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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 | |
|---|---|---|---|---|---|---|---|
851
Knife River
KNF
$2.9B
| $1.11M | ﹤0.01% |
13,255
-400
| -3% | -$33.1K |
2023 Q2
12 quarters
|
|
852
Wingstop
WING
$3.68B
| $1.1M | ﹤0.01% |
6,372
-300
| -4% | -$47.3K |
2020 Q3
23 quarters
|
|
853
Chewy
CHWY
$8.55B
| $1.1M | ﹤0.01% |
56,200
-1,200
| -2% | -$27.2K |
2024 Q4
6 quarters
|
|
854
Sotera Health
SHC
$5.16B
| $1.1M | ﹤0.01% |
62,000
+5,900
| +11% | +$93K |
2022 Q2
16 quarters
|
|
855
Valaris
VAL
$5.95B
| $1.1M | ﹤0.01% |
15,100
-400
| -3% | -$37.2K |
2023 Q1
13 quarters
|
|
856
Cabot Corp
CBT
$3.95B
| $1.1M | ﹤0.01% |
12,065
-500
| -4% | -$40.9K |
2013 Q2
52 quarters
|
|
857
Ollie's Bargain Outlet
OLLI
$5.64B
| $1.09M | ﹤0.01% |
14,203
-600
| -4% | -$50K |
2018 Q2
32 quarters
|
|
858
Belden
BDC
$4.06B
| $1.09M | ﹤0.01% |
9,098
-400
| -4% | -$46.6K |
2014 Q2
48 quarters
|
|
859
Bath & Body Works
BBWI
$4.23B
| $1.09M | ﹤0.01% |
47,100
-2,200
| -4% | -$42.1K |
2025 Q1
5 quarters
|
|
860
AutoNation
AN
$5.39B
| $1.09M | ﹤0.01% |
5,848
-400
| -6% | -$78.2K |
2013 Q2
52 quarters
|
|
861
Celsius Holdings
CELH
$7.35B
| $1.09M | ﹤0.01% |
37,100
-1,400
| -4% | -$44.1K |
2021 Q1
21 quarters
|
|
862
UiPath
PATH
$7.09B
| $1.09M | ﹤0.01% |
99,900
-3,100
| -3% | -$33.1K |
2026 Q1
1 quarter
|
|
863
Spire
SR
$4.81B
| $1.08M | ﹤0.01% |
13,836
-400
| -3% | -$34.4K |
2019 Q1
29 quarters
|
|
864
Paylocity
PCTY
$8.92B
| $1.06M | ﹤0.01% |
10,172
-300
| -3% | -$32K |
2020 Q2
24 quarters
|
|
865
Texas Capital Bancshares
TCBI
$4.01B
| $1.06M | ﹤0.01% |
10,252
-400
| -4% | -$40.1K |
2017 Q1
37 quarters
|
|
866
First Financial Bankshares
FFIN
$4.52B
| $1.05M | ﹤0.01% |
30,463
-900
| -3% | -$29.1K |
2019 Q1
29 quarters
|
|
867
LivaNova
LIVN
$4.32B
| $1.05M | ﹤0.01% |
12,811
-300
| -2% | -$21.2K |
2015 Q4
42 quarters
|
|
868
Flagstar Bank National Association
FLG
$4.72B
| $1.05M | ﹤0.01% |
70,195
-1,900
| -3% | -$26.9K |
2013 Q2
52 quarters
|
|
869
Bentley Systems
BSY
$11.1B
| $1.04M | ﹤0.01% |
34,900
-900
| -3% | -$29.3K |
2025 Q4
2 quarters
|
|
870
EPR Properties
EPR
$4.26B
| $1.04M | ﹤0.01% |
17,889
-400
| -2% | -$22.7K |
2016 Q1
41 quarters
|
|
871
NorthWestern Energy
NWE
$4.58B
| $1.03M | ﹤0.01% |
14,428
-400
| -3% | -$28.4K |
2016 Q3
39 quarters
|
|
872
FTI Consulting
FCN
$4.11B
| $1.03M | ﹤0.01% |
6,904
-400
| -5% | -$65.4K |
2019 Q4
26 quarters
|
|
873
Murphy Oil
MUR
$5.8B
| $1.03M | ﹤0.01% |
31,547
-700
| -2% | -$26.8K |
2013 Q2
52 quarters
|
|
874
KBR
KBR
$4.68B
| $1.02M | ﹤0.01% |
29,611
-900
| -3% | -$31.4K |
2013 Q2
52 quarters
|
|
875
e.l.f. Beauty
ELF
$6.82B
| $1.02M | ﹤0.01% |
13,800
-400
| -3% | -$24.3K |
2024 Q1
9 quarters
|
|
Similar funds
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.