State of Michigan Retirement System Portfolio holdings
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Duolingo
DUOL
|
+$130M |
| 2 |
KBDC
Kayne Anderson BDC
KBDC
|
+$95.7M |
| 3 |
Kroger
KR
|
+$52M |
| 4 |
CRH
CRH
|
+$20.9M |
| 5 |
iShares MSCI USA Momentum Factor ETF
MTUM
|
+$16M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$238M |
| 2 |
NVIDIA
NVDA
|
+$55.6M |
| 3 |
Apple
AAPL
|
+$40.7M |
| 4 |
Spotify
SPOT
|
+$39.1M |
| 5 |
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 | |
|---|---|---|---|---|---|---|
951
NXP Semiconductors
NXPI
$59.6B
| – | – |
-80,268
| Closed | -$18.3M |
|
952
Power Integrations
POWI
$3.54B
| – | – |
-13,318
| Closed | -$536K |
|
953
Perrigo
PRGO
$1.78B
| – | – |
-32,758
| Closed | -$730K |
|
954
Royal Caribbean
RCL
$82.1B
| – | – |
-68,301
| Closed | -$22.1M |
|
955
Rocket Lab Corp
RKLB
$51.2B
| – | – |
-50,779
| Closed | -$2.43M |
|
956
Snowflake
SNOW
$116B
| – | – |
-3,702
| Closed | -$835K |
|
|
957
Spotify
SPOT
$103B
| – | – |
-56,031
| Closed | -$39.1M |
|
958
Stratasys
SSYS
$782M
| – | – |
-817,503
| Closed | -$9.16M |
|
959
Under Armour Class C
UA
$2.23B
| – | – |
-28,900
| Closed | -$140K |
|
960
Under Armour
UAA
$2.29B
| – | – |
-45,000
| Closed | -$225K |
|
961
Marriott Vacations Worldwide
VAC
$3.95B
| – | – |
-6,613
| Closed | -$440K |
|
962
Western Union
WU
$2.2B
| – | – |
-76,866
| Closed | -$614K |
|
|
CNH
963
CNH Industrial
CNH
$17.1B
| – | – |
-246,300
| Closed | -$2.67M |
|
Similar funds
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.