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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
Cap. Flow %
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 | |
|---|---|---|---|---|---|---|---|
776
Bruker
BRKR
$8.35B
| $1.56M | 0.01% |
25,993
-700
| -3% | -$32.7K |
2021 Q4
18 quarters
|
|
777
NOV
NOV
$6.75B
| $1.56M | 0.01% |
83,977
-2,800
| -3% | -$55.8K |
2021 Q1
21 quarters
|
|
778
Glacier Bancorp
GBCI
$5.71B
| $1.55M | 0.01% |
30,136
-800
| -3% | -$38.6K |
2020 Q2
24 quarters
|
|
779
Lithia Motors
LAD
$6.49B
| $1.54M | 0.01% |
5,287
-500
| -9% | -$142K |
2020 Q3
23 quarters
|
|
780
Fortune Brands Innovations
FBIN
$4.78B
| $1.53M | 0.01% |
27,942
-1,000
| -3% | -$40K |
2013 Q2
52 quarters
|
|
781
Chord Energy
CHRD
$8.45B
| $1.51M | 0.01% |
13,200
-500
| -4% | -$67.8K |
2023 Q1
13 quarters
|
|
782
Floor & Decor
FND
$4.82B
| $1.5M | 0.01% |
25,300
-600
| -2% | -$30.4K |
2023 Q4
10 quarters
|
|
783
Wyndham Hotels & Resorts
WH
$5.61B
| $1.48M | 0.01% |
17,553
-600
| -3% | -$49.7K |
2018 Q2
32 quarters
|
|
784
Mine Safety
MSA
$6.91B
| $1.48M | 0.01% |
8,455
-300
| -3% | -$50.2K |
2013 Q2
52 quarters
|
|
785
GATX Corp
GATX
$5.84B
| $1.47M | 0.01% |
8,312
-300
| -3% | -$54.6K |
2013 Q2
52 quarters
|
|
786
United Bankshares
UBSI
$6.36B
| $1.47M | 0.01% |
32,113
-1,500
| -4% | -$65.6K |
2017 Q2
36 quarters
|
|
787
IES Holdings
IESC
$10.7B
| $1.47M | 0.01% |
+4,000
| New | +$1.29M |
2026 Q2
0 quarters
|
|
788
Vornado Realty Trust
VNO
$6.15B
| $1.45M | 0.01% |
37,000
-1,500
| -4% | -$48.5K |
2013 Q2
52 quarters
|
|
789
Macy's
M
$6.27B
| $1.45M | 0.01% |
61,670
-2,300
| -4% | -$48.2K |
2021 Q4
18 quarters
|
|
790
Chemed
CHE
$6.7B
| $1.45M | 0.01% |
3,109
-300
| -9% | -$126K |
2018 Q2
32 quarters
|
|
791
Hancock Whitney
HWC
$5.86B
| $1.42M | 0.01% |
18,940
-900
| -5% | -$61.5K |
2013 Q2
52 quarters
|
|
792
Rayonier
RYN
$5.65B
| $1.41M | 0.01% |
66,372
-2,200
| -3% | -$46.1K |
2013 Q2
52 quarters
|
|
793
Portland General Electric
POR
$5.19B
| $1.4M | 0.01% |
27,100
| – | – |
2022 Q2
16 quarters
|
|
794
Crocs
CROX
$5.9B
| $1.4M | 0.01% |
11,638
-500
| -4% | -$54.6K |
2021 Q2
20 quarters
|
|
795
Ingredion
INGR
$6.18B
| $1.4M | 0.01% |
14,788
-400
| -3% | -$42.3K |
2013 Q2
52 quarters
|
|
796
MGIC Investment
MTG
$5.71B
| $1.39M | 0.01% |
49,417
-3,400
| -6% | -$90.6K |
2020 Q4
22 quarters
|
|
797
Churchill Downs
CHDN
$5.69B
| $1.39M | 0.01% |
15,480
-500
| -3% | -$44.8K |
2016 Q2
40 quarters
|
|
798
Essent Group
ESNT
$5.82B
| $1.38M | 0.01% |
21,533
-1,400
| -6% | -$84.7K |
2020 Q2
24 quarters
|
|
799
NewMarket
NEU
$8.06B
| $1.37M | 0.01% |
1,737
-100
| -5% | -$72.1K |
2013 Q2
52 quarters
|
|
800
Weatherford International
WFRD
$5.45B
| $1.37M | 0.01% |
16,800
-500
| -3% | -$50.7K |
2023 Q3
11 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.