Fund HoldingsSTATE OF MICHIGAN RETIREMENT SYSTEM

Total Portfolio Value
$20.57B
Total Bought
$622.32M
Total Sold
$2.09B
Net Transaction
-$1.47B
Filing Period:
Securities
SharesValue ($K)
Q3 2025
Q4 2025
Change
Q3 2025
Q4 2025
Weight (%)
Change
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)0560,500+560,500098,3680.48%+98,368
KAYNE ANDERSON BDC INC(KBDC)06,566,762+6,566,762094,0360.46%+94,036
ELI LILLY CO(LLY)0256,704+256,7040275,8751.34%+275,875
ISHARES TR01,034,810+1,034,810068,2970.33%+68,297
SELECT SECTOR SPDR TR
ST STR CARE ETF
0364,188+364,188056,3760.27%+56,376
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 INC0209,353+209,3530118,5690.58%+118,569
CRH PLC
ORD
0175,500+175,500021,9020.11%+21,902
AMAZON COM INC(AMZN)03,003,020+3,003,0200693,1573.37%+693,157
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
NU HLDGS LTD(NU)0540,800+540,80009,0530.04%+9,053
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
HDFC BANK LTD(HDB)0595,200+595,200021,7490.11%+21,749
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)01,222,862+1,222,862094,1970.46%+94,197
AMGEN INC(AMGN)0140,997+140,997046,1500.22%+46,150
REGENERON PHARMACEUTICALS(REGN)026,421+26,421020,3940.10%+20,394
NEWMONT CORP(NEM)315,245315,245026,57831,4770.15%+4,899
SALESFORCE INC(CRM)0249,243+249,243066,0270.32%+66,027
WESTERN DIGITAL CORP(WDC)109,757103,657-6,10013,17717,8570.09%+4,680
BRISTOL MYERS SQUIBB CO(BMY)0590,933+590,933031,8750.15%+31,875
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)0866,049+866,049080,7160.39%+80,716
CITIGROUP INC(C)553,336517,836-35,50056,16460,4260.29%+4,263
CAPITAL ONE FINL CORP(COF)0176,964+176,964042,8890.21%+42,889
WARNER BROS DISCOVERY INC(WBD)743,725648,741-94,98414,52518,6970.09%+4,172
FEDEX CORP(FDX)070,467+70,467020,3550.10%+20,355
UNITED PARCEL SERVICE INC(UPS)0218,414+218,414021,6640.11%+21,664
MORGAN STANLEY(MS)328,126316,226-11,90052,15956,1400.27%+3,981
FREEPORT MCMORAN INC(FCX)0375,933+375,933019,0940.09%+19,094
PROLOGIS INC(PLD)0254,567+254,567032,4980.16%+32,498
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)0164,546+164,546037,6680.18%+37,668
LUMENTUM HLDGS INC(LITE)016,728+16,72806,1660.03%+6,166
TJX COS INC NEW(TJX)347,982348,982+1,00050,29753,6070.26%+3,310
AMERICAN EXPRESS CO(AXP)0140,677+140,677052,0430.25%+52,043
VERTEX PHARMACEUTICALS INC(VRTX)069,223+69,223031,3830.15%+31,383
HECLA MNG CO(HL)0158,400+158,40003,0400.01%+3,040
BURLINGTON STORES INC(BURL)084,800+84,800024,4940.12%+24,494
CIENA CORP(CIEN)033,296+33,29607,7870.04%+7,787
COHERENT CORP(COHR)037,106+37,10606,8490.03%+6,849
EXXON MOBIL CORP1,153,0181,104,018-49,000130,003132,8580.65%+2,855
S P GLOBAL INC(SPGI)084,153+84,153043,9780.21%+43,978
PARKER HANNIFIN CORP(PH)032,996+32,996029,0020.14%+29,002
OMNICOM GROUP INC(OMC)090,482+90,48207,3060.04%+7,306
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)0324,795+324,795039,8650.19%+39,865
COMFORT SYS USA INC(FIX)010,000+10,00009,3330.05%+9,333
SPX TECHNOLOGIES INC011,800+11,80002,3610.01%+2,361
MSCI INC(MSCI)038,502+38,502022,0900.11%+22,090
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)058,336+58,336018,0980.09%+18,098
DELTA AIR LINES INC DEL(DAL)0183,503+183,503012,7350.06%+12,735
EXPEDIA GROUP INC(EXPE)037,264+37,264010,5570.05%+10,557
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)0468,738+468,738017,9900.09%+17,990
COGNIZANT TECHNOLOGY SOLUTIO(CTSH)0158,123+158,123013,1240.06%+13,124
TERADYNE INC(TER)041,035+41,03507,9430.04%+7,943
PACCAR INC(PCAR)0162,266+162,266017,7700.09%+17,770
OKLO INC(OKLO)027,500+27,50001,9730.01%+1,973
ANALOG DEVICES INC(ADI)0128,755+128,755034,9180.17%+34,918
QUALCOMM INC(QCOM)0335,366+335,366057,3640.28%+57,364
ROSS STORES INC(ROST)085,156+85,156015,3400.07%+15,340
ALBEMARLE CORP(ALB)030,807+30,80704,3570.02%+4,357
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)0436,882+436,882023,3120.11%+23,312
TWILIO INC(TWLO)45,40043,400-2,0004,5446,1730.03%+1,629
CHUBB LIMITED
COM
095,787+95,787029,8970.15%+29,897
DOLLAR TREE INC(DLTR)055,369+55,36906,8110.03%+6,811
BIOGEN INC(BIIB)043,103+43,10307,5860.04%+7,586
INTEL CORP(INTC)1,597,6831,494,283-103,40053,60255,1390.27%+1,537
DOLLAR GEN CORP NEW(DG)057,654+57,65407,6550.04%+7,655
SHOPIFY INC(SHOP)117,200117,200017,41718,8660.09%+1,449
INTERNATIONAL BUSINESS MACHS(IBM)0244,740+244,740072,4940.35%+72,494
UL SOLUTIONS INC(ULS)017,800+17,80001,4040.01%+1,404
UNITED AIRLS HLDGS INC(UAL)090,028+90,028010,0670.05%+10,067
EDWARDS LIFESCIENCES CORP0257,351+257,351021,9390.11%+21,939
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