Latest STATE OF MICHIGAN RETIREMENT SYSTEM Stock Portfolio

STATE OF MICHIGAN RETIREMENT SYSTEM Performance:

2025 Q4: -3.25%YTD: 9.28%2024: 18.8%

Performance for 2025 Q4 is -3.25%, and YTD is 9.28%, and 2024 is 18.8%.

About STATE OF MICHIGAN RETIREMENT SYSTEM and 13F Hedge Fund Stock Holdings

On 2026-01-29, the fund reported it's updated stock portfolio. In the 13F Holdings report, STATE OF MICHIGAN RETIREMENT SYSTEM reported an equity portfolio of $20.6 Billions as of 31 Dec, 2025.

The top stock holdings of STATE OF MICHIGAN RETIREMENT SYSTEM are NVDA, AAPL, MSFT. The fund has invested 7.3% of it's portfolio in NVIDIA CORPORATION and 5.5% of portfolio in APPLE INC.

The fund managers got completely rid off SPOTIFY TECHNOLOGY S A, ROYAL CARIBBEAN GROUP (RCL) and NXP SEMICONDUCTORS N V (NXPI) stocks. They significantly reduced their stock positions in MOLSON COORS BEVERAGE CO (TAP), SPDR S P 500 ETF TR (SPY) and HOME DEPOT INC (HD). STATE OF MICHIGAN RETIREMENT SYSTEM opened new stock positions in KAYNE ANDERSON BDC INC, CRH PLC (CRH) and CARVANA CO (CVNA). The fund showed a lot of confidence in some stocks as they added substantially to DUOLINGO INC (DUOL), NETFLIX INC (NFLX) and SERVICENOW INC (NOW).

STATE OF MICHIGAN RETIREMENT SYSTEM Annual Return Estimates Vs S&P 500

Our best estimate is that STATE OF MICHIGAN RETIREMENT SYSTEM made a return of -3.25% in the last quarter. In trailing 12 months, it's portfolio return was 9.28%.

Performance
S&P 500

New Buys

Ticker	$ Bought
kayne anderson bdc inc	94,036,000
crh plc	21,902,400
carvana co	15,614,700
ares management corporation	8,711,860
sandisk corp	8,640,870
qnity electronics inc	4,478,260
pinterest inc	3,645,310

New stocks bought by STATE OF MICHIGAN RETIREMENT SYSTEM

Additions

Ticker	% Inc.
duolingo inc	5,800
netflix inc	838
servicenow inc	462
texas pacific land corporati	204
bitmine immersion tecnologie	141
kroger co	133
omnicom group inc	59.91
nu hldgs ltd	42.05

Additions to existing portfolio by STATE OF MICHIGAN RETIREMENT SYSTEM

Reductions

Ticker	% Reduced
spdr s p 500 etf tr	-28.57
home depot inc	-20.82
corning inc	-20.25
ishares tr	-19.33
tractor supply co	-16.76
ishares tr	-16.32
expand energy corporation	-15.9
sempra	-14.97

STATE OF MICHIGAN RETIREMENT SYSTEM reduced stake in above stock

Sold off

None of the stocks were completely sold off by STATE OF MICHIGAN RETIREMENT SYSTEM

Sector Distribution

STATE OF MICHIGAN RETIREMENT SYSTEM has about 32.6% of it's holdings in Technology sector.

Sector	%
Technology	32.6
Others	11.1
Communication Services	10.2
Financial Services	9.8
Consumer Cyclical	9.1
Healthcare	8.3
Industrials	7.1
Consumer Defensive	4.6
Energy	2.3
Utilities	1.8
Real Estate	1.7
Basic Materials	1.4

Market Cap. Distribution

STATE OF MICHIGAN RETIREMENT SYSTEM has about 85% of it's portfolio invested in the large-cap and mega-cap stocks.

Category	%
MEGA-CAP	48.4
LARGE-CAP	36.6
UNALLOCATED	11.2
MID-CAP	3.7

Stocks belong to which Index?

About 83% of the stocks held by STATE OF MICHIGAN RETIREMENT SYSTEM either belong to S&P 500 or RUSSELL 2000 index.

Index	%
S&P 500	81.1
Others	17.1
RUSSELL 2000	1.9

Top 5 Winners (%)		%
LITE	lumentum hldgs inc	125.7 %
ALB	albemarle corp	73.3 %
COHR	coherent corp	71.2 %
MU	micron technology inc	70.3 %
HAE	haemonetics corp mass	63.3 %

Top 5 Winners ($)		$
GOOG	alphabet inc	137.3 M
GOOG	alphabet inc	111.1 M
LLY	eli lilly co	81.6 M
AAPL	apple inc	73.4 M
AMD	advanced micro devices inc	44.5 M

Top 5 Losers (%)		%
NFLX	netflix inc	-86.7 %
NOW	servicenow inc	-74.7 %
TPL	texas pacific land corporati	-59.9 %
	fiserv inc	-47.6 %
DD	dupont de nemours inc	-47.6 %

Top 5 Losers ($)		$
NFLX	netflix inc	-978.1 M
NOW	servicenow inc	-143.0 M
MSFT	microsoft corp	-77.8 M
META	meta platforms inc	-63.5 M
HIMS	hims hers health inc	-49.9 M

STATE OF MICHIGAN RETIREMENT SYSTEM Holdings Map

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

Current Stock Holdings of STATE OF MICHIGAN RETIREMENT SYSTEM

STATE OF MICHIGAN RETIREMENT SYSTEM has 935 stocks in it's portfolio. About 37.1% of the portfolio is in top 10 stocks. NFLX proved to be the most loss making stock for the portfolio. GOOG was the most profitable stock for STATE OF MICHIGAN RETIREMENT SYSTEM last quarter.

Last Reported on: 29 Jan, 2026

Ticker	Namesorted ascending	% Portfolio	Shares Held	$ Value	Type	% Change
A	agilent technologies inc	0.05	74,181	10,093,800	reduced	-6.79

AAPL	apple inc	5.53	4,183,800	1,137,410,000	reduced	-3.5

AAXJ	ishares tr	0.28	600,000	57,132,000	unchanged	0.00

ABBV	abbvie inc	0.51	462,708	105,724,000	reduced	-3.16

ABNB	airbnb inc	0.07	111,300	15,105,600	reduced	-4.05

ABT	abbott labs	0.29	472,457	59,194,100	added	0.36

ACGL	arch cap group ltd	0.05	102,500	9,831,800	reduced	-2.75

ACN	accenture plc ireland	0.24	187,338	50,262,800	added	3.54

ADBE	adobe inc	0.21	123,223	43,126,800	reduced	-2.61

ADI	analog devices inc	0.17	128,755	34,918,400	reduced	-4.1

ADM	archer daniels midland co	0.05	164,041	9,430,720	reduced	-2.03

ADP	automatic data processing in	0.15	117,603	30,251,000	reduced	-4.39

ADSK	autodesk inc	0.09	60,123	17,797,000	reduced	-3.06

AEE	ameren corp	0.03	70,787	7,068,790	reduced	-3.15

AEP	american elec pwr co inc	0.08	140,158	16,161,600	reduced	-3.11

AFL	aflac inc	0.07	128,107	14,126,400	reduced	-7.17

AIG	american intl group inc	0.06	153,067	13,094,900	reduced	-4.19

AJG	gallager arthur j co	0.09	67,187	17,387,300	reduced	-3.03

ALB	albemarle corp	0.02	30,807	4,357,340	reduced	-3.14

ALL	allstate corp	0.07	68,489	14,256,000	reduced	-3.93