SO
State Of Michigan Retirement System Investment Portfolio (Q3 2026) — 13F Stock Holdings
State Of Michigan Retirement SystemCIK: 0000762152
Diversified strategyContrarianLong-term holder
Total reported value
$22.6B
Reporting period: 2026-09-30 · Number of holdings: 966
STATE OF MICHIGAN RETIREMENT SYSTEM disclosed 966 holdings in its latest 13F filing for the period ending 2026-09-30, with total reported value of $22.6B and a quarterly turnover rate of 15.7%.
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Personality snowflake
- Concentration
- 6.59
- Portfolio Stability
- 15.73
- Momentum
- 22.12
- Sector conviction
- 68.02
- Diversification
- 100
- Sizing Uniformity
- 61.35
State Of Michigan Retirement System's disclosed holdings carry a Herfindahl concentration index of 0.016 — mathematically equivalent to about 61 equally-sized positions, well below its 966 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 3.86), 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.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govAdd MSFT
-5.1% $230.9M
New buy 30233Q108
Add NVDA
-2.3% $165.2M
Sold out XOM
Add AAPL
-2.5% $136.0M
New buy 84615Q103
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
Showing top 200 holdings (of 966 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 7.06% | +0.73% | -2.26% | |
| 2 | AAPL | Apple Inc | Stock-Tech | 5.51% | +0.60% | -2.45% | |
| 3 | MSFT | Microsoft CORP | Stock-Tech | 4.37% | +1.02% | -5.05% | |
| 4 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 2.85% | +0.06% | -2.55% | |
| 5 | AVGO | Broadcom Inc | Stock-Tech | 2.51% | -0.22% | -1.03% | |
| 6 | META | Meta Platforms Inc-class A | Stock-Comm Services | 2.35% | +0.45% | -3.94% | |
| 7 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 2.33% | -0.17% | -2.98% | |
| 8 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 2.33% | -0.11% | -1.02% | |
| 9 | AMD | Advanced Micro Devices | Stock-Tech | 2.00% | -0.03% | -6.71% | |
| 10 | MTUM | Ishares Msci USA Momentum Fa | ETF-Other | 1.85% | -0.13% | +1.23% | |
| 11 | MU | Micron Technology Inc | Stock-Tech | 1.74% | -0.17% | -1.34% | |
| 12 | LQD | Ishr Ibx Usd Invgd Cb Etf-ui | ETF-Corp Bonds | 1.39% | -0.09% | — | |
| 13 | ADBE | Adobe Inc | Stock-Tech | 1.27% | +0.05% | -11.01% | |
| 14 | TSLA | Tesla Inc | Stock-Consumer Disc | 1.11% | -0.23% | -1.78% | |
| 15 | HUBS | Hubspot Inc | Stock-Tech | 1.09% | +0.13% | +0.98% | |
| 16 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.08% | -0.05% | -0.70% | |
| 17 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 0.99% | -0.36% | -27.91% | |
| 18 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.98% | -0.01% | -2.65% | |
| 19 | KR | Kroger Co | Stock-Consumer Staples | 0.86% | +0.14% | +13.64% | |
| 20 | DUOL | Duolingo | Stock-Tech | 0.82% | +0.16% | -0.47% | |
| 21 | ✓ | Stock-Other | 0.78% | +0.78% | NEW | ||
| 22 | CHTR | Charter Communications Inc-a | Stock-Comm Services | 0.76% | +0.09% | +45.02% | |
| 23 | PLTR | Palantir Technologies Inc-a | Stock-Tech | 0.76% | +0.27% | -3.11% | |
| 24 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.74% | +0.02% | -1.70% | |
| 25 | V | Visa Inc-class A Shares | Stock-Financials | 0.73% | +0.04% | +0.71% | |
| 26 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.70% | -0.03% | -3.34% | |
| 27 | INTC | Intel CORP | Stock-Tech | 0.66% | -0.09% | +3.21% | |
| 28 | MA | Mastercard Inc - A | Stock-Financials | 0.57% | +0.03% | -1.47% | |
| 29 | ANET | Arista Networks Inc | Stock-Tech | 0.55% | +0.12% | +8.06% | |
| 30 | AGG | Ishares Core U.s. Aggregate | ETF-Other | 0.54% | +0.15% | +44.44% | |
| 31 | CSCO | Cisco Systems Inc | Stock-Tech | 0.54% | -0.06% | -1.83% | |
| 32 | WMT | Walmart Inc | Stock-Consumer Staples | 0.53% | -0.05% | -0.24% | |
| 33 | ABBV | Abbvie Inc | Stock-Healthcare | 0.51% | +0.01% | -1.86% | |
| 34 | LRCX | Lam Research CORP | Stock-Tech | 0.51% | -0.18% | -1.62% | |
| 35 | AMAT | Applied Materials Inc | Stock-Tech | 0.50% | -0.21% | -1.66% | |
| 36 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.46% | -0.03% | -1.79% | |
| 37 | ✓ | Stock-Other | 0.46% | +0.46% | NEW | ||
| 38 | CVX | Chevron CORP | Stock-Energy | 0.45% | +0.10% | +3.57% | |
| 39 | VRT | Vertiv Holdings Co-a | Stock-Industrials | 0.44% | -0.17% | +1.01% | |
| 40 | BAC | Bank Of America CORP | Stock-Financials | 0.42% | -0.03% | -2.10% | |
| 41 | MRK | Merck & Co. Inc. | Stock-Healthcare | 0.42% | +0.04% | -1.88% | |
| 42 | CAT | Caterpillar Inc | Stock-Industrials | 0.41% | -0.15% | -2.12% | |
| 43 | SECU | Ishrs Secur Incom Act ETF | ETF-Other | 0.41% | -0.01% | — | |
| 44 | QUAL | Ishares Msci USA Quality Fac | ETF-Other | 0.40% | -0.01% | -2.98% | |
| 45 | PANW | Palo Alto Networks Inc | Stock-Tech | 0.39% | +0.02% | -9.55% | |
| 46 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.39% | -0.01% | -1.99% | |
| 47 | BRK-A | Berkshire Hathaway Inc-cl A | Stock-Other | 0.38% | — | — | |
| 48 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.38% | +0.01% | -1.81% | |
| 49 | UNH | Unitedhealth Group Inc | Stock-Healthcare | 0.37% | -0.06% | -3.01% | |
| 50 | KBDC | Kayne Anderson Bdc Inc | Stock-Other | 0.37% | -0.03% | — |
1–50 of 200
Portfolio Performance
Performance for Q4 2026
+0.7%
Performance Last 4 Quarters
+11.4%
- Stdev
- +12.6%
- Beta
- +1.02
- Alpha
- -1.9%
- Max Drawdown
- -7.5%
- Annualized Perf
- +22.4%
- Batting Avg vs S&P
- +50%
- Sortino
- +3.86
- Stutzer
- +0.5
- Treynor
- +0.21
- Sterling
- +1.4
- Calmar
- +2.97
- Information Ratio
- -0.81
- Tracking Error
- +1.8%
- Stdev Down
- +5.5%
- Winning Months %
- +63.9%
- Losing Months %
- +36.1%
- Best 12 Months
- +33.9%
- Worst 12 Months
- +6.7%
- Efficiency Ratio
- +0.74
- Sharpe
- +1.68
- Stdev Sectors
- +11.1%
- Skewness
- +0.25
- Kurtosis
- +0.37
- Upside Potential
- +5.36
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q3 | 966 | $22.6B | 16 | ||
| 2026 Q2 | 960 | $22.6B | 25 | ||
| 2026 Q1 | 941 | $18.9B | 22 | ||
| 2025 Q4 | 935 | $20.6B | 13 | ||
| 2025 Q3 | 944 | $20.8B | 25 | ||
| 2025 Q2 | 944 | $19.3B | 0 | ||
| 2025 Q1 | 944 | $17.3B | 100 | ||
| 2024 Q4 | 951 | $19.2B | 0 | ||
| 2024 Q3 | 950 | $20.2B | 0 | ||
| 2024 Q2 | 950 | $19.5B | 0 | ||
| 2024 Q1 | 955 | $18.6B | 0 | ||
| 2023 Q4 | 958 | $16.8B | 0 | ||
| 2023 Q3 | 964 | $15.5B | 0 | ||
| 2023 Q2 | 969 | $16.2B | 0 | ||
| 2023 Q1 | 968 | $15.2B | 0 | ||
| 2022 Q4 | 967 | $14.4B | 0 | ||
| 2022 Q3 | 966 | $13.6B | 0 | ||
| 2022 Q2 | 970 | $14.6B | 0 | ||
| 2022 Q1 | 948 | $17.3B | 0 | ||
| 2021 Q4 | 975 | $19.1B | 0 | ||
| 2021 Q3 | 975 | $17.6B | 0 | ||
| 2021 Q2 | 969 | $17.0B | — | ||
| 2021 Q1 | 975 | $15.8B | — | ||
| 2020 Q4 | 963 | $14.7B | 100 | ||
| 2020 Q3 | 956 | $12.6B | 17 | ||
| 2020 Q2 | 931 | $11.4B | 41 | ||
| 2020 Q1 | 943 | $9.1B | 36 | ||
| 2019 Q4 | 947 | $12.1B | 25 | ||
| 2019 Q3 | 944 | $11.0B | 13 | ||
| 2019 Q2 | 948 | $11.1B | 17 | ||
| 2019 Q1 | 950 | $12.5B | 20 | ||
| 2018 Q4 | 944 | $11.1B | 34 | ||
| 2018 Q3 | 940 | $13.7B | 20 | ||
| 2018 Q2 | 936 | $12.7B | 18 | ||
| 2018 Q1 | 940 | $12.4B | 19 | ||
| 2017 Q4 | 939 | $12.7B | 14 | ||
| 2017 Q3 | 944 | $12.4B | 22 | ||
| 2017 Q2 | 948 | $13.2B | 10 | ||
| 2017 Q1 | 945 | $12.9B | 15 | ||
| 2016 Q4 | 958 | $12.6B | 18 | ||
| 2016 Q3 | 965 | $12.7B | 18 | ||
| 2016 Q2 | 967 | $12.8B | 22 | ||
| 2016 Q1 | 958 | $12.6B | 25 | ||
| 2015 Q4 | 955 | $13.1B | 21 | ||
| 2015 Q3 | 958 | $12.9B | 31 | ||
| 2015 Q2 | 956 | $14.4B | 20 | ||
| 2015 Q1 | 952 | $14.3B | 25 | ||
| 2014 Q4 | 952 | $15.1B | 29 | ||
| 2014 Q3 | 950 | $14.4B | 21 | ||
| 2014 Q2 | 952 | $14.3B | 21 | ||
| 2014 Q1 | 953 | $13.3B | 20 | ||
| 2013 Q4 | 948 | $13.1B | 22 | ||
| 2013 Q3 | 953 | $11.4B | 16 | ||
| 2013 Q2 | 947 | $10.9B | — |
* 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.
Holding changes this quarter
State Of Michigan Retirement System's most significant position changes for 2026-09-30: New buy: ; Sold out: Exxon Mobil CORP (XOM); New buy: ; New buy: Bloom Energy Corp- A (BE); New buy: Ishares Msci International Q (IQLT).
Showing top 200 changes by size (of 981 total)
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | MSFT | Microsoft CORP | +1% | -5.05% | Trim |
| 2 | ✓ | +0.8% | NEW | New buy | |
| 3 | NVDA | Nvidia CORP | +0.7% | -2.26% | Trim |
| 4 | AAPL | Apple Inc | +0.6% | -2.45% | Trim |
| 5 | ✓ | +0.5% | NEW | New buy | |
| 6 | META | Meta Platforms Inc-class A | +0.5% | -3.94% | Trim |
| 7 | PLTR | Palantir Technologies Inc-a | +0.3% | -3.11% | Trim |
| 8 | DUOL | Duolingo | +0.2% | -0.47% | Trim |
| 9 | AGG | Ishares Core U.s. Aggregate | +0.2% | +44.44% | Add |
| 10 | KR | Kroger Co | +0.1% | +13.64% | Add |
| 11 | HUBS | Hubspot Inc | +0.1% | +0.98% | Add |
| 12 | ANET | Arista Networks Inc | +0.1% | +8.06% | Add |
| 13 | CVX | Chevron CORP | +0.1% | +3.57% | Add |
| 14 | BE | Bloom Energy Corp- A | +0.1% | NEW | New buy |
| 15 | CHTR | Charter Communications Inc-a | +0.1% | +45.02% | Add |
| 16 | ZTS | Zoetis Inc | +0.1% | +47.00% | Add |
| 17 | CRM | Salesforce Inc | +0.1% | -1.62% | Trim |
| 18 | TMO | Thermo Fisher Scientific Inc | +0.1% | -2.31% | Trim |
| 19 | IQLT | Ishares Msci International Q | +0.1% | NEW | New buy |
| 20 | ACWX | Ishares Msci Acwi Ex US ETF | +0.1% | NEW | New buy |
| 21 | BRO | Brown & Brown Inc | +0.1% | +322.96% | Add |
| 22 | ✓ | +0.1% | NEW | New buy | |
| 23 | AMZN | Amazon.com Inc | +0.1% | -2.55% | Trim |
| 24 | CRWD | Crowdstrike Holdings Inc - A | +0.1% | +247.87% | Add |
| 25 | SNAP | Snap Inc - A | +0.1% | NEW | New buy |
| 26 | MRNA | Moderna Inc | +0.1% | +3.10% | Add |
| 27 | ADBE | Adobe Inc | +0.1% | -11.01% | Trim |
| 28 | FERG | Ferguson Enterprises Inc | +0.1% | NEW | New buy |
| 29 | COHR | Coherent CORP | +0.1% | +83.97% | Add |
| 30 | DELL | Dell Technologies -c | 0% | +3.01% | Add |
| 31 | ACN | Accenture plc | 0% | -1.83% | Trim |
| 32 | MRK | Merck & Co. Inc. | 0% | -1.88% | Trim |
| 33 | VLO | Valero Energy CORP | 0% | -4.42% | Trim |
| 34 | MPC | Marathon Petroleum CORP | 0% | -5.62% | Trim |
| 35 | V | Visa Inc-class A Shares | 0% | +0.71% | Add |
| 36 | HPE | Hewlett Packard Enterprise | 0% | -1.53% | Trim |
| 37 | PSX | Phillips 66 | 0% | -2.34% | Trim |
| 38 | FDS | Factset Research Systems Inc | 0% | -4.48% | Trim |
| 39 | AMGN | Amgen Inc | 0% | -1.74% | Trim |
| 40 | MA | Mastercard Inc - A | 0% | -1.47% | Trim |
| 41 | VLUE | Ishares Msci USA Value Facto | 0% | +17.09% | Add |
| 42 | PFE | Pfizer Inc | 0% | -1.62% | Trim |
| 43 | T | At&t Inc | 0% | -2.65% | Trim |
| 44 | GILD | Gilead Sciences Inc | 0% | -1.92% | Trim |
| 45 | NEM | Newmont CORP | 0% | -2.92% | Trim |
| 46 | COP | Conocophillips | 0% | -3.24% | Trim |
| 47 | EQR | Equity Residential | 0% | +102.02% | Add |
| 48 | RDDT | Reddit Inc-cl A | 0% | NEW | New buy |
| 49 | P | Everpure Inc-a | 0% | +13.14% | Add |
| 50 | IBRX | Immunitybio Inc | 0% | NEW | New buy |
1–50 of 200
Filing History
FAQ
What is State Of Michigan Retirement System and what type of investor is it?
State Of Michigan Retirement System 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 (2026-09-30), the firm manages a tracked equity portfolio valued at approximately $22.6B, spread across 966 disclosed positions.
What are State Of Michigan Retirement System's largest equity positions?
Based on the latest 13F filing, State Of Michigan Retirement System's top holdings by market value are:
1. Nvidia CORP (NVDA) — $1.6B (7.1%)
2. Apple Inc (AAPL) — $1.2B (5.5%)
3. Microsoft CORP (MSFT) — $986.7M (4.4%)
4. Amazon.com Inc (AMZN) — $642.9M (2.9%)
5. Broadcom Inc (AVGO) — $568.1M (2.5%)
What changes did State Of Michigan Retirement System make in its most recent portfolio filing?
In the latest reported quarter, State Of Michigan Retirement System made 191 notable position adjustments: 13 new positions were initiated, 33 existing holdings were added to, 140 positions were partially reduced, and 5 were completely exited. The largest of these moves: New buy: ; Sold out: Exxon Mobil CORP (XOM); New buy: ; New buy: Bloom Energy Corp- A (BE); New buy: Ishares Msci International Q (IQLT)
What sectors does State Of Michigan Retirement System focus on?
State Of Michigan Retirement System is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 42.5%
• Communication Services: 10.7%
• Financials: 9.8%
• Health Care: 9.4%
• Consumer Discretionary: 8.2%
• Industrials: 7.6%
Investment Profile
State Of Michigan Retirement System returned an annualized 22.4% over the trailing 36 months — underperforming the S&P 500 by 1.9 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.02 (roughly in line with the market) and a 50% quarterly batting average against the index.
Its portfolio is broadly diversified and long-term-holding, with 42.5% of the portfolio concentrated in Information Technology.
It has added to its NVDA position over the past two quarters (+$331.3M, now $1.6B), while trimming TDG over the same stretch (-$72.8M, still holding $15.0M).
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Developer Access
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