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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
+22.37%
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
$11.4B
AUM Growth
+$2.34B
Cap. Flow
+$480M
Cap. Flow %
4.21%
Top 10 Hldgs %
24.68%
Holding
969
New
26
Increased
830
Reduced
54
Closed
38

Top Buys

Rank Stock Value
1
LQD icon
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
+$178M
2
AGG icon
iShares Core US Aggregate Bond ETF
AGG
+$152M
3
CVS icon
CVS Health
CVS
+$102M
4
RTX icon
RTX Corp
RTX
+$61.1M
5
ETRN
Equitrans Midstream Corporation Common Stock
ETRN
+$51M

Top Sells

Rank Stock Value
1
AGNC icon
AGNC Investment
AGNC
+$197M
2
EXC icon
Exelon
EXC
+$92.1M
3
META icon
Meta Platforms (Facebook)
META
+$85.5M
4
GIS icon
General Mills
GIS
+$45.5M
5
RTN
Raytheon Company
RTN
+$39.1M

Sector Composition

Rank Sector Weight
1 Technology 22.75%
2 Healthcare 13.43%
3 Financials 13.35%
4 Consumer Discretionary 8.62%
5 Communication Services 8.42%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
PNNT
951
Pennant Park Investment Corp
PNNT
$242M
– –
-236,295
Closed -$612K
PTEN icon
952
Patterson-UTI
PTEN
$4.12B
– –
-53,900
Closed -$127K
REZI icon
953
Resideo Technologies
REZI
$3.73B
– –
-33,600
Closed -$163K
SAFE
954
Safehold
SAFE
$1.11B
– –
-23,190
Closed -$1.2M
TH icon
955
Target Hospitality
TH
$1.71B
– –
-75,000
Closed -$149K
TWST icon
956
Twist Bioscience
TWST
$7.73B
– –
-11,338
Closed -$347K
TXG icon
957
10x Genomics
TXG
$6.94B
– –
-4,570
Closed -$285K
MDRX
958
DELISTED
Veradigm Inc. Common Stock
MDRX
– –
-45,100
Closed -$318K
MMP
959
DELISTED
Magellan Midstream Partners, L.P.
MMP
– –
-17,836
Closed -$651K
BBBY
960
DELISTED
Bed Bath & Beyond Inc
BBBY
– –
-35,100
Closed -$148K
RUBY
961
DELISTED
Rubius Therapeutics, Inc
RUBY
– –
-41,434
Closed -$184K
MDP
962
DELISTED
Meredith Corporation
MDP
– –
-10,900
Closed -$133K
TECD
963
DELISTED
Tech Data Corp
TECD
– –
-9,850
Closed -$1.29M
LK
964
DELISTED
Luckin Coffee Inc. American Depositary Shares
LK
– –
-9,098
Closed -$247K
EQM
965
DELISTED
EQM Midstream Partners, LP
EQM
– –
-2,898,517
Closed -$34.2M
AGN
966
DELISTED
Allergan plc
AGN
– –
-75,256
Closed -$13.3M
RTN
967
DELISTED
Raytheon Company
RTN
– –
-297,836
Closed -$39.1M
PSXP
968
DELISTED
PHILLIPS 66 PARTNERS LP
PSXP
– –
-11,080
Closed -$404K
CY
969
DELISTED
Cypress Semiconductor
CY
– –
-102,500
Closed -$2.39M
35 36 37 38
39

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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
AM
AGF Management Toronto, Ontario, Canada $22.3B AUM 46.42% 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
Luther King Capital Management (LKCM)
Luther King Capital Management (LKCM) Fort Worth, Texas $23.1B AUM 21.31% 1-Year Est. Return
DSA
Davis Selected Advisers Tucson, Arizona $21.8B AUM 23.45% 1-Year Est. Return

State of Michigan Retirement System's Q2 2020 Portfolio in Review

As of Q2 2020, State of Michigan Retirement System held 969 positions worth $11.4B, up 26% from $9.07B the previous quarter. Its ten largest holdings account for 25% of the portfolio.

State of Michigan Retirement System deployed $480M of net new capital in Q2 2020, opening 26 new positions and adding to 830 existing holdings. Its largest new stake was iShares iBoxx $ Investment Grade Corporate Bond ETF: 1,366,000 shares worth $184M.

By sector, the portfolio is most concentrated in Technology at 23% of assets, up from 20% a quarter earlier, followed by Healthcare and Financials.

On the sell side, the largest reduction was AGNC Investment, an estimated $197M trimmed.

  • State of Michigan Retirement System's largest Q2 2020 buy was iShares iBoxx $ Investment Grade Corporate Bond ETF: 1,366,000 shares worth $184M.
  • State of Michigan Retirement System added most to iShares Core US Aggregate Bond ETF in Q2 2020, an estimated $152M increase.
  • State of Michigan Retirement System's biggest Q2 2020 reduction was AGNC Investment, cutting an estimated $197M.
  • State of Michigan Retirement System fully exited Raytheon Company in Q2 2020, selling an estimated $39.1M.
  • State of Michigan Retirement System's ten largest holdings make up 25% of its $11.4B portfolio in Q2 2020.
  • State of Michigan Retirement System opened 26 new positions and closed 38 in Q2 2020.
  • State of Michigan Retirement System's portfolio value rose 26% quarter-over-quarter to $11.4B.

Based on State of Michigan Retirement System's 13F filing for Q2 2020, filed 29 Jul 2020.