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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 | |
|---|---|---|---|---|---|---|---|
101
Pfizer
PFE
$168B
| $40.6M | 0.18% |
1,686,584
+19,700
| +1% | +$515K |
2013 Q2
52 quarters
|
|
102
Intuitive Surgical
ISRG
$151B
| $40.6M | 0.18% |
102,053
-2,100
| -2% | -$917K |
2013 Q2
52 quarters
|
|
103
Abbott
ABT
$181B
| $40.5M | 0.18% |
445,957
-25,500
| -5% | -$2.33M |
2013 Q2
52 quarters
|
|
104
Charles Schwab
SCHW
$163B
| $40M | 0.18% |
433,566
-2,800
| -0.6% | -$255K |
2013 Q2
52 quarters
|
|
105
CVS Health
CVS
$118B
| $39.2M | 0.17% |
379,077
+3,400
| +0.9% | +$303K |
2013 Q2
52 quarters
|
|
106
Applovin
APP
$93.5B
| $38.6M | 0.17% |
75,000
| – | – |
2024 Q4
6 quarters
|
|
107
ServiceNow
NOW
$154B
| $37.9M | 0.17% |
382,187
+63,912
| +20% | +$6.33M |
2019 Q4
26 quarters
|
|
108
Uber
UBER
$146B
| $37.6M | 0.17% |
521,200
-16,400
| -3% | -$1.2M |
2023 Q4
10 quarters
|
|
109
Dell
DELL
$301B
| $37.3M | 0.17% |
86,558
-4,500
| -5% | -$1.3M |
2020 Q3
23 quarters
|
|
110
Zoetis
ZTS
$32.4B
| $37M | 0.16% |
515,029
+399,265
| +345% | +$37.6M |
2013 Q2
52 quarters
|
|
111
Blackrock
BLK
$174B
| $36.9M | 0.16% |
38,371
-800
| -2% | -$827K |
2013 Q2
52 quarters
|
|
112
Spotify
SPOT
$110B
| $36.8M | 0.16% |
80,242
+24,211
| +43% | +$11.5M |
2026 Q1
1 quarter
|
|
113
Salesforce
CRM
$203B
| $35.8M | 0.16% |
228,643
-16,100
| -7% | -$2.83M |
2013 Q2
52 quarters
|
|
114
Booking.com
BKNG
$125B
| $35.4M | 0.16% |
198,375
-13,100
| -6% | -$2.23M |
2013 Q2
52 quarters
|
|
115
Capital One
COF
$122B
| $34.9M | 0.15% |
174,164
+400
| +0.2% | +$76.5K |
2013 Q2
52 quarters
|
|
116
Prologis
PLD
$121B
| $34.9M | 0.15% |
257,567
+3,300
| +1% | +$468K |
2013 Q2
52 quarters
|
|
117
Bristol-Myers Squibb
BMY
$124B
| $34M | 0.15% |
590,233
+300
| +0.1% | +$17.2K |
2013 Q2
52 quarters
|
|
118
Progressive
PGR
$124B
| $34M | 0.15% |
155,588
-3,100
| -2% | -$625K |
2013 Q2
52 quarters
|
|
119
Vertex Pharmaceuticals
VRTX
$129B
| $33.7M | 0.15% |
67,823
-1,300
| -2% | -$576K |
2013 Q2
52 quarters
|
|
120
S&P Global
SPGI
$125B
| $32.8M | 0.15% |
80,453
-2,500
| -3% | -$1.06M |
2022 Q1
17 quarters
|
|
121
Chubb
CB
$136B
| $32.6M | 0.14% |
95,587
+600
| +0.6% | +$196K |
2016 Q1
41 quarters
|
|
122
ConocoPhillips
COP
$170B
| $32.4M | 0.14% |
311,928
-8,100
| -3% | -$960K |
2013 Q2
52 quarters
|
|
123
Lowe's Companies
LOW
$110B
| $31.6M | 0.14% |
143,370
-3,200
| -2% | -$727K |
2013 Q2
52 quarters
|
|
124
Parker-Hannifin
PH
$121B
| $31.6M | 0.14% |
32,296
-700
| -2% | -$641K |
2013 Q2
52 quarters
|
|
125
Altria Group
MO
$123B
| $30.8M | 0.14% |
427,542
-11,000
| -3% | -$768K |
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.