STATE OF MICHIGAN RETIREMENT SYSTEM
Comparing Q4 2025 vs Q3 2025
Sorting applies to all holdings for this quarter on the server, then the page is sliced. Prior-quarter values come from the full prior-quarter filing.
Issuer ▲▼ | Shares | Value ($K) | ||||
|---|---|---|---|---|---|---|
Q3 2025 ▲▼ | Q4 2025 ▲▼ | Change ▲▼ | Q3 2025 ▲▼ | Q4 2025 ▲▼ | Change ▲▼ | |
| ALPHABET INC | 2,001,980 | 1,925,280 | -76,700 | 486,681,338 | 602,612,640 | +115,931,302 |
| ALPHABET INC | 1,595,060 | 1,568,960 | -26,100 | 388,476,863 | 492,339,648 | +103,862,785 |
| DUOLINGO INC | 9,500 | 560,500 | +551,000 | 3,057,480 | 98,367,750 | +95,310,270 |
| KAYNE ANDERSON BDC INC | 0 | 6,566,762 | +6,566,762 | 0 | 94,036,032 | +94,036,032 |
| ELI LILLY CO | 266,604 | 256,704 | -9,900 | 203,418,852 | 275,874,655 | +72,455,803 |
| ISHARES TR | 0 | 1,034,810 | +1,034,810 | 0 | 68,297,460 | +68,297,460 |
| SELECT SECTOR SPDR TR | 0 | 364,188 | +364,188 | 0 | 56,376,302 | +56,376,302 |
| KROGER CO | 0 | 1,392,587 | +1,392,587 | 0 | 87,008,836 | +87,008,836 |
| MICRON TECHNOLOGY INC | 0 | 367,142 | +367,142 | 0 | 104,785,998 | +104,785,998 |
| ADVANCED MICRO DEVICES INC | 855,700 | 843,000 | -12,700 | 138,443,703 | 180,536,880 | +42,093,177 |
| APPLE INC | 4,335,499 | 4,183,799 | -151,700 | 1,103,948,110 | 1,137,407,596 | +33,459,486 |
| INTUITIVE SURGICAL INC | 213,453 | 209,353 | -4,100 | 95,462,585 | 118,569,165 | +23,106,580 |
| CRH PLC | 0 | 175,500 | +175,500 | 0 | 21,902,400 | +21,902,400 |
| AMAZON COM INC | 3,080,920 | 3,003,020 | -77,900 | 676,477,604 | 693,157,076 | +16,679,472 |
| CARVANA CO | 0 | 37,000 | +37,000 | 0 | 15,614,740 | +15,614,740 |
| MERCK CO INC | 0 | 724,490 | +724,490 | 0 | 76,259,817 | +76,259,817 |
| LAM RESEARCH CORP | 0 | 364,200 | +364,200 | 0 | 62,343,756 | +62,343,756 |
| CATERPILLAR INC | 133,872 | 130,472 | -3,400 | 63,877,025 | 74,743,495 | +10,866,470 |
| BROADCOM INC | 1,905,060 | 1,846,860 | -58,200 | 628,498,345 | 639,198,246 | +10,699,901 |
| APPLIED MATLS INC | 269,455 | 256,255 | -13,200 | 55,168,217 | 65,854,972 | +10,686,755 |
| JOHNSON JOHNSON | 677,967 | 654,467 | -23,500 | 125,708,641 | 135,441,946 | +9,733,305 |
| NU HLDGS LTD | 0 | 540,800 | +540,800 | 0 | 9,052,992 | +9,052,992 |
| ARES MANAGEMENT CORPORATION | 0 | 53,900 | +53,900 | 0 | 8,711,857 | +8,711,857 |
| SANDISK CORP | 0 | 36,401 | +36,401 | 0 | 8,640,869 | +8,640,869 |
| WALMART INC | 0 | 1,174,420 | +1,174,420 | 0 | 130,842,132 | +130,842,132 |
| ISHARES TR | 1,223,490 | 1,287,290 | +63,800 | 313,764,011 | 322,221,560 | +8,457,549 |
| THERMO FISHER SCIENTIFIC INC | 0 | 98,410 | +98,410 | 0 | 57,023,675 | +57,023,675 |
| HDFC BANK LTD | 448,600 | 595,200 | +146,600 | 15,324,176 | 21,748,608 | +6,424,432 |
| GENERAL MTRS CO | 409,408 | 378,108 | -31,300 | 24,961,606 | 30,747,743 | +5,786,137 |
| ACCENTURE PLC IRELAND | 180,938 | 187,338 | +6,400 | 44,619,311 | 50,262,785 | +5,643,474 |
| CISCO SYS INC | 1,300,162 | 1,222,862 | -77,300 | 88,957,084 | 94,197,060 | +5,239,976 |
| AMGEN INC | 145,597 | 140,997 | -4,600 | 41,087,473 | 46,149,728 | +5,062,255 |
| REGENERON PHARMACEUTICALS | 0 | 26,421 | +26,421 | 0 | 20,393,577 | +20,393,577 |
| NEWMONT CORP | 0 | 315,245 | +315,245 | 0 | 31,477,213 | +31,477,213 |
| SALESFORCE INC | 0 | 249,243 | +249,243 | 0 | 66,026,963 | +66,026,963 |
| WESTERN DIGITAL CORP | 0 | 103,657 | +103,657 | 0 | 17,856,991 | +17,856,991 |
| BRISTOL MYERS SQUIBB CO | 605,833 | 590,933 | -14,900 | 27,323,068 | 31,874,926 | +4,551,858 |
| KLA CORP | 0 | 38,868 | +38,868 | 0 | 47,227,729 | +47,227,729 |
| QNITY ELECTRONICS INC | 0 | 54,847 | +54,847 | 0 | 4,478,258 | +4,478,258 |
| WELLS FARGO CO NEW | 0 | 866,049 | +866,049 | 0 | 80,715,767 | +80,715,767 |
| CITIGROUP INC | 553,336 | 517,836 | -35,500 | 56,163,604 | 60,426,283 | +4,262,679 |
| CAPITAL ONE FINL CORP | 181,764 | 176,964 | -4,800 | 38,639,391 | 42,888,995 | +4,249,604 |
| WARNER BROS DISCOVERY INC | 0 | 648,741 | +648,741 | 0 | 18,696,716 | +18,696,716 |
| FEDEX CORP | 68,967 | 70,467 | +1,500 | 16,263,108 | 20,355,098 | +4,091,990 |
| UNITED PARCEL SERVICE INC | 0 | 218,414 | +218,414 | 0 | 21,664,485 | +21,664,485 |
| MORGAN STANLEY | 0 | 316,226 | +316,226 | 0 | 56,139,602 | +56,139,602 |
| FREEPORT MCMORAN INC | 388,333 | 375,933 | -12,400 | 15,230,420 | 19,093,637 | +3,863,217 |
| PROLOGIS INC | 0 | 254,567 | +254,567 | 0 | 32,498,023 | +32,498,023 |
| TAIWAN SEMICONDUCTOR MFG LTD | 0 | 148,200 | +148,200 | 0 | 45,036,498 | +45,036,498 |
| PINTEREST INC | 0 | 140,800 | +140,800 | 0 | 3,645,312 | +3,645,312 |
| DANAHER CORPORATION | 172,346 | 164,546 | -7,800 | 34,169,318 | 37,667,870 | +3,498,552 |
| LUMENTUM HLDGS INC | 0 | 16,728 | +16,728 | 0 | 6,165,774 | +6,165,774 |
| TJX COS INC NEW | 0 | 348,982 | +348,982 | 0 | 53,607,125 | +53,607,125 |
| AMERICAN EXPRESS CO | 146,777 | 140,677 | -6,100 | 48,753,448 | 52,043,456 | +3,290,008 |
| VERTEX PHARMACEUTICALS INC | 0 | 69,223 | +69,223 | 0 | 31,382,939 | +31,382,939 |
| HECLA MNG CO | 0 | 158,400 | +158,400 | 0 | 3,039,696 | +3,039,696 |
| BURLINGTON STORES INC | 84,900 | 84,800 | -100 | 21,607,050 | 24,494,480 | +2,887,430 |
| CIENA CORP | 33,696 | 33,296 | -400 | 4,908,496 | 7,786,936 | +2,878,440 |
| COHERENT CORP | 37,006 | 37,106 | +100 | 3,986,286 | 6,848,654 | +2,862,368 |
| EXXON MOBIL CORP | 1,153,018 | 1,104,018 | -49,000 | 130,002,780 | 132,857,526 | +2,854,746 |
| S P GLOBAL INC | 0 | 84,153 | +84,153 | 0 | 43,977,516 | +43,977,516 |
| PARKER HANNIFIN CORP | 0 | 32,996 | +32,996 | 0 | 29,002,164 | +29,002,164 |
| OMNICOM GROUP INC | 0 | 90,482 | +90,482 | 0 | 7,306,422 | +7,306,422 |
| VERTIV HOLDINGS CO | 0 | 239,300 | +239,300 | 0 | 38,768,993 | +38,768,993 |
| BOOZ ALLEN HAMILTON HLDG COR | 0 | 31,000 | +31,000 | 0 | 2,615,160 | +2,615,160 |
| GILEAD SCIENCES INC | 335,595 | 324,795 | -10,800 | 37,251,045 | 39,865,338 | +2,614,293 |
| COMFORT SYS USA INC | 8,400 | 10,000 | +1,600 | 6,931,512 | 9,332,900 | +2,401,388 |
| SPX TECHNOLOGIES INC | 0 | 11,800 | +11,800 | 0 | 2,360,708 | +2,360,708 |
| MSCI INC | 0 | 38,502 | +38,502 | 0 | 22,089,752 | +22,089,752 |
| DYCOM INDS INC | 0 | 6,800 | +6,800 | 0 | 2,297,720 | +2,297,720 |
| BORGWARNER INC | 0 | 50,600 | +50,600 | 0 | 2,280,036 | +2,280,036 |
| STERLING INFRASTRUCTURE INC | 0 | 7,300 | +7,300 | 0 | 2,235,479 | +2,235,479 |
| MARRIOTT INTL INC NEW | 0 | 58,336 | +58,336 | 0 | 18,098,161 | +18,098,161 |
| DELTA AIR LINES INC DEL | 185,403 | 183,503 | -1,900 | 10,521,620 | 12,735,108 | +2,213,488 |
| EXPEDIA GROUP INC | 39,164 | 37,264 | -1,900 | 8,371,305 | 10,557,264 | +2,185,959 |
| COREBRIDGE FINL INC | 0 | 70,600 | +70,600 | 0 | 2,130,002 | +2,130,002 |
| SEAGATE TECHNOLOGY HLDNGS PL | 0 | 57,005 | +57,005 | 0 | 15,698,607 | +15,698,607 |
| SLB LIMITED | 0 | 468,738 | +468,738 | 0 | 17,990,164 | +17,990,164 |
| COGNIZANT TECHNOLOGY SOLUTIO | 165,323 | 158,123 | -7,200 | 11,088,214 | 13,124,209 | +2,035,995 |
| TERADYNE INC | 0 | 41,035 | +41,035 | 0 | 7,942,735 | +7,942,735 |
| PACCAR INC | 0 | 162,266 | +162,266 | 0 | 17,769,750 | +17,769,750 |
| OKLO INC | 0 | 27,500 | +27,500 | 0 | 1,973,400 | +1,973,400 |
| ANALOG DEVICES INC | 134,255 | 128,755 | -5,500 | 32,986,454 | 34,918,356 | +1,931,902 |
| QUALCOMM INC | 0 | 335,366 | +335,366 | 0 | 57,364,354 | +57,364,354 |
| ROSS STORES INC | 0 | 85,156 | +85,156 | 0 | 15,340,002 | +15,340,002 |
| ALBEMARLE CORP | 31,807 | 30,807 | -1,000 | 2,578,912 | 4,357,342 | +1,778,430 |
| BANK AMERICA CORP | 1,963,412 | 1,873,512 | -89,900 | 101,292,425 | 103,043,160 | +1,750,735 |
| NEXTERA ENERGY INC | 0 | 545,198 | +545,198 | 0 | 43,768,495 | +43,768,495 |
| US BANCORP DEL | 0 | 436,882 | +436,882 | 0 | 23,312,024 | +23,312,024 |
| TWILIO INC | 0 | 43,400 | +43,400 | 0 | 6,173,216 | +6,173,216 |
| CHUBB LIMITED | 100,287 | 95,787 | -4,500 | 28,306,006 | 29,897,038 | +1,591,032 |
| DOLLAR TREE INC | 55,769 | 55,369 | -400 | 5,262,921 | 6,810,941 | +1,548,020 |
| BIOGEN INC | 43,103 | 43,103 | 0 | 6,037,868 | 7,585,697 | +1,547,829 |
| INTEL CORP | 1,597,683 | 1,494,283 | -103,400 | 53,602,265 | 55,139,043 | +1,536,778 |
| DOLLAR GEN CORP NEW | 59,554 | 57,654 | -1,900 | 6,154,906 | 7,654,722 | +1,499,816 |
| SHOPIFY INC | 0 | 117,200 | +117,200 | 0 | 18,865,684 | +18,865,684 |
| INTERNATIONAL BUSINESS MACHS | 251,940 | 244,740 | -7,200 | 71,087,390 | 72,494,435 | +1,407,045 |
| UL SOLUTIONS INC | 0 | 17,800 | +17,800 | 0 | 1,403,708 | +1,403,708 |
| UNITED AIRLS HLDGS INC | 0 | 90,028 | +90,028 | 0 | 10,066,931 | +10,066,931 |
| EDWARDS LIFESCIENCES CORP | 264,651 | 257,351 | -7,300 | 20,581,908 | 21,939,173 | +1,357,265 |