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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 | |
|---|---|---|---|---|---|---|---|
926
IPG Photonics
IPGP
$3.14B
| $704K | ﹤0.01% |
6,000
-100
| -2% | -$11.5K |
2014 Q4
46 quarters
|
|
927
Park Hotels & Resorts
PK
$3.17B
| $672K | ﹤0.01% |
47,129
-1,000
| -2% | -$12.2K |
2019 Q3
27 quarters
|
|
928
Shift4
FOUR
$3.11B
| $666K | ﹤0.01% |
13,700
-2,600
| -16% | -$112K |
2024 Q4
6 quarters
|
|
929
Exponent
EXPO
$3.44B
| $664K | ﹤0.01% |
11,300
-700
| -6% | -$43K |
2023 Q1
13 quarters
|
|
930
Maximus
MMS
$3.15B
| $662K | ﹤0.01% |
12,318
-800
| -6% | -$49.9K |
2015 Q1
45 quarters
|
|
931
Parsons
PSN
$4.71B
| $655K | ﹤0.01% |
12,500
-200
| -2% | -$10.8K |
2024 Q3
7 quarters
|
|
932
Doximity
DOCS
$5.61B
| $649K | ﹤0.01% |
31,300
-900
| -3% | -$19.9K |
2023 Q2
12 quarters
|
|
933
Pegasystems
PEGA
$5.91B
| $632K | ﹤0.01% |
21,100
-900
| -4% | -$32.2K |
2025 Q2
4 quarters
|
|
934
QuantumScape Corp
QS
$2.62B
| $624K | ﹤0.01% |
+82,485
| New | +$619K |
2026 Q2
0 quarters
|
|
935
Visteon
VC
$2.37B
| $616K | ﹤0.01% |
6,207
-400
| -6% | -$43.7K |
2018 Q3
31 quarters
|
|
936
Euronet Worldwide
EEFT
$2.45B
| $609K | ﹤0.01% |
8,317
-1,100
| -12% | -$76.7K |
2022 Q1
17 quarters
|
|
937
Harley-Davidson
HOG
$2.87B
| $603K | ﹤0.01% |
24,661
-3,800
| -13% | -$91.3K |
2013 Q2
52 quarters
|
|
938
Kyndryl
KD
$2.87B
| $596K | ﹤0.01% |
52,734
-2,300
| -4% | -$28.7K |
2022 Q2
16 quarters
|
|
939
RH
RH
$2.23B
| $595K | ﹤0.01% |
3,615
-100
| -3% | -$13.8K |
2019 Q4
26 quarters
|
|
940
Crane NXT
CXT
$3.12B
| $592K | ﹤0.01% |
11,572
-300
| -3% | -$12.8K |
2013 Q2
52 quarters
|
|
941
Avis
CAR
$3.88B
| $587K | ﹤0.01% |
3,973
-100
| -2% | -$22K |
2016 Q3
39 quarters
|
|
942
Whirlpool
WHR
$1.83B
| $583K | ﹤0.01% |
14,800
-500
| -3% | -$23.4K |
2013 Q2
52 quarters
|
|
943
Westlake Corp
WLK
$8.13B
| $569K | ﹤0.01% |
7,800
-200
| -3% | -$19.5K |
2022 Q4
14 quarters
|
|
944
The Marzetti Company
MZTI
$2.82B
| $540K | ﹤0.01% |
4,732
-200
| -4% | -$24K |
2013 Q2
52 quarters
|
|
945
Choice Hotels
CHH
$4.81B
| $522K | ﹤0.01% |
4,732
-200
| -4% | -$22.1K |
2019 Q4
26 quarters
|
|
946
Capri Holdings
CPRI
$1.8B
| $517K | ﹤0.01% |
27,865
-800
| -3% | -$15.4K |
2021 Q1
21 quarters
|
|
947
Dentsply Sirona
XRAY
$1.76B
| $495K | ﹤0.01% |
46,700
-1,300
| -3% | -$14.2K |
2013 Q2
52 quarters
|
|
948
Goodyear
GT
$1.27B
| $442K | ﹤0.01% |
67,026
-1,900
| -3% | -$12.2K |
2013 Q2
52 quarters
|
|
949
Greif
GEF
$4.55B
| $435K | ﹤0.01% |
5,839
-100
| -2% | -$6.71K |
2013 Q2
52 quarters
|
|
950
First Citizens BancShares
FCNCA
$23.7B
| $416K | ﹤0.01% |
200
| – | – |
2024 Q4
6 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.