Institution

State Of Michigan Retirement System

13F for the quarter to June 30, 2026, filed July 30, 2026 · SEC CIK 762152

Reported value: $22.6bn
Positions we cover: 923
Copy, a year: +14.0%
Copy Sharpe ratio: 0.76

How copying its 13F would have done

CopyS&P 500 $10,000 copying State Of Michigan Retirement System's filed holdings in companies we cover from August 9, 2013, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −33.3% (S&P 500 −31.8%); beta 1.03; alpha −0.2% a year (t = −0.31); last 12 months +10.6% against +12.1%.

Reported value by quarter

State Of Michigan Retirement System: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).

View chart data

Period	Reported value
2013-06-30	$10.9B
2013-09-30	$11.4B
2013-12-31	$13.1B
2014-03-31	$13.3B
2014-06-30	$14.3B
2014-09-30	$14.4B
2014-12-31	$15.1B
2015-03-31	$14.3B
2015-06-30	$14.4B
2015-09-30	$12.9B
2015-12-31	$13.1B
2016-03-31	$12.6B
2016-06-30	$12.8B
2016-09-30	$12.7B
2016-12-31	$12.6B
2017-03-31	$12.9B
2017-06-30	$13.2B
2017-09-30	$12.4B
2017-12-31	$12.7B
2018-03-31	$12.4B
2018-06-30	$12.7B
2018-09-30	$13.7B
2018-12-31	$11.1B
2019-03-31	$12.5B
2019-06-30	$11.1B
2019-09-30	$11B
2019-12-31	$12.1B
2020-03-31	$9.1B
2020-06-30	$11.4B
2020-09-30	$12.6B
2020-12-31	$14.7B
2021-03-31	$15.8B
2021-06-30	$17B
2021-09-30	$17.6B
2021-12-31	$19.1B
2022-03-31	$17.3B
2022-06-30	$14.6B
2022-09-30	$13.6B
2022-12-31	$14.4T
2023-03-31	$15.2B
2023-06-30	$16.2B
2023-09-30	$15.5B
2023-12-31	$16.8B
2024-03-31	$18.6B
2024-06-30	$19.5B
2024-09-30	$20.2B
2024-12-31	$19.2B
2025-03-31	$17.3B
2025-06-30	$19.3B
2025-09-30	$20.8B
2025-12-31	$20.6B
2026-03-31	$18.9B
2026-06-30	$22.6B

Holdings and moves

Company	Share of portfolio	Value	Shares	Change in shares
NVDANVIDIA Corporation	6.33%	$1.4bn	7.14M	−1.4% Reduced
AAPLApple Inc.	4.91%	$1.1bn	3.83M	−1.8% Reduced
MSFTMicrosoft Corporation	3.35%	$755.8m	2.03M	−1.5% Reduced
AMZNAmazon	2.79%	$631.1m	2.65M	−2.0% Reduced
AVGOBroadcom	2.73%	$617.5m	1.63M	−3.2% Reduced
GOOGLAlphabet Inc. (Class A)	2.50%	$564.1m	1.58M	−1.1% Reduced
AMDAdvanced Micro Devices	2.03%	$459.2m	790.5K	+28.0% Added
MUMicron Technology	1.91%	$431.8m	374.0K	+1.8% Added
METAMeta Platforms	1.90%	$429.3m	762.1K	−10.3% Reduced
TSLATesla, Inc.	1.34%	$303.2m	720.9K	−1.9% Reduced
ADBEAdobe Inc.	1.23%	$276.6m	1.35M	+64.4% Added
LLYLilly (Eli)	1.13%	$255.4m	212.9K	−1.3% Reduced
JPMJPMorgan Chase	0.99%	$224.6m	686.0K	−2.6% Reduced
HUBSHubspot Inc	0.96%	$217.0m	1.19M	+1017.4% Added
INTCIntel	0.75%	$168.9m	1.21M	−21.8% Reduced
JNJJohnson & Johnson	0.72%	$163.2m	642.5K	−1.6% Reduced
KRKroger	0.72%	$162.7m	2.93M	+28.2% Added
AMATApplied Materials	0.71%	$161.3m	223.1K	−12.5% Reduced
LRCXLam Research	0.69%	$155.5m	358.8K	−0.8% Reduced
VVisa Inc.	0.69%	$155.4m	453.0K	−2.7% Reduced
CHTRCharter Communications	0.67%	$152.2m	1.07M	+148.0% Added
DUOLDuolingo, Inc.	0.67%	$150.2m	1.31M	+9.5% Added
VRTVertiv	0.61%	$137.5m	410.6K	+3.8% Added
CSCOCisco	0.60%	$135.6m	1.15M	−5.7% Reduced
WMTWalmart	0.58%	$130.4m	1.15M	−1.7% Reduced
CATCaterpillar Inc.	0.56%	$125.6m	118.0K	−9.0% Reduced
MAMastercard	0.54%	$122.1m	237.7K	−0.8% Reduced
KLACKLA Corporation	0.51%	$114.2m	378.5K	+876.3% Added
ABBVAbbVie	0.50%	$113.8m	452.4K	−2.0% Reduced
PLTRPalantir Technologies Inc.	0.49%	$110.6m	948.3K	+8.2% Added
COSTCostco	0.49%	$109.8m	117.4K	−1.9% Reduced
BACBank of America	0.45%	$102.5m	1.80M	−2.7% Reduced
GEGE Aerospace	0.44%	$99.8m	267.2K	−2.5% Reduced
UNHUnitedHealth Group	0.43%	$96.6m	232.5K	−17.4% Reduced
ANETArista Networks	0.43%	$96.3m	566.7K	+5.7% Added
PGProcter & Gamble	0.40%	$90.1m	614.5K	−1.7% Reduced
HDThe Home Depot	0.40%	$89.9m	255.0K	−2.0% Reduced
KBDCKayne Anderson BDC, Inc.	0.39%	$88.8m	6.57M	0.0%
SNDKSandisk	0.38%	$86.2m	37.9K	−1.8% Reduced
MRKMerck & Co.	0.38%	$85.2m	663.4K	−8.3% Reduced
PANWPalo Alto Networks	0.37%	$83.2m	244.0K	+15.6% Added
KOThe Coca-Cola Company	0.37%	$83.0m	1.02M	−1.6% Reduced
NFLXNetflix	0.36%	$82.5m	1.16M	−0.6% Reduced
GEVGE Vernova	0.36%	$82.1m	69.8K	−0.9% Reduced
HIMSHims & Hers Health, Inc.	0.36%	$81.3m	2.35M	+0.3%
CVXChevron Corporation	0.35%	$79.5m	479.3K	−2.1% Reduced
GSGoldman Sachs	0.34%	$76.4m	75.6K	−3.6% Reduced
PMPhilip Morris International	0.32%	$72.2m	399.1K	−1.9% Reduced
TXNTexas Instruments	0.31%	$69.5m	233.1K	−1.7% Reduced
WFCWells Fargo	0.31%	$69.0m	835.1K	−2.0% Reduced
IBMIBM	0.30%	$67.7m	240.6K	−1.4% Reduced
CCitigroup	0.30%	$67.2m	480.1K	−5.1% Reduced
MRVLMarvell Technology	0.30%	$66.8m	224.2K	New
RTXRTX Corporation	0.29%	$65.4m	344.8K	−1.7% Reduced
LINLinde plc	0.29%	$65.0m	125.3K	−1.3% Reduced
MSMorgan Stanley	0.28%	$64.2m	306.9K	−2.4% Reduced
APHAmphenol	0.28%	$64.1m	363.6K	−1.7% Reduced
ORCLOracle Corporation	0.28%	$63.7m	434.4K	−1.9% Reduced
FDSFactset Research Systems Inc	0.27%	$61.1m	265.4K	+8.5% Added
CRWDCrowdStrike	0.27%	$60.5m	79.3K	+20.4% Added
WDCWestern Digital	0.25%	$56.4m	88.3K	−14.0% Reduced
QCOMQualcomm	0.25%	$56.2m	304.1K	−8.9% Reduced
TSMTaiwan Semiconductor Manufacturing Co LTD	0.25%	$56.2m	117.6K	−11.0% Reduced
STXSeagate Technology	0.24%	$55.4m	57.4K	+0.7% Added
TJXTJX Companies	0.24%	$55.3m	365.1K	+5.0% Added
VZVerizon	0.24%	$54.8m	1.29M	+1.0% Added
MOHMolina Healthcare, Inc.	0.23%	$51.2m	224.0K	0.0%
GLWCorning Inc.	0.23%	$51.2m	200.5K	−1.7% Reduced
AMGNAmgen	0.22%	$50.0m	138.2K	−1.8% Reduced
ADIAnalog Devices	0.22%	$49.6m	125.0K	−2.1% Reduced
MCDMcDonald's	0.22%	$49.2m	181.9K	−2.2% Reduced
PEPPepsiCo	0.21%	$48.5m	358.2K	−1.9% Reduced
DISThe Walt Disney Company	0.21%	$48.2m	501.3K	+0.9% Added
TMOThermo Fisher Scientific	0.21%	$47.7m	95.1K	−3.1% Reduced
NEENextEra Energy	0.21%	$46.9m	533.9K	−1.9% Reduced
AXPAmerican Express	0.20%	$46.1m	136.3K	−2.6% Reduced
ETNEaton Corporation	0.20%	$45.5m	106.9K	+5.3% Added
TAT&T	0.20%	$44.9m	2.17M	+1.2% Added
BABoeing	0.19%	$43.7m	201.8K	−1.7% Reduced
GILDGilead Sciences	0.19%	$42.1m	333.2K	+2.8% Added
UNPUnion Pacific Corporation	0.18%	$41.4m	152.0K	−1.9% Reduced
OSCROscar Health, Inc.	0.18%	$41.4m	1.45M	0.0%
WELLWelltower	0.18%	$41.0m	180.7K	−0.9% Reduced
DEDeere & Company	0.18%	$40.8m	64.4K	−2.3% Reduced
PFEPfizer	0.18%	$40.6m	1.69M	+1.2% Added
ISRGIntuitive Surgical	0.18%	$40.6m	102.1K	−2.0% Reduced
ABTAbbott Laboratories	0.18%	$40.5m	446.0K	−5.4% Reduced
SCHWCharles Schwab Corporation	0.18%	$40.0m	433.6K	−0.6% Reduced
CVSCVS Health	0.17%	$39.2m	379.1K	+0.9% Added
APPApplovin Corp	0.17%	$38.6m	75.0K	0.0%
NOWServiceNow	0.17%	$37.9m	382.2K	+20.1% Added
UBERUber	0.17%	$37.6m	521.2K	−3.1% Reduced
DELLDell Technologies	0.17%	$37.3m	86.6K	−4.9% Reduced
ZTSZoetis	0.16%	$37.0m	515.0K	+344.9% Added
BLKBlackRock	0.16%	$36.9m	38.4K	−2.0% Reduced
SPOTSpotify Technology S.a.	0.16%	$36.8m	80.2K	+43.2% Added
CRMSalesforce	0.16%	$35.8m	228.6K	−6.6% Reduced
BKNGBooking Holdings	0.16%	$35.4m	198.4K	+2245.1% Added
COFCapital One	0.15%	$34.9m	174.2K	+0.2%
PLDPrologis	0.15%	$34.9m	257.6K	+1.3% Added
BMYBristol Myers Squibb	0.15%	$34.0m	590.2K	+0.1%
PGRProgressive Corporation	0.15%	$34.0m	155.6K	−2.0% Reduced
VRTXVertex Pharmaceuticals	0.15%	$33.7m	67.8K	−1.9% Reduced
SPGIS&P Global	0.14%	$32.8m	80.5K	−3.0% Reduced
CBChubb Limited	0.14%	$32.6m	95.6K	+0.6% Added
COPConocoPhillips	0.14%	$32.4m	311.9K	−2.5% Reduced
LOWLowe's	0.14%	$31.6m	143.4K	−2.2% Reduced
PHParker Hannifin	0.14%	$31.6m	32.3K	−2.1% Reduced
MOAltria	0.14%	$30.8m	427.5K	−2.5% Reduced
DHRDanaher Corporation	0.14%	$30.7m	161.2K	−1.9% Reduced
TTTrane Technologies	0.14%	$30.6m	62.2K	−0.6% Reduced
GMGeneral Motors	0.13%	$30.1m	390.6K	+5.6% Added
HWMHowmet Aerospace	0.13%	$30.1m	111.9K	+6.9% Added
COHRCoherent Corp.	0.13%	$30.0m	76.1K	+55.3% Added
SBUXStarbucks	0.13%	$29.8m	291.9K	−1.9% Reduced
SOFISoFi Technologies, Inc.	0.13%	$29.6m	1.65M	+64.9% Added
LMTLockheed Martin	0.13%	$29.2m	57.2K	−0.9% Reduced
CMCSAComcast	0.13%	$28.9m	1.18M	+5.1% Added
PWRQuanta Services	0.13%	$28.8m	39.9K	+2.6% Added
CDNSCadence Design Systems Inc	0.13%	$28.5m	76.0K	0.0%
ICEIntercontinental Exchange	0.12%	$28.1m	228.4K	−1.5% Reduced
FTNTFortinet	0.12%	$28.0m	182.6K	−4.1% Reduced
SYKStryker Corporation	0.12%	$27.8m	88.3K	−1.9% Reduced
SOSouthern Company	0.12%	$27.6m	288.6K	+0.3%
NEMNewmont	0.12%	$27.5m	294.4K	−6.4% Reduced
PNCPNC Financial Services	0.12%	$27.1m	110.2K	−1.8% Reduced
BURLBurlington Stores, Inc.	0.12%	$26.9m	84.8K	−0.4%
EQIXEquinix	0.12%	$26.3m	25.2K	−1.9% Reduced
ADPAutomatic Data Processing	0.12%	$26.1m	116.7K	−0.2%
USBU.S. Bancorp	0.11%	$25.8m	427.8K	−1.9% Reduced
MDTMedtronic	0.11%	$25.7m	328.7K	−1.9% Reduced
BNYBNY Mellon	0.11%	$25.4m	175.7K	−2.3% Reduced
DUKDuke Energy	0.11%	$25.3m	199.6K	−1.7% Reduced
CMICummins	0.11%	$25.2m	35.3K	−2.2% Reduced
CSXCSX Corporation	0.11%	$25.2m	529.9K	−0.3%
DDOGDatadog, Inc.	0.11%	$24.5m	94.1K	+9.7% Added
MMM3M	0.11%	$24.4m	150.5K	+9.4% Added
UPSUnited Parcel Service	0.11%	$24.3m	225.9K	+3.7% Added
ELVElevance Health	0.11%	$24.0m	62.0K	−1.9% Reduced
ACNAccenture	0.10%	$23.8m	190.9K	+2.8% Added
WMBWilliams Companies	0.10%	$23.3m	313.1K	−1.8% Reduced
MCKMcKesson	0.10%	$23.3m	30.8K	New
FCXFreeport-McMoRan	0.10%	$23.1m	368.0K	−2.0% Reduced
GDGeneral Dynamics	0.10%	$23.0m	65.0K	−2.0% Reduced
EWEdwards Lifesciences	0.10%	$22.9m	253.0K	−1.6% Reduced
XYZBlock, Inc.	0.10%	$22.9m	300.8K	+5.8% Added
JCIJohnson Controls	0.10%	$22.8m	156.3K	−2.3% Reduced
BXBlackstone Inc.	0.10%	$22.4m	190.2K	−2.8% Reduced
FDXFedEx	0.10%	$22.2m	70.9K	+1.0% Added
CICigna	0.10%	$21.9m	79.5K	−65.1% Reduced

Company	Bought (value)	Shares
HUBSHubspot Inc	$197.6m	1.08M
ADBEAdobe Inc.	$108.3m	528.4K
KLACKLA Corporation	$102.5m	339.7K
AMDAdvanced Micro Devices	$100.4m	172.8K
CHTRCharter Communications	$90.8m	638.8K
MRVLMarvell Technology	$66.8m	224.2K
KRKroger	$35.8m	644.6K
BKNGBooking Holdings	$33.9m	189.9K
ZTSZoetis	$28.7m	399.3K
MCKMcKesson	$23.3m	30.8K
HONHoneywell Technologies	$18.2m	81.1K
HONAHoneywell Aerospace	$17.9m	81.1K
CAHCardinal Health	$14.3m	60.0K
CORCencora	$14.1m	49.8K
DUOLDuolingo, Inc.	$13.0m	112.8K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

Company	Sold (value)	Shares
TDGTransDigm Group	−$81.9m	−61.5K
METAMeta Platforms	−$49.2m	−87.4K
INTCIntel	−$47.1m	−337.3K
CICigna	−$41.0m	−148.6K
AMATApplied Materials	−$23.1m	−32.0K
AVGOBroadcom	−$20.6m	−54.4K
UNHUnitedHealth Group	−$20.3m	−48.9K
AAPLApple Inc.	−$20.3m	−70.1K
NVDANVIDIA Corporation	−$20.0m	−100.2K
AMZNAmazon	−$13.2m	−55.2K
CATCaterpillar Inc.	−$12.4m	−11.6K
MSFTMicrosoft Corporation	−$11.8m	−31.7K
WDCWestern Digital	−$9.2m	−14.4K
CSCOCisco	−$8.1m	−69.3K
MRKMerck & Co.	−$7.7m	−59.7K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

Company	Value last quarter	Shares
CAGConagra Brands Inc.	$2.0m	124.9K
EPAMEPAM Systems, Inc.	$2.0m	14.4K
POOLPool Corp	$1.7m	8.5K
OKLOOklo Inc.	$1.4m	27.5K
CPBCampbell's Co	$1.1m	51.4K
BRBRBellring Brands, Inc.	$454,462	28.2K
FLOFlowers Foods Inc	$414,362	50.8K
BLKBBlackbaud Inc	$333,899	8.6K
CNXCConcentrix Corp	$287,034	10.5K
COTYCoty Inc.	$178,685	88.9K

Technology41.2%
Financials10.8%
Industrials9.5%
Health Care9.4%
Consumer Discretionary8.9%
Communication Services7.6%
Consumer Staples4.9%
Utilities2.0%
Energy2.0%
Real Estate1.8%
Materials1.8%

Share of the value held in companies we cover, by sector.

Period	Copy, a year	S&P 500	Sharpe	S&P 500	Biggest drop	Beta
Whole backtestAugust 9, 2013 to November 2, 2026	+14.0%	+13.9%	0.76	0.77	−33.3%	1.03
2018 onwardsJanuary 5, 2018 to November 2, 2026	+13.8%	+13.9%	0.63	0.66	−33.3%	1.03
Last three yearsNovember 3, 2023 to November 2, 2026	+21.9%	+21.8%	1.13	1.16	−17.6%	1.04
Last yearNovember 7, 2025 to November 2, 2026	+12.9%	+14.2%	0.71	0.84	−9.4%	1.02

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.