State of Michigan Retirement System
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 6, 2025), State of Michigan Retirement System reported 951 stock positions worth $19.2 billion. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 6.6% of the portfolio, followed by Nvidia (NVDA, 5.9%) and Apple (AAPL, 5.9%). Compared with Q3 2024, it opened 18 new positions, sold out of 17, added to 177 and reduced 598. The biggest buy was Amazon.com (AMZN, shares +3%) and the biggest sale SS SPDR S&P 500 ETF Trust-US (SPY, shares −32%).
- Most Recent 13F
- Q2 2026
- Location
- EAST LANSING, MI
- CIK
- 0000762152
- Portfolio Value
- $19.2B (Q4 2024)
- SEC Filing
- 0000762152-25-000003 ↗ filed Feb 6, 2025
Holdings Value
Holdings 951 stocks · $19.2B
| SPY SS SPDR S&P 500 ETF Trust-US | 6.60% | 2,164,640 | $1.3B | Reduce -31.8% |
| NVDA Nvidia Corp. | 5.91% | 8,459,560 | $1.1B | Reduce -2.9% |
| AAPL Apple Inc. | 5.88% | 4,512,899 | $1.1B | Add +0.6% |
| MSFT Microsoft Corp. | 5.14% | 2,346,867 | $989.2M | Reduce -4.1% |
| AMZN Amazon.com Inc. | 3.59% | 3,147,820 | $690.6M | Add +3.3% |
| META Meta Platforms Inc. Class A | 2.61% | 856,814 | $501.7M | Reduce -0.7% |
| AVGO Broadcom Inc. | 2.10% | 1,740,660 | $403.6M | No change |
| GOOGL Alphabet Inc. Class A | 2.01% | 2,044,880 | $387.1M | Reduce -1.3% |
| TSLA Tesla Inc. | 1.59% | 757,957 | $306.1M | Add +0.3% |
| GOOG Alphabet Inc. Class C | 1.50% | 1,514,360 | $288.4M | Add +1.6% |
| MTUM iShares MSCI USA Momentum Fa | 1.39% | 1,290,890 | $267.1M | Reduce -1.4% |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 1.21% | 2,172,400 | $232.1M | No change |
| LLY Eli Lilly & Co. | 1.11% | 275,904 | $213.0M | Reduce -3.6% |
| T AT&T Inc. | 1.00% | 8,465,313 | $192.8M | Reduce -57.8% |
| V Visa Inc. Class A | 0.98% | 595,423 | $188.2M | Add +2.5% |
| JPM JPMorgan Chase & Co. | 0.95% | 764,131 | $183.2M | Reduce -1.4% |
| CVS CVS Health Corp. | 0.84% | 3,584,177 | $160.9M | Add +11.0% |
| COST Costco Wholesale Corp. | 0.83% | 175,069 | $160.4M | Reduce -1.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.81% | 345,229 | $156.5M | Reduce -1.9% |
| NFLX Netflix Inc. | 0.75% | 161,249 | $143.7M | Add +3.3% |
| MA Mastercard Inc. Class A | 0.70% | 257,281 | $135.5M | Reduce -0.5% |
| UNH Unitedhealth Group Inc. | 0.68% | 259,919 | $131.5M | Reduce -1.3% |
| XOM Exxon Mobil Corp. | 0.67% | 1,192,918 | $128.3M | Reduce -1.4% |
| IJH iShares Core S&P Midcap ETF | 0.67% | 2,054,510 | $128.0M | Add +3.7% |
| AMD Advanced Micro Devices | 0.61% | 969,540 | $117.1M | Reduce -12.4% |
| HD Home Depot Inc. | 0.61% | 299,584 | $116.5M | Reduce -0.2% |
| PG The Procter & Gamble Co. | 0.58% | 661,737 | $110.9M | Add +3.2% |
| WMT Walmart Inc. | 0.55% | 1,178,120 | $106.4M | Reduce -0.4% |
| ISRG Intuitive Surgical Inc. | 0.55% | 201,153 | $105.0M | Add +0.1% |
| NEE Nextera Energy Inc. | 0.53% | 1,411,098 | $101.2M | Reduce -0.1% |
| JNJ Johnson & Johnson | 0.51% | 679,367 | $98.3M | Reduce -1.5% |
| TDG Transdigm Group Inc. | 0.50% | 76,292 | $96.7M | No change |
| RITM Rithm Capital Corp. | 0.47% | 8,404,734 | $91.0M | No change |
| CRM Salesforce Inc. | 0.45% | 259,443 | $86.7M | Reduce -1.7% |
| ABBV Abbvie Inc. | 0.44% | 479,608 | $85.2M | Reduce -0.3% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.44% | 1,924,512 | $84.6M | Reduce -1.1% |
| BURL Burlington Stores Inc. | 0.43% | 289,300 | $82.5M | Reduce -0.0% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.41% | 116 | $79.0M | No change |
| ADBE Adobe Inc. | 0.41% | 177,623 | $79.0M | No change |
| CSCO Cisco Systems Inc. | 0.40% | 1,312,462 | $77.7M | Reduce -7.8% |
| HUBS HubSpot Inc. | 0.39% | 106,400 | $74.1M | Add +87.7% |
| PLTR Palantir Technologies Inc. Class A | 0.38% | 976,300 | $73.8M | Reduce -8.0% |
| ORCL Oracle Corp. | 0.38% | 436,232 | $72.7M | Add +0.2% |
| MRK Merck & Co. Inc. | 0.37% | 719,590 | $71.6M | Add +4.2% |
| KO The Coca-Cola Co. | 0.35% | 1,093,348 | $68.1M | Reduce -1.8% |
| WFC Wells Fargo & Co. | 0.35% | 956,849 | $67.2M | Reduce -2.9% |
| CVX Chevron Corp. | 0.34% | 453,615 | $65.7M | Reduce -2.1% |
| CI The Cigna Group | 0.34% | 235,741 | $65.1M | Add +175.3% |
| ACN Accenture PLC Class A | 0.33% | 182,238 | $64.1M | Add +0.1% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.33% | 291,086 | $64.0M | Reduce -0.7% |
| CMG Chipotle Mexican Grill Inc. | 0.31% | 984,700 | $59.4M | Reduce -4.2% |
| NOW ServiceNow Inc. | 0.31% | 55,955 | $59.3M | Reduce -0.2% |
| PEP Pepsico Inc. | 0.30% | 384,122 | $58.4M | Reduce -1.8% |
| MCD McDonald's Corp. | 0.29% | 194,515 | $56.4M | Reduce -0.4% |
| LIN Linde PLC | 0.29% | 134,204 | $56.2M | Reduce -2.2% |
| MBB iShares MBS ETF | 0.29% | 600,000 | $55.0M | No change |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.28% | 491,466 | $54.7M | Reduce -0.5% |
| TMO Thermo Fisher Scientific Inc. | 0.28% | 103,810 | $54.0M | Reduce -26.9% |
| ABT Abbott Laboratories | 0.28% | 470,757 | $53.2M | Reduce -0.7% |
| VZ Verizon Communications Inc. | 0.27% | 1,297,450 | $51.9M | Reduce -0.5% |
| GS Goldman Sachs Group Inc. | 0.27% | 89,873 | $51.5M | Reduce -1.6% |
| PM Philip Morris International | 0.26% | 421,958 | $50.8M | Reduce -0.3% |
| CAT Caterpillar Inc. | 0.26% | 139,072 | $50.4M | Reduce -1.4% |
| TXN Texas Instruments Inc. | 0.26% | 263,065 | $49.3M | Reduce -0.8% |
| QCOM Qualcomm Inc. | 0.26% | 320,466 | $49.2M | Reduce -0.2% |
| GE General Electric filed as GE AEROSPACE | 0.25% | 293,761 | $49.0M | Reduce -0.5% |
| INTU Intuit Inc. | 0.25% | 76,090 | $47.8M | No change |
| XYZ Block Inc. | 0.24% | 542,246 | $46.1M | Add +124.8% |
| PFE Pfizer Inc. | 0.24% | 1,726,184 | $45.8M | Reduce -0.3% |
| ANET Arista Networks Inc. | 0.24% | 411,556 | $45.5M | Add +0.3% |
| RTX RTX Corp. | 0.24% | 391,432 | $45.3M | Reduce -1.1% |
| AXP American Express Co. | 0.23% | 151,077 | $44.8M | Reduce -1.2% |
| AMAT Applied Materials Inc. | 0.23% | 274,755 | $44.7M | Add +0.2% |
| BKNG Booking Holdings Inc. | 0.23% | 8,959 | $44.5M | Reduce -2.2% |
| VLUE iShares MSCI USA Value Facto | 0.23% | 421,400 | $44.5M | Add +6.0% |
| SPGI S&P Global Inc. | 0.22% | 86,153 | $42.9M | Reduce -1.1% |
| BLK BlackRock Inc. | 0.22% | 41,771 | $42.8M | Add +4.0% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.22% | 351,482 | $42.5M | Add +0.6% |
| MS Morgan Stanley | 0.22% | 336,726 | $42.3M | Reduce -0.7% |
| CMCSA Comcast Corp. Class A | 0.22% | 1,106,289 | $41.5M | Add +5.2% |
| C Citigroup Inc. | 0.21% | 572,436 | $40.3M | Reduce -0.9% |
| DHR Danaher Corp. | 0.21% | 174,446 | $40.0M | Reduce -0.3% |
| HON Honeywell International Inc. | 0.21% | 176,515 | $39.9M | Reduce -0.5% |
| COP Conocophillips | 0.20% | 386,328 | $38.3M | Add +9.0% |
| PGR Progressive Corp. | 0.20% | 158,988 | $38.1M | Reduce -0.3% |
| AMGN Amgen Inc. | 0.20% | 145,897 | $38.0M | Reduce -0.3% |
| LOW Lowe's Cos Inc. | 0.20% | 153,970 | $38.0M | Reduce -0.8% |
| KR Kroger Co. | 0.20% | 618,087 | $37.8M | Reduce -14.2% |
| XLV SS Health Care Select Sector | 0.20% | 274,588 | $37.8M | Add +15.6% |
| UNP Union Pacific Corp. | 0.20% | 164,545 | $37.5M | Reduce -0.8% |
| GEHC GE Healthcare Technology | 0.19% | 473,953 | $37.1M | Add +46.1% |
| ADP Automatic Data Processing | 0.19% | 124,503 | $36.4M | Reduce -0.9% |
| BA The Boeing Co. | 0.19% | 202,896 | $35.9M | Add +27.3% |
| BSX Boston Scientific Corp. | 0.19% | 400,008 | $35.7M | Reduce -0.3% |
| ICE Intercontinental Exchange Inc. | 0.19% | 239,442 | $35.7M | Reduce -7.8% |
| ETN Eaton Corp. PLC | 0.18% | 107,256 | $35.6M | Reduce -1.1% |
| BMY Bristol-Myers Squibb Co. | 0.18% | 613,133 | $34.7M | Reduce -14.1% |
| UBER Uber Technologies Inc. | 0.18% | 571,500 | $34.5M | Reduce -0.1% |
| BX Blackstone Inc. | 0.18% | 196,000 | $33.8M | Reduce -0.1% |
| SPOT Spotify Technology SA | 0.17% | 75,031 | $33.6M | Reduce -5.1% |
Portfolio Sells Q3 2024 → Q4 2024
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -31.8% | 6.60% | −2.43 |
| AGG iShares Core U.S. Aggregate | Sold out | 0.00% | −2.08 |
| T AT&T Inc. | Reduce -57.8% | 1.00% | −1.19 |
| AMD Advanced Micro Devices | Reduce -12.4% | 0.61% | −0.29 |
| SMCI Super Micro Computer Inc. | Sold out | 0.00% | −0.17 |
| TMO Thermo Fisher Scientific Inc. | Reduce -26.9% | 0.28% | −0.15 |
| LLY Eli Lilly & Co. | Reduce -3.6% | 1.11% | −0.15 |
| INTC Intel Corp. | Reduce -32.3% | 0.16% | −0.11 |
| UNH Unitedhealth Group Inc. | Reduce -1.3% | 0.68% | −0.08 |
| MSFT Microsoft Corp. | Reduce -4.1% | 5.14% | −0.08 |
| MRNA Moderna Inc. | Reduce -66.6% | 0.02% | −0.07 |
| NEE Nextera Energy Inc. | Reduce -0.1% | 0.53% | −0.07 |
| REGN Regeneron Pharmaceuticals | Reduce -1.0% | 0.11% | −0.04 |
| JNJ Johnson & Johnson | Reduce -1.5% | 0.51% | −0.04 |
| KO The Coca-Cola Co. | Reduce -1.8% | 0.35% | −0.04 |
| XOM Exxon Mobil Corp. | Reduce -1.4% | 0.67% | −0.04 |
| AMGN Amgen Inc. | Reduce -0.3% | 0.20% | −0.04 |
| UBER Uber Technologies Inc. | Reduce -0.1% | 0.18% | −0.03 |
| DHR Danaher Corp. | Reduce -0.3% | 0.21% | −0.03 |
| LIN Linde PLC | Reduce -2.2% | 0.29% | −0.03 |
| PLD Prologis Inc. | Reduce -6.1% | 0.14% | −0.03 |
| ABBV Abbvie Inc. | Reduce -0.3% | 0.44% | −0.03 |
| PEP Pepsico Inc. | Reduce -1.8% | 0.30% | −0.03 |
| AMT American Tower Corp. | Reduce -0.3% | 0.12% | −0.03 |
| HCA HCA Healthcare Inc. | Reduce -2.2% | 0.08% | −0.02 |
| MRO Marathon Oil Corp. | Sold out | 0.00% | −0.02 |
| LMT Lockheed Martin Corp. | Reduce -0.5% | 0.16% | −0.02 |
| NEM Newmont Corp. | Reduce -1.1% | 0.06% | −0.02 |
| ICE Intercontinental Exchange Inc. | Reduce -7.8% | 0.19% | −0.02 |
| GE General Electric | Reduce -0.5% | 0.25% | −0.02 |
| VZ Verizon Communications Inc. | Reduce -0.5% | 0.27% | −0.02 |
| MDLZ Mondelez International Inc. Class A | Reduce -0.2% | 0.11% | −0.02 |
| FCX Freeport-McMoran Inc. | Reduce -0.3% | 0.08% | −0.02 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -1.6% | 0.15% | −0.02 |
| ZTS Zoetis Inc. | Reduce -2.0% | 0.11% | −0.02 |
| IDXX Idexx Laboratories Inc. | Reduce -1.7% | 0.09% | −0.02 |
| TXN Texas Instruments Inc. | Reduce -0.8% | 0.26% | −0.02 |
| CTLT Catalent Inc. | Sold out | 0.00% | −0.01 |
| QCOM Qualcomm Inc. | Reduce -0.2% | 0.26% | −0.01 |
| MCHP Microchip Technology Inc. | Reduce -0.3% | 0.04% | −0.01 |
| QRVO Qorvo Inc. | Reduce -80.8% | 0.00% | −0.01 |
| CCI Crown Castle Inc. | Reduce -0.3% | 0.06% | −0.01 |
| LRCX Lam Research Corp. | Reduce -0.9% | 0.14% | −0.01 |
| MDT Medtronic PLC | Reduce -0.3% | 0.14% | −0.01 |
| CAT Caterpillar Inc. | Reduce -1.4% | 0.26% | −0.01 |
| CEG Constellation Energy | Reduce -0.3% | 0.10% | −0.01 |
| CARR Carrier Global Corp. | Reduce -1.0% | 0.08% | −0.01 |
| LOW Lowe's Cos Inc. | Reduce -0.8% | 0.20% | −0.01 |
| SHW The Sherwin-Williams Co. | Reduce -1.8% | 0.12% | −0.01 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -21.6% | 0.15% | −0.01 |
Portfolio Buys Q3 2024 → Q4 2024
| AMZN Amazon.com Inc. | Add +3.3% | 3.59% | +0.78 |
| AAPL Apple Inc. | Add +0.6% | 5.88% | +0.69 |
| TSLA Tesla Inc. | Add +0.3% | 1.59% | +0.61 |
| GOOG Alphabet Inc. Class C | Add +1.6% | 1.50% | +0.26 |
| HUBS HubSpot Inc. | Add +87.7% | 0.39% | +0.24 |
| NFLX Netflix Inc. | Add +3.3% | 0.75% | +0.20 |
| CI The Cigna Group | Add +175.3% | 0.34% | +0.19 |
| V Visa Inc. Class A | Add +2.5% | 0.98% | +0.19 |
| XYZ Block Inc. | Add +124.8% | 0.24% | +0.16 |
| APO Apollo Global Management Inc. | New | 0.10% | +0.10 |
| WDAY Workday Inc. Class A | New | 0.08% | +0.08 |
| BA The Boeing Co. | Add +27.3% | 0.19% | +0.07 |
| ISRG Intuitive Surgical Inc. | Add +0.1% | 0.55% | +0.06 |
| IJH iShares Core S&P Midcap ETF | Add +3.7% | 0.67% | +0.05 |
| GEHC GE Healthcare Technology | Add +46.1% | 0.19% | +0.04 |
| ANET Arista Networks Inc. | Add +0.3% | 0.24% | +0.04 |
| VRT Vertiv Holdings Co. Class A | New | 0.04% | +0.04 |
| QUAL iShares MSCI USA Quality Fac | Add +26.6% | 0.15% | +0.04 |
| TMDX Transmedics Group Inc. | New | 0.04% | +0.04 |
| BLK BlackRock Inc. | Add +4.0% | 0.22% | +0.03 |
| VEEV Veeva Systems Inc. Class A | Add +1600.0% | 0.03% | +0.03 |
| TSCO Tractor Supply Company | Add +71.0% | 0.08% | +0.03 |
| PG The Procter & Gamble Co. | Add +3.2% | 0.58% | +0.03 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +0.5% | 0.11% | +0.02 |
| DOCU Docusign Inc. | New | 0.02% | +0.02 |
| LULU Lululemon Athletica Inc. | Add +1.1% | 0.07% | +0.02 |
| RCL Royal Caribbean Cruises Ltd. | Add +4.0% | 0.08% | +0.02 |
| AXON Axon Enterprise Inc. | Add +0.5% | 0.06% | +0.02 |
| SMCI Super Micro Computer Inc. | New | 0.02% | +0.02 |
| EXE Expand Energy Corp. | Add +107.4% | 0.03% | +0.02 |
| PANW Palo Alto Networks Inc. | Add +0.7% | 0.17% | +0.02 |
| FLEX Flex Ltd. | New | 0.02% | +0.02 |
| TJX TJX Companies Inc. | Add +0.6% | 0.22% | +0.02 |
| APH Amphenol Corp. Class A | Add +0.3% | 0.16% | +0.02 |
| AJG Arthur J Gallagher & Co. | Add +13.6% | 0.10% | +0.02 |
| VLUE iShares MSCI USA Value Facto | Add +6.0% | 0.23% | +0.02 |
| RBRK Rubrik Inc. Class A | New | 0.02% | +0.02 |
| XLV SS Health Care Select Sector | Add +15.6% | 0.20% | +0.01 |
| EQIX Equinix Inc. | Add +1.6% | 0.13% | +0.01 |
| COP Conocophillips | Add +9.0% | 0.20% | +0.01 |
| ACN Accenture PLC Class A | Add +0.1% | 0.33% | +0.01 |
| DECK Deckers Outdoor Corp. | Add +1.2% | 0.05% | +0.01 |
| AMP Ameriprise Financial Inc. | Add +1.4% | 0.08% | +0.01 |
| S Sentinelone Inc. Class A | New | 0.01% | +0.01 |
| ZM Zoom Communications Inc. | Add +2.0% | 0.06% | +0.01 |
| BIIB Biogen Inc. | Add +60.0% | 0.05% | +0.01 |
| CCL Carnival Corp. | Add +2.5% | 0.04% | +0.01 |
| MLI Mueller Industries Inc. | New | 0.01% | +0.01 |
| DLR Digital Realty Trust Inc. | Add +0.9% | 0.08% | +0.01 |
| GRMN Garmin Ltd. | Add +2.3% | 0.05% | +0.01 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 960 | $22.6B | NVDA, AAPL, MSFT, AMZN, AVGO |
| Q1 2026 | 941 | $18.9B | NVDA, AAPL, MSFT, AMZN, AVGO |
| Q4 2025 | 935 | $20.6B | NVDA, AAPL, MSFT, AMZN, AVGO |
| Q3 2025 | 944 | $20.8B | NVDA, MSFT, AAPL, SPY, AMZN |
| Q2 2025 | 944 | $19.3B | NVDA, MSFT, AAPL, SPY, AMZN |
| Q1 2025 | 944 | $17.3B | AAPL, NVDA, MSFT, SPY, AMZN |
| Q4 2024 | 951 | $19.2B | SPY, NVDA, AAPL, MSFT, AMZN |
| Q3 2024 | 950 | $20.2B | SPY, NVDA, MSFT, AAPL, AMZN |
| Q2 2024 | 950 | $19.5B | SPY, MSFT, NVDA, AAPL, AMZN |
| Q1 2024 | 955 | $18.6B | SPY, MSFT, NVDA, AAPL, AMZN |