +$1.43M
VFC icon
758
VF Corp
VFC
$5.8B
$1.4M 0.01%
77,600
-500
-0.6% -$8.1K
AM icon
759
Antero Midstream
AM
$10.5B
$1.4M 0.01%
78,825
-900
-1% -$16.2K
M icon
760
Macy's
M
$6.26B
$1.4M 0.01%
63,470
-1,200
-2% -$24.6K
ANF icon
761
Abercrombie & Fitch
ANF
$4.86B
$1.4M 0.01%
11,100
-200
-2% -$17.5K
RLI icon
762
RLI Corp
RLI
$5.89B
$1.39M 0.01%
21,732
-100
-0.5% -$6.28K
JHG
763
DELISTED
Janus Henderson
JHG
$1.39M 0.01%
29,213
-500
-2% -$22.1K
HXL icon
764
Hexcel
HXL
$7.73B
$1.39M 0.01%
18,797
-100
-0.5% -$7.07K
MSA icon
765
Mine Safety
MSA
$7.33B
$1.39M 0.01%
8,655
-100
-1% -$16.3K
CAVA icon
766
CAVA Group
CAVA
$8.4B
$1.39M 0.01%
23,600
-100
-0.4% -$5.58K
RYAN icon
767
Ryan Specialty Holdings
RYAN
$10.9B
$1.38M 0.01%
26,800
– –
ALK icon
768
Alaska Air
ALK
$5.31B
$1.38M 0.01%
27,400
-100
-0.4% -$4.62K
GAP
769
The Gap Inc
GAP
$7.36B
$1.37M 0.01%
53,530
-700
-1% -$17K
ABCL icon
770
AbCellera Biologics
ABCL
$3.35B
$1.37M 0.01%
400,000
– –
TXNM
771
TXNM Energy Inc
TXNM
$5.91B
$1.37M 0.01%
23,189
+600
+3% +$34.6K
NXST icon
772
Nexstar Media Group
NXST
$5.8B
$1.36M 0.01%
6,700
-100
-1% -$19.5K
TMHC
773
DELISTED
Taylor Morrison
TMHC
$1.36M 0.01%
23,095
-400
-2% -$24.5K
WH icon
774
Wyndham Hotels & Resorts
WH
$5.5B
$1.35M 0.01%
17,853
-300
-2% -$22.6K
NOV icon
775
NOV
NOV
$7.36B
$1.35M 0.01%
86,177
-2,300
-3% -$34.1K
29 30
31
32 33

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.