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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
+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
QUAL icon
76
iShares MSCI USA Quality Factor ETF
QUAL
$48B
$48.7M 0.24%
245,049
-1,300
-0.5% -$255K
NOW icon
77
ServiceNow
NOW
$132B
$48.5M 0.24%
316,575
+35,300
+13% +$6.06M
INTU icon
78
Intuit
INTU
$92B
$48.4M 0.24%
72,990
-2,500
-3% -$1.65M
KLAC icon
79
KLA
KLAC
$262B
$47.2M 0.23%
388,680
-7,000
-2% -$821K
GEV icon
80
GE Vernova
GEV
$269B
$46.4M 0.23%
71,040
-2,600
-4% -$1.58M
AMGN icon
81
Amgen
AMGN
$224B
$46.1M 0.22%
140,997
-4,600
-3% -$1.46M
BKNG icon
82
Booking.com
BKNG
$160B
$45.3M 0.22%
211,475
-7,500
-3% -$1.54M
TSM icon
83
TSMC
TSM
$2.19T
$45M 0.22%
148,200
– –
BA icon
84
Boeing
BA
$184B
$44.5M 0.22%
204,996
+500
+0.2% +$103K
UBER icon
85
Uber
UBER
$160B
$44.5M 0.22%
544,000
-20,000
-4% -$1.8M
SPGI icon
86
S&P Global
SPGI
$120B
$44M 0.21%
84,153
-400
-0.5% -$198K
NEE icon
87
NextEra Energy
NEE
$179B
$43.8M 0.21%
545,198
-11,700
-2% -$969K
SCHW
88
Charles Schwab
SCHW
$186B
$43.7M 0.21%
437,266
-24,200
-5% -$2.3M
ADBE icon
89
Adobe
ADBE
$105B
$43.1M 0.21%
123,223
-3,300
-3% -$1.12M
COF icon
90
Capital One
COF
$134B
$42.9M 0.21%
176,964
-4,800
-3% -$1.07M
HUBS icon
91
HubSpot
HUBS
$11B
$42.7M 0.21%
106,400
– –
BLK icon
92
Blackrock
BLK
$178B
$42M 0.2%
39,271
-1,800
-4% -$1.97M
PFE icon
93
Pfizer
PFE
$152B
$41.6M 0.2%
1,670,184
-38,500
-2% -$971K
TXN icon
94
Texas Instruments
TXN
$257B
$41.3M 0.2%
237,861
-8,000
-3% -$1.37M
GILD icon
95
Gilead Sciences
GILD
$168B
$39.9M 0.19%
324,795
-10,800
-3% -$1.31M
VRT icon
96
Vertiv
VRT
$108B
$38.8M 0.19%
239,300
– –
ICE icon
97
Intercontinental Exchange
ICE
$84.9B
$37.7M 0.18%
232,842
-5,600
-2% -$877K
BABA icon
98
Alibaba
BABA
$306B
$37.7M 0.18%
257,000
– –
DHR icon
99
Danaher
DHR
$146B
$37.7M 0.18%
164,546
-7,800
-5% -$1.71M
BSX icon
100
Boston Scientific
BSX
$74.2B
$37M 0.18%
388,108
-12,600
-3% -$1.24M
2 3
4
5 6

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.