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
PWR icon
201
Quanta Services
PWR
$101B
$16.5M 0.08%
39,048
-1,300
-3% -$571K
ZM icon
202
Zoom
ZM
$31.1B
$16.4M 0.08%
189,866
-400
-0.2% -$33.7K
AEP icon
203
American Electric Power
AEP
$67.3B
$16.2M 0.08%
140,158
-4,500
-3% -$531K
LHX icon
204
L3Harris
LHX
$53.3B
$16.1M 0.08%
54,930
-500
-0.9% -$145K
CMG icon
205
Chipotle Mexican Grill
CMG
$40.5B
$15.9M 0.08%
430,900
-600
-0.1% -$21.7K
STX icon
206
Seagate
STX
$186B
$15.7M 0.08%
57,005
-500
-0.9% -$130K
CVNA icon
207
Carvana
CVNA
$79.2B
$15.6M 0.08%
+185,000
New +$13.8M
ICLR icon
208
Icon
ICLR
$12.8B
$15.5M 0.08%
85,070
– –
ROST icon
209
Ross Stores
ROST
$80.8B
$15.3M 0.07%
85,156
-3,300
-4% -$551K
URI icon
210
United Rentals
URI
$71.2B
$15.3M 0.07%
18,954
-300
-2% -$260K
BDX icon
211
Becton Dickinson
BDX
$49.4B
$15.2M 0.07%
78,488
+1,000
+1% +$190K
ZTS icon
212
Zoetis
ZTS
$31.1B
$15.2M 0.07%
120,864
-4,900
-4% -$639K
FTNT icon
213
Fortinet
FTNT
$119B
$15.1M 0.07%
190,770
-10,400
-5% -$863K
ABNB icon
214
Airbnb
ABNB
$111B
$15.1M 0.07%
111,300
-4,700
-4% -$585K
SRE icon
215
Sempra
SRE
$55.9B
$15.1M 0.07%
170,920
-30,100
-15% -$2.74M
DHI icon
216
D.R. Horton
DHI
$42.2B
$15M 0.07%
103,999
-4,500
-4% -$685K
PYPL icon
217
PayPal
PYPL
$50.5B
$14.9M 0.07%
254,692
-16,700
-6% -$1.08M
MNST icon
218
Monster Beverage
MNST
$89.2B
$14.8M 0.07%
385,232
-16,800
-4% -$602K
AZO icon
219
AutoZone
AZO
$49.7B
$14.6M 0.07%
4,306
-200
-4% -$756K
O icon
220
Realty Income
O
$58.6B
$14.6M 0.07%
258,748
-900
-0.3% -$52.1K
VLO icon
221
Valero Energy
VLO
$93.3B
$14.5M 0.07%
88,962
-7,100
-7% -$1.2M
APD icon
222
Air Products & Chemicals
APD
$68.9B
$14.4M 0.07%
58,221
-3,900
-6% -$989K
ALL icon
223
Allstate
ALL
$66.3B
$14.3M 0.07%
68,489
-2,800
-4% -$573K
AFL icon
224
Aflac
AFL
$60.7B
$14.1M 0.07%
128,107
-9,900
-7% -$1.09M
D icon
225
Dominion Energy
D
$59.9B
$14.1M 0.07%
240,867
-8,900
-4% -$536K
7 8
9
10 11

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.