Municipal Employees' Retirement System of Michigan
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 6, 2026), Municipal Employees' Retirement System of Michigan reported 36 stock positions worth $8.8 billion. Its top holding was Invesco S&P 500 QVM Multi-Fa (QVML) at 15.5% of the portfolio, followed by SS SPDR P Int Term TSY ETF (SPTI, 12.2%) and iShares Core S&P 500 ETF (IVV, 10.7%). Compared with Q3 2025, it sold out of 9, added to 11 and reduced 8. The biggest buy was SS SPDR P St Term TSY ETF (SPTS, shares +18%) and the biggest sale iShares Core S&P 500 ETF (IVV, shares −7%).
- Most Recent 13F
- Q2 2026
- Location
- LANSING, MI
- CIK
- 0001588873
- Portfolio Value
- $8.8B (Q4 2025)
- SEC Filing
- 0001588873-26-000002 ↗ filed Feb 6, 2026
Holdings Value
Holdings 36 stocks · $8.8B
| QVML Invesco S&P 500 QVM Multi-Fa | 15.51% | 34,132,010 | $1.4B | No change |
| SPTI SS SPDR P Int Term TSY ETF | 12.15% | 37,247,174 | $1.1B | Add +3.9% |
| IVV iShares Core S&P 500 ETF | 10.70% | 1,381,225 | $946.1M | Reduce -6.8% |
| VGK Vanguard Ftse Europe ETF | 8.64% | 9,136,296 | $763.9M | Add +3.4% |
| SPTS SS SPDR P St Term TSY ETF | 8.57% | 25,879,762 | $757.8M | Add +17.9% |
| SPTL SS SPDR PF LNG TRM TSY E-Usd | 4.61% | 15,397,326 | $407.6M | Add +21.9% |
| SCHP Schwab U.S. Tips ETF | 4.57% | 15,248,383 | $403.9M | Reduce -7.0% |
| SPIB SS SPDR P Int C Corp. ETF | 4.48% | 11,704,768 | $395.7M | Reduce -9.7% |
| QVMM Invesco S&P Midcap 400 QVM M | 4.14% | 11,882,576 | $365.7M | No change |
| IEMG iShares Core MSCI Emerging | 3.98% | 5,227,998 | $351.4M | Add +9.5% |
| IJH iShares Core S&P Midcap ETF | 3.43% | 4,596,783 | $303.4M | Add +0.9% |
| XBB Bondbloxx-BB Rated Usd HY CB | 3.43% | 7,372,511 | $303.3M | Add +18.4% |
| XEMD Bondbloxx-JPM Usd Em MK 1-10 | 2.38% | 4,714,975 | $210.2M | Add +0.4% |
| QVMS Invesco S&P Smallcap 600 QVM | 2.27% | 7,114,414 | $200.9M | No change |
| SPHY SS SPDR P High Yield ETF | 1.61% | 6,000,856 | $142.0M | Add +0.8% |
| PICK iShares MSCI Global Metals & | 1.54% | 2,658,856 | $136.5M | Reduce -12.3% |
| FLCA Franklin Ftse Canada ETF | 1.52% | 2,773,743 | $134.0M | No change |
| FALN iShares Fallen Angels ETF | 1.13% | 3,657,064 | $99.8M | Add +5.2% |
| BBCA JPMorgan Betabuilders Canada | 0.96% | 909,454 | $84.6M | Reduce -3.3% |
| RING iShares MSCI Global Gold Min | 0.70% | 844,062 | $62.2M | Reduce -38.5% |
| XONE Bondbloxx BBG 1 Dur US Treas | 0.66% | 1,178,547 | $58.4M | No change |
| XLE SS Energy Select Sector | 0.50% | 991,274 | $44.3M | Add +37.6% |
| XFIV Bondbloxx BBG 5 YR US Treas | 0.39% | 704,064 | $34.8M | No change |
| ICOP iShares Copper and Metals | 0.39% | 784,271 | $34.8M | No change |
| XTWO Bondbloxx BBG 2Y US TSY ETF | 0.23% | 416,558 | $20.6M | No change |
| XTRE Bondbloxx BBG 3Y US TSY ETF | 0.23% | 402,313 | $20.0M | No change |
| XSVN Bondbloxx BBG 7 YR US Treas | 0.22% | 403,857 | $19.4M | No change |
| XTEN Bondbloxx BBG 10Y US TSY ETF | 0.21% | 403,452 | $18.6M | No change |
| BBAX JPMorgan Betabuilders Develo | 0.19% | 298,785 | $16.8M | No change |
| XTWY Bondbloxx BBG 20Y US TSY ETF | 0.18% | 420,244 | $15.9M | No change |
| XB Bondbloxx-B Rated Usd HY CB | 0.12% | 266,860 | $10.5M | No change |
| STIP iShares 0-5 Year Tips Bond E | 0.11% | 95,402 | $9.8M | Reduce -21.3% |
| VGSH Vanguard Short-Term Treasury | 0.09% | 133,074 | $7.8M | Reduce -6.4% |
| SPSB SS SPDR P St C Corp. ETF | 0.08% | 228,061 | $6.9M | No change |
| XCCC Bondbloxx-CCC-Usd HY Corp. BD | 0.05% | 121,654 | $4.6M | No change |
| IJR iShares Core S&P Small-Cap E | 0.03% | 24,129 | $2.9M | No change |
Portfolio Sells Q3 2025 → Q4 2025
| IVV iShares Core S&P 500 ETF | Reduce -6.8% | 10.70% | −0.78 |
| SPIB SS SPDR P Int C Corp. ETF | Reduce -9.7% | 4.48% | −0.61 |
| SCHP Schwab U.S. Tips ETF | Reduce -7.0% | 4.57% | −0.55 |
| RING iShares MSCI Global Gold Min | Reduce -38.5% | 0.70% | −0.33 |
| XHLF Bondbloxx BBG 6 MTH US Treas | Sold out | 0.00% | −0.26 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Sold out | 0.00% | −0.17 |
| AG First Majestic Silver Corp. | Sold out | 0.00% | −0.16 |
| SPDW Ste STR SPDR PT DW Eu ETF | Sold out | 0.00% | −0.14 |
| MBB iShares MBS ETF | Sold out | 0.00% | −0.07 |
| SPEM State Street SP PTF Em ETF | Sold out | 0.00% | −0.06 |
| STIP iShares 0-5 Year Tips Bond E | Reduce -21.3% | 0.11% | −0.03 |
| HYBB iShares BB Rated Corp. Bond | Sold out | 0.00% | −0.02 |
| PICK iShares MSCI Global Metals & | Reduce -12.3% | 1.54% | −0.02 |
| SPMD SS SPDR P S&P 400 Midcap ETF | Sold out | 0.00% | −0.02 |
| SPSM SS SPDR P S&P 600 Small Cap | Sold out | 0.00% | −0.01 |
| VGSH Vanguard Short-Term Treasury | Reduce -6.4% | 0.09% | −0.01 |
| BBCA JPMorgan Betabuilders Canada | Reduce -3.3% | 0.96% | +0.01 |
Portfolio Buys Q3 2025 → Q4 2025
| SPTS SS SPDR P St Term TSY ETF | Add +17.9% | 8.57% | +1.12 |
| SPTL SS SPDR PF LNG TRM TSY E-Usd | Add +21.9% | 4.61% | +0.67 |
| VGK Vanguard Ftse Europe ETF | Add +3.4% | 8.64% | +0.48 |
| XBB Bondbloxx-BB Rated Usd HY CB | Add +18.4% | 3.43% | +0.45 |
| IEMG iShares Core MSCI Emerging | Add +9.5% | 3.98% | +0.33 |
| SPTI SS SPDR P Int Term TSY ETF | Add +3.9% | 12.15% | +0.15 |
| XLE SS Energy Select Sector | Add +37.6% | 0.50% | +0.13 |
| FALN iShares Fallen Angels ETF | Add +5.2% | 1.13% | +0.01 |
| XEMD Bondbloxx-JPM Usd Em MK 1-10 | Add +0.4% | 2.38% | −0.00 |
| IJH iShares Core S&P Midcap ETF | Add +0.9% | 3.43% | −0.01 |
| SPHY SS SPDR P High Yield ETF | Add +0.8% | 1.61% | −0.04 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 30 | $9.1B | QVML, IVV, SPTI, SPTS, VGK |
| Q1 2026 | 28 | $8.8B | QVML, SPTI, IVV, SPTS, SPTL |
| Q4 2025 | 36 | $8.8B | QVML, SPTI, IVV, VGK, SPTS |
| Q3 2025 | 45 | $8.6B | QVML, SPTI, IVV, VGK, SPTS |
| Q2 2025 | 45 | $8.3B | QVML, SPTI, IVV, VGK, SPTS |
| Q1 2025 | 46 | $7.9B | QVML, SPTI, IVV, SPTS, VGK |
| Q4 2024 | 49 | $7.3B | QVML, IVV, SPTI, SPTS, SCHP |
| Q3 2024 | 49 | $7.6B | QVML, IVV, SPTI, SPTS, IPAC |
| Q2 2024 | 49 | $7.2B | QVML, IVV, SPTI, SPTS, IPAC |
| Q1 2024 | 45 | $7.8B | IVV, QVML, SPTI, SPTS, IEMG |