Municipal Employees' Retirement System of Michigan

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 10, 2025), Municipal Employees' Retirement System of Michigan reported 49 stock positions worth $7.3 billion. Its top holding was Invesco S&P 500 QVM Multi-Fa (QVML) at 14.5% of the portfolio, followed by iShares Core S&P 500 ETF (IVV, 11.7%) and SS SPDR P Int Term TSY ETF (SPTI, 10.2%). Compared with Q3 2024, it opened 1 new position, sold out of 1, added to 8 and reduced 8. The biggest buy was a new position in Schwab U.S. Tips ETF (SCHP) and the biggest sale an exit from Vanguard Intermediate-Term T (VGIT).

Most Recent 13F
Q2 2026
Location
LANSING, MI
CIK
0001588873
Portfolio Value
$7.3B (Q4 2024)
SEC Filing
0001588873-25-000002 ↗ filed Feb 10, 2025

Holdings Value

0$2.0B$4.0B$6.0B$8.0B$10.0B Q1 2024: $7.8B Q1 2024 Q2 2024: $7.2B Q2 2024 Q3 2024: $7.6B Q3 2024 Q4 2024: $7.3B $7.3B Q4 2024 Q1 2025: $7.9B Q1 2025 Q2 2025: $8.3B Q2 2025 Q3 2025: $8.6B Q3 2025 Q4 2025: $8.8B Q4 2025 Q1 2026: $8.8B Q1 2026 Q2 2026: $9.1B Q2 2026

Holdings 49 stocks · $7.3B
QVML Invesco S&P 500 QVM Multi-Fa 14.46% 30,373,380 $1.0B No change
IVV iShares Core S&P 500 ETF 11.67% 1,438,577 $846.9M No change
SPTI SS SPDR P Int Term TSY ETF 10.15% 26,424,332 $736.7M No change
SPTS SS SPDR P St Term TSY ETF 8.72% 21,803,046 $632.5M Add +0.4%
SCHP Schwab U.S. Tips ETF 5.54% 15,565,679 $402.1M New
IPAC iShares Core MSCI Pacific Et 5.39% 6,404,807 $391.3M No change
QVMM Invesco S&P Midcap 400 QVM M 4.30% 10,882,576 $312.1M No change
SPTL SS SPDR PF LNG TRM TSY E-Usd 4.22% 11,690,404 $306.2M Reduce -8.4%
IEMG iShares Core MSCI Emerging 3.44% 4,773,111 $249.3M No change
VGK Vanguard Ftse Europe ETF 3.27% 3,742,619 $237.5M No change
XEMD Bondbloxx-JPM Usd Em MK 1-10 2.70% 4,698,046 $195.8M No change
QVMS Invesco S&P Smallcap 600 QVM 2.65% 7,114,414 $192.5M No change
ISVL iShares International Develo 2.17% 4,592,859 $157.5M No change
MTBA Simplify MBS ETF 2.15% 3,139,253 $156.0M No change
EMHC SS SPDR BB Em Usd Bond ETF 2.12% 6,460,066 $153.6M Reduce -0.3%
EMB iShares JP Morgan Usd Emergi 1.90% 1,547,548 $137.8M No change
IJH iShares Core S&P Midcap ETF 1.72% 2,005,373 $125.0M Add +0.0%
XONE Bondbloxx BBG 1 Dur US Treas 1.63% 2,387,980 $118.3M No change
BBEU JPMorgan Betabuilders Europe 1.56% 2,042,693 $113.2M No change
PICK iShares MSCI Global Metals & 1.46% 3,032,992 $106.1M Add +3.5%
FLCA Franklin Ftse Canada ETF 1.40% 2,773,743 $101.5M No change
GATO Gatos Silver Inc. 1.20% 6,205,259 $86.8M No change
RING iShares MSCI Global Gold Min 0.74% 1,901,911 $53.5M Reduce -15.6%
BBAX JPMorgan Betabuilders Develo 0.61% 910,009 $44.4M No change
XBB Bondbloxx-BB Rated Usd HY CB 0.57% 1,037,817 $41.5M No change
XFIV Bondbloxx BBG 5 YR US Treas 0.47% 704,064 $33.8M No change
XLE SS Energy Select Sector 0.46% 392,435 $33.6M Add +26.1%
SPHY SS SPDR P High Yield ETF 0.42% 1,287,376 $30.2M Add +4.0%
XHLF Bondbloxx BBG 6 MTH US Treas 0.31% 448,334 $22.5M No change
XTWO Bondbloxx BBG 2Y US TSY ETF 0.28% 416,558 $20.4M No change
XTRE Bondbloxx BBG 3Y US TSY ETF 0.27% 402,313 $19.6M No change
XSVN Bondbloxx BBG 7 YR US Treas 0.26% 403,857 $18.7M No change
XTEN Bondbloxx BBG 10Y US TSY ETF 0.25% 403,452 $18.1M No change
XTWY Bondbloxx BBG 20Y US TSY ETF 0.22% 420,244 $16.2M No change
VGSH Vanguard Short-Term Treasury 0.20% 249,183 $14.5M Reduce -93.1%
SPYM Ste STR SPDR PT S&P 500 ETF 0.18% 188,205 $13.0M No change
STIP iShares 0-5 Year Tips Bond E 0.17% 121,200 $12.2M Add +0.6%
XB Bondbloxx-B Rated Usd HY CB 0.14% 266,860 $10.5M No change
SPDW Ste STR SPDR PT DW Eu ETF 0.13% 276,169 $9.4M No change
SPSB SS SPDR P St C Corp. ETF 0.09% 228,061 $6.8M Reduce -12.2%
SPIB SS SPDR P Int C Corp. ETF 0.08% 172,439 $5.6M Add +8.4%
XCCC Bondbloxx-CCC-Usd HY Corp. BD 0.07% 121,654 $4.8M No change
SPEM State Street SP PTF Em ETF 0.06% 107,144 $4.1M Reduce -2.6%
MBB iShares MBS ETF 0.06% 43,971 $4.0M Reduce -45.1%
VGLT Vanguard Long-Term Treasury 0.05% 63,048 $3.5M Reduce -92.4%
IJR iShares Core S&P Small-Cap E 0.03% 20,736 $2.4M No change
HYBB iShares BB Rated Corp. Bond 0.03% 43,716 $2.0M Add +53.3%
SPMD SS SPDR P S&P 400 Midcap ETF 0.02% 26,947 $1.5M No change
SPSM SS SPDR P S&P 600 Small Cap 0.01% 16,642 $748K No change

Portfolio Sells Q3 2024 → Q4 2024
VGIT Vanguard Intermediate-Term T Sold out 0.00% −2.70
VGSH Vanguard Short-Term Treasury Reduce -93.1% 0.20% −2.60
SPTL SS SPDR PF LNG TRM TSY E-Usd Reduce -8.4% 4.22% −0.67
VGLT Vanguard Long-Term Treasury Reduce -92.4% 0.05% −0.62
RING iShares MSCI Global Gold Min Reduce -15.6% 0.74% −0.24
MBB iShares MBS ETF Reduce -45.1% 0.06% −0.05
EMHC SS SPDR BB Em Usd Bond ETF Reduce -0.3% 2.12% −0.03
SPSB SS SPDR P St C Corp. ETF Reduce -12.2% 0.09% −0.01
SPEM State Street SP PTF Em ETF Reduce -2.6% 0.06% −0.00

Portfolio Buys Q3 2024 → Q4 2024
SCHP Schwab U.S. Tips ETF New 5.54% +5.54
SPTS SS SPDR P St Term TSY ETF Add +0.4% 8.72% +0.30
XLE SS Energy Select Sector Add +26.1% 0.46% +0.10
IJH iShares Core S&P Midcap ETF Add +0.0% 1.72% +0.07
SPHY SS SPDR P High Yield ETF Add +4.0% 0.42% +0.02
HYBB iShares BB Rated Corp. Bond Add +53.3% 0.03% +0.01
STIP iShares 0-5 Year Tips Bond E Add +0.6% 0.17% +0.01
SPIB SS SPDR P Int C Corp. ETF Add +8.4% 0.08% +0.01
PICK iShares MSCI Global Metals & Add +3.5% 1.46% −0.21

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 30$9.1BQVML, IVV, SPTI, SPTS, VGK
Q1 2026 28$8.8BQVML, SPTI, IVV, SPTS, SPTL
Q4 2025 36$8.8BQVML, SPTI, IVV, VGK, SPTS
Q3 2025 45$8.6BQVML, SPTI, IVV, VGK, SPTS
Q2 2025 45$8.3BQVML, SPTI, IVV, VGK, SPTS
Q1 2025 46$7.9BQVML, SPTI, IVV, SPTS, VGK
Q4 2024 49$7.3BQVML, IVV, SPTI, SPTS, SCHP
Q3 2024 49$7.6BQVML, IVV, SPTI, SPTS, IPAC
Q2 2024 49$7.2BQVML, IVV, SPTI, SPTS, IPAC
Q1 2024 45$7.8BIVV, QVML, SPTI, SPTS, IEMG