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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
CEG icon
126
Constellation Energy
CEG
$98.6B
$28.9M 0.14%
81,767
-2,700
-3% -$981K
LMT icon
127
Lockheed Martin
LMT
$138B
$28.1M 0.14%
58,118
-1,300
-2% -$622K
CME icon
128
CME Group
CME
$93.2B
$26.9M 0.13%
98,344
-4,400
-4% -$1.2M
SOFI icon
129
SoFi Technologies
SOFI
$23.2B
$26.2M 0.13%
1,000,000
– –
TMUS icon
130
T-Mobile US
TMUS
$192B
$25.6M 0.12%
125,941
-4,900
-4% -$1.04M
MO icon
131
Altria Group
MO
$109B
$25.3M 0.12%
439,442
-14,900
-3% -$900K
SO icon
132
Southern Company
SO
$106B
$25.1M 0.12%
288,223
-9,300
-3% -$849K
SBUX icon
133
Starbucks
SBUX
$122B
$25.1M 0.12%
297,659
-9,800
-3% -$827K
MRSH
134
Marsh
MRSH
$91.3B
$24.6M 0.12%
132,575
-6,400
-5% -$1.2M
BURL icon
135
Burlington
BURL
$22.6B
$24.5M 0.12%
84,800
-100
-0.1% -$27.1K
TT icon
136
Trane Technologies
TT
$106B
$24.4M 0.12%
62,813
-1,200
-2% -$496K
DUK icon
137
Duke Energy
DUK
$96.1B
$23.9M 0.12%
203,636
-6,700
-3% -$818K
CDNS icon
138
Cadence Design Systems
CDNS
$90.2B
$23.8M 0.12%
76,123
-2,200
-3% -$718K
USB icon
139
US Bancorp
USB
$100B
$23.3M 0.11%
436,882
-10,000
-2% -$492K
HOOD icon
140
Robinhood
HOOD
$84.9B
$23.3M 0.11%
205,900
-3,400
-2% -$442K
KKR icon
141
KKR & Co
KKR
$99.6B
$22.9M 0.11%
179,700
-5,800
-3% -$721K
SNPS icon
142
Synopsys
SNPS
$78.7B
$22.9M 0.11%
48,654
-1,400
-3% -$622K
PNC icon
143
PNC Financial Services
PNC
$101B
$22.8M 0.11%
109,256
-1,600
-1% -$309K
GD icon
144
General Dynamics
GD
$106B
$22.4M 0.11%
66,412
-1,900
-3% -$648K
ELV icon
145
Elevance Health
ELV
$84.7B
$22.3M 0.11%
63,651
-2,200
-3% -$743K
MMM icon
146
3M
MMM
$94.4B
$22.3M 0.11%
139,105
-15,600
-10% -$2.55M
DASH icon
147
DoorDash
DASH
$91.9B
$22.2M 0.11%
97,900
-2,200
-2% -$516K
MELI icon
148
Mercado Libre
MELI
$98.4B
$22.2M 0.11%
11,000
– –
MSCI icon
149
MSCI
MSCI
$40.8B
$22.1M 0.11%
38,502
+3,700
+11% +$2.08M
EW icon
150
Edwards Lifesciences
EW
$54B
$21.9M 0.11%
257,351
-7,300
-3% -$599K
4 5
6
7 8

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.