STATE OF MICHIGAN RETIREMENT SYSTEM

Pension

CIK

762152

Location

EAST LANSING, MI

Portfolio Value

Large $17,540,798,568

Diversification

Diversified

Filing Date

Global Rank

#298 / 8,622 ▼ 13 · as of Mar 2026

Top Industry

Semiconductors 13.5%

3Y Alpha vs SPY

+0.3%

Period ended 4 months ago

Filed May 4, 2026 · 3mo

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.

Cloned portfolio

+69.1%

SPY

+67.9%

Annualised alpha

+0.3%

Max drawdown

−19.1%

Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. It tracks 100% of reported value on average across 13 quarters. Past performance does not predict future results.

Portfolio Concentration

929 tracked positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

7.2%

−0.7 pts

Top 5

23.4%

−3.1 pts

Top 10

32.6%

−6.3 pts

HHI

163

Diversified−43

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Technology	34.4%	$6,028,084,387	149
Financial Services	12.1%	$2,116,500,894	137
Consumer Cyclical	9.8%	$1,715,014,290	118
Healthcare	9.3%	$1,632,065,232	98
Industrials	9.3%	$1,624,284,291	155
Communication Services	8.6%	$1,516,673,993	27
Consumer Defensive	5.6%	$973,997,887	53
Energy	3.7%	$651,307,466	40
Utilities	2.3%	$406,402,869	46
Real Estate	2.0%	$353,265,850	63
Basic Materials	1.8%	$323,993,713	39
Unclassified	1.1%	$199,207,696	4

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
KR	Kroger Co	+892,500	2,285,087	$165,348,895
ADBE	Adobe Inc.	+697,600	820,823	$199,525,654
DUOL	Duolingo, Inc.	+632,807	1,193,307	$117,624,270
CHTR	Charter Communications, Inc. /Mo/	+405,385	431,582	$93,169,922
HIMS	Hims & Hers Health, Inc.	+280,900	2,338,600	$48,549,336
MOH	Molina Healthcare, Inc.	+210,612	224,044	$29,865,065
FDS	Factset Research Systems Inc	+205,288	244,523	$53,059,045
VRT	Vertiv Holdings Co	+156,300	395,600	$99,129,448
HBAN	Huntington Bancshares Inc /Md/	+118,700	560,950	$8,778,867
FITB	Fifth Third Bancorp	+62,100	246,416	$11,448,487
INTC	Intel Corp	+52,700	1,546,983	$68,268,359
UNH	Unitedhealth Group Inc	+36,500	281,419	$76,149,167
PANW	Palo Alto Networks Inc	+32,000	211,100	$33,843,552
RYN	Rayonier Inc	+31,807	68,572	$1,413,954
CCL	Carnival Corp Ltd.	+16,200	340,544	$8,813,278
PR	Permian Resources Corp	+14,100	178,200	$3,799,224
SF	Stifel Financial Corp	+12,643	36,730	$2,715,081
COHR	Coherent Corp.	+11,894	49,000	$11,672,290
TEX	Terex Corp	+11,800	27,318	$1,614,493
NLY	Annaly Capital Management Inc	+11,500	189,531	$4,008,580
WAT	Waters Corp /De/	+10,522	26,719	$7,956,918
SHC	Sotera Health Co	+7,100	56,100	$804,474
OVV	Ovintiv Inc.	+7,000	66,800	$3,965,248
NRG	Nrg Energy, Inc.	+5,300	55,466	$8,105,801
ROIV	Roivant Sciences Ltd.	+5,000	108,500	$3,005,450
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
NVDA	Nvidia Corp	−815,800	7,244,460	$1,263,433,824
SPY	Spdr S&P 500 ETF Trust	−608,900	270,940	$176,203,119
NFLX	Netflix Inc	−436,400	1,163,190	$111,840,718
GOOGL	Alphabet Inc.	−328,900	1,596,380	$459,055,032
AMZN	Amazon Com Inc	−299,900	2,703,120	$562,978,802
AAPL	Apple Inc.	−283,300	3,900,499	$989,907,641
AMD	Advanced Micro Devices Inc	−225,300	617,700	$125,658,711
JPM	Jpmorgan Chase & Co	−208,400	704,331	$207,186,006
MSFT	Microsoft Corp	−176,000	2,057,867	$761,760,627
AVGO	Broadcom Inc.	−157,800	1,689,060	$522,780,960
ISRG	Intuitive Surgical Inc	−105,200	104,153	$48,013,491
V	Visa Inc.	−87,600	465,623	$140,729,895
COST	Costco Wholesale Corp /New	−50,100	119,669	$119,241,781
LLY	ELI LILLY & Co	−40,900	215,804	$198,490,045
BABA	Alibaba Group Holding Ltd	−33,100	223,900	$28,090,494
T	At&T Inc.	−27,200	2,143,713	$62,146,239
BAC	Bank Of America Corp /De/	−25,500	1,848,012	$90,090,585
SHOP	Shopify Inc.	−17,400	99,800	$11,838,276
APH	Amphenol Corp /De/	−17,300	369,674	$46,708,309
TSM	Taiwan Semiconductor Manufacturing Co Ltd	−16,000	132,200	$44,676,990
CMCSA	Comcast Corp	−14,100	1,118,389	$32,108,948
WFC	Wells Fargo & Company/Mn	−13,900	852,149	$67,839,581
XOM	ExxonMobil Holdings Corp	−12,300	1,091,718	$185,220,875
C	Citigroup Inc	−11,900	505,936	$57,378,201
GM	General Motors Co	−8,100	370,008	$27,565,596
No positions match the current search.

New Positions

Positions the filer opened this quarter

23 positions

Ticker	Company	Shares	Value
SPOT	Spotify Technology S.A.	56,031	$27,169,992
RCL	Royal Caribbean Cruises Ltd	65,701	$18,079,601
NXPI	NXP Semiconductors N.V.	76,868	$15,132,234
FLEX	Flex Ltd.	97,200	$6,362,712
LYB	LyondellBasell Industries N.V.	73,965	$5,958,620
AMCR	Amcor plc	125,634	$4,993,951
SSYS	Stratasys Ltd.	500,000	$3,905,000
PNFP	Pinnacle Financial Partners, Inc.	36,206	$3,118,784
AEIS	Advanced Energy Industries Inc	9,100	$2,936,661
SOLS	Solstice Advanced Materials Inc.	38,200	$2,909,312
CNH	CNH Industrial N.V.	260,600	$2,866,600
TTMI	Ttm Technologies Inc	24,900	$2,425,758
ARWR	Arrowhead Pharmaceuticals, Inc.	33,700	$2,112,990
AHR	American Healthcare REIT, Inc.	42,700	$2,013,732
MOG-A	Moog Inc.	6,800	$1,989,952
CTRE	CareTrust REIT, Inc.	53,800	$1,971,770
IDCC	InterDigital, Inc.	6,200	$1,872,400
SITM	SITIME Corp	5,300	$1,830,355
BROS	Dutch Bros Inc.	30,600	$1,550,196
SARO	StandardAero, Inc.	45,600	$1,177,848
PATH	UiPath, Inc.	103,000	$1,143,300
VICR	Vicor Corp	5,500	$885,500
VSNT	Versant Media Group, Inc.	7,200	$266,544
No positions match the current search.

Sold Out

Positions the filer fully exited

8 positions

Ticker	Company	Shares	Value
TMDX	TransMedics Group, Inc.	108,000	$13,138,200
PAYC	Paycom Software, Inc.	13,773	$2,194,865
MTCH	Match Group, Inc.	61,853	$1,997,233
LW	Lamb Weston Holdings, Inc.	36,532	$1,530,325
GTM	ZoomInfo Technologies Inc.	64,800	$659,016
CRCL	Circle Internet Group, Inc.	7,125	$565,012
KMPR	KEMPER Corp	13,796	$559,289
EFOR	Everforth Inc	10,121	$487,528
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

929 tracked positions · $17,540,798,568 total · as of Mar 31, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Showing 1–50 of 929 positions by value · page 1 of 19

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
NVDA	Nvidia Corp Technology	Reduced	7,244,460	-815,800	$1,263,433,824	−16.0%	7.20%
AAPL	Apple Inc. Technology	Reduced	3,900,499	-283,300	$989,907,641	−13.0%	5.64%
MSFT	Microsoft Corp Technology	Reduced	2,057,867	-176,000	$761,760,627	−29.5%	4.34%
AMZN	Amazon Com Inc Consumer Cyclical	Reduced	2,703,120	-299,900	$562,978,802	−18.8%	3.21%
AVGO	Broadcom Inc. Technology	Reduced	1,689,060	-157,800	$522,780,960	−18.2%	2.98%
META	Meta Platforms, Inc. Communication Services	Added	849,414	+1,100	$485,975,231	−13.2%	2.77%
GOOGL	Alphabet Inc. Communication Services	Reduced	1,596,380	-328,900	$459,055,032	−23.8%	2.62%
TSLA	Tesla, Inc. Consumer Cyclical	Reduced	734,657	-1,000	$273,108,739	−17.4%	1.56%
JPM	Jpmorgan Chase & Co Financial Services	Reduced	704,331	-208,400	$207,186,006	−29.6%	1.18%
ADBE	Adobe Inc. Technology	Added	820,823	+697,600	$199,525,654	+362.6%	1.14%
LLY	ELI LILLY & Co Healthcare	Reduced	215,804	-40,900	$198,490,045	−28.1%	1.13%
XOM	ExxonMobil Holdings Corp Energy	Reduced	1,091,718	-12,300	$185,220,875	+39.4%	1.06%
SPY	Spdr S&P 500 ETF Trust	Reduced	270,940	-608,900	$176,203,119	−70.6%	1.00%
KR	Kroger Co Consumer Defensive	Added	2,285,087	+892,500	$165,348,895	+90.0%	0.94%
BRK-B	Berkshire Hathaway Inc Financial Services	Reduced	339,629	-100	$162,750,216	−4.7%	0.93%
JNJ	Johnson & Johnson Healthcare	Reduced	653,167	-1,300	$159,660,141	+17.9%	0.91%
WMT	Walmart Inc. Consumer Defensive	Reduced	1,171,520	-2,900	$145,596,505	+11.3%	0.83%
V	Visa Inc. Financial Services	Reduced	465,623	-87,600	$140,729,895	−27.5%	0.80%
PLTR	Palantir Technologies Inc. Technology	Reduced	876,700	-1,300	$128,243,676	−17.8%	0.73%
AMD	Advanced Micro Devices Inc Technology	Reduced	617,700	-225,300	$125,658,711	−30.4%	0.72%
MU	Micron Technology Inc Technology	Added	367,342	+200	$124,102,821	+18.4%	0.71%
MA	Mastercard Inc Financial Services	Reduced	239,681	-1,900	$119,759,008	−13.2%	0.68%
COST	Costco Wholesale Corp /New Consumer Defensive	Reduced	119,669	-50,100	$119,241,781	−18.5%	0.68%
DUOL	Duolingo, Inc. Technology	Added	1,193,307	+632,807	$117,624,270	+19.6%	0.67%
NFLX	Netflix Inc Communication Services	Reduced	1,163,190	-436,400	$111,840,718	−25.4%	0.64%
CVX	Chevron Corp Energy	Reduced	489,639	-5,900	$101,306,309	+34.1%	0.58%
ABBV	AbbVie Inc. Healthcare	Reduced	461,708	-1,000	$100,416,872	−5.0%	0.57%
VRT	Vertiv Holdings Co Industrials	Added	395,600	+156,300	$99,129,448	+155.7%	0.57%
CSCO	Cisco Systems, Inc. Technology	Added	1,223,362	+500	$94,920,657	+0.8%	0.54%
CHTR	Charter Communications, Inc. /Mo/ Communication Services	Added	431,582	+405,385	$93,169,922	+1603.7%	0.53%
CAT	Caterpillar Inc Industrials	Reduced	129,572	-900	$91,796,579	+22.8%	0.52%
PG	PROCTER & GAMBLE Co Consumer Defensive	Reduced	625,037	-4,600	$90,280,344	+0.1%	0.51%
KBDC	Kayne Anderson BDC, Inc. Financial Services	Held	6,566,762	0	$90,095,974	−4.2%	0.51%
BAC	Bank Of America Corp /De/ Financial Services	Reduced	1,848,012	-25,500	$90,090,585	−12.6%	0.51%
TDG	TransDigm Group INC Industrials	Held	75,792	0	$87,839,896	−12.9%	0.50%
AMAT	Applied Materials Inc /De Technology	Reduced	255,055	-1,200	$87,175,248	+32.4%	0.50%
MRK	Merck & Co., Inc. Healthcare	Reduced	723,090	-1,400	$86,980,496	+14.1%	0.50%
HD	Home Depot, Inc. Consumer Cyclical	Reduced	260,084	-500	$85,539,026	−4.6%	0.49%
KO	Coca Cola Co Consumer Defensive	Reduced	1,038,148	-2,200	$78,951,155	+8.6%	0.45%
GE	General Electric Co Industrials	Reduced	273,961	-2,200	$77,741,912	−8.6%	0.44%
LRCX	Lam Research Corp Technology	Reduced	361,600	-2,600	$77,259,456	+23.9%	0.44%
UNH	Unitedhealth Group Inc Healthcare	Added	281,419	+36,500	$76,149,167	−5.8%	0.43%
INTC	Intel Corp Technology	Added	1,546,983	+52,700	$68,268,359	+23.8%	0.39%
WFC	Wells Fargo & Company/Mn Financial Services	Reduced	852,149	-13,900	$67,839,581	−16.0%	0.39%
RTX	RTX Corp Industrials	Reduced	350,600	-400	$67,630,740	+5.1%	0.39%
PM	Philip Morris International Inc. Consumer Defensive	Reduced	406,658	-900	$67,236,833	+2.9%	0.38%
GS	Goldman Sachs Group Inc Financial Services	Reduced	78,367	-200	$66,297,698	−4.0%	0.38%
ANET	Arista Networks, Inc. Technology	Reduced	535,956	-600	$65,804,677	−6.4%	0.38%
ORCL	Oracle Corp Technology	Added	442,932	+2,600	$65,159,726	−24.1%	0.37%
VZ	Verizon Communications Inc Communication Services	Reduced	1,281,850	-2,200	$64,348,870	+23.0%	0.37%

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.