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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
DAR icon
776
Darling Ingredients
DAR
$9.91B
$1.35M 0.01%
37,374
-300
-0.8% -$10.2K
BSY icon
777
Bentley Systems
BSY
$10.8B
$1.34M 0.01%
+35,200
New +$1.6M
ARW icon
778
Arrow Electronics
ARW
$10.7B
$1.34M 0.01%
12,175
-100
-0.8% -$11.4K
GBCI icon
779
Glacier Bancorp
GBCI
$6.39B
$1.34M 0.01%
30,436
+2,200
+8% +$96.5K
AN icon
780
AutoNation
AN
$6.82B
$1.33M 0.01%
6,448
-300
-4% -$62.4K
WFRD icon
781
Weatherford International
WFRD
$6.67B
$1.33M 0.01%
17,000
-100
-0.6% -$7.26K
VLY icon
782
Valley National Bancorp
VLY
$8.21B
$1.32M 0.01%
113,281
-1,300
-1% -$14.4K
CVLT icon
783
Commault Systems
CVLT
$5.76B
$1.31M 0.01%
10,412
-200
-2% -$28.1K
BIO icon
784
Bio-Rad Laboratories Class A
BIO
$9.45B
$1.3M 0.01%
4,300
– –
HLNE icon
785
Hamilton Lane
HLNE
$5.64B
$1.3M 0.01%
9,700
+100
+1% +$12.6K
HRB icon
786
H&R Block
HRB
$6.74B
$1.3M 0.01%
29,868
-2,000
-6% -$93.5K
SLM icon
787
SLM Corp
SLM
$5.18B
$1.3M 0.01%
47,999
-1,600
-3% -$43.9K
PEGA icon
788
Pegasystems
PEGA
$5.17B
$1.3M 0.01%
21,700
-300
-1% -$17.6K
ENS icon
789
EnerSys
ENS
$6.85B
$1.29M 0.01%
8,772
-100
-1% -$13.4K
APPF icon
790
AppFolio
APPF
$6.94B
$1.28M 0.01%
5,500
+100
+2% +$23.8K
POR icon
791
Portland General Electric
POR
$5.72B
$1.28M 0.01%
26,600
+500
+2% +$23.6K
VNT icon
792
Vontier
VNT
$4.52B
$1.28M 0.01%
34,315
-600
-2% -$23K
THO icon
793
Thor Industries
THO
$4.09B
$1.27M 0.01%
12,418
-300
-2% -$31.2K
UBSI icon
794
United Bankshares
UBSI
$6.62B
$1.27M 0.01%
33,113
-500
-1% -$18.6K
VNO icon
795
Vornado Realty Trust
VNO
$7.25B
$1.27M 0.01%
38,100
-300
-0.8% -$11K
TKR icon
796
Timken Company
TKR
$8.9B
$1.26M 0.01%
15,023
-100
-0.7% -$7.96K
NEU icon
797
NewMarket
NEU
$8.47B
$1.26M 0.01%
1,837
– –
HWC icon
798
Hancock Whitney
HWC
$6.27B
$1.26M 0.01%
19,740
-400
-2% -$24.3K
UFPI icon
799
UFP Industries
UFPI
$4.97B
$1.26M 0.01%
13,800
-100
-0.7% -$9.16K
CHRD icon
800
Chord Energy
CHRD
$7.57B
$1.24M 0.01%
13,400
-200
-1% -$18.5K
30 31
32
33 34

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.