CIK: 0000762152
Total reported value
$18.9B
Reporting period: 2026-03-31 · Number of holdings: 941
STATE OF MICHIGAN RETIREMENT SYSTEM disclosed 941 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $18.9B and a quarterly turnover rate of 21.9%.
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State Of Michigan Retirement System's disclosed holdings carry a Herfindahl concentration index of 0.015 — mathematically equivalent to about 66 equally-sized positions, well below its 941 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 3.64), 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.
Trim SPY
-69.2% -$423.8M
Trim MSFT
-7.9% -$318.6M
Add ADBE
+566.1% $156.4M
Trim NVDA
-10.1% -$239.8M
Trim GOOGL
-17.1% -$143.6M
Add CHTR
+1547.4% $87.7M
STATE OF MICHIGAN RETIREMENT SYSTEM slashed SPY by nearly 70% and trimmed every mega-cap tech name — MSFT, NVDA, AAPL, AVGO, AMZN, GOOGL — while funneling that cash into a concentrated ADBE add. This is not an alpha hunt; it's a deliberate de-grossing and defensive rotation away from consensus AI leadership, signaling capital preservation over momentum capture.
The 34% IT sector weight remains, but the aggressive trims across NVDA, MSFT, and the rest price in a regime of multiple compression and mean reversion from the AI winner-take-all narrative. The ADBE build is a contrarian bet that enterprise software valuations have overshot on the downside. The opposing thesis: scarcity of compounders and sustained AI capex justify the leaders' premiums — the rotation leaves the fund structurally underweight the very names that continue to drive market returns.
With 941 holdings and a concentration score of just 6.05, this portfolio is so diluted that conviction is invisible — the trims are noise in a sea of tiny positions. The CV of 3.64 reveals extreme weight dispersion, yet the few big bets (NVDA, AAPL, MSFT) still dominate P&L. The real vulnerability is that the aggressive diversification turns the fund into a closet index with a single bold move (ADBE) that cannot move the needle, while the rest of the book lacks the decisiveness to outperform in a dispersion-rich environment.
This summary was generated by AI from publicly filed SEC data and reflects historical holdings only — it is not a recommendation to buy or sell.
Showing top 200 holdings (of 941 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 6.67% | -0.64% | -10.12% | |
| 2 | AAPL | Apple INC | Stock-Tech | 5.23% | -0.30% | -6.77% | |
| 3 | MSFT | Microsoft CORP | Stock-Tech | 4.02% | -1.23% | -7.88% | |
| 4 | AMZN | Amazon.com INC | Stock-Consumer Disc | 2.97% | -0.40% | -9.99% | |
| 5 | AVGO | Broadcom INC | Stock-Tech | 2.76% | -0.35% | -8.54% | |
| 6 | META | Meta Platforms Inc-class A | Stock-Comm Services | 2.57% | -0.15% | +0.13% | |
| 7 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 2.42% | -0.51% | -17.08% | |
| 8 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 2.38% | -0.01% | +0.27% | |
| 9 | MTUM | Ishares Msci USA Momentum Fa | ETF-Other | 1.70% | — | +4.10% | |
| 10 | TSLA | Tesla INC | Stock-Consumer Disc | 1.44% | -0.17% | -0.14% | |
| 11 | LQD | Ishr Ibx Usd Invgd Cb Etf-ui | ETF-Corp Bonds | 1.25% | — | — | |
| 12 | JPM | Jpmorgan Chase & Co | Stock-Financials | 1.09% | -0.34% | -22.83% | |
| 13 | ADBE | Adobe INC | Stock-Tech | 1.05% | +0.84% | +566.13% | |
| 14 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.05% | -0.29% | -15.93% | |
| 15 | XOM | Exxon Mobil CORP | Stock-Energy | 0.98% | +0.33% | -1.11% | |
| 16 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 0.93% | -1.99% | -69.21% | |
| 17 | KR | Kroger Co | Stock-Consumer Staples | 0.87% | +0.45% | +64.09% | |
| 18 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.86% | — | -0.03% | |
| 19 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.84% | +0.18% | -0.20% | |
| 20 | WMT | Walmart INC | Stock-Consumer Staples | 0.77% | +0.13% | -0.25% | |
| 21 | V | Visa Inc-class A Shares | Stock-Financials | 0.74% | -0.20% | -15.83% | |
| 22 | PLTR | Palantir Technologies Inc-a | Stock-Tech | 0.68% | -0.08% | -0.15% | |
| 23 | AMD | Advanced Micro Devices | Stock-Tech | 0.66% | -0.22% | -26.73% | |
| 24 | MU | Micron Technology INC | Stock-Tech | 0.66% | +0.15% | +0.05% | |
| 25 | MA | Mastercard INC - A | Stock-Financials | 0.63% | -0.04% | -0.79% | |
| 26 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.63% | -0.08% | -29.51% | |
| 27 | DUOL | Duolingo | Stock-Tech | 0.62% | +0.14% | +112.90% | |
| 28 | NFLX | Netflix INC | Stock-Comm Services | 0.59% | -0.14% | -27.28% | |
| 29 | CVX | Chevron CORP | Stock-Energy | 0.54% | +0.17% | -1.19% | |
| 30 | ABBV | Abbvie INC | Stock-Healthcare | 0.53% | — | -0.22% | |
| 31 | VRT | Vertiv Holdings Co-a | Stock-Industrials | 0.52% | +0.33% | +65.32% | |
| 32 | CSCO | Cisco Systems INC | Stock-Tech | 0.50% | — | +0.04% | |
| 33 | CHTR | Charter Communications Inc-a | Stock-Comm Services | 0.49% | +0.46% | +1547.45% | |
| 34 | CAT | Caterpillar INC | Stock-Industrials | 0.48% | +0.12% | -0.69% | |
| 35 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.48% | — | -0.73% | |
| 36 | KBDC | Kayne Anderson Bdc INC | Stock-Other | 0.48% | — | — | |
| 37 | BAC | Bank Of America CORP | Stock-Financials | 0.48% | — | -1.36% | |
| 38 | TDG | Transdigm Group INC | Stock-Industrials | 0.46% | — | — | |
| 39 | AMAT | Applied Materials INC | Stock-Tech | 0.46% | +0.14% | -0.47% | |
| 40 | MRK | Merck & Co. INC. | Stock-Healthcare | 0.46% | — | -0.19% | |
| 41 | HD | Home Depot INC | Stock-Consumer Disc | 0.45% | — | -0.19% | |
| 42 | BRK-A | Berkshire Hathaway Inc-cl A | Stock-Other | 0.44% | — | — | |
| 43 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.42% | — | -0.21% | |
| 44 | GE | General Electric | Stock-Industrials | 0.41% | — | -0.80% | |
| 45 | LRCX | Lam Research CORP | Stock-Tech | 0.41% | +0.11% | -0.71% | |
| 46 | IJH | Ishares Core S&p Midcap ETF | ETF-Other | 0.40% | — | +9.36% | |
| 47 | UNH | Unitedhealth Group INC | Stock-Healthcare | 0.40% | — | +14.90% | |
| 48 | INTC | Intel CORP | Stock-Tech | 0.36% | — | +3.53% | |
| 49 | WFC | Wells Fargo & Co | Stock-Financials | 0.36% | — | -1.60% | |
| 50 | RTX | Rtx CORP | Stock-Industrials | 0.36% | — | -0.11% |
Performance for Q3 2026
+3.2%
Performance Last 4 Quarters
+22.6%
Based on 79% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 941 | $18.9B | 22 | |
| 2025-12-31 | 935 | $20.6B | 13 | |
| 2025-09-30 | 944 | $20.8B | 25 | |
| 2025-06-30 | 944 | $19.3B | 0 | |
| 2025-03-31 | 944 | $17.3B | 100 | |
| 2024-12-31 | 951 | $19.2B | 0 | |
| 2024-09-30 | 950 | $20.2B | 0 | |
| 2024-06-30 | 950 | $19.5B | 0 | |
| 2024-03-31 | 955 | $18.6B | 0 | |
| 2023-12-31 | 958 | $16.8B | 0 | |
| 2023-09-30 | 964 | $15.5B | 0 | |
| 2023-06-30 | 969 | $16.2B | 0 | |
| 2023-03-31 | 968 | $15.2B | 0 | |
| 2022-12-31 | 967 | $14.4B | 0 | |
| 2022-09-30 | 966 | $13.6B | 0 | |
| 2022-06-30 | 970 | $14.6B | 0 | |
| 2022-03-31 | 948 | $17.3B | 0 | |
| 2021-12-31 | 975 | $19.1B | 0 | |
| 2021-09-30 | 975 | $17.6B | 0 | |
| 2021-06-30 | 969 | $17.0B | — | |
| 2021-03-31 | 975 | $15.8B | — | |
| 2020-12-31 | 963 | $14.7B | 100 | |
| 2020-09-30 | 956 | $12.6B | 17 | |
| 2020-06-30 | 931 | $11.4B | 41 | |
| 2020-03-31 | 943 | $9.1B | 36 | |
| 2019-12-31 | 947 | $12.1B | 25 | |
| 2019-09-30 | 944 | $11.0B | 13 | |
| 2019-06-30 | 948 | $11.1B | 17 | |
| 2019-03-31 | 950 | $12.5B | 20 | |
| 2018-12-31 | 944 | $11.1B | 34 | |
| 2018-09-30 | 940 | $13.7B | 20 | |
| 2018-06-30 | 936 | $12.7B | 18 | |
| 2018-03-31 | 940 | $12.4B | 19 | |
| 2017-12-31 | 939 | $12.7B | 14 | |
| 2017-09-30 | 944 | $12.4B | 22 | |
| 2017-06-30 | 948 | $13.2B | 10 | |
| 2017-03-31 | 945 | $12.9B | 15 | |
| 2016-12-31 | 958 | $12.6B | 18 | |
| 2016-09-30 | 965 | $12.7B | 18 | |
| 2016-06-30 | 967 | $12.8B | 22 | |
| 2016-03-31 | 958 | $12.6B | 25 | |
| 2015-12-31 | 955 | $13.1B | 21 | |
| 2015-09-30 | 958 | $12.9B | 31 | |
| 2015-06-30 | 956 | $14.4B | 20 | |
| 2015-03-31 | 952 | $14.3B | 25 | |
| 2014-12-31 | 952 | $15.1B | 29 | |
| 2014-09-30 | 950 | $14.4B | 21 | |
| 2014-06-30 | 952 | $14.3B | 21 | |
| 2014-03-31 | 953 | $13.3B | 20 | |
| 2013-12-31 | 948 | $13.1B | 22 | |
| 2013-09-30 | 953 | $11.4B | 16 | |
| 2013-06-30 | 947 | $10.9B | — |
State Of Michigan Retirement System's most significant position changes for 2026-03-31: New buy: Spotify Technology S.A. (SPOT); New buy: Royal Caribbean Cruises Ltd. (RCL); New buy: NXP Semiconductors N.V. (NXPI); Trim: Ss Spdr S&p 500 ETF Trust-us (SPY) — shares -69.21%; Trim: Microsoft CORP (MSFT) — shares -7.88%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | ADBE | Adobe INC | +0.8% | +566.13% | Add |
| 2 | CHTR | Charter Communications Inc-a | +0.5% | +1547.45% | Add |
| 3 | KR | Kroger Co | +0.5% | +64.09% | Add |
| 4 | VRT | Vertiv Holdings Co-a | +0.3% | +65.32% | Add |
| 5 | XOM | Exxon Mobil CORP | +0.3% | -1.11% | Trim |
| 6 | FDS | Factset Research Systems INC | +0.2% | +523.23% | Add |
| 7 | JNJ | Johnson & Johnson | +0.2% | -0.20% | Trim |
| 8 | CVX | Chevron CORP | +0.2% | -1.19% | Trim |
| 9 | MOH | Molina Healthcare INC | +0.2% | +1567.99% | Add |
| 10 | MU | Micron Technology INC | +0.2% | +0.05% | Add |
| 11 | AMAT | Applied Materials INC | +0.1% | -0.47% | Trim |
| 12 | DUOL | Duolingo | +0.1% | +112.90% | Add |
| 13 | WMT | Walmart INC | +0.1% | -0.25% | Trim |
| 14 | CAT | Caterpillar INC | +0.1% | -0.69% | Trim |
| 15 | LRCX | Lam Research CORP | +0.1% | -0.71% | Trim |
| 16 | SNDK | Sandisk CORP | +0.1% | +6.04% | Add |
| 17 | GEV | GE Vernova INC | +0.1% | -0.84% | Trim |
| 18 | QUAL | Ishares Msci USA Quality Fac | +0.1% | +32.44% | Add |
| 19 | GOOG | Alphabet Inc-cl C | 0% | +0.27% | Add |
| 20 | MA | Mastercard INC - A | 0% | -0.79% | Trim |
| 21 | QCOM | Qualcomm INC | -0.1% | -0.48% | Trim |
| 22 | ACN | Accenture plc | -0.1% | -0.85% | Trim |
| 23 | HIMS | Hims & Hers Health INC | -0.1% | +13.65% | Add |
| 24 | NOW | Servicenow INC | -0.1% | +0.54% | Add |
| 25 | INTU | Intuit INC | -0.1% | -0.41% | Trim |
| 26 | HUBS | Hubspot INC | -0.1% | — | Unchanged |
| 27 | PLTR | Palantir Technologies Inc-a | -0.1% | -0.15% | Trim |
| 28 | COST | Costco Wholesale CORP | -0.1% | -29.51% | Trim |
| 29 | ORCL | Oracle CORP | -0.1% | +0.59% | Add |
| 30 | CRM | Salesforce INC | -0.1% | -1.81% | Trim |
| 31 | VLUE | Ishares Msci USA Value Facto | -0.1% | -37.50% | Trim |
| 32 | APP | Applovin Corp-class A | -0.1% | -0.13% | Trim |
| 33 | NFLX | Netflix INC | -0.1% | -27.28% | Trim |
| 34 | META | Meta Platforms Inc-class A | -0.2% | +0.13% | Add |
| 35 | TSLA | Tesla INC | -0.2% | -0.14% | Trim |
| 36 | V | Visa Inc-class A Shares | -0.2% | -15.83% | Trim |
| 37 | AMD | Advanced Micro Devices | -0.2% | -26.73% | Trim |
| 38 | LLY | Eli Lilly & Co | -0.3% | -15.93% | Trim |
| 39 | AAPL | Apple INC | -0.3% | -6.77% | Trim |
| 40 | ISRG | Intuitive Surgical INC | -0.3% | -50.25% | Trim |
| 41 | JPM | Jpmorgan Chase & Co | -0.3% | -22.83% | Trim |
| 42 | AVGO | Broadcom INC | -0.4% | -8.54% | Trim |
| 43 | AMZN | Amazon.com INC | -0.4% | -9.99% | Trim |
| 44 | GOOGL | Alphabet Inc-cl A | -0.5% | -17.08% | Trim |
| 45 | NVDA | Nvidia CORP | -0.6% | -10.12% | Trim |
| 46 | MSFT | Microsoft CORP | -1.2% | -7.88% | Trim |
| 47 | SPY | Ss Spdr S&p 500 ETF Trust-us | -2% | -69.21% | Trim |
| 48 | SPOT | Spotify Technology S.A. | — | NEW | New buy |
| 49 | RCL | Royal Caribbean Cruises Ltd. | — | NEW | New buy |
| 50 | NXPI | NXP Semiconductors N.V. | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-04 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-01-29 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-05 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-05 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-04-30 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-06 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-04 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-07-26 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-04-18 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-01-23 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-10-27 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-07-26 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-04-28 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-01-27 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-10-24 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-08 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-04 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-01-27 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-10-27 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-07-27 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-07-27 | Amendment | View on EDGAR |
| 2021-03-31 | 2021-05-03 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-07-27 | Amendment | View on EDGAR |
| 2020-12-31 | 2021-02-01 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-10-26 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-07-29 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-01 | Amendment | View on EDGAR |
| 2020-03-31 | 2020-04-28 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-01-24 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-10-22 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-07-26 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-06 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-01 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-10-26 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-08 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-08 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-01 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-10-19 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-07-19 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-01 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-02 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-02 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-03 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-06 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-01 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-10-30 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-03 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-04-30 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-03 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-13 | Amendment | View on EDGAR |
| 2014-09-30 | 2014-11-06 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-06 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-06 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-07 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-08 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-08 | 13F-HR | View on EDGAR |
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