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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
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 | |
|---|---|---|---|---|---|---|---|
826
Bio-Rad Laboratories Class A
BIO
$9.52B
| $1.23M | 0.01% |
4,200
-200
| -5% | -$56.7K |
2013 Q2
52 quarters
|
|
827
Trex
TREX
$4.68B
| $1.22M | 0.01% |
24,322
-1,500
| -6% | -$62.2K |
2019 Q1
29 quarters
|
|
828
Strategy Inc
MSTR
$58.3B
| $1.22M | 0.01% |
14,000
+8,200
| +141% | +$1.19M |
2025 Q4
2 quarters
|
|
829
UFP Industries
UFPI
$4.29B
| $1.2M | 0.01% |
13,200
-800
| -6% | -$69.7K |
2023 Q1
13 quarters
|
|
830
Nexstar Media Group
NXST
$5.14B
| $1.2M | 0.01% |
6,700
-200
| -3% | -$37.5K |
2022 Q4
14 quarters
|
|
831
Valvoline
VVV
$4.02B
| $1.18M | 0.01% |
29,815
-800
| -3% | -$27.8K |
2017 Q2
36 quarters
|
|
832
Associated Banc-Corp
ASB
$5.48B
| $1.17M | 0.01% |
38,178
-1,200
| -3% | -$33.8K |
2013 Q2
52 quarters
|
|
833
Louisiana-Pacific
LPX
$4.9B
| $1.17M | 0.01% |
14,858
-400
| -3% | -$29.5K |
2013 Q2
52 quarters
|
|
834
Circle Internet Group
CRCL
$21.3B
| $1.16M | 0.01% |
+18,574
| New | +$1.81M |
2026 Q2
0 quarters
|
|
835
Cousins Properties
CUZ
$4.52B
| $1.15M | 0.01% |
38,444
-2,000
| -5% | -$52.5K |
2016 Q4
38 quarters
|
|
836
Sabra Healthcare REIT
SBRA
$4.93B
| $1.15M | 0.01% |
58,949
-1,700
| -3% | -$33.7K |
2017 Q3
35 quarters
|
|
837
Brown-Forman Class B
BF.B
$13.2B
| $1.15M | 0.01% |
43,081
-1,600
| -4% | -$43.1K |
2013 Q2
52 quarters
|
|
838
SLM Corp
SLM
$4.14B
| $1.14M | 0.01% |
44,099
-3,800
| -8% | -$85.6K |
2013 Q2
52 quarters
|
|
839
WEX
WEX
$6.15B
| $1.14M | 0.01% |
8,075
-200
| -2% | -$29.6K |
2013 Q2
52 quarters
|
|
840
Qualys
QLYS
$6.19B
| $1.14M | 0.01% |
8,276
-400
| -5% | -$39.4K |
2020 Q2
24 quarters
|
|
841
ONE Gas
OGS
$4.74B
| $1.13M | 0.01% |
14,704
+300
| +2% | +$25K |
2014 Q1
49 quarters
|
|
842
Boyd Gaming
BYD
$5.06B
| $1.13M | 0.01% |
12,824
-1,100
| -8% | -$93.6K |
2018 Q1
33 quarters
|
|
843
Vail Resorts
MTN
$5.41B
| $1.13M | 0.01% |
8,300
-300
| -3% | -$39K |
2023 Q3
11 quarters
|
|
844
H&R Block
HRB
$5.88B
| $1.13M | 0.01% |
29,668
-800
| -3% | -$27.9K |
2013 Q2
52 quarters
|
|
845
Albertsons Companies
ACI
$6.32B
| $1.13M | 0.01% |
83,300
-5,700
| -6% | -$91.2K |
2023 Q4
10 quarters
|
|
846
CNX Resources
CNX
$5.29B
| $1.12M | 0.01% |
33,102
-1,200
| -3% | -$43.3K |
2013 Q2
52 quarters
|
|
847
Synaptics
SYNA
$4.66B
| $1.12M | 0.01% |
9,033
-300
| -3% | -$33.9K |
2015 Q3
43 quarters
|
|
848
Travel + Leisure Co
TNL
$4.04B
| $1.12M | ﹤0.01% |
14,607
-900
| -6% | -$63.2K |
2013 Q2
52 quarters
|
|
849
CNO Financial Group
CNO
$5.04B
| $1.11M | ﹤0.01% |
21,851
-900
| -4% | -$41.8K |
2015 Q2
44 quarters
|
|
850
Saic
SAIC
$5.56B
| $1.11M | ﹤0.01% |
10,055
-800
| -7% | -$80.9K |
2013 Q4
50 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.