We are live on ! Find out more
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
PGR icon
101
Progressive
PGR
$123B
$36.2M 0.18%
159,088
+500
+0.3% +$113K
UNP icon
102
Union Pacific
UNP
$174B
$35.9M 0.17%
155,245
-5,100
-3% -$1.16M
LOW icon
103
Lowe's Companies
LOW
$124B
$35.4M 0.17%
146,870
-4,700
-3% -$1.13M
ADI icon
104
Analog Devices
ADI
$188B
$34.9M 0.17%
128,755
-5,500
-4% -$1.38M
CMCSA icon
105
Comcast
CMCSA
$91B
$33.9M 0.16%
1,132,489
+39,100
+4% +$1.12M
WELL icon
106
Welltower
WELL
$163B
$33.4M 0.16%
179,709
-1,200
-0.7% -$224K
PANW icon
107
Palo Alto Networks
PANW
$313B
$33M 0.16%
179,100
-1,500
-0.8% -$303K
PLD icon
108
Prologis
PLD
$133B
$32.5M 0.16%
254,567
+3,600
+1% +$449K
HON icon
109
Honeywell
HON
$72.9B
$32.4M 0.16%
166,215
-15,975
-9% -$3.12M
ETN icon
110
Eaton
ETN
$178B
$32.4M 0.16%
101,656
-3,600
-3% -$1.28M
MDT icon
111
Medtronic
MDT
$116B
$32.3M 0.16%
335,798
-10,700
-3% -$1.04M
BMY icon
112
Bristol-Myers Squibb
BMY
$130B
$31.9M 0.16%
590,933
-14,900
-2% -$717K
SYK icon
113
Stryker
SYK
$134B
$31.7M 0.15%
90,099
-3,000
-3% -$1.09M
NEM icon
114
Newmont
NEM
$124B
$31.5M 0.15%
315,245
– –
VRTX icon
115
Vertex Pharmaceuticals
VRTX
$134B
$31.4M 0.15%
69,223
-2,800
-4% -$1.21M
CRWD icon
116
CrowdStrike
CRWD
$226B
$30.8M 0.15%
262,800
-10,100
-4% -$1.29M
GM icon
117
General Motors
GM
$78.4B
$30.7M 0.15%
378,108
-31,300
-8% -$2.21M
DE icon
118
Deere & Co
DE
$167B
$30.7M 0.15%
65,857
-2,300
-3% -$1.08M
COP icon
119
ConocoPhillips
COP
$151B
$30.3M 0.15%
323,528
-14,300
-4% -$1.29M
ADP icon
120
Automatic Data Processing
ADP
$108B
$30.3M 0.15%
117,603
-5,400
-4% -$1.44M
CB icon
121
Chubb
CB
$134B
$29.9M 0.15%
95,787
-4,500
-4% -$1.32M
CVS icon
122
CVS Health
CVS
$120B
$29.8M 0.15%
375,677
-16,500
-4% -$1.3M
BX icon
123
Blackstone
BX
$118B
$29.8M 0.14%
193,300
-6,000
-3% -$912K
NKE icon
124
Nike
NKE
$61.3B
$29.4M 0.14%
461,815
-4,100
-0.9% -$267K
PH icon
125
Parker-Hannifin
PH
$134B
$29M 0.14%
32,996
-1,600
-5% -$1.31M
3 4
5
6 7

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.