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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
PCH
901
DELISTED
PotlatchDeltic
PCH
$670K ﹤0.01%
16,831
-100
-0.6% -$4.05K
GTM
902
ZoomInfo Technologies
GTM
$1.19B
$659K ﹤0.01%
64,800
-2,000
-3% -$20.6K
RH icon
903
RH
RH
$3.46B
$648K ﹤0.01%
3,615
– –
ASH icon
904
Ashland
ASH
$3.42B
$636K ﹤0.01%
10,839
– –
HGV icon
905
Hilton Grand Vacations
HGV
$3.34B
$635K ﹤0.01%
14,200
-500
-3% -$21.2K
SMG icon
906
ScottsMiracle-Gro
SMG
$3.61B
$613K ﹤0.01%
10,500
-100
-0.9% -$5.61K
VC icon
907
Visteon
VC
$2.83B
$609K ﹤0.01%
6,407
-100
-2% -$10.6K
RPRX icon
908
Royalty Pharma
RPRX
$25.7B
$607K ﹤0.01%
15,700
-200
-1% -$7.63K
GT icon
909
Goodyear
GT
$1.75B
$592K ﹤0.01%
67,626
-500
-0.7% -$3.94K
WLK icon
910
Westlake Corp
WLK
$10.3B
$584K ﹤0.01%
7,900
– –
HOG icon
911
Harley-Davidson
HOG
$2.78B
$573K ﹤0.01%
27,961
-1,000
-3% -$24.6K
CRCL
912
Circle Internet Group
CRCL
$18.1B
$565K ﹤0.01%
+7,125
New +$736K
KMPR icon
913
Kemper
KMPR
$1.54B
$559K ﹤0.01%
13,796
-1,100
-7% -$47.1K
CXT icon
914
Crane NXT
CXT
$2.95B
$549K ﹤0.01%
11,672
-100
-0.8% -$5.91K
BLKB icon
915
Blackbaud
BLKB
$2.06B
$548K ﹤0.01%
8,648
-200
-2% -$12.4K
FLO icon
916
Flowers Foods
FLO
$1.52B
$543K ﹤0.01%
49,942
-300
-0.6% -$3.48K
XRAY icon
917
Dentsply Sirona
XRAY
$2.31B
$539K ﹤0.01%
47,200
-300
-0.6% -$3.52K
PBF icon
918
PBF Energy
PBF
$8.22B
$526K ﹤0.01%
19,400
-200
-1% -$6.41K
CAR icon
919
Avis
CAR
$4.97B
$510K ﹤0.01%
3,973
– –
PK icon
920
Park Hotels & Resorts
PK
$2.89B
$494K ﹤0.01%
47,229
-400
-0.8% -$4.28K
CIVI
921
DELISTED
Civitas Resources
CIVI
$490K ﹤0.01%
18,100
-1,800
-9% -$52.1K
EFOR
922
Everforth Inc
EFOR
$1.35B
$488K ﹤0.01%
10,121
-300
-3% -$13.8K
NSA
923
DELISTED
National Storage Affiliates Trust
NSA
$471K ﹤0.01%
16,701
-100
-0.6% -$2.98K
CHH icon
924
Choice Hotels
CHH
$4.62B
$470K ﹤0.01%
4,932
– –
CNXC icon
925
Concentrix
CNXC
$1.57B
$436K ﹤0.01%
10,491
-200
-2% -$8.11K
35 36
37
38 39

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.