STATE OF MICHIGAN RETIREMENT SYSTEM

EAST LANSING, MI · CIK 762152 · 13F filing filed 2026-07-30

No investment adviser registration (Form ADV) found for this filer. It may be a parent company whose subsidiaries are the registered advisers, a bank or insurer, or a manager based outside the US.

Legal entityState of Michigan Retirement System (US)

$22.6bn reported value +19.3% vs Q1 2026

960positions

31.0%in top 10

37 new 147 added 742 reduced 18 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	NVIDIA CORPORATION COM NVDA	NVDA	7,144,304	$1.4bn6.33%	6.33%	Reduced -100.2k	-100,156 -1.4%
2	APPLE INC COM AAPL	AAPL	3,830,399	$1.1bn4.91%	4.91%	Reduced -70.1k	-70,100 -1.8%
3	MICROSOFT CORP COM MSFT	MSFT	2,026,202	$755.8m3.35%	3.35%	Reduced -31.7k	-31,665 -1.5%
4	AMAZON COM INC COM AMZN	AMZN	2,647,879	$631.1m2.79%	2.79%	Reduced -55.2k	-55,241 -2.0%
5	BROADCOM INC COM AVGO	AVGO	1,634,642	$617.5m2.73%	2.73%	Reduced -54.4k	-54,418 -3.2%
6	ALPHABET INC CAP STK CL A GOOGL	GOOGL	1,578,570	$564.1m2.50%	2.50%	Reduced -17.8k	-17,810 -1.1%
7	ALPHABET INC CAP STK CL C GOOG	GOOG	1,560,960	$551.5m2.44%	2.44%	Reduced -12.3k	-12,300 -0.8%
8	ADVANCED MICRO DEVICES INC COM AMD	AMD	790,453	$459.2m2.03%	2.03%	Added +172.8k	+172,753 28.0%
9	ISHARES TR MSCI USA MMENTM MTUM	MTUM	1,301,990	$446.4m1.98%	1.98%	Reduced -38.1k	-38,100 -2.8%
10	MICRON TECHNOLOGY INC COM MU	MU	374,042	$431.8m1.91%	1.91%	Added +6.7k	+6,700 1.8%
11	META PLATFORMS INC CL A META	META	762,054	$429.3m1.90%	1.90%	Reduced -87.4k	-87,360 -10.3%
12	ISHARES TR IBOXX INV CP ETF LQD	LQD	3,072,400	$335.1m1.48%	1.48%	Added +900.0k	+900,000 41.4%
13	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	407,152	$304.0m1.35%	1.35%	Added +136.2k	+136,212 50.3%
14	TESLA INC COM TSLA	TSLA	720,857	$303.2m1.34%	1.34%	Reduced -13.8k	-13,800 -1.9%
15	ADOBE INC COM ADBE	ADBE	1,349,261	$276.6m1.22%	1.22%	Added +528.4k	+528,438 64.4%
16	ELI LILLY & CO COM LLY	LLY	212,904	$255.4m1.13%	1.13%	Reduced -2.9k	-2,900 -1.3%
17	JPMORGAN CHASE & CO COM JPM	JPM	686,031	$224.6m0.99%	0.99%	Reduced -18.3k	-18,300 -2.6%
18	HUBSPOT INC COM HUBS	HUBS	1,188,887	$217.0m0.96%	0.96%	Added +1.1m	+1,082,487 1017.4%
19	INTEL CORP COM INTC	INTC	1,209,653	$168.9m0.75%	0.75%	Reduced -337.3k	-337,330 -21.8%
20	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	329,329	$164.8m0.73%	0.73%	Reduced -10.3k	-10,300 -3.0%
21	JOHNSON & JOHNSON COM JNJ	JNJ	642,467	$163.2m0.72%	0.72%	Reduced -10.7k	-10,700 -1.6%
22	KROGER CO COM KR	KR	2,929,710	$162.7m0.72%	0.72%	Added +644.6k	+644,623 28.2%
23	APPLIED MATLS INC COM AMAT	AMAT	223,051	$161.3m0.71%	0.71%	Reduced -32.0k	-32,004 -12.6%
24	LAM RESEARCH CORP COM NEW LRCX	LRCX	358,800	$155.5m0.69%	0.69%	Reduced -2.8k	-2,800 -0.8%
25	VISA INC COM CL A V	V	453,023	$155.4m0.69%	0.69%	Reduced -12.6k	-12,600 -2.7%
26	CHARTER COMMUNICATIONS INC N CL A CHTR	CHTR	1,070,397	$152.2m0.67%	0.67%	Added +638.8k	+638,815 148.0%
27	EXXON MOBIL CORP COM XOM	XOM	1,106,818	$151.3m0.67%	0.67%	Added +15.1k	+15,100 1.4%
28	DUOLINGO INC CL A COM DUOL	DUOL	1,306,107	$150.2m0.67%	0.67%	Added +112.8k	+112,800 9.4%
29	VERTIV HOLDINGS CO COM CL A VRT	VRT	410,590	$137.5m0.61%	0.61%	Added +15.0k	+14,990 3.8%
30	CISCO SYS INC COM CSCO	CSCO	1,154,062	$135.6m0.60%	0.60%	Reduced -69.3k	-69,300 -5.7%
31	WALMART INC COM WMT	WMT	1,151,220	$130.4m0.58%	0.58%	Reduced -20.3k	-20,300 -1.7%
32	CATERPILLAR INC COM CAT	CAT	117,972	$125.6m0.56%	0.56%	Reduced -11.6k	-11,600 -8.9%
33	MASTERCARD INCORPORATED CL A MA	MA	237,681	$122.1m0.54%	0.54%	Reduced -2.0k	-2,000 -0.8%
34	KLA CORP COM NEW KLAC	KLAC	378,480	$114.2m0.51%	0.51%	Reduced -9.2k	-9,200 -2.4%
35	ABBVIE INC COM ABBV	ABBV	452,408	$113.8m0.50%	0.50%	Reduced -9.3k	-9,300 -2.0%
36	PALANTIR TECHNOLOGIES INC CL A PLTR	PLTR	948,281	$110.6m0.49%	0.49%	Added +71.6k	+71,581 8.2%
37	COSTCO WHSL CORP NEW COM COST	COST	117,369	$109.8m0.49%	0.49%	Reduced -2.3k	-2,300 -1.9%
38	BANK AMERICA CORP COM BAC	BAC	1,798,812	$102.5m0.45%	0.45%	Reduced -49.2k	-49,200 -2.7%
39	GE AEROSPACE COM NEW GE	GE	267,161	$99.8m0.44%	0.44%	Reduced -6.8k	-6,800 -2.5%
40	UNITEDHEALTH GROUP INC COM UNH	UNH	232,519	$96.6m0.43%	0.43%	Reduced -48.9k	-48,900 -17.4%
41	ARISTA NETWORKS INC COM SHS ANET	ANET	566,692	$96.3m0.43%	0.43%	Added +30.7k	+30,736 5.7%
42	BLACKROCK ETF TRUST II ISHA SECU IN ETF SECU	SECU	1,900,000	$94.7m0.42%	0.42%	New
43	ISHARES TR CORE S&P MCP ETF IJH	IJH	1,194,710	$92.1m0.41%	0.41%	Added +63.0k	+63,000 5.6%
44	ISHARES TR MSCI USA QLT FCT QUAL	QUAL	419,649	$92.1m0.41%	0.41%	Added +95.1k	+95,100 29.3%
45	PROCTER AND GAMBLE CO COM PG	PG	614,537	$90.1m0.40%	0.40%	Reduced -10.5k	-10,500 -1.7%
46	HOME DEPOT INC COM HD	HD	254,984	$89.9m0.40%	0.40%	Reduced -5.1k	-5,100 -2.0%
47	ISHARES TR CORE US AGGBD ET AGG	AGG	900,000	$89.1m0.39%	0.39%	New
48	KAYNE ANDERSON BDC INC COM SHS KBDC	KBDC	6,566,762	$88.8m0.39%	0.39%	Unchanged
49	BERKSHIRE HATHAWAY INC DEL CL A BRK.A	BRK.A	116	$86.9m0.38%	0.38%	Unchanged
50	SANDISK CORP COM SNDK	SNDK	37,901	$86.2m0.38%	0.38%	Reduced -700	-700 -1.8%
51	MERCK & CO INC COM MRK	MRK	663,390	$85.2m0.38%	0.38%	Reduced -59.7k	-59,700 -8.3%
52	PALO ALTO NETWORKS INC COM PANW	PANW	244,039	$83.2m0.37%	0.37%	Added +32.9k	+32,939 15.6%
53	COCA COLA CO COM KO	KO	1,021,448	$83.0m0.37%	0.37%	Reduced -16.7k	-16,700 -1.6%
54	NETFLIX INC COM NFLX	NFLX	1,155,690	$82.5m0.37%	0.37%	Reduced -7.5k	-7,500 -0.6%
55	GE VERNOVA INC COM GEV	GEV	69,840	$82.1m0.36%	0.36%	Reduced -600	-600 -0.8%
56	HIMS & HERS HEALTH INC COM CL A HIMS	HIMS	2,346,282	$81.3m0.36%	0.36%	Added +7.7k	+7,682 0.3%
57	CHEVRON CORP NEW COM CVX	CVX	479,339	$79.5m0.35%	0.35%	Reduced -10.3k	-10,300 -2.1%
58	GOLDMAN SACHS GROUP INC COM GS	GS	75,567	$76.4m0.34%	0.34%	Reduced -2.8k	-2,800 -3.6%
59	PHILIP MORRIS INTL INC COM PM	PM	399,058	$72.2m0.32%	0.32%	Reduced -7.6k	-7,600 -1.9%
60	ISHARES TR IBOXX HI YD ETF HYG	HYG	900,000	$72.0m0.32%	0.32%	New
61	TEXAS INSTRS INC COM TXN	TXN	233,061	$69.5m0.31%	0.31%	Reduced -4.0k	-4,000 -1.7%
62	WELLS FARGO CO NEW COM WFC	WFC	835,149	$69.0m0.31%	0.31%	Reduced -17.0k	-17,000 -2.0%
63	INTERNATIONAL BUSINESS MACHS COM IBM	IBM	240,640	$67.7m0.30%	0.30%	Reduced -3.5k	-3,500 -1.4%
64	CITIGROUP INC COM NEW C	C	480,136	$67.2m0.30%	0.30%	Reduced -25.8k	-25,800 -5.1%
65	MARVELL TECHNOLOGY INC COM MRVL	MRVL	224,200	$66.8m0.30%	0.30%	New
66	RTX CORPORATION COM RTX	RTX	344,800	$65.4m0.29%	0.29%	Reduced -5.8k	-5,800 -1.6%
67	LINDE PLC SHS LIN	LIN	125,304	$65.0m0.29%	0.29%	Reduced -1.6k	-1,600 -1.3%
68	MORGAN STANLEY COM NEW MS	MS	306,926	$64.2m0.28%	0.28%	Reduced -7.4k	-7,400 -2.4%
69	AMPHENOL CORP CL A APH	APH	363,574	$64.1m0.28%	0.28%	Reduced -6.1k	-6,100 -1.6%
70	ORACLE CORP COM ORCL	ORCL	434,432	$63.7m0.28%	0.28%	Reduced -8.5k	-8,500 -1.9%
71	FACTSET RESH SYS INC COM FDS	FDS	265,428	$61.1m0.27%	0.27%	Added +20.9k	+20,905 8.6%
72	CROWDSTRIKE HLDGS INC CL A CRWD	CRWD	79,334	$60.5m0.27%	0.27%	Added +13.4k	+13,434 20.4%
73	ISHARES TR MBS ETF MBB	MBB	600,000	$56.7m0.25%	0.25%	Unchanged
74	WESTERN DIGITAL CORP COM WDC	WDC	88,257	$56.4m0.25%	0.25%	Reduced -14.4k	-14,400 -14.0%
75	QUALCOMM INC COM QCOM	QCOM	304,066	$56.2m0.25%	0.25%	Reduced -29.7k	-29,700 -8.9%
76	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	117,600	$56.2m0.25%	0.25%	Reduced -14.6k	-14,600 -11.0%
77	SEAGATE TECHNOLOGY HLDNGS PL ORD SHS STX	STX	57,405	$55.4m0.25%	0.25%	Added +400	+400 0.7%
78	TJX COS INC NEW COM TJX	TJX	365,082	$55.3m0.24%	0.24%	Added +17.4k	+17,400 5.0%
79	VERIZON COMMUNICATIONS INC COM VZ	VZ	1,294,850	$54.8m0.24%	0.24%	Added +13.0k	+13,000 1.0%
80	SPDR SERIES TRUST PORTFOLI S&P1500 SPTM	SPTM	565,479	$51.3m0.23%	0.23%	New
81	MOLINA HEALTHCARE INC COM MOH	MOH	224,044	$51.2m0.23%	0.23%	Unchanged
82	CORNING INC COM GLW	GLW	200,499	$51.2m0.23%	0.23%	Reduced -3.5k	-3,500 -1.7%
83	AMGEN INC COM AMGN	AMGN	138,197	$50.0m0.22%	0.22%	Reduced -2.5k	-2,500 -1.8%
84	ANALOG DEVICES INC COM ADI	ADI	124,955	$49.6m0.22%	0.22%	Reduced -2.7k	-2,700 -2.1%
85	ISHARES INC MSCI MEXICO ETF EWW	EWW	656,000	$49.4m0.22%	0.22%	New
86	MCDONALDS CORP COM MCD	MCD	181,915	$49.2m0.22%	0.22%	Reduced -4.1k	-4,100 -2.2%
87	PEPSICO INC COM PEP	PEP	358,222	$48.5m0.21%	0.21%	Reduced -6.9k	-6,900 -1.9%
88	DISNEY WALT CO COM DIS	DIS	501,266	$48.2m0.21%	0.21%	Added +4.5k	+4,500 0.9%
89	THERMO FISHER SCIENTIFIC INC COM TMO	TMO	95,110	$47.7m0.21%	0.21%	Reduced -3.0k	-3,000 -3.1%
90	NEXTERA ENERGY INC COM NEE	NEE	533,898	$46.9m0.21%	0.21%	Reduced -10.1k	-10,100 -1.9%
91	AMERICAN EXPRESS CO COM AXP	AXP	136,277	$46.1m0.20%	0.20%	Reduced -3.6k	-3,600 -2.6%
92	EATON CORP PLC SHS ETN	ETN	106,856	$45.5m0.20%	0.20%	Added +5.4k	+5,400 5.3%
93	AT&T INC COM T	T	2,168,813	$44.9m0.20%	0.20%	Added +25.1k	+25,100 1.2%
94	BOEING CO COM BA	BA	201,796	$43.7m0.19%	0.19%	Reduced -3.4k	-3,400 -1.7%
95	ISHARES TR MSCI USA VALUE VLUE	VLUE	218,300	$43.6m0.19%	0.19%	Reduced -61.5k	-61,500 -22.0%
96	GILEAD SCIENCES INC COM GILD	GILD	333,195	$42.1m0.19%	0.19%	Added +9.1k	+9,100 2.8%
97	UNION PAC CORP COM UNP	UNP	152,045	$41.4m0.18%	0.18%	Reduced -3.0k	-3,000 -1.9%
98	OSCAR HEALTH INC CL A OSCR	OSCR	1,450,000	$41.4m0.18%	0.18%	Unchanged
99	WELLTOWER INC COM WELL	WELL	180,709	$41.0m0.18%	0.18%	Reduced -1.6k	-1,600 -0.9%
100	DEERE & CO COM DE	DE	64,357	$40.8m0.18%	0.18%	Reduced -1.5k	-1,500 -2.3%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
SELECT SECTOR SPDR TR XLV	XLV	404,788	$59.3m404.8k shares
HONEYWELL INTL INC		82,908	$37.5m82.9k shares
CARNIVAL CORP		340,544	$8.8m340.5k shares
COTERRA ENERGY INC CTRA	CTRA	233,459	$8.2m233.5k shares
DUPONT DE NEMOURS INC DWDP	DWDP	37,131	$5.1m37.1k shares
HOLOGIC INC HOLX	HOLX	58,165	$4.4m58.2k shares
CONAGRA BRANDS INC CAG	CAG	124,915	$2.0m124.9k shares
MASIMO CORP MASI	MASI	10,996	$2.0m11.0k shares
EPAM SYS INC EPAM	EPAM	14,427	$2.0m14.4k shares
POOL CORP POOL	POOL	8,513	$1.7m8.5k shares
JANUS HENDERSON GROUP PLC		29,613	$1.5m29.6k shares
OKLO INC OKLO	OKLO	27,500	$1.4m27.5k shares
CAMPBELL SOUP CO CPB	CPB	51,401	$1.1m51.4k shares
BELLRING BRANDS INC BRBR	BRBR	28,245	$454.5k28.2k shares
FLOWERS FOODS INC FLO	FLO	50,842	$414.4k50.8k shares
BLACKBAUD INC BLKB	BLKB	8,648	$333.9k8.6k shares
CONCENTRIX CORP CNXC	CNXC	10,491	$287.0k10.5k shares
COTY INC COTY	COTY	88,898	$178.7k88.9k shares

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
KAYNE ANDERSON BDC INC KBDC · 13G · filed 2026-01-15	KBDC	9.6%≈ $88.8m	new	13G	2026-01-15