Municipal Employees' Retirement System of Michigan

CIK

1588873

Location

LANSING, MI

Portfolio Value

Mid $8,806,554,844

Diversification

Moderately concentrated

Filing Date

Global Rank

#589 / 8,815 ▼ 57

Top Industry

Asset Management 99.5%

3Y Alpha vs SPY

-12.8%

Period ended 4 months ago

Filed Aug 10, 2026 · 2mo

26 quarters · since Mar 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Unknown

Portfolio style

Measured from the filed 13F common-share book for Jun 30, 2026, never from the firm's own description.

Style

Concentrated

The top 10 positions are 99.1% of the book (60%+)

Turnover

Low turnover

11.5% over the last four quarters (under 30%)

Horizon

Long horizon

Value-weighted holding period 21.2 quarters (12+), a floor since 21.4% of the book was already held when coverage starts

Closest benchmark: every 13F filer's combined book, active share 93.8%; sector active share 76.2% against the combined 13F book's sector weights.

Over time 26 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

30 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026

Top Position

24.4%

−2.3 pts

Top 5

82.3%

−1.3 pts

Top 10

99.1%

−0.5 pts

HHI

1,733

Moderately concentrated−22

Portfolio Trend

26 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2026

Sector	% Portfolio	Value	Positions
Unclassified	76.9%	$6,772,396,321	25
Financial Services	23.1%	$2,034,158,523	5

Last Quarter's Activity

Export CSV

Jun 30, 2026 vs Mar 31, 2026

Added To

Positions the filer increased

2 positions

Ticker	Company	Δ Shares	Shares	Value
FALN	iShares Fallen Angels USD Bond ETF	+1,000,000	4,657,064	$126,858,423
SPIB	State Street(R) SPDR(R) Portfolio Intermediate Term Corporate Bond ETF	+175,134	11,879,902	$397,501,520
No positions match the current search.

Trimmed

Positions the filer reduced

8 positions

Ticker	Company	Δ Shares	Shares	Value
—		−5,398,227	22,686,978	$658,149,231
QVML	Invesco Ltd.	−3,615,297	30,516,713	$1,347,007,711
SPTL	State Street(R) SPDR(R) Portfolio Long Term Treasury ETF	−3,389,982	19,609,770	$514,364,266
SPTI	State Street(R) SPDR(R) Portfolio Intermediate Term Treasury ETF	−1,746,419	36,956,056	$1,049,182,429
IEMG	iShares Trust	−338,777	2,975,052	$0
BBAX	JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF	−290,000	8,785	$525,957
BBCA	JPMorgan BetaBuilders Canada ETF	−160,949	478,673	$47,580,096
VGK	VANGUARD EUROPEAN STOCK INDEX FUND	−120,389	6,644,476	$588,301,905
No positions match the current search.

New Positions

Positions the filer opened this quarter

2 positions

Ticker	Company	Shares	Value
RSP	Victory Portfolios II	748,708	$159,302,601
FIGR	Figure Technology Solutions, Inc.	68,729	$2,110,667
No positions match the current search.

Sold Out

Positions the filer fully exited

No qualifying positions this quarter.

Portfolio Positions

Compact Export CSV View 13F filing

30 tracked positions · $8,806,554,844 total · filing declares 32 positions · $9,053,002 · as of Jun 30, 2026

All sectors Financial Services

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
QVML	Invesco Ltd. Financial Services	Reduced	30,516,713	-3,615,297	$1,347,007,711	+3.1%	21	unpriced	15.30%
IVV	iShares Core S&P 500 ETF	Held	1,637,942	0	$1,226,638,384	+14.6%	26+	before history	13.93%
SPTI	State Street(R) SPDR(R) Portfolio Intermediate Term Treasury ETF	Reduced	36,956,056	-1,746,419	$1,049,182,429	−5.4%	25	unpriced	11.91%
		Reduced	22,686,978	-5,398,227	$658,149,231	−19.7%	26+	before history	7.47%
VGK	VANGUARD EUROPEAN STOCK INDEX FUND	Reduced	6,644,476	-120,389	$588,301,905	+5.5%	23	$67.11	6.68%
SPTL	State Street(R) SPDR(R) Portfolio Long Term Treasury ETF	Reduced	19,609,770	-3,389,982	$514,364,266	−15.0%	24	unpriced	5.84%
IJH	iShares Core S&P Mid-Cap ETF	Held	5,705,045	0	$439,916,019	+14.2%	25	unpriced	5.00%
SCHP	Schwab U.S. TIPS ETF	Held	16,188,586	0	$428,997,529	−0.4%	7	unpriced	4.87%
QVMM	Invesco Ltd. Financial Services	Held	11,882,576	0	$428,188,626	+13.7%	21	unpriced	4.86%
SPIB	State Street(R) SPDR(R) Portfolio Intermediate Term Corporate Bond ETF	Added	11,879,902	+175,134	$397,501,520	+1.3%	22	unpriced	4.51%
XBB	BondBloxx BB Rated USD High Yield Corporate Bond ETF	Held	7,372,511	0	$302,236,088	+0.7%	17	$40.43	3.43%
QVMS	Invesco Ltd. Financial Services	Held	7,114,414	0	$249,431,354	+20.3%	21	unpriced	2.83%
XEMD	BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF	Held	4,714,975	0	$211,796,677	+2.2%	16	$40.18	2.40%
SPHY	State Street(R) SPDR(R) Portfolio High Yield Bond ETF	Held	8,191,734	0	$192,014,244	+0.5%	14	unpriced	2.18%
RSP	Victory Portfolios II	NEW	748,708	NEW	$159,302,601	NEW	1	$204.64	1.81%
FLCA	Franklin FTSE Canada ETF	Held	2,773,743	0	$142,764,552	+5.2%	17	$33.12	1.62%
FALN	iShares Fallen Angels USD Bond ETF	Added	4,657,064	+1,000,000	$126,858,423	+29.8%	5	unpriced	1.44%
PICK	iShares MSCI Global Metals & Mining Producers ETF	Held	1,767,862	0	$102,801,175	+2.8%	23	$37.30	1.17%
XFIV	BondBloxx Bloomberg Five Year Target Duration US Treasury ETF	Held	1,332,525	0	$64,867,317	−1.0%	16	unpriced	0.74%
RING	iShares MSCI Global Gold Miners ETF	Held	776,753	0	$50,178,243	−18.2%	23	$27.66	0.57%
BBCA	JPMorgan BetaBuilders Canada ETF	Reduced	478,673	-160,949	$47,580,096	−20.9%	5	$75.77	0.54%
XLE	State Street(R) Energy Select Sector SPDR(R) ETF	Held	474,882	0	$25,220,983	−13.3%	23	unpriced	0.29%
ICOP	iShares Copper and Metals Mining ETF	Held	501,672	0	$24,697,312	+3.5%	6	unpriced	0.28%
XB	BondBloxx B Rated USD High Yield Corporate Bond ETF	Held	266,860	0	$10,474,521	+0.8%	17	$40.01	0.12%
COIN	Coinbase Global, Inc. Financial Services	Held	50,757	0	$7,420,165	−16.3%	2	$196.84	0.08%
XCCC	BondBloxx CCC Rated USD High Yield Corporate Bond ETF	Held	121,654	0	$4,448,278	+0.5%	17	$40.02	0.05%
IJR	iShares Core S&P Small-Cap ETF	Held	24,129	0	$3,578,571	+19.3%	25	unpriced	0.04%
FIGR	Figure Technology Solutions, Inc. Financial Services	NEW	68,729	NEW	$2,110,667	NEW	1	$33.43	0.02%
BBAX	JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF	Reduced	8,785	-290,000	$525,957	−97.0%	14	$50.66	0.01%
IEMG	iShares Trust	Reduced	2,975,052	-338,777	$0	—	23	unpriced	0.00%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.