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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
FOUR icon
851
Shift4
FOUR
$3.24B
$1.01M ﹤0.01%
16,000
– –
ASB icon
852
Associated Banc-Corp
ASB
$6.02B
$996K ﹤0.01%
38,678
-200
-0.5% -$5.14K
MUR icon
853
Murphy Oil
MUR
$5.12B
$992K ﹤0.01%
31,747
-200
-0.6% -$6.02K
IRT icon
854
Independence Realty Trust
IRT
$3.93B
$986K ﹤0.01%
56,400
+800
+1% +$13.3K
BBWI icon
855
Bath & Body Works
BBWI
$3.81B
$978K ﹤0.01%
48,700
-1,700
-3% -$37.5K
TCBI icon
856
Texas Capital Bancshares
TCBI
$4.36B
$973K ﹤0.01%
10,752
-100
-0.9% -$8.78K
KRC icon
857
Kilroy Realty
KRC
$4.24B
$963K ﹤0.01%
25,765
-100
-0.4% -$4.09K
WHR icon
858
Whirlpool
WHR
$2.84B
$959K ﹤0.01%
13,300
– –
NWS icon
859
News Corp Class B
NWS
$17.7B
$958K ﹤0.01%
32,345
-1,200
-4% -$35.8K
CNO icon
860
CNO Financial Group
CNO
$5.05B
$958K ﹤0.01%
22,551
-500
-2% -$20.4K
KNF icon
861
Knife River
KNF
$3.87B
$940K ﹤0.01%
13,355
-100
-0.7% -$7.02K
NWE icon
862
NorthWestern Energy
NWE
$4.35B
$938K ﹤0.01%
14,528
-100
-0.7% -$6.33K
DLB icon
863
Dolby
DLB
$5.75B
$931K ﹤0.01%
14,500
-100
-0.7% -$6.71K
AVT icon
864
Avnet
AVT
$7.87B
$923K ﹤0.01%
19,205
-800
-4% -$39.3K
FFIN icon
865
First Financial Bankshares
FFIN
$4.99B
$919K ﹤0.01%
30,763
-200
-0.6% -$6.3K
FHI icon
866
Federated Hermes
FHI
$4.7B
$910K ﹤0.01%
17,476
-100
-0.6% -$5.08K
MSM icon
867
MSC Industrial Direct
MSM
$6.7B
$905K ﹤0.01%
10,765
-100
-0.9% -$8.67K
GHC icon
868
Graham Holdings Company
GHC
$4.97B
$905K ﹤0.01%
824
– –
EPR icon
869
EPR Properties
EPR
$4.58B
$898K ﹤0.01%
17,989
-100
-0.6% -$5.21K
FLG
870
Flagstar Bank National Association
FLG
$5.89B
$890K ﹤0.01%
70,695
-600
-0.8% -$7.17K
TREX icon
871
Trex
TREX
$5.07B
$888K ﹤0.01%
25,322
-200
-0.8% -$8.09K
HAE icon
872
Haemonetics
HAE
$3.97B
$888K ﹤0.01%
11,074
-400
-3% -$26.9K
MSTR icon
873
Strategy Inc
MSTR
$37.8B
$881K ﹤0.01%
+5,800
New +$1.34M
BHF icon
874
Brighthouse Financial
BHF
$3.38B
$873K ﹤0.01%
13,468
-100
-0.7% -$5.88K
VVV icon
875
Valvoline
VVV
$4.21B
$872K ﹤0.01%
30,015
-300
-1% -$9.63K
33 34
35
36 37

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.