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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
CRH icon
151
CRH
CRH
$67.4B
$21.9M 0.11%
+175,500
New +$20.9M
HDB icon
152
HDFC Bank
HDB
$120B
$21.7M 0.11%
595,200
+146,600
+33% +$5.27M
UPS icon
153
United Parcel Service
UPS
$88.8B
$21.7M 0.11%
218,414
+7,000
+3% +$655K
HWM icon
154
Howmet Aerospace
HWM
$112B
$21.6M 0.1%
105,245
-3,800
-3% -$756K
MCO icon
155
Moody's
MCO
$82.5B
$21.6M 0.1%
42,206
-2,100
-5% -$1.02M
AMT icon
156
American Tower
AMT
$79B
$21.5M 0.1%
122,584
-12,300
-9% -$2.24M
WM icon
157
Waste Management
WM
$90.7B
$21.3M 0.1%
96,988
-3,200
-3% -$682K
IDXX icon
158
Idexx Laboratories
IDXX
$46.2B
$21.2M 0.1%
31,355
-600
-2% -$409K
BNY
159
Bank of New York Mellon
BNY
$109B
$21.2M 0.1%
182,537
-18,018
-9% -$1.99M
OSCR icon
160
Oscar Health
OSCR
$8.63B
$20.8M 0.1%
1,450,000
– –
TEL icon
161
TE Connectivity
TEL
$63.3B
$20.8M 0.1%
91,223
-5,700
-6% -$1.32M
REGN icon
162
Regeneron Pharmaceuticals
REGN
$82.1B
$20.4M 0.1%
26,421
-1,100
-4% -$747K
FDX icon
163
FedEx
FDX
$76.3B
$20.4M 0.1%
70,467
+1,500
+2% +$394K
SHW icon
164
Sherwin-Williams
SHW
$88.5B
$20.3M 0.1%
62,756
-2,600
-4% -$870K
ORLY icon
165
O'Reilly Automotive
ORLY
$74.9B
$20.2M 0.1%
220,945
-8,500
-4% -$830K
NOC icon
166
Northrop Grumman
NOC
$81.8B
$20M 0.1%
35,118
-1,300
-4% -$754K
AON icon
167
Aon
AON
$75.6B
$19.9M 0.1%
56,258
-2,100
-4% -$733K
EQIX icon
168
Equinix
EQIX
$102B
$19.7M 0.1%
25,717
-800
-3% -$627K
EMR icon
169
Emerson Electric
EMR
$91.7B
$19.5M 0.09%
147,120
-5,100
-3% -$677K
HCA icon
170
HCA Healthcare
HCA
$89.1B
$19.5M 0.09%
41,809
-2,500
-6% -$1.16M
CSX icon
171
CSX Corp
CSX
$92.5B
$19.3M 0.09%
533,284
+5,000
+0.9% +$179K
WMB icon
172
Williams Companies
WMB
$88.4B
$19.2M 0.09%
319,721
-10,500
-3% -$635K
JCI icon
173
Johnson Controls International
JCI
$93.7B
$19.2M 0.09%
159,956
-17,000
-10% -$1.95M
ITW icon
174
Illinois Tool Works
ITW
$83.5B
$19.1M 0.09%
77,536
-1,800
-2% -$448K
FCX icon
175
Freeport-McMoran
FCX
$96.4B
$19.1M 0.09%
375,933
-12,400
-3% -$537K
5 6
7
8 9

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.