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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
SHOP icon
176
Shopify
SHOP
$196B
$18.9M 0.09%
117,200
– –
F icon
177
Ford
F
$55.7B
$18.7M 0.09%
1,427,879
-73,100
-5% -$942K
WBD icon
178
Warner Bros
WBD
$67.9B
$18.7M 0.09%
648,741
-94,984
-13% -$2.22M
SPG icon
179
Simon Property Group
SPG
$71B
$18.6M 0.09%
100,449
-4,800
-5% -$872K
XYZ
180
Block Inc
XYZ
$47.5B
$18.5M 0.09%
284,646
-5,200
-2% -$359K
CTAS icon
181
Cintas
CTAS
$82.1B
$18.4M 0.09%
98,072
-1,600
-2% -$301K
CMI icon
182
Cummins
CMI
$87.1B
$18.4M 0.09%
36,131
-4,506
-11% -$2.11M
MDLZ icon
183
Mondelez International
MDLZ
$78.9B
$18.2M 0.09%
337,770
-12,200
-3% -$702K
MAR icon
184
Marriott International
MAR
$91.1B
$18.1M 0.09%
58,336
-2,600
-4% -$743K
TFC icon
185
Truist Financial
TFC
$63.9B
$18M 0.09%
365,643
-11,500
-3% -$530K
SLB icon
186
SLB Ltd
SLB
$79.7B
$18M 0.09%
468,738
+6,900
+1% +$250K
MSI icon
187
Motorola Solutions
MSI
$77.3B
$17.9M 0.09%
46,708
-1,700
-4% -$683K
GLW icon
188
Corning
GLW
$137B
$17.9M 0.09%
204,299
-51,860
-20% -$4.47M
WDC icon
189
Western Digital
WDC
$151B
$17.9M 0.09%
103,657
-6,100
-6% -$925K
ADSK icon
190
Autodesk
ADSK
$53.1B
$17.8M 0.09%
60,123
-1,900
-3% -$575K
PCAR icon
191
PACCAR
PCAR
$69.8B
$17.8M 0.09%
162,266
+1,900
+1% +$195K
APO icon
192
Apollo Global Management
APO
$82.8B
$17.6M 0.09%
121,600
-2,800
-2% -$372K
TRV icon
193
Travelers Companies
TRV
$78.3B
$17.6M 0.09%
60,653
-3,300
-5% -$929K
ECL icon
194
Ecolab
ECL
$79.8B
$17.5M 0.09%
66,740
-4,600
-6% -$1.23M
HLT icon
195
Hilton Worldwide
HLT
$70.8B
$17.5M 0.09%
60,823
-2,800
-4% -$762K
AJG icon
196
Arthur J. Gallagher & Co
AJG
$65B
$17.4M 0.08%
67,187
-2,100
-3% -$556K
CPRT icon
197
Copart
CPRT
$27.2B
$17.2M 0.08%
439,408
+52,000
+13% +$2.16M
NSC icon
198
Norfolk Southern
NSC
$75.2B
$17M 0.08%
58,790
-1,900
-3% -$549K
CL icon
199
Colgate-Palmolive
CL
$73.6B
$16.7M 0.08%
211,029
-7,600
-3% -$596K
EOG icon
200
EOG Resources
EOG
$75.2B
$16.5M 0.08%
157,352
-900
-0.6% -$96.7K
6 7
8
9 10

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.