We are live on ! Find out more
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
IPGP icon
926
IPG Photonics
IPGP
$3.65B
$430K ﹤0.01%
6,000
– –
FCNCA icon
927
First Citizens BancShares
FCNCA
$25.4B
$429K ﹤0.01%
200
– –
GEF icon
928
Greif
GEF
$4.98B
$416K ﹤0.01%
6,139
-100
-2% -$6.26K
PPC icon
929
Pilgrim's Pride
PPC
$6.4B
$393K ﹤0.01%
10,071
-100
-1% -$3.84K
SAM icon
930
Boston Beer
SAM
$1.85B
$348K ﹤0.01%
1,783
-100
-5% -$20.6K
COLM icon
931
Columbia Sportswear
COLM
$2.88B
$329K ﹤0.01%
5,974
-200
-3% -$10.7K
VEEV icon
932
Veeva Systems
VEEV
$38.4B
$313K ﹤0.01%
1,400
-100
-7% -$26.5K
MRP
933
Millrose Properties Inc
MRP
$4.94B
$297K ﹤0.01%
9,938
– –
COTY icon
934
Coty
COTY
$2.48B
$267K ﹤0.01%
86,798
-400
-0.5% -$1.45K
PHIN icon
935
Phinia Inc
PHIN
$2.74B
$264K ﹤0.01%
4,218
– –
ALE
936
DELISTED
Allete
ALE
– –
-13,746
Closed -$913K
BROS icon
937
Dutch Bros
BROS
$8.66B
– –
-180,000
Closed -$9.42M
EMN icon
938
Eastman Chemical
EMN
$8.55B
– –
-31,044
Closed -$1.96M
EWZ icon
939
iShares MSCI Brazil ETF
EWZ
$8.6B
– –
-538,350
Closed -$16.7M
EXAS
940
DELISTED
Exact Sciences
EXAS
– –
-102,204
Closed -$5.59M
FLEX icon
941
Flex
FLEX
$45.2B
– –
-89,400
Closed -$5.18M
IPG
942
DELISTED
Interpublic Group of Companies
IPG
– –
-99,028
Closed -$2.76M
IRDM icon
943
Iridium Communications
IRDM
$5.23B
– –
-25,259
Closed -$441K
K
944
DELISTED
Kellanova
K
– –
-72,721
Closed -$5.96M
KMX icon
945
CarMax
KMX
$8.26B
– –
-40,548
Closed -$1.82M
LKQ icon
946
LKQ Corp
LKQ
$6.25B
– –
-69,553
Closed -$2.12M
LNW
947
DELISTED
Light & Wonder
LNW
– –
-19,999
Closed -$1.68M
LYB icon
948
LyondellBasell Industries
LYB
$20.7B
– –
-77,865
Closed -$3.82M
MHK icon
949
Mohawk Industries
MHK
$9.26B
– –
-14,145
Closed -$1.82M
NSP icon
950
Insperity
NSP
$1.94B
– –
-8,550
Closed -$421K
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.