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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
BKH icon
801
Black Hills Corp
BKH
$5.59B
$1.24M 0.01%
17,800
+500
+3% +$33.7K
BRKR icon
802
Bruker
BRKR
$8.68B
$1.23M 0.01%
26,193
-200
-0.8% -$8.45K
BF.B icon
803
Brown-Forman Class B
BF.B
$12.7B
$1.23M 0.01%
47,181
-1,700
-3% -$47.8K
KRG icon
804
Kite Realty
KRG
$5.27B
$1.23M 0.01%
51,195
-1,200
-2% -$27.2K
AAON icon
805
Aaon
AAON
$6.95B
$1.22M 0.01%
16,000
-100
-0.6% -$9.23K
SWX icon
806
Southwest Gas
SWX
$6.64B
$1.22M 0.01%
15,229
– –
MORN icon
807
Morningstar
MORN
$7.26B
$1.22M 0.01%
5,600
-200
-3% -$43.3K
OLED icon
808
Universal Display
OLED
$4.23B
$1.22M 0.01%
10,405
-100
-1% -$13K
FCN icon
809
FTI Consulting
FCN
$4.13B
$1.21M 0.01%
7,104
-500
-7% -$82.4K
LPX icon
810
Louisiana-Pacific
LPX
$5.13B
$1.21M 0.01%
14,958
-100
-0.7% -$8.45K
KBR icon
811
KBR
KBR
$4.73B
$1.21M 0.01%
30,011
-700
-2% -$30K
GNTX icon
812
Gentex
GNTX
$4.94B
$1.2M 0.01%
51,740
-500
-1% -$12.1K
WEX icon
813
WEX
WEX
$6.4B
$1.2M 0.01%
8,075
-100
-1% -$15.1K
HOMB icon
814
Home BancShares
HOMB
$6.17B
$1.2M 0.01%
43,230
-400
-0.9% -$11.1K
OPCH icon
815
Option Care Health
OPCH
$3.54B
$1.2M 0.01%
37,559
-1,100
-3% -$32.3K
SIGI icon
816
Selective Insurance
SIGI
$5.6B
$1.19M 0.01%
14,281
-200
-1% -$16.1K
CNX icon
817
CNX Resources
CNX
$5.28B
$1.17M 0.01%
31,902
-1,800
-5% -$64.5K
MTDR icon
818
Matador Resources
MTDR
$6.47B
$1.17M 0.01%
27,600
-300
-1% -$12.6K
BYD icon
819
Boyd Gaming
BYD
$6.01B
$1.16M 0.01%
13,624
-500
-4% -$41.2K
LSTR icon
820
Landstar System
LSTR
$6.19B
$1.16M 0.01%
8,070
-200
-2% -$26.6K
SR icon
821
Spire
SR
$4.87B
$1.15M 0.01%
13,936
-100
-0.7% -$8.53K
OZK icon
822
Bank OZK
OZK
$5.65B
$1.15M 0.01%
25,012
-200
-0.8% -$9.36K
BILL icon
823
BILL Holdings
BILL
$4.78B
$1.15M 0.01%
21,100
-700
-3% -$36K
MMS icon
824
Maximus
MMS
$2.81B
$1.15M 0.01%
13,318
-100
-0.7% -$8.55K
DBX icon
825
Dropbox
DBX
$7.25B
$1.15M 0.01%
41,200
-2,900
-7% -$84.5K
31 32
33
34 35

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.