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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 | |
|---|---|---|---|---|---|---|---|
876
Intellia Therapeutics
NTLA
$1.59B
| $1.02M | ﹤0.01% |
+60,339
| New | +$845K |
2026 Q2
0 quarters
|
|
877
Genpact
G
$6.29B
| $1.01M | ﹤0.01% |
36,884
-1,200
| -3% | -$39.4K |
2021 Q2
20 quarters
|
|
878
Ryan Specialty Holdings
RYAN
$4.89B
| $1M | ﹤0.01% |
26,600
-800
| -3% | -$27.2K |
2024 Q2
8 quarters
|
|
879
Envista
NVST
$3.77B
| $1M | ﹤0.01% |
38,063
-1,400
| -4% | -$35.3K |
2021 Q2
20 quarters
|
|
880
The Gap Inc
GAP
$8.24B
| $974K | ﹤0.01% |
52,130
-2,500
| -5% | -$57.6K |
2013 Q2
52 quarters
|
|
881
Planet Fitness
PLNT
$3.72B
| $965K | ﹤0.01% |
18,500
-1,500
| -8% | -$88K |
2022 Q2
16 quarters
|
|
882
Dropbox
DBX
$7.95B
| $961K | ﹤0.01% |
35,000
-7,000
| -17% | -$180K |
2023 Q2
12 quarters
|
|
883
COPT Defense Properties
CDP
$3.77B
| $961K | ﹤0.01% |
26,413
-800
| -3% | -$26K |
2013 Q2
52 quarters
|
|
884
International Bancshares
IBOC
$4.21B
| $958K | ﹤0.01% |
12,612
-400
| -3% | -$29K |
2013 Q2
52 quarters
|
|
885
Vontier
VNT
$4.5B
| $955K | ﹤0.01% |
32,915
-1,200
| -4% | -$38.3K |
2020 Q4
22 quarters
|
|
886
Silgan Holdings
SLGN
$3.96B
| $951K | ﹤0.01% |
20,500
-600
| -3% | -$24K |
2013 Q2
52 quarters
|
|
887
Abercrombie & Fitch
ANF
$6.45B
| $945K | ﹤0.01% |
10,500
-500
| -5% | -$42.4K |
2024 Q3
7 quarters
|
|
888
Mattel
MAT
$4.95B
| $943K | ﹤0.01% |
67,933
-6,900
| -9% | -$101K |
2013 Q2
52 quarters
|
|
889
Graham Holdings Company
GHC
$5.08B
| $941K | ﹤0.01% |
824
| – | – |
2013 Q2
52 quarters
|
|
890
Kilroy Realty
KRC
$4.03B
| $939K | ﹤0.01% |
25,065
-1,200
| -5% | -$40.8K |
2013 Q2
52 quarters
|
|
891
Federated Hermes
FHI
$4.22B
| $937K | ﹤0.01% |
16,976
-800
| -5% | -$45.2K |
2013 Q2
52 quarters
|
|
892
Royalty Pharma
RPRX
$26.5B
| $931K | ﹤0.01% |
16,600
+900
| +6% | +$46.8K |
2023 Q2
12 quarters
|
|
893
Thor Industries
THO
$3.61B
| $926K | ﹤0.01% |
12,318
-400
| -3% | -$30.8K |
2013 Q2
52 quarters
|
|
894
Warner Music
WMG
$16.1B
| $926K | ﹤0.01% |
34,200
-1,200
| -3% | -$35.7K |
2024 Q2
8 quarters
|
|
895
IonQ
IONQ
$13.9B
| $926K | ﹤0.01% |
+17,378
| New | +$881K |
2026 Q2
0 quarters
|
|
896
EXL Service
EXLS
$5.93B
| $923K | ﹤0.01% |
35,700
-2,100
| -6% | -$61.9K |
2022 Q3
15 quarters
|
|
897
Independence Realty Trust
IRT
$3.47B
| $918K | ﹤0.01% |
55,000
-2,000
| -4% | -$32.4K |
2022 Q2
16 quarters
|
|
898
KB Home
KBH
$2.65B
| $916K | ﹤0.01% |
14,638
-600
| -4% | -$31.2K |
2013 Q2
52 quarters
|
|
899
Brink's
BCO
$4.3B
| $914K | ﹤0.01% |
9,677
-300
| -3% | -$31.3K |
2017 Q3
35 quarters
|
|
900
SS&C Technologies
SSNC
$19.8B
| $904K | ﹤0.01% |
14,570
+4,700
| +48% | +$319K |
2021 Q2
20 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.