Municipal Employees' Retirement System of Michigan SEC 13F Disclosure Analysis

CIK: 0001588873

Sector-focusedMomentum followerQuality / disciplined sizing

Total reported value

$8.8B

Reporting period: 2026-03-31 · Number of holdings: 29

Municipal Employees' Retirement System of Michigan disclosed 29 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $8.8B and a quarterly turnover rate of 14.8%.

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Personality snowflake

Concentration: 32.88
Portfolio Stability: 14.78
Momentum/Contrarian: 100
Sector conviction: 100
Diversification: 56
Sizing Uniformity: 88.38

Municipal Employees' Retirement System of Michigan's disclosed holdings carry a Herfindahl concentration index of 0.082 — mathematically equivalent to about 12 equally-sized positions, well below its 29 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.

Position sizes are fairly uniform across the portfolio (a coefficient of variation of 1.16), suggesting a disciplined, rules-based approach to how much capital goes into each idea.

Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 5.7 percentage-point tilt) — a pattern consistent with a momentum-following approach.

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.

Recent moves

Trim VGK
-26.0%　-$206.3M
Add SPTL
+49.4%　$197.3M
Add IVV
+18.6%　$123.9M
Trim IEMG
-36.6%　-$120.3M
Add IJH
+24.1%　$81.9M
Add SPTS
+8.5%　$61.8M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

Showing top 28 holdings (of 29 total)

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	QVML	Invesco S&p 500 Qvm Multi-fa	ETF-Large Cap & Growth	14.83%	-0.68%	—
2	SPTI	Ss Spdr P Int Term Tsy ETF	ETF-Other	12.59%	+0.44%	+3.91%
3	IVV	Ishares Core S&p 500 ETF	ETF-Large Cap & Growth	12.15%	+1.45%	+18.59%
4	SPTS	Ss Spdr P St Term Tsy ETF	ETF-Other	9.31%	+0.74%	+8.52%
5	SPTL	Ss Spdr Pf Lng Trm Tsy E-usd	ETF-Other	6.87%	+2.26%	+49.38%
6	VGK	Vanguard Ftse Europe ETF	ETF-Other	6.33%	-2.31%	-25.96%
7	SCHP	Schwab U.s. Tips ETF	ETF-Other	4.89%	+0.32%	+6.17%
8	SPIB	Ss Spdr P Int C CORP ETF	ETF-Other	4.46%	-0.02%	—
9	IJH	Ishares Core S&p Midcap ETF	ETF-Other	4.37%	+0.94%	+24.11%
10	QVMM	Invesco S&p Midcap 400 Qvm M	ETF-Other	4.28%	+0.14%	—
11	XBB	Bondbloxx-bb Rated Usd Hy Cb	ETF-Other	3.41%	-0.02%	—
12	IEMG	Ishares Core Msci Emerging	ETF-Emerging Markets	2.62%	-1.36%	-36.61%
13	QVMS	Invesco S&p Smallcap 600 Qvm	ETF-Other	2.35%	+0.08%	—
14	XEMD	Bondbloxx-jpm Usd Em Mk 1-10	ETF-Other	2.35%	-0.03%	—
15	SPHY	Ss Spdr P High Yield ETF	ETF-High Yield	2.17%	+0.56%	+36.51%
16	FLCA	Franklin Ftse Canada ETF	ETF-Other	1.54%	+0.02%	—
17	PICK	Ishares Msci Global Metals &	ETF-Other	1.14%	-0.40%	-33.51%
18	FALN	Ishares Fallen Angels ETF	ETF-Other	1.11%	-0.02%	—
19	XFIV	Bondbloxx Bbg 5 Yr US Treas	ETF-Other	0.74%	+0.35%	+89.26%
20	RING	Ishares Msci Global Gold Min	ETF-Commodities	0.70%	—	-7.97%
21	BBCA	Jpmorgan Betabuilders Canada	ETF-Other	0.68%	-0.28%	-29.67%
22	XLE	Ss Energy Select Sector	ETF-Other	0.33%	-0.17%	-52.09%
23	ICOP	Ishares Copper And Metals	ETF-Other	0.27%	-0.12%	-36.03%
24	BBAX	Jpmorgan Betabuilders Develo	ETF-Other	0.20%	+0.01%	—
25	XB	Bondbloxx-b Rated Usd Hy Cb	ETF-Other	0.12%	—	—
26	COIN	Coinbase Global INC -class A	Stock-Financials	0.10%	+0.10%	NEW
27	XCCC	Bondbloxx-ccc-usd Hy CORP Bd	ETF-Other	0.05%	—	—
28	IJR	Ishares Core S&p Small-cap E	ETF-Small Cap	0.03%	—	—

Portfolio Performance

Performance for Q3 2026

+1.8%

Performance Last 4 Quarters

+15.3%

Based on 77% of reported portfolio value with available pricing

Stdev: +8%
Beta: +0.54
Alpha: +1.1%
Max Drawdown: -5%
Annualized Perf: +11.2%
Batting Avg vs S&P: +38.9%
Sortino: +2.61
Stutzer: +0.4
Treynor: +0.21
Sterling: +0.81
Calmar: +2.22
Information Ratio: -1.04
Tracking Error: +7.2%
Stdev Down: +4.2%
Winning Months %: +72.2%
Losing Months %: +27.8%
Best 12 Months: +20.1%
Worst 12 Months: +5.1%
Efficiency Ratio: +0.51
Sharpe: +1.38
Stdev Sectors: 0%
Skewness: -0.15
Kurtosis: -0.31
Upside Potential: +4.24

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	29	$8.8B	15	1QVML 2SPTI 3IVV Top holdings2026-03-31 1.QVML 2.SPTI 3.IVV 4.SPTS 5.SPTL 6.VGK 7.SCHP 8.SPIB 9.IJH 10.QVMM
2025-12-31	38	$8.8B	8	1QVML 2SPTI 3IVV Top holdings2025-12-31 1.QVML 2.SPTI 3.IVV 4.VGK 5.SPTS 6.SPTL 7.SCHP 8.SPIB 9.QVMM 10.IEMG
2025-09-30	54	$8.6B	28	1QVML 2SPTI 3IVV Top holdings2025-09-30 1.QVML 2.SPTI 3.IVV 4.VGK 5.SPTS 6.SCHP 7.SPIB 8.QVMM 9.SPTL 10.IEMG
2025-06-30	54	$8.3B	0	1QVML 2SPTI 3IVV Top holdings2025-06-30 1.QVML 2.SPTI 3.IVV 4.VGK 5.SPTS 6.SCHP 7.SPIB 8.QVMM 9.SPTL 10.IEMG
2025-03-31	55	$7.9B	100	1QVML 2SPTI 3IVV Top holdings2025-03-31 1.QVML 2.SPTI 3.IVV 4.SPTS 5.VGK 6.SCHP 7.SPTL 8.IPAC 9.QVMM 10.IEMG
2024-12-31	59	$7.3B	0	1QVML 2IVV 3SPTI Top holdings2024-12-31 1.QVML 2.IVV 3.SPTI 4.SPTS 5.SCHP 6.IPAC 7.QVMM 8.SPTL 9.IEMG 10.VGK
2024-09-30	60	$7.6B	0	1QVML 2IVV 3SPTI Top holdings2024-09-30 1.QVML 2.IVV 3.SPTI 4.SPTS 5.IPAC 6.SPTL 7.QVMM 8.IEMG 9.VGK 10.VGSH
2024-06-30	60	$7.2B	0	1QVML 2IVV 3SPTI Top holdings2024-06-30 1.QVML 2.IVV 3.SPTI 4.SPTS 5.IPAC 6.SPTL 7.QVMM 8.IEMG 9.VGK 10.VGSH
2024-03-31	56	$7.8B	0	1IVV 2QVML 3SPTI Top holdings2024-03-31 1.IVV 2.QVML 3.SPTI 4.SPTS 5.IEMG 6.SPTL 7.QVMM 8.IPAC 9.VGSH 10.EMHC
2023-12-31	59	$7.5B	0	1IVV 2QVML 3IEMG Top holdings2023-12-31 1.IVV 2.QVML 3.IEMG 4.TUA 5.SPTS 6.QVMM 7.IPAC 8.VGSH 9.XONE 10.QVMS
2023-09-30	62	$7.2B	0	1IVV 2QVML 3IEMG Top holdings2023-09-30 1.IVV 2.QVML 3.IEMG 4.SPTS 5.TUA 6.VGSH 7.QVMM 8.IPAC 9.XONE 10.VGIT
2023-06-30	64	$7.0B	0	1IVV 2QVML 3IEMG Top holdings2023-06-30 1.IVV 2.QVML 3.IEMG 4.IPAC 5.TUA 6.QVMM 7.VGSH 8.IJH 9.XONE 10.SPTS
2023-03-31	64	$6.5B	0	1IVV 2QVML 3IEMG Top holdings2023-03-31 1.IVV 2.QVML 3.IEMG 4.IPAC 5.VGSH 6.QVMM 7.SPTI 8.IJH 9.SPTS 10.VGIT
2022-12-31	58	$6.2B	0	1IVV 2QVML 3IPAC Top holdings2022-12-31 1.IVV 2.QVML 3.IPAC 4.IEMG 5.SPTS 6.SPTI 7.EMB 8.VGK 9.QVMM 10.IJH
2022-09-30	59	$5.6B	0	1IVV 2QVML 3IPAC Top holdings2022-09-30 1.IVV 2.QVML 3.IPAC 4.IEMG 5.SPTS 6.SPTI 7.QVMM 8.EMB 9.VGIT 10.IJH
2022-06-30	50	$5.4B	0	1IVV 2QVML 3IPAC Top holdings2022-06-30 1.IVV 2.QVML 3.IPAC 4.SPTI 5.SPTS 6.IEMG 7.QVMM 8.EMB 9.VGIT 10.IJH
2022-03-31	41	$6.5B	0	1IVV 2QVML 3SPTI Top holdings2022-03-31 1.IVV 2.QVML 3.SPTI 4.SPTS 5.BBJP 6.IEMG 7.EMB 8.IJH 9.VGK 10.VGIT
2021-12-31	40	$6.2B	0	1IVV 2QVML 3SPTS Top holdings2021-12-31 1.IVV 2.QVML 3.SPTS 4.SPTI 5.IEMG 6.EMB 7.IJH 8.TLT 9.BBJP 10.QVMM
2021-09-30	40	$6.0B	0	1IVV 2QVML 3SPTS Top holdings2021-09-30 1.IVV 2.QVML 3.SPTS 4.SPTI 5.IEMG 6.EMB 7.BBJP 8.IJH 9.TLT 10.QVMM
2021-06-30	42	$7.4B	100	1IVV 2SPTI 3QVML Top holdings2021-06-30 1.IVV 2.SPTI 3.QVML 4.SPTS 5.IJH 6.BBJP 7.EMB 8.TLT 9.QVMM 10.EMHC
2021-03-31	38	$6.0B	19	1IVV 2SPTS 3SPTI Top holdings2021-03-31 1.IVV 2.SPTS 3.SPTI 4.IJH 5.EMB 6.JPM 7.IEMG 8.EBND 9.TLT 10.SPTL
2020-12-31	32	$5.1B	29	1IVV 2SPTS 3SPTI Top holdings2020-12-31 1.IVV 2.SPTS 3.SPTI 4.IJH 5.EMB 6.JPM 7.IEMG 8.VGK 9.SPTL 10.TLT
2020-09-30	20	$4.2B	47	1IVV 2SPTS 3SPTI Top holdings2020-09-30 1.IVV 2.SPTS 3.SPTI 4.IJH 5.EMB 6.JPM 7.EEM 8.MBB 9.TLT 10.IJR
2020-06-30	258	$4.0B	100	1IVV 2SPTS 3SPTI Top holdings2020-06-30 1.IVV 2.SPTS 3.SPTI 4.IJH 5.SPY 6.EMB 7.JPM 8.GOVT 9.MBB 10.TLT
2020-03-31	1889	$3.2B	95	1IVV 2HYG 3SPY Top holdings2020-03-31 1.IVV 2.HYG 3.SPY 4.IEUR 5.IEMG 6.JNK 7.EMB 8.JPM 9.USHY 10.VGK
2019-12-31	1970	$3.1B	35	1IVV 2SPTI 3SPTS Top holdings2019-12-31 1.IVV 2.SPTI 3.SPTS 4.SPTL 5.STIP 6.VGIT 7.T 1.125 09-30-21 8.T 2.625 11-15-20 9.MBB 10.T 1.5 05-31-20
2019-09-30	1990	$2.6B	75	1IVV 2SPTI 3STIP Top holdings2019-09-30 1.IVV 2.SPTI 3.STIP 4.T 1.125 09-30-21 5.T 2.625 11-15-20 6.MBB 7.T 1.5 10-31-19 8.T 1.375 12-15-19 9.T 1.5 05-31-20 10.T 1.375 04-30-20
2019-06-30	2173	$1.4B	37	1MSFT 2AAPL 3AMZN Top holdings2019-06-30 1.MSFT 2.AAPL 3.AMZN 4.META 5.BRK-B 6.NGL 7.JNJ 8.JPM 9.V 10.CEQPUSD
2019-03-31	2202	$1.5B	28	1MSFT 2AAPL386199E Top holdings2019-03-31 1.MSFT 2.AAPL 3.86199E 4.AMZN 5.META 6.NGL 7.JNJ 8.BRK-B 9.GOOGL 10.XOM
2018-12-31	2184	$1.7B	39	1MSFT 2AAPL386199E Top holdings2018-12-31 1.MSFT 2.AAPL 3.86199E 4.AMZN 5.BRK-B 6.ENB 7.JNJ 8.JPM 9.GOOGL 10.META
2018-06-30	2202	$1.9B	27	1AAPL 2MSFT 3AMZN Top holdings2018-06-30 1.AAPL 2.MSFT 3.AMZN 4.META 5.XOM 6.BRK-B 7.GOOGL 8.JPM 9.JNJ 10.BAC
2018-03-31	2201	$2.1B	15	1AAPL 2MSFT 3AMZN Top holdings2018-03-31 1.AAPL 2.MSFT 3.AMZN 4.JPM 5.BRK-B 6.META 7.JNJ 8.GOOGL 9.XOM 10.BAC
2017-12-31	2200	$2.0B	26	1AAPL 2MSFT 3AMZN Top holdings2017-12-31 1.AAPL 2.MSFT 3.AMZN 4.META 5.BRK-B 6.JPM 7.JNJ 8.XOM 9.GOOGL 10.BAC
2017-09-30	2191	$1.9B	24	1AAPL 2MSFT 3META Top holdings2017-09-30 1.AAPL 2.MSFT 3.META 4.AMZN 5.BRK-B 6.JNJ 7.JPM 8.XOM 9.GOOGL 10.BAC
2017-06-30	2185	$2.0B	29	1AAPL 2MSFT 3AMZN Top holdings2017-06-30 1.AAPL 2.MSFT 3.AMZN 4.META 5.JNJ 6.XOM 7.JPM 8.BRK-B 9.GOOGL 10.WFC
2017-03-31	2192	$2.1B	14	1AAPL 2MSFT 3AMZN Top holdings2017-03-31 1.AAPL 2.MSFT 3.AMZN 4.JNJ 5.META 6.JPM 7.XOM 8.BRK-B 9.BAC 10.WFC
2016-12-31	2188	$2.1B	27	1AAPL 2MSFT 3XOM Top holdings2016-12-31 1.AAPL 2.MSFT 3.XOM 4.JPM 5.BRK-B 6.JNJ 7.AEP 8.AMZN 9.WFC 10.T
2016-09-30	2182	$1.9B	14	159399B2AAPL 3MSFT Top holdings2016-09-30 1.59399B 2.AAPL 3.MSFT 4.XOM 5.AMZN 6.JNJ 7.META 8.BRK-B 9.AEP 10.T
2016-06-30	2189	$1.9B	35	1AAPL 2XOM 3MSFT Top holdings2016-06-30 1.AAPL 2.XOM 3.MSFT 4.JNJ 5.AEP 6.AMZN 7.T 8.BRK-B 9.META 10.VZ
2016-03-31	2273	$1.5B	22	1AAPL 2MSFT 3XOM Top holdings2016-03-31 1.AAPL 2.MSFT 3.XOM 4.AEP 5.JNJ 6.META 7.BRK-B 8.T 9.AMZN 10.GOOGL
2015-12-31	1963	$1.4B	51	1AAPL 2MSFT 3XOM Top holdings2015-12-31 1.AAPL 2.MSFT 3.XOM 4.AEP 5.JNJ 6.AMZN 7.WFC 8.BRK-B 9.JPM 10.META
2015-09-30	1715	$1.3B	40	1AAPL 2XOM 3MSFT Top holdings2015-09-30 1.AAPL 2.XOM 3.MSFT 4.JNJ 5.AEP 6.BRK-B 7.WFC 8.JPM 9.CVX 10.PG
2015-06-30	1658	$1.4B	19	1AAPL 2MSFT 3XOM Top holdings2015-06-30 1.AAPL 2.MSFT 3.XOM 4.JNJ 5.AEP 6.WFC 7.JPM 8.BRK-B 9.PG 10.PFE
2015-03-31	1707	$1.3B	21	1AAPL 2XOM 3MSFT Top holdings2015-03-31 1.AAPL 2.XOM 3.MSFT 4.JNJ 5.BRK-B 6.WFC 7.AEP 8.JPM 9.PG 10.PFE
2014-12-31	1711	$1.5B	27	1AAPL259399B3XOM Top holdings2014-12-31 1.AAPL 2.59399B 3.XOM 4.MSFT 5.JNJ 6.BRK-B 7.WFC 8.AEP 9.PG 10.JPM
2014-09-30	1721	$1.3B	12	1AAPL 2XOM 3MSFT Top holdings2014-09-30 1.AAPL 2.XOM 3.MSFT 4.JNJ 5.AEP 6.BRK-B 7.WFC 8.59399B 9.JPM 10.CVX
2014-06-30	1718	$1.3B	11	1AAPL 2XOM359399B Top holdings2014-06-30 1.AAPL 2.XOM 3.59399B 4.MSFT 5.JNJ 6.AEP 7.WFC 8.CVX 9.BRK-B 10.JPM
2014-03-31	1668	$1.3B	35	1AAPL 2XOM 3GOOG Top holdings2014-03-31 1.AAPL 2.XOM 3.GOOG 4.MSFT 5.JNJ 6.AEP 7.WFC 8.CVX 9.JPM 10.BRK-B
2013-12-31	904	$982.3M	32	1AAPL 2XOM359399B Top holdings2013-12-31 1.AAPL 2.XOM 3.59399B 4.GOOG 5.AEP 6.MSFT 7.JNJ 8.CVX 9.JPM 10.WFC
2013-09-30	903	$733.2M	—	1AAPL 2XOM 3MSFT Top holdings2013-09-30 1.AAPL 2.XOM 3.MSFT 4.AEP 5.JNJ 6.CVX 7.GOOG 8.BRK-B 9.PG 10.WFC

Holding changes this quarter

Municipal Employees' Retirement System of Michigan's most significant position changes for 2026-03-31: Sold out: Bondbloxx Bbg 1 Dur US Treas (XONE); Sold out: Bondbloxx Bbg 2y US Tsy ETF (XTWO); Sold out: Bondbloxx Bbg 3y US Tsy ETF (XTRE); Sold out: Bondbloxx Bbg 7 Yr US Treas (XSVN); Sold out: Bondbloxx Bbg 10y US Tsy ETF (XTEN).

Position changes disclosed by Municipal Employees' Retirement System of Michigan for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	SPTL	Ss Spdr Pf Lng Trm Tsy E-usd	+2.3%	+49.38%	Add
2	IVV	Ishares Core S&p 500 ETF	+1.5%	+18.59%	Add
3	IJH	Ishares Core S&p Midcap ETF	+0.9%	+24.11%	Add
4	SPTS	Ss Spdr P St Term Tsy ETF	+0.7%	+8.52%	Add
5	SPHY	Ss Spdr P High Yield ETF	+0.6%	+36.51%	Add
6	SPTI	Ss Spdr P Int Term Tsy ETF	+0.4%	+3.91%	Add
7	XFIV	Bondbloxx Bbg 5 Yr US Treas	+0.4%	+89.26%	Add
8	SCHP	Schwab U.s. Tips ETF	+0.3%	+6.17%	Add
9	QVMM	Invesco S&p Midcap 400 Qvm M	+0.1%	—	Unchanged
10	QVMS	Invesco S&p Smallcap 600 Qvm	+0.1%	—	Unchanged
11	FLCA	Franklin Ftse Canada ETF	0%	—	Unchanged
12	BBAX	Jpmorgan Betabuilders Develo	0%	—	Unchanged
13	RING	Ishares Msci Global Gold Min	—	-7.97%	Trim
14	XCCC	Bondbloxx-ccc-usd Hy CORP Bd	—	—	Unchanged
15	XB	Bondbloxx-b Rated Usd Hy Cb	—	—	Unchanged
16	IJR	Ishares Core S&p Small-cap E	—	—	Unchanged
17	XBB	Bondbloxx-bb Rated Usd Hy Cb	0%	—	Unchanged
18	SPIB	Ss Spdr P Int C CORP ETF	0%	—	Unchanged
19	FALN	Ishares Fallen Angels ETF	0%	—	Unchanged
20	XEMD	Bondbloxx-jpm Usd Em Mk 1-10	0%	—	Unchanged
21	ICOP	Ishares Copper And Metals	-0.1%	-36.03%	Trim
22	XLE	Ss Energy Select Sector	-0.2%	-52.09%	Trim
23	BBCA	Jpmorgan Betabuilders Canada	-0.3%	-29.67%	Trim
24	PICK	Ishares Msci Global Metals &	-0.4%	-33.51%	Trim
25	QVML	Invesco S&p 500 Qvm Multi-fa	-0.7%	—	Unchanged
26	IEMG	Ishares Core Msci Emerging	-1.4%	-36.61%	Trim
27	VGK	Vanguard Ftse Europe ETF	-2.3%	-25.96%	Trim
28	XONE	Bondbloxx Bbg 1 Dur US Treas	—	EXIT	Sold out
29	XTWO	Bondbloxx Bbg 2y US Tsy ETF	—	EXIT	Sold out
30	XTRE	Bondbloxx Bbg 3y US Tsy ETF	—	EXIT	Sold out
31	XSVN	Bondbloxx Bbg 7 Yr US Treas	—	EXIT	Sold out
32	XTEN	Bondbloxx Bbg 10y US Tsy ETF	—	EXIT	Sold out
33	XTWY	Bondbloxx Bbg 20y US Tsy ETF	—	EXIT	Sold out
34	STIP	Ishares 0-5 Year Tips Bond E	—	EXIT	Sold out
35	COIN	Coinbase Global INC -class A	—	NEW	New buy
36	VGSH	Vanguard Short-term Treasury	—	EXIT	Sold out
37	SPSB	Ss Spdr P St C CORP ETF	—	EXIT	Sold out

Filing History

Period	Filed	Type	EDGAR
2026-03-31	2026-05-11	13F-HR	View on EDGAR
2025-12-31	2026-02-06	13F-HR	View on EDGAR
2025-09-30	2025-11-12	13F-HR	View on EDGAR
2025-06-30	2025-08-04	13F-HR	View on EDGAR
2025-03-31	2025-05-07	13F-HR	View on EDGAR
2024-12-31	2025-02-10	13F-HR	View on EDGAR
2024-09-30	2024-11-12	13F-HR	View on EDGAR
2024-06-30	2024-08-05	13F-HR	View on EDGAR
2024-03-31	2024-04-17	13F-HR	View on EDGAR
2023-12-31	2024-02-05	13F-HR	View on EDGAR
2023-09-30	2023-11-06	13F-HR	View on EDGAR
2023-06-30	2023-08-03	13F-HR	View on EDGAR
2023-03-31	2023-05-04	13F-HR	View on EDGAR
2022-12-31	2023-02-10	13F-HR	View on EDGAR
2022-09-30	2022-11-14	13F-HR	View on EDGAR
2022-06-30	2022-07-29	13F-HR	View on EDGAR
2022-03-31	2022-05-05	13F-HR	View on EDGAR
2021-12-31	2022-02-16	13F-HR	View on EDGAR
2021-09-30	2021-10-28	13F-HR	View on EDGAR
2021-06-30	2021-07-02	13F-HR	View on EDGAR
2021-03-31	2021-04-22	13F-HR	View on EDGAR
2020-12-31	2021-01-05	13F-HR	View on EDGAR
2020-09-30	2020-10-05	13F-HR	View on EDGAR
2020-06-30	2020-07-06	13F-HR	View on EDGAR
2020-03-31	2020-04-29	13F-HR	View on EDGAR
2019-12-31	2020-02-03	13F-HR	View on EDGAR
2019-09-30	2019-10-29	13F-HR	View on EDGAR
2019-06-30	2019-07-31	13F-HR	View on EDGAR
2019-03-31	2019-05-15	13F-HR	View on EDGAR
2018-12-31	2019-02-14	13F-HR	View on EDGAR
2018-06-30	2018-07-19	13F-HR	View on EDGAR
2018-03-31	2018-05-10	13F-HR	View on EDGAR
2017-12-31	2018-02-15	13F-HR	View on EDGAR
2017-09-30	2017-11-06	13F-HR	View on EDGAR
2017-06-30	2017-07-26	13F-HR	View on EDGAR
2017-03-31	2017-05-11	13F-HR	View on EDGAR
2016-12-31	2017-02-07	13F-HR	View on EDGAR
2016-09-30	2016-11-08	13F-HR	View on EDGAR
2016-06-30	2016-08-15	13F-HR	View on EDGAR
2016-03-31	2016-05-03	13F-HR	View on EDGAR
2015-12-31	2016-01-22	13F-HR	View on EDGAR
2015-09-30	2015-11-05	13F-HR	View on EDGAR
2015-09-30	2015-11-05	Amendment	View on EDGAR
2015-06-30	2015-08-12	Amendment	View on EDGAR
2015-06-30	2015-08-11	13F-HR	View on EDGAR
2015-03-31	2015-05-08	13F-HR	View on EDGAR
2014-12-31	2015-02-10	13F-HR	View on EDGAR
2014-09-30	2014-11-03	Amendment	View on EDGAR
2014-09-30	2014-10-31	13F-HR	View on EDGAR
2014-09-30	2014-10-31	Amendment	View on EDGAR
2014-06-30	2014-08-04	13F-HR	View on EDGAR
2014-03-31	2014-05-13	13F-HR	View on EDGAR
2013-12-31	2014-02-10	13F-HR	View on EDGAR
2013-09-30	2013-11-08	13F-HR	View on EDGAR

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 (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $8.8B, spread across 29 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 (14.8%) 2. Ss Spdr P Int Term Tsy ETF (SPTI) — $1.1B (12.6%) 3. Ishares Core S&p 500 ETF (IVV) — $1.1B (12.2%) 4. Ss Spdr P St Term Tsy ETF (SPTS) — $819.5M (9.3%) 5. Ss Spdr Pf Lng Trm Tsy E-usd (SPTL) — $604.9M (6.9%)

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 25 notable position adjustments: 1 new positions were initiated, 8 existing holdings were added to, 7 positions were partially reduced, and 9 were completely exited. The largest of these moves: Sold out: Bondbloxx Bbg 1 Dur US Treas (XONE); Sold out: Bondbloxx Bbg 2y US Tsy ETF (XTWO); Sold out: Bondbloxx Bbg 3y US Tsy ETF (XTRE); Sold out: Bondbloxx Bbg 7 Yr US Treas (XSVN); Sold out: Bondbloxx Bbg 10y US Tsy ETF (XTEN)

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%

Peer Institutions

Institutions with a similar AUM

Cullen/Frost Bankers, Inc.

CIK 0000039263

Total reported value

$8.8B

1,393 stks

2026-03-31

Concentration6.0

Portfolio Stability16.0

Sector conviction49.6

AUM within 0.0% of this institution

View detail

Mirova US LLC

CIK 0001802900

Total reported value

$8.8B

42 stks

2026-03-31

Concentration16.3

Portfolio Stability20.6

Sector conviction66.4

AUM within 0.1% of this institution

View detail

Mutual Of America Capital Management LLC

CIK 0000922127

Total reported value

$8.8B

1,365 stks

2026-03-31

Concentration4.0

Portfolio Stability20.4

Sector conviction44.6

AUM within 0.1% of this institution

View detail

Similar Holdings Style

Institutions with overlapping top holdings

GLOBALT Investments LLC / GA

CIK 0002011891

Total reported value

$2.8B

202 stks

2026-03-31

Concentration24.6

Portfolio Stability100.0

Sector conviction44.7

3 of the top 5 holdings overlap, including Ss Spdr P St Term Tsy ETF

View detail

Cape Cod Five Cents Savings Bank

CIK 0001054646

Total reported value

$1.1B

305 stks

2025-12-31

Stale — no recent filing

Concentration10.7

Portfolio Stability0.0

Sector conviction57.2

2 of the top 5 holdings overlap, including Ishares Core S&p 500 ETF

View detail

Evermay Wealth Management LLC

CIK 0001066816

Total reported value

$902.1M

594 stks

2026-03-31

Concentration25.6

Portfolio Stability9.7

Sector conviction43.8

2 of the top 5 holdings overlap, including Ss Spdr P Int Term Tsy ETF

View detail

Municipal Employees' Retirement System of Michigan SEC 13F Disclosure Analysis

CIK: 0001588873

Sector-focusedMomentum followerQuality / disciplined sizing

Total reported value

$8.8B

Reporting period: 2026-03-31 · Number of holdings: 29

Browse other institutions with $1B to $10B AUM Browse other institutions starting with "M"

Personality snowflake

Concentration: 32.88
Portfolio Stability: 14.78
Momentum/Contrarian: 100
Sector conviction: 100
Diversification: 56
Sizing Uniformity: 88.38

Position sizes are fairly uniform across the portfolio (a coefficient of variation of 1.16), suggesting a disciplined, rules-based approach to how much capital goes into each idea.

Recent moves

Trim VGK
-26.0%　-$206.3M
Add SPTL
+49.4%　$197.3M
Add IVV
+18.6%　$123.9M
Trim IEMG
-36.6%　-$120.3M
Add IJH
+24.1%　$81.9M
Add SPTS
+8.5%　$61.8M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

Showing top 28 holdings (of 29 total)

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	QVML	Invesco S&p 500 Qvm Multi-fa	ETF-Large Cap & Growth	14.83%	-0.68%	—
2	SPTI	Ss Spdr P Int Term Tsy ETF	ETF-Other	12.59%	+0.44%	+3.91%
3	IVV	Ishares Core S&p 500 ETF	ETF-Large Cap & Growth	12.15%	+1.45%	+18.59%
4	SPTS	Ss Spdr P St Term Tsy ETF	ETF-Other	9.31%	+0.74%	+8.52%
5	SPTL	Ss Spdr Pf Lng Trm Tsy E-usd	ETF-Other	6.87%	+2.26%	+49.38%
6	VGK	Vanguard Ftse Europe ETF	ETF-Other	6.33%	-2.31%	-25.96%
7	SCHP	Schwab U.s. Tips ETF	ETF-Other	4.89%	+0.32%	+6.17%
8	SPIB	Ss Spdr P Int C CORP ETF	ETF-Other	4.46%	-0.02%	—
9	IJH	Ishares Core S&p Midcap ETF	ETF-Other	4.37%	+0.94%	+24.11%
10	QVMM	Invesco S&p Midcap 400 Qvm M	ETF-Other	4.28%	+0.14%	—
11	XBB	Bondbloxx-bb Rated Usd Hy Cb	ETF-Other	3.41%	-0.02%	—
12	IEMG	Ishares Core Msci Emerging	ETF-Emerging Markets	2.62%	-1.36%	-36.61%
13	QVMS	Invesco S&p Smallcap 600 Qvm	ETF-Other	2.35%	+0.08%	—
14	XEMD	Bondbloxx-jpm Usd Em Mk 1-10	ETF-Other	2.35%	-0.03%	—
15	SPHY	Ss Spdr P High Yield ETF	ETF-High Yield	2.17%	+0.56%	+36.51%
16	FLCA	Franklin Ftse Canada ETF	ETF-Other	1.54%	+0.02%	—
17	PICK	Ishares Msci Global Metals &	ETF-Other	1.14%	-0.40%	-33.51%
18	FALN	Ishares Fallen Angels ETF	ETF-Other	1.11%	-0.02%	—
19	XFIV	Bondbloxx Bbg 5 Yr US Treas	ETF-Other	0.74%	+0.35%	+89.26%
20	RING	Ishares Msci Global Gold Min	ETF-Commodities	0.70%	—	-7.97%
21	BBCA	Jpmorgan Betabuilders Canada	ETF-Other	0.68%	-0.28%	-29.67%
22	XLE	Ss Energy Select Sector	ETF-Other	0.33%	-0.17%	-52.09%
23	ICOP	Ishares Copper And Metals	ETF-Other	0.27%	-0.12%	-36.03%
24	BBAX	Jpmorgan Betabuilders Develo	ETF-Other	0.20%	+0.01%	—
25	XB	Bondbloxx-b Rated Usd Hy Cb	ETF-Other	0.12%	—	—
26	COIN	Coinbase Global INC -class A	Stock-Financials	0.10%	+0.10%	NEW
27	XCCC	Bondbloxx-ccc-usd Hy CORP Bd	ETF-Other	0.05%	—	—
28	IJR	Ishares Core S&p Small-cap E	ETF-Small Cap	0.03%	—	—

Portfolio Performance

Performance for Q3 2026

+1.8%

Performance Last 4 Quarters

+15.3%

Based on 77% of reported portfolio value with available pricing

Stdev: +8%
Beta: +0.54
Alpha: +1.1%
Max Drawdown: -5%
Annualized Perf: +11.2%
Batting Avg vs S&P: +38.9%
Sortino: +2.61
Stutzer: +0.4
Treynor: +0.21
Sterling: +0.81
Calmar: +2.22
Information Ratio: -1.04
Tracking Error: +7.2%
Stdev Down: +4.2%
Winning Months %: +72.2%
Losing Months %: +27.8%
Best 12 Months: +20.1%
Worst 12 Months: +5.1%
Efficiency Ratio: +0.51
Sharpe: +1.38
Stdev Sectors: 0%
Skewness: -0.15
Kurtosis: -0.31
Upside Potential: +4.24

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	29	$8.8B	15	1QVML 2SPTI 3IVV Top holdings2026-03-31 1.QVML 2.SPTI 3.IVV 4.SPTS 5.SPTL 6.VGK 7.SCHP 8.SPIB 9.IJH 10.QVMM
2025-12-31	38	$8.8B	8	1QVML 2SPTI 3IVV Top holdings2025-12-31 1.QVML 2.SPTI 3.IVV 4.VGK 5.SPTS 6.SPTL 7.SCHP 8.SPIB 9.QVMM 10.IEMG
2025-09-30	54	$8.6B	28	1QVML 2SPTI 3IVV Top holdings2025-09-30 1.QVML 2.SPTI 3.IVV 4.VGK 5.SPTS 6.SCHP 7.SPIB 8.QVMM 9.SPTL 10.IEMG
2025-06-30	54	$8.3B	0	1QVML 2SPTI 3IVV Top holdings2025-06-30 1.QVML 2.SPTI 3.IVV 4.VGK 5.SPTS 6.SCHP 7.SPIB 8.QVMM 9.SPTL 10.IEMG
2025-03-31	55	$7.9B	100	1QVML 2SPTI 3IVV Top holdings2025-03-31 1.QVML 2.SPTI 3.IVV 4.SPTS 5.VGK 6.SCHP 7.SPTL 8.IPAC 9.QVMM 10.IEMG
2024-12-31	59	$7.3B	0	1QVML 2IVV 3SPTI Top holdings2024-12-31 1.QVML 2.IVV 3.SPTI 4.SPTS 5.SCHP 6.IPAC 7.QVMM 8.SPTL 9.IEMG 10.VGK
2024-09-30	60	$7.6B	0	1QVML 2IVV 3SPTI Top holdings2024-09-30 1.QVML 2.IVV 3.SPTI 4.SPTS 5.IPAC 6.SPTL 7.QVMM 8.IEMG 9.VGK 10.VGSH
2024-06-30	60	$7.2B	0	1QVML 2IVV 3SPTI Top holdings2024-06-30 1.QVML 2.IVV 3.SPTI 4.SPTS 5.IPAC 6.SPTL 7.QVMM 8.IEMG 9.VGK 10.VGSH
2024-03-31	56	$7.8B	0	1IVV 2QVML 3SPTI Top holdings2024-03-31 1.IVV 2.QVML 3.SPTI 4.SPTS 5.IEMG 6.SPTL 7.QVMM 8.IPAC 9.VGSH 10.EMHC
2023-12-31	59	$7.5B	0	1IVV 2QVML 3IEMG Top holdings2023-12-31 1.IVV 2.QVML 3.IEMG 4.TUA 5.SPTS 6.QVMM 7.IPAC 8.VGSH 9.XONE 10.QVMS
2023-09-30	62	$7.2B	0	1IVV 2QVML 3IEMG Top holdings2023-09-30 1.IVV 2.QVML 3.IEMG 4.SPTS 5.TUA 6.VGSH 7.QVMM 8.IPAC 9.XONE 10.VGIT
2023-06-30	64	$7.0B	0	1IVV 2QVML 3IEMG Top holdings2023-06-30 1.IVV 2.QVML 3.IEMG 4.IPAC 5.TUA 6.QVMM 7.VGSH 8.IJH 9.XONE 10.SPTS
2023-03-31	64	$6.5B	0	1IVV 2QVML 3IEMG Top holdings2023-03-31 1.IVV 2.QVML 3.IEMG 4.IPAC 5.VGSH 6.QVMM 7.SPTI 8.IJH 9.SPTS 10.VGIT
2022-12-31	58	$6.2B	0	1IVV 2QVML 3IPAC Top holdings2022-12-31 1.IVV 2.QVML 3.IPAC 4.IEMG 5.SPTS 6.SPTI 7.EMB 8.VGK 9.QVMM 10.IJH
2022-09-30	59	$5.6B	0	1IVV 2QVML 3IPAC Top holdings2022-09-30 1.IVV 2.QVML 3.IPAC 4.IEMG 5.SPTS 6.SPTI 7.QVMM 8.EMB 9.VGIT 10.IJH
2022-06-30	50	$5.4B	0	1IVV 2QVML 3IPAC Top holdings2022-06-30 1.IVV 2.QVML 3.IPAC 4.SPTI 5.SPTS 6.IEMG 7.QVMM 8.EMB 9.VGIT 10.IJH
2022-03-31	41	$6.5B	0	1IVV 2QVML 3SPTI Top holdings2022-03-31 1.IVV 2.QVML 3.SPTI 4.SPTS 5.BBJP 6.IEMG 7.EMB 8.IJH 9.VGK 10.VGIT
2021-12-31	40	$6.2B	0	1IVV 2QVML 3SPTS Top holdings2021-12-31 1.IVV 2.QVML 3.SPTS 4.SPTI 5.IEMG 6.EMB 7.IJH 8.TLT 9.BBJP 10.QVMM
2021-09-30	40	$6.0B	0	1IVV 2QVML 3SPTS Top holdings2021-09-30 1.IVV 2.QVML 3.SPTS 4.SPTI 5.IEMG 6.EMB 7.BBJP 8.IJH 9.TLT 10.QVMM
2021-06-30	42	$7.4B	100	1IVV 2SPTI 3QVML Top holdings2021-06-30 1.IVV 2.SPTI 3.QVML 4.SPTS 5.IJH 6.BBJP 7.EMB 8.TLT 9.QVMM 10.EMHC
2021-03-31	38	$6.0B	19	1IVV 2SPTS 3SPTI Top holdings2021-03-31 1.IVV 2.SPTS 3.SPTI 4.IJH 5.EMB 6.JPM 7.IEMG 8.EBND 9.TLT 10.SPTL
2020-12-31	32	$5.1B	29	1IVV 2SPTS 3SPTI Top holdings2020-12-31 1.IVV 2.SPTS 3.SPTI 4.IJH 5.EMB 6.JPM 7.IEMG 8.VGK 9.SPTL 10.TLT
2020-09-30	20	$4.2B	47	1IVV 2SPTS 3SPTI Top holdings2020-09-30 1.IVV 2.SPTS 3.SPTI 4.IJH 5.EMB 6.JPM 7.EEM 8.MBB 9.TLT 10.IJR
2020-06-30	258	$4.0B	100	1IVV 2SPTS 3SPTI Top holdings2020-06-30 1.IVV 2.SPTS 3.SPTI 4.IJH 5.SPY 6.EMB 7.JPM 8.GOVT 9.MBB 10.TLT
2020-03-31	1889	$3.2B	95	1IVV 2HYG 3SPY Top holdings2020-03-31 1.IVV 2.HYG 3.SPY 4.IEUR 5.IEMG 6.JNK 7.EMB 8.JPM 9.USHY 10.VGK
2019-12-31	1970	$3.1B	35	1IVV 2SPTI 3SPTS Top holdings2019-12-31 1.IVV 2.SPTI 3.SPTS 4.SPTL 5.STIP 6.VGIT 7.T 1.125 09-30-21 8.T 2.625 11-15-20 9.MBB 10.T 1.5 05-31-20
2019-09-30	1990	$2.6B	75	1IVV 2SPTI 3STIP Top holdings2019-09-30 1.IVV 2.SPTI 3.STIP 4.T 1.125 09-30-21 5.T 2.625 11-15-20 6.MBB 7.T 1.5 10-31-19 8.T 1.375 12-15-19 9.T 1.5 05-31-20 10.T 1.375 04-30-20
2019-06-30	2173	$1.4B	37	1MSFT 2AAPL 3AMZN Top holdings2019-06-30 1.MSFT 2.AAPL 3.AMZN 4.META 5.BRK-B 6.NGL 7.JNJ 8.JPM 9.V 10.CEQPUSD
2019-03-31	2202	$1.5B	28	1MSFT 2AAPL386199E Top holdings2019-03-31 1.MSFT 2.AAPL 3.86199E 4.AMZN 5.META 6.NGL 7.JNJ 8.BRK-B 9.GOOGL 10.XOM
2018-12-31	2184	$1.7B	39	1MSFT 2AAPL386199E Top holdings2018-12-31 1.MSFT 2.AAPL 3.86199E 4.AMZN 5.BRK-B 6.ENB 7.JNJ 8.JPM 9.GOOGL 10.META
2018-06-30	2202	$1.9B	27	1AAPL 2MSFT 3AMZN Top holdings2018-06-30 1.AAPL 2.MSFT 3.AMZN 4.META 5.XOM 6.BRK-B 7.GOOGL 8.JPM 9.JNJ 10.BAC
2018-03-31	2201	$2.1B	15	1AAPL 2MSFT 3AMZN Top holdings2018-03-31 1.AAPL 2.MSFT 3.AMZN 4.JPM 5.BRK-B 6.META 7.JNJ 8.GOOGL 9.XOM 10.BAC
2017-12-31	2200	$2.0B	26	1AAPL 2MSFT 3AMZN Top holdings2017-12-31 1.AAPL 2.MSFT 3.AMZN 4.META 5.BRK-B 6.JPM 7.JNJ 8.XOM 9.GOOGL 10.BAC
2017-09-30	2191	$1.9B	24	1AAPL 2MSFT 3META Top holdings2017-09-30 1.AAPL 2.MSFT 3.META 4.AMZN 5.BRK-B 6.JNJ 7.JPM 8.XOM 9.GOOGL 10.BAC
2017-06-30	2185	$2.0B	29	1AAPL 2MSFT 3AMZN Top holdings2017-06-30 1.AAPL 2.MSFT 3.AMZN 4.META 5.JNJ 6.XOM 7.JPM 8.BRK-B 9.GOOGL 10.WFC
2017-03-31	2192	$2.1B	14	1AAPL 2MSFT 3AMZN Top holdings2017-03-31 1.AAPL 2.MSFT 3.AMZN 4.JNJ 5.META 6.JPM 7.XOM 8.BRK-B 9.BAC 10.WFC
2016-12-31	2188	$2.1B	27	1AAPL 2MSFT 3XOM Top holdings2016-12-31 1.AAPL 2.MSFT 3.XOM 4.JPM 5.BRK-B 6.JNJ 7.AEP 8.AMZN 9.WFC 10.T
2016-09-30	2182	$1.9B	14	159399B2AAPL 3MSFT Top holdings2016-09-30 1.59399B 2.AAPL 3.MSFT 4.XOM 5.AMZN 6.JNJ 7.META 8.BRK-B 9.AEP 10.T
2016-06-30	2189	$1.9B	35	1AAPL 2XOM 3MSFT Top holdings2016-06-30 1.AAPL 2.XOM 3.MSFT 4.JNJ 5.AEP 6.AMZN 7.T 8.BRK-B 9.META 10.VZ
2016-03-31	2273	$1.5B	22	1AAPL 2MSFT 3XOM Top holdings2016-03-31 1.AAPL 2.MSFT 3.XOM 4.AEP 5.JNJ 6.META 7.BRK-B 8.T 9.AMZN 10.GOOGL
2015-12-31	1963	$1.4B	51	1AAPL 2MSFT 3XOM Top holdings2015-12-31 1.AAPL 2.MSFT 3.XOM 4.AEP 5.JNJ 6.AMZN 7.WFC 8.BRK-B 9.JPM 10.META
2015-09-30	1715	$1.3B	40	1AAPL 2XOM 3MSFT Top holdings2015-09-30 1.AAPL 2.XOM 3.MSFT 4.JNJ 5.AEP 6.BRK-B 7.WFC 8.JPM 9.CVX 10.PG
2015-06-30	1658	$1.4B	19	1AAPL 2MSFT 3XOM Top holdings2015-06-30 1.AAPL 2.MSFT 3.XOM 4.JNJ 5.AEP 6.WFC 7.JPM 8.BRK-B 9.PG 10.PFE
2015-03-31	1707	$1.3B	21	1AAPL 2XOM 3MSFT Top holdings2015-03-31 1.AAPL 2.XOM 3.MSFT 4.JNJ 5.BRK-B 6.WFC 7.AEP 8.JPM 9.PG 10.PFE
2014-12-31	1711	$1.5B	27	1AAPL259399B3XOM Top holdings2014-12-31 1.AAPL 2.59399B 3.XOM 4.MSFT 5.JNJ 6.BRK-B 7.WFC 8.AEP 9.PG 10.JPM
2014-09-30	1721	$1.3B	12	1AAPL 2XOM 3MSFT Top holdings2014-09-30 1.AAPL 2.XOM 3.MSFT 4.JNJ 5.AEP 6.BRK-B 7.WFC 8.59399B 9.JPM 10.CVX
2014-06-30	1718	$1.3B	11	1AAPL 2XOM359399B Top holdings2014-06-30 1.AAPL 2.XOM 3.59399B 4.MSFT 5.JNJ 6.AEP 7.WFC 8.CVX 9.BRK-B 10.JPM
2014-03-31	1668	$1.3B	35	1AAPL 2XOM 3GOOG Top holdings2014-03-31 1.AAPL 2.XOM 3.GOOG 4.MSFT 5.JNJ 6.AEP 7.WFC 8.CVX 9.JPM 10.BRK-B
2013-12-31	904	$982.3M	32	1AAPL 2XOM359399B Top holdings2013-12-31 1.AAPL 2.XOM 3.59399B 4.GOOG 5.AEP 6.MSFT 7.JNJ 8.CVX 9.JPM 10.WFC
2013-09-30	903	$733.2M	—	1AAPL 2XOM 3MSFT Top holdings2013-09-30 1.AAPL 2.XOM 3.MSFT 4.AEP 5.JNJ 6.CVX 7.GOOG 8.BRK-B 9.PG 10.WFC

Holding changes this quarter

Position changes disclosed by Municipal Employees' Retirement System of Michigan for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	SPTL	Ss Spdr Pf Lng Trm Tsy E-usd	+2.3%	+49.38%	Add
2	IVV	Ishares Core S&p 500 ETF	+1.5%	+18.59%	Add
3	IJH	Ishares Core S&p Midcap ETF	+0.9%	+24.11%	Add
4	SPTS	Ss Spdr P St Term Tsy ETF	+0.7%	+8.52%	Add
5	SPHY	Ss Spdr P High Yield ETF	+0.6%	+36.51%	Add
6	SPTI	Ss Spdr P Int Term Tsy ETF	+0.4%	+3.91%	Add
7	XFIV	Bondbloxx Bbg 5 Yr US Treas	+0.4%	+89.26%	Add
8	SCHP	Schwab U.s. Tips ETF	+0.3%	+6.17%	Add
9	QVMM	Invesco S&p Midcap 400 Qvm M	+0.1%	—	Unchanged
10	QVMS	Invesco S&p Smallcap 600 Qvm	+0.1%	—	Unchanged
11	FLCA	Franklin Ftse Canada ETF	0%	—	Unchanged
12	BBAX	Jpmorgan Betabuilders Develo	0%	—	Unchanged
13	RING	Ishares Msci Global Gold Min	—	-7.97%	Trim
14	XCCC	Bondbloxx-ccc-usd Hy CORP Bd	—	—	Unchanged
15	XB	Bondbloxx-b Rated Usd Hy Cb	—	—	Unchanged
16	IJR	Ishares Core S&p Small-cap E	—	—	Unchanged
17	XBB	Bondbloxx-bb Rated Usd Hy Cb	0%	—	Unchanged
18	SPIB	Ss Spdr P Int C CORP ETF	0%	—	Unchanged
19	FALN	Ishares Fallen Angels ETF	0%	—	Unchanged
20	XEMD	Bondbloxx-jpm Usd Em Mk 1-10	0%	—	Unchanged
21	ICOP	Ishares Copper And Metals	-0.1%	-36.03%	Trim
22	XLE	Ss Energy Select Sector	-0.2%	-52.09%	Trim
23	BBCA	Jpmorgan Betabuilders Canada	-0.3%	-29.67%	Trim
24	PICK	Ishares Msci Global Metals &	-0.4%	-33.51%	Trim
25	QVML	Invesco S&p 500 Qvm Multi-fa	-0.7%	—	Unchanged
26	IEMG	Ishares Core Msci Emerging	-1.4%	-36.61%	Trim
27	VGK	Vanguard Ftse Europe ETF	-2.3%	-25.96%	Trim
28	XONE	Bondbloxx Bbg 1 Dur US Treas	—	EXIT	Sold out
29	XTWO	Bondbloxx Bbg 2y US Tsy ETF	—	EXIT	Sold out
30	XTRE	Bondbloxx Bbg 3y US Tsy ETF	—	EXIT	Sold out
31	XSVN	Bondbloxx Bbg 7 Yr US Treas	—	EXIT	Sold out
32	XTEN	Bondbloxx Bbg 10y US Tsy ETF	—	EXIT	Sold out
33	XTWY	Bondbloxx Bbg 20y US Tsy ETF	—	EXIT	Sold out
34	STIP	Ishares 0-5 Year Tips Bond E	—	EXIT	Sold out
35	COIN	Coinbase Global INC -class A	—	NEW	New buy
36	VGSH	Vanguard Short-term Treasury	—	EXIT	Sold out
37	SPSB	Ss Spdr P St C CORP ETF	—	EXIT	Sold out

Filing History

Period	Filed	Type	EDGAR
2026-03-31	2026-05-11	13F-HR	View on EDGAR
2025-12-31	2026-02-06	13F-HR	View on EDGAR
2025-09-30	2025-11-12	13F-HR	View on EDGAR
2025-06-30	2025-08-04	13F-HR	View on EDGAR
2025-03-31	2025-05-07	13F-HR	View on EDGAR
2024-12-31	2025-02-10	13F-HR	View on EDGAR
2024-09-30	2024-11-12	13F-HR	View on EDGAR
2024-06-30	2024-08-05	13F-HR	View on EDGAR
2024-03-31	2024-04-17	13F-HR	View on EDGAR
2023-12-31	2024-02-05	13F-HR	View on EDGAR
2023-09-30	2023-11-06	13F-HR	View on EDGAR
2023-06-30	2023-08-03	13F-HR	View on EDGAR
2023-03-31	2023-05-04	13F-HR	View on EDGAR
2022-12-31	2023-02-10	13F-HR	View on EDGAR
2022-09-30	2022-11-14	13F-HR	View on EDGAR
2022-06-30	2022-07-29	13F-HR	View on EDGAR
2022-03-31	2022-05-05	13F-HR	View on EDGAR
2021-12-31	2022-02-16	13F-HR	View on EDGAR
2021-09-30	2021-10-28	13F-HR	View on EDGAR
2021-06-30	2021-07-02	13F-HR	View on EDGAR
2021-03-31	2021-04-22	13F-HR	View on EDGAR
2020-12-31	2021-01-05	13F-HR	View on EDGAR
2020-09-30	2020-10-05	13F-HR	View on EDGAR
2020-06-30	2020-07-06	13F-HR	View on EDGAR
2020-03-31	2020-04-29	13F-HR	View on EDGAR
2019-12-31	2020-02-03	13F-HR	View on EDGAR
2019-09-30	2019-10-29	13F-HR	View on EDGAR
2019-06-30	2019-07-31	13F-HR	View on EDGAR
2019-03-31	2019-05-15	13F-HR	View on EDGAR
2018-12-31	2019-02-14	13F-HR	View on EDGAR
2018-06-30	2018-07-19	13F-HR	View on EDGAR
2018-03-31	2018-05-10	13F-HR	View on EDGAR
2017-12-31	2018-02-15	13F-HR	View on EDGAR
2017-09-30	2017-11-06	13F-HR	View on EDGAR
2017-06-30	2017-07-26	13F-HR	View on EDGAR
2017-03-31	2017-05-11	13F-HR	View on EDGAR
2016-12-31	2017-02-07	13F-HR	View on EDGAR
2016-09-30	2016-11-08	13F-HR	View on EDGAR
2016-06-30	2016-08-15	13F-HR	View on EDGAR
2016-03-31	2016-05-03	13F-HR	View on EDGAR
2015-12-31	2016-01-22	13F-HR	View on EDGAR
2015-09-30	2015-11-05	13F-HR	View on EDGAR
2015-09-30	2015-11-05	Amendment	View on EDGAR
2015-06-30	2015-08-12	Amendment	View on EDGAR
2015-06-30	2015-08-11	13F-HR	View on EDGAR
2015-03-31	2015-05-08	13F-HR	View on EDGAR
2014-12-31	2015-02-10	13F-HR	View on EDGAR
2014-09-30	2014-11-03	Amendment	View on EDGAR
2014-09-30	2014-10-31	13F-HR	View on EDGAR
2014-09-30	2014-10-31	Amendment	View on EDGAR
2014-06-30	2014-08-04	13F-HR	View on EDGAR
2014-03-31	2014-05-13	13F-HR	View on EDGAR
2013-12-31	2014-02-10	13F-HR	View on EDGAR
2013-09-30	2013-11-08	13F-HR	View on EDGAR

FAQ

What is Municipal Employees' Retirement System of Michigan and what type of investor is it?

What are Municipal Employees' Retirement System of Michigan's largest equity positions?

What changes did Municipal Employees' Retirement System of Michigan make in its most recent portfolio filing?

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%