# STATE OF MICHIGAN RETIREMENT SYSTEM

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 762152. Source: https://holderbook.com/funds/762152-state-of-michigan-retirement-system/

- Reported value: $22.6B
- Positions: 960
- Weight of the ten largest: 31.0%
- Filed: 2026-07-30

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $1.4B | 7,144,304 | 6.3% | 31 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $1.1B | 3,830,399 | 4.9% | 31 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $755.8M | 2,026,202 | 3.3% | 31 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $631.1M | 2,647,879 | 2.8% | 31 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $617.5M | 1,634,642 | 2.7% | 31 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $564.1M | 1,578,570 | 2.5% | 31 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $551.5M | 1,560,960 | 2.4% | 31 |
| ADVANCED MICRO DEVICES INC | [AMD](https://holderbook.com/stocks/AMD/) | $459.2M | 790,453 | 2.0% | 31 |
| ISHARES TR | [MTUM](https://holderbook.com/stocks/MTUM/) | $446.4M | 1,301,990 | 2.0% | 24 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $431.8M | 374,042 | 1.9% | 31 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $429.3M | 762,054 | 1.9% | 31 |
| ISHARES TR | [LQD](https://holderbook.com/stocks/LQD/) | $335.1M | 3,072,400 | 1.5% | 25 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $304.0M | 407,152 | 1.3% | 31 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $303.2M | 720,857 | 1.3% | 23 |
| ADOBE INC | [ADBE](https://holderbook.com/stocks/ADBE/) | $276.6M | 1,349,261 | 1.2% | 31 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $255.4M | 212,904 | 1.1% | 31 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $224.6M | 686,031 | 1.0% | 31 |
| HUBSPOT INC | [HUBS](https://holderbook.com/stocks/HUBS/) | $217.0M | 1,188,887 | 1.0% | 9 |
| INTEL CORP | [INTC](https://holderbook.com/stocks/INTC/) | $168.9M | 1,209,653 | 0.7% | 31 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $164.8M | 329,329 | 0.7% | 31 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $163.2M | 642,467 | 0.7% | 31 |
| KROGER CO | [KR](https://holderbook.com/stocks/KR/) | $162.7M | 2,929,710 | 0.7% | 31 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $161.3M | 223,051 | 0.7% | 31 |
| LAM RESEARCH CORP | [LRCX](https://holderbook.com/stocks/LRCX/) | $155.5M | 358,800 | 0.7% | 7 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $155.4M | 453,023 | 0.7% | 31 |
| CHARTER COMMUNICATIONS INC | [CHTR](https://holderbook.com/stocks/CHTR/) | $152.2M | 1,070,397 | 0.7% | 31 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $151.3M | 1,106,818 | 0.7% | 31 |
| DUOLINGO INC | [DUOL](https://holderbook.com/stocks/DUOL/) | $150.2M | 1,306,107 | 0.7% | 9 |
| VERTIV HOLDINGS CO | [VRT](https://holderbook.com/stocks/VRT/) | $137.5M | 410,590 | 0.6% | 7 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $135.6M | 1,154,062 | 0.6% | 31 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $130.4M | 1,151,220 | 0.6% | 31 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $125.6M | 117,972 | 0.6% | 31 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $122.1M | 237,681 | 0.5% | 31 |
| KLA CORP | [KLAC](https://holderbook.com/stocks/KLAC/) | $114.2M | 378,480 | 0.5% | 31 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $113.8M | 452,408 | 0.5% | 31 |
| PALANTIR TECHNOLOGIES INC | [PLTR](https://holderbook.com/stocks/PLTR/) | $110.6M | 948,281 | 0.5% | 22 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $109.8M | 117,369 | 0.5% | 31 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $102.5M | 1,798,812 | 0.5% | 31 |
| GE AEROSPACE | [GE](https://holderbook.com/stocks/GE/) | $99.8M | 267,161 | 0.4% | 17 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $96.6M | 232,519 | 0.4% | 31 |
| ARISTA NETWORKS INC | [ANET](https://holderbook.com/stocks/ANET/) | $96.3M | 566,692 | 0.4% | 7 |
| BLACKROCK ETF TRUST II | [SECU](https://holderbook.com/stocks/SECU/) | $94.7M | 1,900,000 | 0.4% | 1 |
| ISHARES TR | [IJH](https://holderbook.com/stocks/IJH/) | $92.1M | 1,194,710 | 0.4% | 31 |
| ISHARES TR | [QUAL](https://holderbook.com/stocks/QUAL/) | $92.1M | 419,649 | 0.4% | 24 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $90.1M | 614,537 | 0.4% | 31 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $89.9M | 254,984 | 0.4% | 31 |
| ISHARES TR | [AGG](https://holderbook.com/stocks/AGG/) | $89.1M | 900,000 | 0.4% | 1 |
| KAYNE ANDERSON BDC INC | [KBDC](https://holderbook.com/stocks/KBDC/) | $88.8M | 6,566,762 | 0.4% | 3 |
| BERKSHIRE HATHAWAY INC DEL | [BRKA](https://holderbook.com/stocks/BRKA/) | $86.9M | 116 | 0.4% | 31 |
| SANDISK CORP | [SNDK](https://holderbook.com/stocks/SNDK/) | $86.2M | 37,901 | 0.4% | 3 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $85.2M | 663,390 | 0.4% | 31 |
| PALO ALTO NETWORKS INC | [PANW](https://holderbook.com/stocks/PANW/) | $83.2M | 244,039 | 0.4% | 17 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $83.0M | 1,021,448 | 0.4% | 31 |
| NETFLIX INC | [NFLX](https://holderbook.com/stocks/NFLX/) | $82.5M | 1,155,690 | 0.4% | 31 |
| GE VERNOVA INC | [GEV](https://holderbook.com/stocks/GEV/) | $82.1M | 69,840 | 0.4% | 9 |
| HIMS & HERS HEALTH INC | [HIMS](https://holderbook.com/stocks/HIMS/) | $81.3M | 2,346,282 | 0.4% | 10 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $79.5M | 479,339 | 0.4% | 31 |
| GOLDMAN SACHS GROUP INC | [GS](https://holderbook.com/stocks/GS/) | $76.4M | 75,567 | 0.3% | 31 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $72.2M | 399,058 | 0.3% | 31 |
| ISHARES TR | [HYG](https://holderbook.com/stocks/HYG/) | $72.0M | 900,000 | 0.3% | 1 |
| TEXAS INSTRS INC | [TXN](https://holderbook.com/stocks/TXN/) | $69.5M | 233,061 | 0.3% | 31 |
| WELLS FARGO & CO | [WFC](https://holderbook.com/stocks/WFC/) | $69.0M | 835,149 | 0.3% | 31 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $67.7M | 240,640 | 0.3% | 31 |
| CITIGROUP INC | [C](https://holderbook.com/stocks/C/) | $67.2M | 480,136 | 0.3% | 31 |
| MARVELL TECHNOLOGY INC | [MRVL](https://holderbook.com/stocks/MRVL/) | $66.8M | 224,200 | 0.3% | 1 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $65.4M | 344,800 | 0.3% | 25 |
| LINDE PLC | [LIN](https://holderbook.com/stocks/LIN/) | $65.0M | 125,304 | 0.3% | 14 |
| MORGAN STANLEY | [MS](https://holderbook.com/stocks/MS/) | $64.2M | 306,926 | 0.3% | 31 |
| AMPHENOL CORP | [APH](https://holderbook.com/stocks/APH/) | $64.1M | 363,574 | 0.3% | 31 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $63.7M | 434,432 | 0.3% | 31 |
| FACTSET RESH SYS INC | [FDS](https://holderbook.com/stocks/FDS/) | $61.1M | 265,428 | 0.3% | 31 |
| CROWDSTRIKE HLDGS INC | [CRWD](https://holderbook.com/stocks/CRWD/) | $60.5M | 79,334 | 0.3% | 14 |
| ISHARES TR | [MBB](https://holderbook.com/stocks/MBB/) | $56.7M | 600,000 | 0.3% | 23 |
| WESTERN DIGITAL CORP | [WDC](https://holderbook.com/stocks/WDC/) | $56.4M | 88,257 | 0.2% | 31 |
| QUALCOMM INC | [QCOM](https://holderbook.com/stocks/QCOM/) | $56.2M | 304,066 | 0.2% | 31 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $56.2M | 117,600 | 0.2% | 23 |
| SEAGATE TECHNOLOGY HLDNGS PL | [STX](https://holderbook.com/stocks/STX/) | $55.4M | 57,405 | 0.2% | 17 |
| TJX COS INC NEW | [TJX](https://holderbook.com/stocks/TJX/) | $55.3M | 365,082 | 0.2% | 31 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $54.8M | 1,294,850 | 0.2% | 31 |
| SPDR SERIES TRUST | [SPTM](https://holderbook.com/stocks/SPTM/) | $51.3M | 565,479 | 0.2% | 1 |
| MOLINA HEALTHCARE INC | [MOH](https://holderbook.com/stocks/MOH/) | $51.2M | 224,044 | 0.2% | 31 |
| CORNING INC | [GLW](https://holderbook.com/stocks/GLW/) | $51.2M | 200,499 | 0.2% | 31 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $50.0M | 138,197 | 0.2% | 31 |
| ANALOG DEVICES INC | [ADI](https://holderbook.com/stocks/ADI/) | $49.6M | 124,955 | 0.2% | 31 |
| ISHARES INC | [EWW](https://holderbook.com/stocks/EWW/) | $49.4M | 656,000 | 0.2% | 1 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $49.2M | 181,915 | 0.2% | 31 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $48.5M | 358,222 | 0.2% | 31 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $48.2M | 501,266 | 0.2% | 31 |
| THERMO FISHER SCIENTIFIC INC | [TMO](https://holderbook.com/stocks/TMO/) | $47.7M | 95,110 | 0.2% | 31 |
| NEXTERA ENERGY INC | [NEE](https://holderbook.com/stocks/NEE/) | $46.9M | 533,898 | 0.2% | 31 |
| AMERICAN EXPRESS CO | [AXP](https://holderbook.com/stocks/AXP/) | $46.1M | 136,277 | 0.2% | 20 |
| EATON CORP PLC | [ETN](https://holderbook.com/stocks/ETN/) | $45.5M | 106,856 | 0.2% | 24 |
| AT&T INC | [T](https://holderbook.com/stocks/T/) | $44.9M | 2,168,813 | 0.2% | 31 |
| BOEING CO | [BA](https://holderbook.com/stocks/BA/) | $43.7M | 201,796 | 0.2% | 31 |
| ISHARES TR | [VLUE](https://holderbook.com/stocks/VLUE/) | $43.6M | 218,300 | 0.2% | 24 |
| GILEAD SCIENCES INC | [GILD](https://holderbook.com/stocks/GILD/) | $42.1M | 333,195 | 0.2% | 31 |
| UNION PAC CORP | [UNP](https://holderbook.com/stocks/UNP/) | $41.4M | 152,045 | 0.2% | 31 |
| OSCAR HEALTH INC | [OSCR](https://holderbook.com/stocks/OSCR/) | $41.4M | 1,450,000 | 0.2% | 4 |
| WELLTOWER INC | [WELL](https://holderbook.com/stocks/WELL/) | $41.0M | 180,709 | 0.2% | 31 |
| DEERE & CO | [DE](https://holderbook.com/stocks/DE/) | $40.8M | 64,357 | 0.2% | 31 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +15.3% | +14.8% | +0.5% | 100% |
| Q1 2026 | -5.0% | -4.6% | -0.4% | 100% |
| Q4 2025 | +1.9% | +2.4% | -0.4% | 100% |
| Q3 2025 | +7.6% | +7.8% | -0.2% | 100% |
| Q2 2025 | +11.4% | +10.5% | +0.9% | 100% |
| Q1 2025 | -4.2% | -4.6% | +0.3% | 100% |
| Q4 2024 | +1.5% | +2.1% | -0.6% | 100% |
| Q3 2024 | +5.4% | +5.4% | -0.1% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $22.6B | 960 |
| Q1 2026 | $18.9B | 941 |
| Q4 2025 | $20.6B | 935 |
| Q3 2025 | $20.8B | 944 |
| Q2 2025 | $19.3B | 944 |
| Q1 2025 | $17.3B | 944 |
| Q4 2024 | $19.2B | 951 |
| Q3 2024 | $20.2B | 950 |
| Q2 2024 | $19.5B | 950 |
| Q1 2024 | $18.6B | 955 |
| Q4 2023 | $16.8B | 958 |
| Q3 2023 | $15.5B | 964 |