STATE OF MICHIGAN RETIREMENT SYSTEM
Long book
$18.93B
Q1 2026
Positions
941
Top-10 weight
32%
concentration
Last quarter
+15.1%
SPY +14.8%
Turnover
4%
of book per quarter
Strategy in plain words
auto-generated from filingsSTATE OF MICHIGAN RETIREMENT SYSTEM is an institutional manager, running a $18.93B US long book across 941 positions.
The portfolio is moderately concentrated (top 10 ≈ 32% of the book). The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: NVIDIA CORP, APPLE INC, MICROSOFT CORP, AMAZON.COM INC, BROADCOM INC.
Over the last 9 quarters its long book ran on average 0pp per quarter ahead of the S&P 500, beating the index in 4 of 9 quarters. Signal value of individual moves is limited — treat changes as weak evidence.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+4.1%
Q2 2024
+5.8%
Q3 2024
+2.0%
Q4 2024
-3.9%
Q1 2025
+11.8%
Q2 2025
+8.0%
Q3 2025
+2.3%
Q4 2025
-4.7%
Q1 2026
+15.1%
Sector allocation
Technology 42%
Financials 11%
Industrials 11%
Consumer discretionary 9%
Healthcare 8%
Services media 5%
Other 3%
Energy 3%
Long book by quarter
What does STATE OF own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NVDA NVIDIA CORP | Technology | 7.2M | $1.26B | 6.7% | -10.1% |
| AAPL APPLE INC | Technology | 3.9M | $989.9M | 5.2% | -6.8% |
| MSFT MICROSOFT CORP | Technology | 2.1M | $761.8M | 4.0% | -7.9% |
| AMZN AMAZON.COM INC | Consumer discretionary | 2.7M | $563.0M | 3.0% | -10.0% |
| AVGO BROADCOM INC | Technology | 1.7M | $522.8M | 2.8% | -8.5% |
| META META PLATFORMS INC-CLASS A | Technology | 849.4K | $486.0M | 2.6% | +0.1% |
| GOOGL ALPHABET INC-CL A | Technology | 1.6M | $459.1M | 2.4% | -17.1% |
| GOOG ALPHABET INC-CL C | Technology | 1.6M | $451.3M | 2.4% | +0.3% |
| TSLA TESLA INC | Industrials | 734.7K | $273.1M | 1.4% | -0.1% |
| JPM JPMORGAN CHASE & CO | Financials | 704.3K | $207.2M | 1.1% | -22.8% |
| ADBE ADOBE INC | Technology | 820.8K | $199.5M | 1.1% | +566.1% |
| LLY ELI LILLY & CO | Healthcare | 215.8K | $198.5M | 1.0% | -15.9% |
| XOM EXXON MOBIL CORP | Energy | 1.1M | $185.2M | 1.0% | -1.1% |
| KR KROGER CO | Consumer discretionary | 2.3M | $165.3M | 0.9% | +64.1% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 339.6K | $162.8M | 0.9% | 0.0% |
| JNJ JOHNSON & JOHNSON | Healthcare | 653.2K | $159.7M | 0.8% | -0.2% |
| WMT WALMART INC | Consumer discretionary | 1.2M | $145.6M | 0.8% | -0.2% |
| V VISA INC-CLASS A SHARES | Services media | 465.6K | $140.7M | 0.7% | -15.8% |
| PLTR PALANTIR TECHNOLOGIES INC-A | Technology | 876.7K | $128.2M | 0.7% | -0.1% |
| AMD ADVANCED MICRO DEVICES | Technology | 617.7K | $125.7M | 0.7% | -26.7% |
| MU MICRON TECHNOLOGY INC | Technology | 367.3K | $124.1M | 0.7% | +0.1% |
| MA MASTERCARD INC - A | Services media | 239.7K | $119.8M | 0.6% | -0.8% |
| COST COSTCO WHOLESALE CORP | Consumer discretionary | 119.7K | $119.2M | 0.6% | -29.5% |
| DUOL DUOLINGO | Technology | 1.2M | $117.6M | 0.6% | +112.9% |
| NFLX NETFLIX INC | Services media | 1.2M | $111.8M | 0.6% | -27.3% |
| CVX CHEVRON CORP | Energy | 489.6K | $101.3M | 0.5% | -1.2% |
| ABBV ABBVIE INC | Healthcare | 461.7K | $100.4M | 0.5% | -0.2% |
| VRT VERTIV HOLDINGS CO-A | Technology | 395.6K | $99.1M | 0.5% | +65.3% |
| CSCO CISCO SYSTEMS INC | Technology | 1.2M | $94.9M | 0.5% | 0.0% |
| CHTR CHARTER COMMUNICATIONS INC-A | Communications | 431.6K | $93.2M | 0.5% | +1547.4% |
| CAT CATERPILLAR INC | Industrials | 129.6K | $91.8M | 0.5% | -0.7% |
| PG PROCTER & GAMBLE CO/THE | Other | 625.0K | $90.3M | 0.5% | -0.7% |
| KBDC KAYNE ANDERSON BDC INC | — | 6.6M | $90.1M | 0.5% | Held |
| BAC BANK OF AMERICA CORP | Financials | 1.8M | $90.1M | 0.5% | -1.4% |
| TDG TRANSDIGM GROUP INC | Industrials | 75.8K | $87.8M | 0.5% | Held |
| AMAT APPLIED MATERIALS INC | Technology | 255.1K | $87.2M | 0.5% | -0.5% |
| MRK MERCK & CO. INC. | Healthcare | 723.1K | $87.0M | 0.5% | -0.2% |
| HD HOME DEPOT INC | Consumer discretionary | 260.1K | $85.5M | 0.5% | -0.2% |
| BRK/A BERKSHIRE HATHAWAY INC-CL A | Financials | 116 | $83.3M | 0.4% | Held |
| KO COCA-COLA CO/THE | Consumer staples | 1.0M | $79.0M | 0.4% | -0.2% |
| GE GENERAL ELECTRIC | Industrials | 274.0K | $77.7M | 0.4% | -0.8% |
| LRCX LAM RESEARCH CORP | Industrials | 361.6K | $77.3M | 0.4% | -0.7% |
| UNH UNITEDHEALTH GROUP INC | Financials | 281.4K | $76.1M | 0.4% | +14.9% |
| INTC INTEL CORP | Technology | 1.5M | $68.3M | 0.4% | +3.5% |
| WFC WELLS FARGO & CO | Financials | 852.1K | $67.8M | 0.4% | -1.6% |
| RTX RTX CORP | Industrials | 350.6K | $67.6M | 0.4% | -0.1% |
| PM PHILIP MORRIS INTERNATIONAL | Consumer staples | 406.7K | $67.2M | 0.4% | -0.2% |
| GS GOLDMAN SACHS GROUP INC | Financials | 78.4K | $66.3M | 0.4% | -0.3% |
| ANET ARISTA NETWORKS INC | Technology | 536.0K | $65.8M | 0.3% | -0.1% |
| ORCL ORACLE CORP | Technology | 442.9K | $65.2M | 0.3% | +0.6% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 4, 2026 | 941 | $18.93B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Jan 29, 2026 | 935 | $20.57B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 5, 2025 | 944 | $20.81B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 5, 2025 | 944 | $19.31B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | Apr 30, 2025 | 944 | $17.34B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 6, 2025 | 951 | $19.24B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 4, 2024 | 950 | $20.17B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Jul 26, 2024 | 950 | $19.46B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Apr 18, 2024 | 955 | $18.60B | canonical | SEC ↗ |
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