ME
Municipal Employees' Retirement System of Michigan 13F Filings Tracker & Latest Positions (Q2 2026)
Municipal Employees' Retirement System of MichiganCIK: 0001588873
Sector-focusedMomentum followerQuality / disciplined sizing
Total reported value
$9.1B
Reporting period: 2026-06-30 · Number of holdings: 32
Municipal Employees' Retirement System of Michigan disclosed 32 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $9.1B and a quarterly turnover rate of 10.8%.
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Personality snowflake
- Concentration
- 32.02
- Portfolio Stability
- 10.83
- Momentum
- 100
- Sector conviction
- 100
- Diversification
- 60
- Sizing Uniformity
- 87.96
Municipal Employees' Retirement System of Michigan's disclosed holdings carry a Herfindahl concentration index of 0.080 — mathematically equivalent to about 12 equally-sized positions, well below its 32 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.20), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 0% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govTrim SPTS
-19.2% -$161.4M
New buy RSP
Add IVV
0.0% $156.7M
Trim SPTL
-14.7% -$90.5M
Trim SPTI
-4.5% -$60.0M
Add IJH
0.0% $54.7M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
Showing top 30 holdings (of 32 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | QVML | Invesco S&p 500 Qvm Multi-fa | ETF-Large Cap & Growth | 14.88% | +0.05% | -10.59% | |
| 2 | IVV | Ishares Core S&p 500 ETF | ETF-Large Cap & Growth | 13.55% | +1.40% | — | |
| 3 | SPTI | Ss Spdr P Int Term Tsy ETF | ETF-Other | 11.59% | -1.00% | -4.51% | |
| 4 | SPTS | Ss Spdr P St Term Tsy ETF | ETF-Other | 7.27% | -2.04% | -19.22% | |
| 5 | VGK | Vanguard Ftse Europe ETF | ETF-Other | 6.50% | +0.17% | -1.78% | |
| 6 | SPTL | Ss Spdr Pf Lng Trm Tsy E-usd | ETF-Other | 5.68% | -1.19% | -14.74% | |
| 7 | IJH | Ishares Core S&p Midcap ETF | ETF-Other | 4.86% | +0.49% | — | |
| 8 | SCHP | Schwab U.s. Tips ETF | ETF-Other | 4.74% | -0.15% | — | |
| 9 | QVMM | Invesco S&p Midcap 400 Qvm M | ETF-Other | 4.73% | +0.45% | — | |
| 10 | SPIB | Ss Spdr P Int C CORP ETF | ETF-Other | 4.39% | -0.07% | +1.50% | |
| 11 | XBB | Bondbloxx-bb Rated Usd Hy Cb | ETF-Other | 3.34% | -0.07% | — | |
| 12 | QVMS | Invesco S&p Smallcap 600 Qvm | ETF-Other | 2.76% | +0.41% | — | |
| 13 | IEMG | Ishares Core Msci Emerging | ETF-Emerging Markets | 2.72% | +0.10% | -10.22% | |
| 14 | XEMD | Bondbloxx-jpm Usd Em Mk 1-10 | ETF-Other | 2.34% | -0.01% | — | |
| 15 | SPHY | Ss Spdr P High Yield ETF | ETF-High Yield | 2.12% | -0.05% | — | |
| 16 | RSP | Invesco S&p 500 Equal Weight | ETF-Large Cap & Growth | 1.76% | +1.76% | NEW | |
| 17 | FLCA | Franklin Ftse Canada ETF | ETF-Other | 1.58% | +0.04% | — | |
| 18 | FALN | Ishares Fallen Angels ETF | ETF-Other | 1.40% | +0.29% | +27.34% | |
| 19 | PICK | Ishares Msci Global Metals & | ETF-Other | 1.14% | — | — | |
| 20 | XFIV | Bondbloxx Bbg 5 Yr US Treas | ETF-Other | 0.72% | -0.02% | — | |
| 21 | RING | Ishares Msci Global Gold Min | ETF-Commodities | 0.55% | -0.15% | — | |
| 22 | BBCA | Jpmorgan Betabuilders Canada | ETF-Other | 0.53% | -0.15% | -25.16% | |
| 23 | XLE | Ss Energy Select Sector | ETF-Other | 0.28% | -0.05% | — | |
| 24 | ICOP | Ishares Copper And Metals | ETF-Other | 0.27% | — | — | |
| 25 | XB | Bondbloxx-b Rated Usd Hy Cb | ETF-Other | 0.12% | — | — | |
| 26 | COIN | Coinbase Global Inc -class A | Stock-Financials | 0.08% | -0.02% | — | |
| 27 | XCCC | Bondbloxx-ccc-usd Hy CORP Bd | ETF-Other | 0.05% | — | — | |
| 28 | IJR | Ishares Core S&p Small-cap E | ETF-Small Cap | 0.04% | +0.01% | — | |
| 29 | FIGR | Figure Technology Solut-cl A | Stock-Other | 0.02% | +0.02% | NEW | |
| 30 | BBAX | Jpmorgan Betabuilders Develo | ETF-Other | 0.01% | -0.19% | -97.06% |
Portfolio Performance
Performance for Q3 2026
+1.3%
Performance Last 4 Quarters
+14.7%
- Stdev
- +8.4%
- Beta
- +0.58
- Alpha
- +1.9%
- Max Drawdown
- -4.2%
- Annualized Perf
- +13.9%
- Batting Avg vs S&P
- +38.9%
- Sortino
- +3.08
- Stutzer
- +0.46
- Treynor
- +0.23
- Sterling
- +1.05
- Calmar
- +3.32
- Information Ratio
- -0.99
- Tracking Error
- +6.7%
- Stdev Down
- +4.4%
- Winning Months %
- +75%
- Losing Months %
- +25%
- Best 12 Months
- +23.2%
- Worst 12 Months
- +5.8%
- Efficiency Ratio
- +0.6
- Sharpe
- +1.6
- Stdev Sectors
- 0%
- Skewness
- -0.27
- Kurtosis
- -0.06
- Upside Potential
- +4.59
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 32 | $9.1B | 11 | ||
| 2026 Q1 | 29 | $8.8B | 15 | ||
| 2025 Q4 | 38 | $8.8B | 8 | ||
| 2025 Q3 | 54 | $8.6B | 28 | ||
| 2025 Q2 | 54 | $8.3B | 0 | ||
| 2025 Q1 | 55 | $7.9B | 100 | ||
| 2024 Q4 | 59 | $7.3B | 0 | ||
| 2024 Q3 | 60 | $7.6B | 0 | ||
| 2024 Q2 | 60 | $7.2B | 0 | ||
| 2024 Q1 | 56 | $7.8B | 0 | ||
| 2023 Q4 | 59 | $7.5B | 0 | ||
| 2023 Q3 | 62 | $7.2B | 0 | ||
| 2023 Q2 | 64 | $7.0B | 0 | ||
| 2023 Q1 | 64 | $6.5B | 0 | ||
| 2022 Q4 | 58 | $6.2B | 0 | ||
| 2022 Q3 | 59 | $5.6B | 0 | ||
| 2022 Q2 | 50 | $5.4B | 0 | ||
| 2022 Q1 | 41 | $6.5B | 0 | ||
| 2021 Q4 | 40 | $6.2B | 0 | ||
| 2021 Q3 | 40 | $6.0B | 0 | ||
| 2021 Q2 | 42 | $7.4B | 100 | ||
| 2021 Q1 | 38 | $6.0B | 19 | ||
| 2020 Q4 | 32 | $5.1B | 29 | ||
| 2020 Q3 | 20 | $4.2B | 47 | ||
| 2020 Q2 | 258 | $4.0B | 100 | ||
| 2020 Q1 | 1889 | $3.2B | 95 | ||
| 2019 Q4 | 1970 | $3.1B | 35 | ||
| 2019 Q3 | 1990 | $2.6B | 75 | ||
| 2019 Q2 | 2173 | $1.4B | 37 | ||
| 2019 Q1 | 2202 | $1.5B | 28 | ||
| 2018 Q4 | 2184 | $1.7B | 39 | ||
| 2018 Q2 | 2202 | $1.9B | 27 | ||
| 2018 Q1 | 2201 | $2.1B | 15 | ||
| 2017 Q4 | 2200 | $2.0B | 26 | ||
| 2017 Q3 | 2191 | $1.9B | 24 | ||
| 2017 Q2 | 2185 | $2.0B | 29 | ||
| 2017 Q1 | 2192 | $2.1B | 14 | ||
| 2016 Q4 | 2188 | $2.1B | 27 | ||
| 2016 Q3 | 2182 | $1.9B | 14 | ||
| 2016 Q2 | 2189 | $1.9B | 35 | ||
| 2016 Q1 | 2273 | $1.5B | 22 | ||
| 2015 Q4 | 1963 | $1.4B | 51 | ||
| 2015 Q3 | 1715 | $1.3B | 40 | ||
| 2015 Q2 | 1658 | $1.4B | 19 | ||
| 2015 Q1 | 1707 | $1.3B | 21 | ||
| 2014 Q4 | 1711 | $1.5B | 27 | ||
| 2014 Q3 | 1721 | $1.3B | 12 | ||
| 2014 Q2 | 1718 | $1.3B | 11 | ||
| 2014 Q1 | 1668 | $1.3B | 35 | ||
| 2013 Q4 | 904 | $982.3M | 32 | ||
| 2013 Q3 | 903 | $733.2M | — |
Holding changes this quarter
Municipal Employees' Retirement System of Michigan's most significant position changes for 2026-06-30: New buy: Invesco S&p 500 Equal Weight (RSP); New buy: Figure Technology Solut-cl A (FIGR); Trim: Ss Spdr P St Term Tsy ETF (SPTS) — shares -19.22%; Trim: Ss Spdr Pf Lng Trm Tsy E-usd (SPTL) — shares -14.74%; Trim: Ss Spdr P Int Term Tsy ETF (SPTI) — shares -4.51%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | RSP | Invesco S&p 500 Equal Weight | +1.8% | NEW | New buy |
| 2 | IVV | Ishares Core S&p 500 ETF | +1.4% | — | Unchanged |
| 3 | IJH | Ishares Core S&p Midcap ETF | +0.5% | — | Unchanged |
| 4 | QVMM | Invesco S&p Midcap 400 Qvm M | +0.5% | — | Unchanged |
| 5 | QVMS | Invesco S&p Smallcap 600 Qvm | +0.4% | — | Unchanged |
| 6 | FALN | Ishares Fallen Angels ETF | +0.3% | +27.34% | Add |
| 7 | VGK | Vanguard Ftse Europe ETF | +0.2% | -1.78% | Trim |
| 8 | IEMG | Ishares Core Msci Emerging | +0.1% | -10.22% | Trim |
| 9 | QVML | Invesco S&p 500 Qvm Multi-fa | +0.1% | -10.59% | Trim |
| 10 | FLCA | Franklin Ftse Canada ETF | 0% | — | Unchanged |
| 11 | FIGR | Figure Technology Solut-cl A | 0% | NEW | New buy |
| 12 | IJR | Ishares Core S&p Small-cap E | 0% | — | Unchanged |
| 13 | PICK | Ishares Msci Global Metals & | — | — | Unchanged |
| 14 | ICOP | Ishares Copper And Metals | — | — | Unchanged |
| 15 | XB | Bondbloxx-b Rated Usd Hy Cb | — | — | Unchanged |
| 16 | XCCC | Bondbloxx-ccc-usd Hy CORP Bd | — | — | Unchanged |
| 17 | XEMD | Bondbloxx-jpm Usd Em Mk 1-10 | 0% | — | Unchanged |
| 18 | COIN | Coinbase Global Inc -class A | 0% | — | Unchanged |
| 19 | XFIV | Bondbloxx Bbg 5 Yr US Treas | 0% | — | Unchanged |
| 20 | XLE | Ss Energy Select Sector | -0.1% | — | Unchanged |
| 21 | SPHY | Ss Spdr P High Yield ETF | -0.1% | — | Unchanged |
| 22 | SPIB | Ss Spdr P Int C CORP ETF | -0.1% | +1.50% | Add |
| 23 | XBB | Bondbloxx-bb Rated Usd Hy Cb | -0.1% | — | Unchanged |
| 24 | BBCA | Jpmorgan Betabuilders Canada | -0.2% | -25.16% | Trim |
| 25 | RING | Ishares Msci Global Gold Min | -0.2% | — | Unchanged |
| 26 | SCHP | Schwab U.s. Tips ETF | -0.2% | — | Unchanged |
| 27 | BBAX | Jpmorgan Betabuilders Develo | -0.2% | -97.06% | Trim |
| 28 | SPTI | Ss Spdr P Int Term Tsy ETF | -1% | -4.51% | Trim |
| 29 | SPTL | Ss Spdr Pf Lng Trm Tsy E-usd | -1.2% | -14.74% | Trim |
| 30 | SPTS | Ss Spdr P St Term Tsy ETF | -2% | -19.22% | Trim |
Filing History
FAQ
What is Municipal Employees' Retirement System of Michigan and what type of investor is it?
Municipal Employees' Retirement System of Michigan is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $9.1B, spread across 32 disclosed positions.
What are Municipal Employees' Retirement System of Michigan's largest equity positions?
Based on the latest 13F filing, Municipal Employees' Retirement System of Michigan's top holdings by market value are:
1. Invesco S&p 500 Qvm Multi-fa (QVML) — $1.3B (14.9%)
2. Ishares Core S&p 500 ETF (IVV) — $1.2B (13.6%)
3. Ss Spdr P Int Term Tsy ETF (SPTI) — $1.0B (11.6%)
4. Ss Spdr P St Term Tsy ETF (SPTS) — $658.1M (7.3%)
5. Vanguard Ftse Europe ETF (VGK) — $588.3M (6.5%)
What changes did Municipal Employees' Retirement System of Michigan make in its most recent portfolio filing?
In the latest reported quarter, Municipal Employees' Retirement System of Michigan made 12 notable position adjustments: 2 new positions were initiated, 2 existing holdings were added to, 8 positions were partially reduced, and 0 were completely exited. The largest of these moves: New buy: Invesco S&p 500 Equal Weight (RSP); New buy: Figure Technology Solut-cl A (FIGR); Trim: Ss Spdr P St Term Tsy ETF (SPTS) — shares -19.22%; Trim: Ss Spdr Pf Lng Trm Tsy E-usd (SPTL) — shares -14.74%; Trim: Ss Spdr P Int Term Tsy ETF (SPTI) — shares -4.51%
What sectors does Municipal Employees' Retirement System of Michigan focus on?
Municipal Employees' Retirement System of Michigan is concentrated in the following sectors based on its current disclosed equity portfolio:
• Financials: 100.0%
* This report is exclusively curated by the AlphaSMO team. AlphaSMO is the web's most authoritative 13F / Inside Trader database, delivering precise insider trading and institutional holdings insights.
Investment Profile
Municipal Employees' Retirement System of Michigan returned an annualized 13.9% over the trailing 36 months — outperforming the S&P 500 by 1.9 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.58 (less volatile than the market) and a 39% quarterly batting average against the index.
Its portfolio is broadly diversified and long-term-holding, with 100.0% of the portfolio concentrated in Financials.
It has added to its IVV position over the past two quarters (+$280.6M, now $1.2B), while trimming BBCA over the same stretch (-$37.0M, still holding $47.6M).
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KP
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Developer Access
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