Latest Municipal Employees' Retirement System of Michigan Stock Portfolio

Municipal Employees' Retirement System of Michigan Performance:

2025 Q4: 1.14%YTD: 11.12%2024: 1.29%

Performance for 2025 Q4 is 1.14%, and YTD is 11.12%, and 2024 is 1.29%.

About Municipal Employees' Retirement System of Michigan and 13F Hedge Fund Stock Holdings

On 2026-02-06, the fund reported it's updated stock portfolio. In the 13F Holdings report, Municipal Employees' Retirement System of Michigan reported an equity portfolio of $8.8 Billions as of 31 Dec, 2025.

The top stock holdings of Municipal Employees' Retirement System of Michigan are BAB, BIL, IJR. The fund has invested 15.5% of it's portfolio in INVESCO S&P 500 QVM MULTIFA and 12.2% of portfolio in SS SPDR P INT TERM TSY ETF.

The fund managers got completely rid off BONDBLOXX BBG 6 MTH US TREAS (XHYC), STATE STREET SPDR PORTFOLIO (BIL) and FIRST MAJESTIC SILVER CORP (AG) stocks. They significantly reduced their stock positions in ISHARES MSCI GLOBAL GOLD MIN (EMGF), ISHARES 05 YEAR TIPS BOND E (AMPS) and SS SPDR P INT C CORP ETF (BIL). The fund showed a lot of confidence in some stocks as they added substantially to SS ENERGY SELECT SECTOR (XLB), SS SPDR PF LNG TRM TSY EUSD (BIL) and BONDBLOXXBB RATED USD HY CB (XHYC).

Municipal Employees' Retirement System of Michigan Annual Return Estimates Vs S&P 500

Our best estimate is that Municipal Employees' Retirement System of Michigan made a return of 1.14% in the last quarter. In trailing 12 months, it's portfolio return was 11.12%.

Performance
S&P 500

New Buys

No new stocks were added by Municipal Employees' Retirement System of Michigan

Additions

Ticker	% Inc.
ss energy select sector	175
ss spdr pf lng trm tsy eusd	21.91
bondbloxxbb rated usd hy cb	18.38
ss spdr p st term tsy etf	17.94
ishares core msci emerging	9.53
ishares fallen angels etf	5.19
ss spdr p int term tsy etf	3.86
vanguard ftse europe etf	3.4

Additions to existing portfolio by Municipal Employees' Retirement System of Michigan

Reductions

Ticker	% Reduced
ishares msci global gold min	-38.49
ishares 05 year tips bond e	-21.29
ishares msci global metals &	-12.34
ss spdr p int c corp etf	-9.74
schwab us tips etf	-7.03
ishares core s&p 500 etf	-6.78
vanguard shortterm treasury	-6.42
jpmorgan betabuilders canada	-3.31

Municipal Employees' Retirement System of Michigan reduced stake in above stock

Sold off

Ticker	$ Sold
first majestic silver corp	-13,842,000
bondbloxx bbg 6 mth us treas	-22,605,000
spdr portfolio developed wor	-11,817,000
state street spdr portfolio	-14,744,000
spdr portfolio emerging mark	-5,015,000
ishares mbs etf	-6,427,000
ishares bb rated corp bond	-1,825,000
ss spdr p sp 400 midcap etf	-1,541,000

Municipal Employees' Retirement System of Michigan got rid off the above stocks

Sector Distribution

Municipal Employees' Retirement System of Michigan has about 99.9% of it's holdings in Others sector.

Sector	%
Others	99.9

Market Cap. Distribution

Municipal Employees' Retirement System of Michigan has about 0% of it's portfolio invested in the large-cap and mega-cap stocks.

Category	%
UNALLOCATED	99.9

Stocks belong to which Index?

About 0% of the stocks held by Municipal Employees' Retirement System of Michigan either belong to S&P 500 or RUSSELL 2000 index.

Index	%
Others	99.9

Top 5 Winners (%)		%
DMXF	ishares copper and metals	17.8 %
EMGF	ishares msci global metals &	14.4 %
EMGF	ishares msci global gold min	11.1 %
BBAX	jpmorgan betabuilders canada	6.5 %
BUYZ	franklin ftse canada etf	6.4 %

Top 5 Winners ($)		$
VEU	vanguard ftse europe etf	34.2 M
BAB	invesco s&p 500 qvm multifa	30.8 M
IJR	ishares core s&p 500 etf	22.4 M
EMGF	ishares msci global metals &	19.5 M
EMGF	ishares msci global gold min	9.9 M

Top 5 Losers (%)		%
XLB	ss energy select sector	-40.5 %
XHYC	bondbloxxcccusd hy corp bd	-3.1 %
XHYC	bondbloxx bbg 20y us tsy etf	-3.1 %
AGT	ishares fallen angels etf	-1.7 %
FNDA	schwab us tips etf	-1.6 %

Top 5 Losers ($)		$
XLB	ss energy select sector	-30.2 M
FNDA	schwab us tips etf	-7.3 M
BIL	ss spdr pf lng trm tsy eusd	-6.7 M
BIL	ss spdr p int term tsy etf	-2.2 M
AGT	ishares fallen angels etf	-1.7 M

Municipal Employees' Retirement System of Michigan Holdings Map

This heatmap illustrates the top 50 positions within the fund's portfolio.

Current Stock Holdings of Municipal Employees' Retirement System of Michigan

Municipal Employees' Retirement System of Michigan has 36 stocks in it's portfolio. About 77.3% of the portfolio is in top 10 stocks. XLB proved to be the most loss making stock for the portfolio. VEU was the most profitable stock for Municipal Employees' Retirement System of Michigan last quarter.

Last Reported on: 06 Feb, 2026

Ticker	Namesorted ascending	% Portfolio	Shares Held	$ Value	Type	% Change
AAXJ	ishares mbs etf	0.00	0.00	0.00	sold off	-100

AG	first majestic silver corp	0.00	0.00	0.00	sold off	-100

AGT	ishares fallen angels etf	1.13	3,657,060	99,838,000	added	5.19

AMPS	ishares 05 year tips bond e	0.11	95,402	9,768,000	reduced	-21.29

BAB	invesco s&p 500 qvm multifa	15.51	34,132,000	1,371,320,000	unchanged	0.00

BAB	invesco s&p midcap 400 qvm m	4.14	11,882,600	365,740,000	unchanged	0.00

BAB	invesco s&p smallcap 600 qvm	2.27	7,114,410	200,873,000	unchanged	0.00

BBAX	jpmorgan betabuilders canada	0.96	909,454	84,579,000	reduced	-3.31

BBAX	jpmorgan betabuilders develo	0.19	298,785	16,822,000	unchanged	0.00

BGRN	ishares bb rated corp bond	0.00	0.00	0.00	sold off	-100

BIL	ss spdr p int term tsy etf	12.15	37,247,200	1,074,210,000	added	3.86

BIL	ss spdr p st term tsy etf	8.57	25,879,800	757,760,000	added	17.94

BIL	ss spdr pf lng trm tsy eusd	4.61	15,397,300	407,567,000	added	21.91

BIL	ss spdr p int c corp etf	4.48	11,704,800	395,738,000	reduced	-9.74

BIL	ss spdr p high yield etf	1.61	6,000,860	142,040,000	added	0.78

BIL	ss spdr p st c corp etf	0.08	228,061	6,887,000	unchanged	0.00

BIL	ss spdr p sp 600 small cap	0.00	0.00	0.00	sold off	-100

BIL	state street spdr portfolio	0.00	0.00	0.00	sold off	-100

BIL	ss spdr p sp 400 midcap etf	0.00	0.00	0.00	sold off	-100

BNDW	vanguard shortterm treasury	0.09	133,074	7,815,000	reduced	-6.42