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Equibles

STATE OF MICHIGAN RETIREMENT SYSTEM

Pension
Location
EAST LANSING, MI
Portfolio Value
Small $974,869,069
Diversification
Diversified
Filing Date
Global Rank
#297 / 8,586 ▼ 12
Top Industry
Semiconductors 13.5%
3Y Alpha vs SPY
-2.4%
Period ended 3 months ago
Filed May 4, 2026 · 43d
25 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

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

Cloned portfolio
+67.8%
SPY
+78.1%
Annualised alpha
-2.4%
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
23.4%
−3.1 pts
Top 10
32.6%
−6.3 pts
HHI
163
Jun 2023 → Mar 2026 · range 163 – 259
Diversified−43

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026
Sector % Portfolio Value
Technology 34.4% $6,028,084,387
Financial Services 12.1% $2,116,500,897
Consumer Cyclical 9.8% $1,715,014,289
Healthcare 9.3% $1,632,065,232
Industrials 9.3% $1,623,054,849
Communication Services 8.6% $1,516,673,993
Consumer Defensive 5.6% $974,869,069
Energy 3.7% $651,307,466
Utilities 2.3% $406,402,869
Real Estate 2.0% $353,265,850
Basic Materials 1.8% $323,993,713
Unclassified 1.1% $199,207,696

Last Quarter's Activity

Export CSV
Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased
25 positions
Ticker Δ Shares Shares Value Open
KR +892,500 2,285,087 $165,348,895
ADBE +697,600 820,823 $199,525,654
DUOL +632,807 1,193,307 $117,624,270
CHTR +405,385 431,582 $93,169,922
HIMS +280,900 2,338,600 $48,549,336
MOH +210,612 224,044 $29,865,065
FDS +205,288 244,523 $53,059,045
VRT +156,300 395,600 $99,129,448
HBAN +118,700 560,950 $8,778,867
FITB +62,100 246,416 $11,448,487
INTC +52,700 1,546,983 $68,268,359
UNH +36,500 281,419 $76,149,167
PANW +32,000 211,100 $33,843,552
RYN +31,807 68,572 $1,413,954
CCL +16,200 340,544 $8,813,278
PR +14,100 178,200 $3,799,224
SF +12,643 36,730 $2,715,081
COHR +11,894 49,000 $11,672,290
TEX +11,800 27,318 $1,614,493
NLY +11,500 189,531 $4,008,580
WAT +10,522 26,719 $7,956,918
SHC +7,100 56,100 $804,474
OVV +7,000 66,800 $3,965,248
NRG +5,300 55,466 $8,105,801
ROIV +5,000 108,500 $3,005,450

Trimmed

Positions the filer reduced
25 positions
Ticker Δ Shares Shares Value Open
NVDA −815,800 7,244,460 $1,263,433,824
SPY −608,900 270,940 $176,203,119
NFLX −436,400 1,163,190 $111,840,718
GOOGL −328,900 1,596,380 $459,055,032
AMZN −299,900 2,703,120 $562,978,802
AAPL −283,300 3,900,499 $989,907,641
AMD −225,300 617,700 $125,658,711
JPM −208,400 704,331 $207,186,006
MSFT −176,000 2,057,867 $761,760,627
AVGO −157,800 1,689,060 $522,780,960
ISRG −105,200 104,153 $48,013,491
V −87,600 465,623 $140,729,895
COST −50,100 119,669 $119,241,781
LLY −40,900 215,804 $198,490,045
BABA −33,100 223,900 $28,090,494
T −27,200 2,143,713 $62,146,239
BAC −25,500 1,848,012 $90,090,585
SHOP −17,400 99,800 $11,838,276
APH −17,300 369,674 $46,708,309
TSM −16,000 132,200 $44,676,990
CMCSA −14,100 1,118,389 $32,108,948
WFC −13,900 852,149 $67,839,581
XOM −12,300 1,091,718 $185,220,875
C −11,900 505,936 $57,378,201
GM −8,100 370,008 $27,565,596

New Positions

Positions the filer opened this quarter
23 positions
Ticker Shares Value Open
SPOT 56,031 $27,169,992
RCL 65,701 $18,079,601
NXPI 76,868 $15,132,234
FLEX 97,200 $6,362,712
LYB 73,965 $5,958,620
AMCR 125,634 $4,993,951
SSYS 500,000 $3,905,000
PNFP 36,206 $3,118,784
AEIS 9,100 $2,936,661
SOLS 38,200 $2,909,312
CNH 260,600 $2,866,600
TTMI 24,900 $2,425,758
ARWR 33,700 $2,112,990
AHR 42,700 $2,013,732
MOG-A 6,800 $1,989,952
CTRE 53,800 $1,971,770
IDCC 6,200 $1,872,400
SITM 5,300 $1,830,355
BROS 30,600 $1,550,196
SARO 45,600 $1,177,848
PATH 103,000 $1,143,300
VICR 5,500 $885,500
VSNT 7,200 $266,544

Sold Out

Positions the filer fully exited
8 positions
Ticker Shares Value Open
TMDX 108,000 $13,138,200
PAYC 13,773 $2,194,865
MTCH 61,853 $1,997,233
LW 36,532 $1,530,325
GTM 64,800 $659,016
CRCL 7,125 $565,012
KMPR 13,796 $559,289
EFOR 10,121 $487,528

Portfolio Positions

Export CSV View 13F filing
54 positions · $974,869,069 total · Consumer Defensive only · 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 54 positions by value · page 1 of 2
Ticker Company Shares Value (USD) % of Portfolio History
KR
Kroger Co
Consumer Defensive 		2,285,087 $165,348,895 16.96%
WMT
Walmart Inc.
Consumer Defensive 		1,171,520 $145,596,505 14.93%
COST
Costco Wholesale Corp /New
Consumer Defensive 		119,669 $119,241,781 12.23%
PG
PROCTER & GAMBLE Co
Consumer Defensive 		625,037 $90,280,344 9.26%
KO
Coca Cola Co
Consumer Defensive 		1,038,148 $78,951,155 8.10%
PM
Philip Morris International Inc.
Consumer Defensive 		406,658 $67,236,833 6.90%
PEP
Pepsico Inc
Consumer Defensive 		365,122 $56,699,795 5.82%
MO
Altria Group, Inc.
Consumer Defensive 		438,542 $28,939,386 2.97%
MDLZ
Mondelez International, Inc.
Consumer Defensive 		334,870 $19,301,906 1.98%
CL
Colgate Palmolive Co
Consumer Defensive 		210,529 $17,943,386 1.84%
TGT
Target Corp
Consumer Defensive 		133,522 $16,182,866 1.66%
MNST
Monster Beverage Corp
Consumer Defensive 		192,216 $13,927,971 1.43%
ADM
Archer-Daniels-Midland Co
Consumer Defensive 		163,741 $11,902,333 1.22%
KDP
Keurig Dr Pepper Inc.
Consumer Defensive 		354,900 $9,344,517 0.96%
SYY
Sysco Corp
Consumer Defensive 		125,117 $8,924,595 0.92%
KVUE
Kenvue Inc.
Consumer Defensive 		500,539 $8,629,292 0.89%
KMB
Kimberly Clark Corp
Consumer Defensive 		86,716 $8,365,492 0.86%
HSY
Hershey Co
Consumer Defensive 		39,634 $8,239,512 0.85%
KHC
Kraft Heinz Co
Consumer Defensive 		316,439 $7,116,713 0.73%
DG
Dollar General Corp
Consumer Defensive 		57,454 $6,821,513 0.70%
BG
Bunge Global SA
Consumer Defensive 		48,700 $6,194,640 0.64%
TSN
Tyson Foods, Inc.
Consumer Defensive 		95,528 $6,120,478 0.63%
DLTR
Dollar Tree, Inc.
Consumer Defensive 		53,969 $5,910,145 0.61%
CHD
Church & Dwight Co Inc /De/
Consumer Defensive 		61,851 $5,771,935 0.59%
STZ
Constellation Brands, Inc.
Consumer Defensive 		36,658 $5,498,700 0.56%
GIS
General Mills Inc
Consumer Defensive 		139,402 $5,188,542 0.53%
USFD
US Foods Holding Corp.
Consumer Defensive 		53,100 $4,896,351 0.50%
EL
Estee Lauder Companies Inc
Consumer Defensive 		64,538 $4,631,892 0.48%
MKC
Mccormick & Co Inc
Consumer Defensive 		66,210 $3,339,632 0.34%
CLX
Clorox Co /De/
Consumer Defensive 		31,551 $3,269,630 0.34%
PFGC
Performance Food Group Co
Consumer Defensive 		37,803 $3,238,204 0.33%
BJ
BJ's Wholesale Club Holdings, Inc.
Consumer Defensive 		31,515 $3,101,706 0.32%
SJM
J M SMUCKER Co
Consumer Defensive 		27,839 $2,684,793 0.28%
COKE
Coca-Cola Consolidated, Inc.
Consumer Defensive 		13,600 $2,607,664 0.27%
DAR
Darling Ingredients Inc.
Consumer Defensive 		38,074 $2,354,876 0.24%
CAG
Conagra Brands Inc.
Consumer Defensive 		124,915 $1,963,663 0.20%
TAP
Molson Coors Beverage Co
Consumer Defensive 		44,238 $1,904,888 0.20%
HRL
Hormel Foods Corp /De/
Consumer Defensive 		82,675 $1,872,588 0.19%
SFM
Sprouts Farmers Market, Inc.
Consumer Defensive 		23,396 $1,804,533 0.19%
INGR
Ingredion Inc
Consumer Defensive 		15,188 $1,711,080 0.18%
ACI
Albertsons Companies, Inc.
Consumer Defensive 		89,000 $1,516,560 0.16%
CELH
Celsius Holdings, Inc.
Consumer Defensive 		38,500 $1,365,980 0.14%
OLLI
Ollie's Bargain Outlet Holdings, Inc.
Consumer Defensive 		14,803 $1,362,468 0.14%
CPB
CAMPBELL'S Co
Consumer Defensive 		51,401 $1,144,700 0.12%
LOPE
Grand Canyon Education, Inc.
Consumer Defensive 		6,659 $1,132,229 0.12%
POST
Post Holdings, Inc.
Consumer Defensive 		10,147 $1,003,132 0.10%
GHC
Graham Holdings Co
Consumer Defensive 		824 $871,182 0.09%
ELF
e.l.f. Beauty, Inc.
Consumer Defensive 		14,200 $860,662 0.09%
MZTI
Marzetti Co
Consumer Defensive 		4,932 $682,243 0.07%
BRBR
Bellring Brands, Inc.
Consumer Defensive 		28,245 $454,462 0.05%

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