STATE OF MICHIGAN RETIREMENT SYSTEM

Pension

CIK

762152

Location

EAST LANSING, MI

Portfolio Value

Large $17,430,095,333

Diversification

Diversified

Filing Date

Global Rank

#297 / 8,608 ▼ 12 · as of Mar 2026

Top Industry

Semiconductors 13.6%

3Y Alpha vs SPY

-1.8%

Period ended 3 months ago

Filed May 4, 2026 · 2mo

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+66.9%

SPY

+73.9%

Annualised alpha

-1.6%

Max drawdown

−19.1%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

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

Top Position

7.2%

−0.7 pts

Top 5

23.5%

−3.1 pts

Top 10

32.8%

−6.3 pts

HHI

165

Diversified−44

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Technology	34.2%	$5,957,414,221	149
Financial Services	12.1%	$2,114,598,204	137
Consumer Cyclical	9.6%	$1,671,543,299	118
Healthcare	9.4%	$1,632,065,232	98
Industrials	9.3%	$1,619,421,213	155
Communication Services	8.7%	$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	1.9%	$334,197,403	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 positions · $17,430,095,333 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%	7.25%
AAPL	Apple Inc. Technology	Reduced	3,900,499	-283,300	$989,907,641	−13.0%	5.68%
MSFT	Microsoft Corp Technology	Reduced	2,057,867	-176,000	$761,760,627	−29.5%	4.37%
AMZN	Amazon Com Inc Consumer Cyclical	Reduced	2,703,120	-299,900	$562,978,802	−18.8%	3.23%
AVGO	Broadcom Inc. Technology	Reduced	1,689,060	-157,800	$522,780,960	−18.2%	3.00%
META	Meta Platforms, Inc. Communication Services	Added	849,414	+1,100	$485,975,231	−13.2%	2.79%
GOOGL	Alphabet Inc. Communication Services	Reduced	1,596,380	-328,900	$459,055,032	−23.8%	2.63%
TSLA	Tesla, Inc. Consumer Cyclical	Reduced	734,657	-1,000	$273,108,739	−17.4%	1.57%
JPM	Jpmorgan Chase & Co Financial Services	Reduced	704,331	-208,400	$207,186,006	−29.6%	1.19%
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%	1.14%
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%	1.01%
KR	Kroger Co Consumer Defensive	Added	2,285,087	+892,500	$165,348,895	+90.0%	0.95%
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%	0.92%
WMT	Walmart Inc. Consumer Defensive	Reduced	1,171,520	-2,900	$145,596,505	+11.3%	0.84%
V	Visa Inc. Financial Services	Reduced	465,623	-87,600	$140,729,895	−27.5%	0.81%
PLTR	Palantir Technologies Inc. Technology	Reduced	876,700	-1,300	$128,243,676	−17.8%	0.74%
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%	0.69%
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%	0.58%
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%	0.53%
PG	PROCTER & GAMBLE Co Consumer Defensive	Reduced	625,037	-4,600	$90,280,344	+0.1%	0.52%
KBDC	Kayne Anderson BDC, Inc. Financial Services	Held	6,566,762	0	$90,095,974	−4.2%	0.52%
BAC	Bank Of America Corp /De/ Financial Services	Reduced	1,848,012	-25,500	$90,090,585	−12.6%	0.52%
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%	0.45%
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%	0.44%
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%	0.39%
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%