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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
KBH icon
876
KB Home
KBH
$3.54B
$865K ﹤0.01%
15,338
-900
-6% -$55.4K
SHC icon
877
Sotera Health
SHC
$5.45B
$864K ﹤0.01%
49,000
+7,100
+17% +$117K
SSNC icon
878
SS&C Technologies
SSNC
$18.7B
$863K ﹤0.01%
9,870
+2,600
+36% +$222K
IBOC icon
879
International Bancshares
IBOC
$4.48B
$851K ﹤0.01%
12,812
-100
-0.8% -$6.77K
NVST icon
880
Envista
NVST
$4.58B
$844K ﹤0.01%
38,863
-700
-2% -$14.4K
SLGN icon
881
Silgan Holdings
SLGN
$4.35B
$836K ﹤0.01%
20,700
-400
-2% -$16.2K
CBT icon
882
Cabot Corp
CBT
$4.49B
$833K ﹤0.01%
12,565
-100
-0.8% -$6.66K
TEX icon
883
Terex
TEX
$7.74B
$828K ﹤0.01%
15,518
-100
-0.6% -$5.05K
EXPO icon
884
Exponent
EXPO
$3.25B
$820K ﹤0.01%
11,800
-200
-2% -$14K
YETI icon
885
Yeti Holdings
YETI
$3.85B
$810K ﹤0.01%
18,347
-1,000
-5% -$38.5K
RYN icon
886
Rayonier
RYN
$6.45B
$796K ﹤0.01%
36,765
+1,299
+4% +$29.4K
PII icon
887
Polaris
PII
$3.99B
$796K ﹤0.01%
12,579
-100
-0.8% -$6.58K
BRBR icon
888
BellRing Brands
BRBR
$1.34B
$795K ﹤0.01%
29,745
-300
-1% -$9.31K
MZTI
889
The Marzetti Company
MZTI
$3.15B
$794K ﹤0.01%
4,832
– –
LIVN icon
890
LivaNova
LIVN
$4.33B
$794K ﹤0.01%
12,911
-100
-0.8% -$5.71K
PSN icon
891
Parsons
PSN
$5.15B
$779K ﹤0.01%
12,600
-100
-0.8% -$7.83K
ALGM icon
892
Allegro MicroSystems
ALGM
$7.93B
$773K ﹤0.01%
29,300
-200
-0.7% -$5.5K
VAL icon
893
Valaris
VAL
$6.03B
$771K ﹤0.01%
15,300
-500
-3% -$26.8K
PVH icon
894
PVH
PVH
$3.91B
$764K ﹤0.01%
11,400
– –
CDP icon
895
COPT Defense Properties
CDP
$4.13B
$743K ﹤0.01%
26,713
-100
-0.4% -$2.88K
EEFT icon
896
Euronet Worldwide
EEFT
$2.64B
$702K ﹤0.01%
9,217
– –
PAG icon
897
Penske Automotive Group
PAG
$14.2B
$696K ﹤0.01%
4,400
– –
CPRI icon
898
Capri Holdings
CPRI
$1.77B
$687K ﹤0.01%
28,165
-200
-0.7% -$4.63K
SYNA icon
899
Synaptics
SYNA
$4.18B
$683K ﹤0.01%
9,233
+100
+1% +$7.02K
AVNT icon
900
Avient
AVNT
$4.17B
$676K ﹤0.01%
21,624
-200
-0.9% -$6.19K
34 35
36
37 38

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.