Fund Holdings — STATE OF MICHIGAN RETIREMENT SYSTEM

Total Portfolio Value
$20.57B
Total Bought
$497.80M
Total Sold
$1.97B
Net Transaction
-$1.47B
Filing Period:
Securities
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SharesValue ($K)
Q3 2025
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Q4 2025
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Change
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Q3 2025
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Q4 2025
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Weight (%)
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Change
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ALPHABET INC(GOOG)2,001,9801,925,280-76,700486,681602,6132.93%+115,931
ALPHABET INC(GOOG)1,595,0601,568,960-26,100388,477492,3402.39%+103,863
DUOLINGO INC(DUOL)9,500560,500+551,0003,05798,3680.48%+95,310
KAYNE ANDERSON BDC INC(KBDC)06,566,762+6,566,762094,0360.46%+94,036
ELI LILLY CO(LLY)266,604256,704-9,900203,419275,8751.34%+72,456
KROGER CO(KR)596,8871,392,587+795,70040,23687,0090.42%+46,773
MICRON TECHNOLOGY INC(MU)370,242367,142-3,10061,949104,7860.51%+42,837
ADVANCED MICRO DEVICES INC(AMD)855,700843,000-12,700138,444180,5370.88%+42,093
APPLE INC(AAPL)4,335,4994,183,799-151,7001,103,9481,137,4085.53%+33,459
INTUITIVE SURGICAL INC213,453209,353-4,10095,463118,5690.58%+23,107
CRH PLC
ORD
0175,500+175,500021,9020.11%+21,902
AMAZON COM INC(AMZN)3,080,9203,003,020-77,900676,478693,1573.37%+16,679
CARVANA CO(CVNA)037,000+37,000015,6150.08%+15,615
MERCK CO INC(MRK)737,790724,490-13,30061,92376,2600.37%+14,337
LAM RESEARCH CORP(LRCX)371,600364,200-7,40049,75762,3440.30%+12,587
CATERPILLAR INC(CAT)133,872130,472-3,40063,87774,7430.36%+10,866
BROADCOM INC(AVGO)1,905,0601,846,860-58,200628,498639,1983.11%+10,700
APPLIED MATLS INC269,455256,255-13,20055,16865,8550.32%+10,687
JOHNSON JOHNSON(JNJ)677,967654,467-23,500125,709135,4420.66%+9,733
ARES MANAGEMENT CORPORATION(ARES)053,900+53,90008,7120.04%+8,712
SANDISK CORP(SNDK)036,401+36,40108,6410.04%+8,641
WALMART INC(WMT)1,187,1201,174,420-12,700122,345130,8420.64%+8,498
ISHARES TR
MSCI USA MMENTM
1,223,4901,287,290+63,800313,764322,2221.57%+8,458
THERMO FISHER SCIENTIFIC INC(TMO)102,11098,410-3,70049,52557,0240.28%+7,498
SELECT SECTOR SPDR TR
ST STR CARE ETF
354,888364,188+9,30049,39056,3760.27%+6,987
HDFC BANK LTD(HDB)448,600595,200+146,60015,32421,7490.11%+6,424
GENERAL MTRS CO(GM)409,408378,108-31,30024,96230,7480.15%+5,786
ACCENTURE PLC IRELAND
SHS CLASS A
180,938187,338+6,40044,61950,2630.24%+5,643
CISCO SYS INC(CSCO)1,300,1621,222,862-77,30088,95794,1970.46%+5,240
AMGEN INC(AMGN)145,597140,997-4,60041,08746,1500.22%+5,062
REGENERON PHARMACEUTICALS(REGN)27,52126,421-1,10015,47420,3940.10%+4,919
NEWMONT CORP(NEM)315,245315,245026,57831,4770.15%+4,899
SALESFORCE INC(CRM)258,543249,243-9,30061,27566,0270.32%+4,752
WESTERN DIGITAL CORP(WDC)109,757103,657-6,10013,17717,8570.09%+4,680
BRISTOL MYERS SQUIBB CO(BMY)605,833590,933-14,90027,32331,8750.15%+4,552
KLA CORP(KLAC)39,56838,868-70042,67847,2280.23%+4,550
QNITY ELECTRONICS INC(Q)054,847+54,84704,4780.02%+4,478
WELLS FARGO CO NEW(WFC)911,949866,049-45,90076,44080,7160.39%+4,276
CITIGROUP INC(C)553,336517,836-35,50056,16460,4260.29%+4,263
CAPITAL ONE FINL CORP(COF)181,764176,964-4,80038,63942,8890.21%+4,250
WARNER BROS DISCOVERY INC(WBD)743,725648,741-94,98414,52518,6970.09%+4,172
FEDEX CORP(FDX)68,96770,467+1,50016,26320,3550.10%+4,092
UNITED PARCEL SERVICE INC(UPS)211,414218,414+7,00017,65921,6640.11%+4,005
MORGAN STANLEY(MS)328,126316,226-11,90052,15956,1400.27%+3,981
FREEPORT MCMORAN INC(FCX)388,333375,933-12,40015,23019,0940.09%+3,863
PROLOGIS INC(PLD)250,967254,567+3,60028,74132,4980.16%+3,757
TAIWAN SEMICONDUCTOR MFG LTD(TSM)148,200148,200041,39145,0360.22%+3,646
PINTEREST INC(PINS)0140,800+140,80003,6450.02%+3,645
DANAHER CORPORATION(DHR)172,346164,546-7,80034,16937,6680.18%+3,499
LUMENTUM HLDGS INC(LITE)16,62816,728+1002,7066,1660.03%+3,460
TJX COS INC NEW(TJX)347,982348,982+1,00050,29753,6070.26%+3,310
AMERICAN EXPRESS CO(AXP)146,777140,677-6,10048,75352,0430.25%+3,290
VERTEX PHARMACEUTICALS INC(VRTX)72,02369,223-2,80028,20731,3830.15%+3,176
HECLA MNG CO(HL)0158,400+158,40003,0400.01%+3,040
NU HLDGS LTD(NU)380,700540,800+160,1006,0959,0530.04%+2,958
BURLINGTON STORES INC(BURL)84,90084,800-10021,60724,4940.12%+2,887
CIENA CORP(CIEN)33,69633,296-4004,9087,7870.04%+2,878
COHERENT CORP(COHR)37,00637,106+1003,9866,8490.03%+2,862
EXXON MOBIL CORP1,153,0181,104,018-49,000130,003132,8580.65%+2,855
S P GLOBAL INC(SPGI)84,55384,153-40041,15343,9780.21%+2,825
PARKER HANNIFIN CORP(PH)34,59632,996-1,60026,22929,0020.14%+2,773
OMNICOM GROUP INC(OMC)56,58490,482+33,8984,6137,3060.04%+2,693
VERTIV HOLDINGS CO(VRT)239,300239,300036,10138,7690.19%+2,668
BOOZ ALLEN HAMILTON HLDG COR031,000+31,00002,6150.01%+2,615
GILEAD SCIENCES INC(GILD)335,595324,795-10,80037,25139,8650.19%+2,614
COMFORT SYS USA INC(FIX)8,40010,000+1,6006,9329,3330.05%+2,401
SPX TECHNOLOGIES INC011,800+11,80002,3610.01%+2,361
MSCI INC(MSCI)34,80238,502+3,70019,74722,0900.11%+2,343
DYCOM INDS INC(DY)06,800+6,80002,2980.01%+2,298
BORGWARNER INC050,600+50,60002,2800.01%+2,280
STERLING INFRASTRUCTURE INC(STRL)07,300+7,30002,2350.01%+2,235
MARRIOTT INTL INC NEW(MAR)60,93658,336-2,60015,87018,0980.09%+2,228
DELTA AIR LINES INC DEL(DAL)185,403183,503-1,90010,52212,7350.06%+2,213
EXPEDIA GROUP INC(EXPE)39,16437,264-1,9008,37110,5570.05%+2,186
COREBRIDGE FINL INC(CRBD)070,600+70,60002,1300.01%+2,130
SEAGATE TECHNOLOGY HLDNGS PL
ORD SHS
57,50557,005-50013,57515,6990.08%+2,124
SLB LIMITED(SLB)461,838468,738+6,90015,87317,9900.09%+2,117
COGNIZANT TECHNOLOGY SOLUTIO(CTSH)165,323158,123-7,20011,08813,1240.06%+2,036
TERADYNE INC(TER)43,03541,035-2,0005,9237,9430.04%+2,019
PACCAR INC(PCAR)160,366162,266+1,90015,76717,7700.09%+2,003
OKLO INC(OKLO)027,500+27,50001,9730.01%+1,973
ANALOG DEVICES INC(ADI)134,255128,755-5,50032,98634,9180.17%+1,932
QUALCOMM INC(QCOM)333,466335,366+1,90055,47557,3640.28%+1,889
ROSS STORES INC(ROST)88,45685,156-3,30013,48015,3400.07%+1,860
ALBEMARLE CORP(ALB)31,80730,807-1,0002,5794,3570.02%+1,778
BANK AMERICA CORP1,963,4121,873,512-89,900101,292103,0430.50%+1,751
NEXTERA ENERGY INC(NEE)556,898545,198-11,70042,04043,7680.21%+1,728
US BANCORP DEL(USB)446,882436,882-10,00021,59823,3120.11%+1,714
TWILIO INC(TWLO)45,40043,400-2,0004,5446,1730.03%+1,629
CHUBB LIMITED
COM
100,28795,787-4,50028,30629,8970.15%+1,591
DOLLAR TREE INC(DLTR)55,76955,369-4005,2636,8110.03%+1,548
BIOGEN INC(BIIB)43,10343,10306,0387,5860.04%+1,548
INTEL CORP(INTC)1,597,6831,494,283-103,40053,60255,1390.27%+1,537
DOLLAR GEN CORP NEW(DG)59,55457,654-1,9006,1557,6550.04%+1,500
SHOPIFY INC(SHOP)117,200117,200017,41718,8660.09%+1,449
INTERNATIONAL BUSINESS MACHS(IBM)251,940244,740-7,20071,08772,4940.35%+1,407
UL SOLUTIONS INC(ULS)017,800+17,80001,4040.01%+1,404
UNITED AIRLS HLDGS INC(UAL)90,22890,028-2008,70710,0670.05%+1,360
EDWARDS LIFESCIENCES CORP264,651257,351-7,30020,58221,9390.11%+1,357
ATMOS ENERGY CORP(ATO)51,01060,010+9,0008,71010,0590.05%+1,350
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STATE OF MICHIGAN RETIREMENT SYSTEM — 13F Holdings — Q4 2025 | TickerTrail