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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 | |
|---|---|---|---|---|---|---|---|
76
TSMC
TSM
$2.19T
| $56.2M | 0.25% |
117,600
-14,600
| -11% | -$5.92M |
2020 Q4
22 quarters
|
|
77
Seagate
STX
$157B
| $55.4M | 0.25% |
57,405
+400
| +0.7% | +$305K |
2022 Q2
16 quarters
|
|
78
TJX Companies
TJX
$159B
| $55.3M | 0.24% |
365,082
+17,400
| +5% | +$2.75M |
2013 Q2
52 quarters
|
|
79
Verizon
VZ
$184B
| $54.8M | 0.24% |
1,294,850
+13,000
| +1% | +$610K |
2013 Q2
52 quarters
|
|
80
State Street SPDR Portfolio S&P 1500 Composite Stock Market ETF
SPTM
$14.2B
| $51.3M | 0.23% |
+565,479
| New | +$49.8M |
2026 Q2
0 quarters
|
|
81
Molina Healthcare
MOH
$11.1B
| $51.2M | 0.23% |
224,044
| – | – |
2015 Q2
44 quarters
|
|
82
Corning
GLW
$119B
| $51.2M | 0.23% |
200,499
-3,500
| -2% | -$637K |
2013 Q2
52 quarters
|
|
83
Amgen
AMGN
$235B
| $50M | 0.22% |
138,197
-2,500
| -2% | -$856K |
2013 Q2
52 quarters
|
|
84
Analog Devices
ADI
$196B
| $49.6M | 0.22% |
124,955
-2,700
| -2% | -$1.07M |
2013 Q2
52 quarters
|
|
85
iShares MSCI Mexico ETF
EWW
$1.46B
| $49.4M | 0.22% |
+656,000
| New | +$50.9M |
2026 Q2
0 quarters
|
|
86
McDonald's
MCD
$172B
| $49.2M | 0.22% |
181,915
-4,100
| -2% | -$1.18M |
2013 Q2
52 quarters
|
|
87
PepsiCo
PEP
$175B
| $48.5M | 0.21% |
358,222
-6,900
| -2% | -$1.03M |
2013 Q2
52 quarters
|
|
88
Walt Disney
DIS
$191B
| $48.2M | 0.21% |
501,266
+4,500
| +0.9% | +$459K |
2013 Q2
52 quarters
|
|
89
Thermo Fisher Scientific
TMO
$258B
| $47.7M | 0.21% |
95,110
-3,000
| -3% | -$1.44M |
2013 Q2
52 quarters
|
|
90
NextEra Energy
NEE
$165B
| $46.9M | 0.21% |
533,898
-10,100
| -2% | -$914K |
2013 Q2
52 quarters
|
|
91
American Express
AXP
$212B
| $46.1M | 0.2% |
136,277
-3,600
| -3% | -$1.15M |
2021 Q3
19 quarters
|
|
92
Eaton
ETN
$156B
| $45.5M | 0.2% |
106,856
+5,400
| +5% | +$2.18M |
2020 Q3
23 quarters
|
|
93
AT&T
T
$161B
| $44.9M | 0.2% |
2,168,813
+25,100
| +1% | +$623K |
2013 Q2
52 quarters
|
|
94
Boeing
BA
$149B
| $43.7M | 0.19% |
201,796
-3,400
| -2% | -$756K |
2013 Q2
52 quarters
|
|
95
iShares MSCI USA Value Factor ETF
VLUE
$9.21B
| $43.6M | 0.19% |
218,300
-61,500
| -22% | -$11M |
2020 Q3
23 quarters
|
|
96
Gilead Sciences
GILD
$195B
| $42.1M | 0.19% |
333,195
+9,100
| +3% | +$1.2M |
2013 Q2
52 quarters
|
|
97
Union Pacific
UNP
$172B
| $41.4M | 0.18% |
152,045
-3,000
| -2% | -$788K |
2013 Q2
52 quarters
|
|
98
Oscar Health
OSCR
$10.3B
| $41.4M | 0.18% |
1,450,000
| – | – |
2025 Q3
3 quarters
|
|
99
Welltower
WELL
$169B
| $41M | 0.18% |
180,709
-1,600
| -0.9% | -$338K |
2013 Q2
52 quarters
|
|
100
Deere & Co
DE
$175B
| $40.8M | 0.18% |
64,357
-1,500
| -2% | -$869K |
2013 Q2
52 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.