STATE OF MICHIGAN RETIREMENT SYSTEM

View all activity View 13F on SEC

Data as of Q4 2025

Institutional investor tracked via SEC 13F filings. Portfolio snapshot as of 2025-12-31.SEC EDGAR Source

Assets Under Management

$20.6B

Total Positions

935

New This Quarter

Filing Period

2025-12-31

Portfolio Allocation

Top holdings by portfolio weight

NVDA7.31%

AAPL5.53%

MSFT5.25%

AMZN3.37%

AVGO3.11%

GOOGL2.93%

SPY2.92%

META2.72%

GOOG2.39%

TSLA1.61%

Other13.54%

Position Outcomes

Best and worst performing positions by estimated return

Top Winners

HWM24Q held

Howmet Aerospace Inc

Avg $19.97 · $19.8M est. P&L

Est. P&L

+940.17%

PWR28Q held

Quanta Services Inc

Avg $54.15 · $14.6M est. P&L

Est. P&L

+691.66%

GE15Q held

GE AEROSPACE

Avg $43.14 · $74.2M est. P&L

Est. P&L

+622.71%

Top Losers

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Cost basis estimates based on full filing history using quarter-end prices. Actual transaction prices are not disclosed in 13F filings.

Top Holdings(Showing 25 of 935 — sorted by value)

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Activity:

Stock	Shares	Value	Weight	Price Trend	Avg Buy	Est. P&L	Held	Conviction
NVDA NVIDIA Corp	8.1M	$1.5B	7.3%	—	$112.93	+66.07%	28 qtrs	Decreased 0
AAPL Apple Inc	4.2M	$1.1B	5.5%	—	$107.19	+154.51%	28 qtrs	Decreased 0
MSFT Microsoft Corp	2.2M	$1.1B	5.3%	—	$160.72	+203.32%	28 qtrs	Decreased 0
AMZN Amazon.com Inc	3M	$693.2M	3.4%	—	$114.90	+102.37%	28 qtrs	Decreased 0
AVGO Broadcom Inc	1.8M	$639.2M	3.1%	—	$160.61	+117.82%	28 qtrs	Decreased 0
GOOGL Alphabet Inc	1.9M	$602.6M	2.9%	—	$95.32	+229.26%	28 qtrs	Decreased 0
SPY SPDR S&P 500 ETF TR	879,840	$600M	2.9%	—	$388.33	+76.92%	28 qtrs	Decreased 0
META Meta Platforms Inc	848,314	$560M	2.7%	—	$252.13	+164.13%	28 qtrs	Decreased 0
GOOG Alphabet Inc	1.6M	$492.3M	2.4%	—	$106.95	+194.10%	28 qtrs	Decreased 0
TSLA Tesla Inc	735,657	$330.8M	1.6%	—	$256.37	+77.25%	21 qtrs	Decreased 0
MTUM ISHARES TR	1.3M	$322.2M	1.6%	—	$160.80	+57.21%	22 qtrs	Increased 51
JPM JPMORGAN CHASE & CO.	912,731	$294.1M	1.4%	—	$115.75	+178.17%	28 qtrs	Decreased 0
LLY Eli Lilly & Co	256,704	$275.9M	1.3%	—	$273.24	+294.51%	28 qtrs	Decreased 0
LQD ISHARES TR	2.2M	$239.4M	1.2%	—	$108.48	+1.63%	23 qtrs	Unchanged 0
V Visa Inc	553,223	$194M	0.9%	—	$173.94	+102.88%	28 qtrs	Decreased 0
AMD Advanced Micro Devices Inc	843,000	$180.5M	0.9%	—	$92.06	+133.91%	28 qtrs	Decreased 0
BRK/B Berkshire Hathaway Inc	339,729	$170.8M	0.8%	—	—	—	28 qtrs	Decreased 0
PLTR Palantir Technologies Inc	878,000	$156.1M	0.8%	—	$31.10	+481.54%	20 qtrs	Decreased 0
NFLX Netflix Inc	1.6M	$150M	0.7%	—	$87.79	+6.83%	28 qtrs	Increased 69
COST Costco Wholesale Corp	169,769	$146.4M	0.7%	—	$424.98	+103.41%	28 qtrs	Decreased 0
MA Mastercard Inc	241,581	$137.9M	0.7%	—	$261.47	+120.50%	28 qtrs	Decreased 0
JNJ Johnson & Johnson	654,467	$135.4M	0.7%	—	$122.99	+68.23%	28 qtrs	Decreased 0
XOM Exxon Mobil Corp	1.1M	$132.9M	0.6%	—	$62.93	+91.00%	28 qtrs	Decreased 0
WMT Walmart Inc	1.2M	$130.8M	0.6%	—	$51.04	+119.30%	28 qtrs	Decreased 0
ISRG Intuitive Surgical Inc	209,353	$118.6M	0.6%	—	$301.87	+89.69%	28 qtrs	Decreased 0
Showing 25 of 935 results.PROUpgrade to see all →

Accumulation Streaks

Positions with 2+ consecutive quarters of increases — persistent directional conviction.

Security

VTRVentas Inc

Q2 2024 → Q4 2025+12,800 shares+$4.7M

STWDStarwood Property Trust Inc

Q3 2024 → Q4 2025+10,000 shares+$112,861

NLYAnnaly Capital Management Inc

Q4 2024 → Q4 2025+46,100 shares+$1.3M

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Data sourced from SEC EDGAR 13F filings. Not financial advice. Full disclaimer