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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 | |
|---|---|---|---|---|---|---|---|
151
CSX Corp
CSX
$90.2B
| $25.2M | 0.11% |
529,884
-1,700
| -0.3% | -$76.8K |
2013 Q2
52 quarters
|
|
152
Datadog
DDOG
$95.6B
| $24.5M | 0.11% |
94,132
+8,332
| +10% | +$1.55M |
2025 Q3
3 quarters
|
|
153
3M
MMM
$85.3B
| $24.4M | 0.11% |
150,505
+12,900
| +9% | +$1.96M |
2013 Q2
52 quarters
|
|
154
United Parcel Service
UPS
$83.2B
| $24.3M | 0.11% |
225,914
+8,000
| +4% | +$832K |
2013 Q2
52 quarters
|
|
155
Elevance Health
ELV
$92.9B
| $24M | 0.11% |
61,951
-1,200
| -2% | -$445K |
2013 Q2
52 quarters
|
|
156
Accenture
ACN
$138B
| $23.8M | 0.11% |
190,938
+5,200
| +3% | +$903K |
2013 Q2
52 quarters
|
|
157
Williams Companies
WMB
$84.7B
| $23.3M | 0.1% |
313,121
-5,900
| -2% | -$434K |
2013 Q2
52 quarters
|
|
158
McKesson
MCK
$116B
| $23.3M | 0.1% |
+30,800
| New | +$24.4M |
2026 Q2
0 quarters
|
|
159
Freeport-McMoran
FCX
$101B
| $23.1M | 0.1% |
368,033
-7,400
| -2% | -$476K |
2013 Q2
52 quarters
|
|
160
General Dynamics
GD
$91.2B
| $23M | 0.1% |
65,012
-1,300
| -2% | -$445K |
2013 Q2
52 quarters
|
|
161
Edwards Lifesciences
EW
$50.8B
| $22.9M | 0.1% |
252,951
-4,100
| -2% | -$343K |
2013 Q2
52 quarters
|
|
162
Block Inc
XYZ
$48B
| $22.9M | 0.1% |
300,839
+16,493
| +6% | +$1.16M |
2020 Q2
24 quarters
|
|
163
Johnson Controls International
JCI
$89.4B
| $22.8M | 0.1% |
156,256
-3,600
| -2% | -$508K |
2013 Q2
52 quarters
|
|
164
Blackstone
BX
$87.1B
| $22.4M | 0.1% |
190,200
-5,400
| -3% | -$649K |
2023 Q3
11 quarters
|
|
165
FedEx
FDX
$69.9B
| $22.2M | 0.1% |
70,867
+700
| +1% | +$254K |
2013 Q2
52 quarters
|
|
|
166
Cigna
CI
$79B
| $21.9M | 0.1% |
79,541
-148,600
| -65% | -$42M |
2013 Q2
52 quarters
|
|
167
Robinhood
HOOD
$93.5B
| $21.9M | 0.1% |
218,359
+11,859
| +6% | +$993K |
2025 Q3
3 quarters
|
|
168
Synopsys
SNPS
$89.7B
| $21.9M | 0.1% |
49,054
-900
| -2% | -$423K |
2013 Q2
52 quarters
|
|
169
Ross Stores
ROST
$75B
| $21.8M | 0.1% |
102,556
+18,100
| +21% | +$4.07M |
2013 Q2
52 quarters
|
|
170
Valero Energy
VLO
$128B
| $21.8M | 0.1% |
83,762
-5,000
| -6% | -$1.23M |
2013 Q2
52 quarters
|
|
171
Shopify
SHOP
$229B
| $21.4M | 0.09% |
187,534
+87,734
| +88% | +$10M |
2022 Q2
16 quarters
|
|
172
Sherwin-Williams
SHW
$81.8B
| $21.4M | 0.09% |
62,156
-500
| -0.8% | -$160K |
2013 Q2
52 quarters
|
|
173
Marsh
MRSH
$89B
| $21.3M | 0.09% |
128,075
-2,700
| -2% | -$451K |
2013 Q2
52 quarters
|
|
174
CME Group
CME
$104B
| $21.3M | 0.09% |
96,544
-1,600
| -2% | -$443K |
2013 Q2
52 quarters
|
|
175
United Rentals
URI
$65.2B
| $21.2M | 0.09% |
18,754
| – | – |
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.