State of Michigan Retirement System
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 30, 2025), State of Michigan Retirement System reported 944 stock positions worth $17.3 billion. Its top holding was Apple (AAPL) at 5.7% of the portfolio, followed by Nvidia (NVDA, 5.3%) and Microsoft (MSFT, 4.9%). Compared with Q4 2024, it opened 11 new positions, sold out of 19, added to 396 and reduced 310. The biggest buy was JPMorgan Chase (JPM, shares +18%) and the biggest sale SS SPDR S&P 500 ETF Trust-US (SPY, shares −46%).
- Most Recent 13F
- Q2 2026
- Location
- EAST LANSING, MI
- CIK
- 0000762152
- Portfolio Value
- $17.3B (Q1 2025)
- SEC Filing
- 0000762152-25-000005 ↗ filed Apr 30, 2025
Holdings Value
Holdings 944 stocks · $17.3B
| AAPL Apple Inc. | 5.66% | 4,415,599 | $980.8M | Reduce -2.2% |
| NVDA Nvidia Corp. | 5.28% | 8,445,560 | $915.3M | Reduce -0.2% |
| MSFT Microsoft Corp. | 4.89% | 2,257,867 | $847.6M | Reduce -3.8% |
| SPY SS SPDR S&P 500 ETF Trust-US | 3.77% | 1,169,540 | $654.2M | Reduce -46.0% |
| AMZN Amazon.com Inc. | 3.44% | 3,131,620 | $595.8M | Reduce -0.5% |
| META Meta Platforms Inc. Class A | 2.90% | 871,214 | $502.1M | Add +1.7% |
| AVGO Broadcom Inc. | 1.84% | 1,904,560 | $318.9M | Add +9.4% |
| GOOGL Alphabet Inc. Class A | 1.79% | 2,011,380 | $311.0M | Reduce -1.6% |
| MTUM iShares MSCI USA Momentum Fa | 1.51% | 1,295,090 | $261.8M | Add +0.3% |
| GOOG Alphabet Inc. Class C | 1.40% | 1,548,160 | $241.9M | Add +2.2% |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 1.36% | 2,172,400 | $236.1M | No change |
| JPM JPMorgan Chase & Co. | 1.28% | 901,531 | $221.1M | Add +18.0% |
| LLY Eli Lilly & Co. | 1.26% | 263,804 | $217.9M | Reduce -4.4% |
| V Visa Inc. Class A | 1.20% | 593,923 | $208.1M | Reduce -0.3% |
| TSLA Tesla Inc. | 1.13% | 759,157 | $196.7M | Add +0.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.06% | 345,329 | $183.9M | Add +0.0% |
| COST Costco Wholesale Corp. | 0.96% | 175,269 | $165.8M | Add +0.1% |
| NFLX Netflix Inc. | 0.92% | 171,249 | $159.7M | Add +6.2% |
| XOM Exxon Mobil Corp. | 0.81% | 1,180,918 | $140.4M | Reduce -1.0% |
| MA Mastercard Inc. Class A | 0.81% | 255,781 | $140.2M | Reduce -0.6% |
| UNH Unitedhealth Group Inc. | 0.78% | 259,719 | $136.0M | Reduce -0.1% |
| JNJ Johnson & Johnson | 0.65% | 679,067 | $112.6M | Reduce -0.0% |
| PG The Procter & Gamble Co. | 0.65% | 658,737 | $112.3M | Reduce -0.5% |
| HD Home Depot Inc. | 0.63% | 299,484 | $109.8M | Reduce -0.0% |
| TDG Transdigm Group Inc. | 0.61% | 76,192 | $105.4M | Reduce -0.1% |
| WMT Walmart Inc. | 0.60% | 1,176,820 | $103.3M | Reduce -0.1% |
| ABBV Abbvie Inc. | 0.58% | 478,908 | $100.3M | Reduce -0.1% |
| NEE Nextera Energy Inc. | 0.58% | 1,410,898 | $100.0M | Reduce -0.0% |
| ISRG Intuitive Surgical Inc. | 0.57% | 201,253 | $99.7M | Add +0.1% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.53% | 116 | $92.6M | No change |
| AMD Advanced Micro Devices | 0.48% | 803,040 | $82.5M | Reduce -17.2% |
| CSCO Cisco Systems Inc. | 0.47% | 1,311,062 | $80.9M | Reduce -0.1% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.46% | 1,909,012 | $79.7M | Reduce -0.8% |
| IJH iShares Core S&P Midcap ETF | 0.46% | 1,361,710 | $79.5M | Reduce -33.7% |
| KO The Coca-Cola Co. | 0.45% | 1,091,448 | $78.2M | Reduce -0.2% |
| PLTR Palantir Technologies Inc. Class A | 0.45% | 926,100 | $78.2M | Reduce -5.1% |
| CI The Cigna Group | 0.45% | 234,541 | $77.2M | Reduce -0.5% |
| CVX Chevron Corp. | 0.44% | 453,415 | $75.9M | Reduce -0.0% |
| RITM Rithm Capital Corp. | 0.42% | 6,400,000 | $73.3M | Reduce -23.9% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.42% | 290,986 | $72.4M | Reduce -0.0% |
| CRM Salesforce Inc. | 0.40% | 259,643 | $69.7M | Add +0.1% |
| WFC Wells Fargo & Co. | 0.39% | 945,349 | $67.9M | Reduce -1.2% |
| PM Philip Morris International | 0.39% | 421,758 | $66.9M | Reduce -0.1% |
| T AT&T Inc. | 0.39% | 2,365,113 | $66.9M | Reduce -72.1% |
| MRK Merck & Co. Inc. | 0.37% | 719,290 | $64.6M | Reduce -0.0% |
| LIN Linde PLC | 0.36% | 134,204 | $62.5M | No change |
| ABT Abbott Laboratories | 0.36% | 470,557 | $62.4M | Reduce -0.0% |
| ORCL Oracle Corp. | 0.35% | 440,132 | $61.5M | Add +0.9% |
| HUBS HubSpot Inc. | 0.35% | 106,400 | $60.8M | No change |
| MCD McDonald's Corp. | 0.35% | 194,415 | $60.7M | Reduce -0.1% |
| VZ Verizon Communications Inc. | 0.34% | 1,296,950 | $58.8M | Reduce -0.0% |
| GE General Electric filed as GE AEROSPACE | 0.34% | 291,161 | $58.3M | Reduce -0.9% |
| PEP Pepsico Inc. | 0.33% | 383,722 | $57.5M | Reduce -0.1% |
| ACN Accenture PLC Class A | 0.33% | 182,238 | $56.9M | No change |
| MBB iShares MBS ETF | 0.32% | 600,000 | $56.3M | No change |
| BURL Burlington Stores Inc. | 0.31% | 225,100 | $53.6M | Reduce -22.2% |
| RTX RTX Corp. | 0.30% | 391,532 | $51.9M | Add +0.0% |
| TMO Thermo Fisher Scientific Inc. | 0.30% | 103,810 | $51.7M | No change |
| ADBE Adobe Inc. | 0.28% | 128,023 | $49.1M | Reduce -27.9% |
| QCOM Qualcomm Inc. | 0.28% | 318,966 | $49.0M | Reduce -0.5% |
| GS Goldman Sachs Group Inc. | 0.28% | 89,373 | $48.8M | Reduce -0.6% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.28% | 490,466 | $48.4M | Reduce -0.2% |
| VLUE iShares MSCI USA Value Facto | 0.27% | 445,900 | $47.6M | Add +5.8% |
| TXN Texas Instruments Inc. | 0.27% | 262,465 | $47.2M | Reduce -0.2% |
| INTU Intuit Inc. | 0.27% | 75,890 | $46.6M | Reduce -0.3% |
| CAT Caterpillar Inc. | 0.26% | 137,672 | $45.4M | Reduce -1.0% |
| AMGN Amgen Inc. | 0.26% | 145,697 | $45.4M | Reduce -0.1% |
| PGR Progressive Corp. | 0.26% | 158,888 | $45.0M | Reduce -0.1% |
| NOW ServiceNow Inc. | 0.26% | 55,855 | $44.5M | Reduce -0.2% |
| PFE Pfizer Inc. | 0.25% | 1,725,484 | $43.7M | Reduce -0.0% |
| SPGI S&P Global Inc. | 0.25% | 85,453 | $43.4M | Reduce -0.8% |
| XLV SS Health Care Select Sector | 0.25% | 295,988 | $43.2M | Add +7.8% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.25% | 350,382 | $42.7M | Reduce -0.3% |
| XYZ Block Inc. | 0.24% | 775,946 | $42.2M | Add +43.1% |
| ANET Arista Networks Inc. | 0.24% | 542,956 | $42.1M | Add +31.9% |
| GEHC GE Healthcare Technology | 0.24% | 514,053 | $41.5M | Add +8.5% |
| ICE Intercontinental Exchange Inc. | 0.24% | 239,442 | $41.3M | No change |
| UBER Uber Technologies Inc. | 0.24% | 566,700 | $41.3M | Reduce -0.8% |
| BKNG Booking Holdings Inc. | 0.24% | 8,959 | $41.3M | No change |
| AXP American Express Co. | 0.23% | 150,577 | $40.5M | Reduce -0.3% |
| CMCSA Comcast Corp. Class A | 0.23% | 1,093,489 | $40.3M | Reduce -1.2% |
| C Citigroup Inc. | 0.23% | 568,336 | $40.3M | Reduce -0.7% |
| BSX Boston Scientific Corp. | 0.23% | 399,808 | $40.3M | Reduce -0.1% |
| COP Conocophillips | 0.23% | 381,328 | $40.0M | Reduce -1.3% |
| BLK BlackRock Inc. | 0.23% | 41,771 | $39.5M | No change |
| AMAT Applied Materials Inc. | 0.23% | 271,555 | $39.4M | Reduce -1.2% |
| MS Morgan Stanley | 0.23% | 335,726 | $39.2M | Reduce -0.3% |
| UNP Union Pacific Corp. | 0.22% | 163,945 | $38.7M | Reduce -0.4% |
| ADP Automatic Data Processing | 0.22% | 124,303 | $38.0M | Reduce -0.2% |
| GILD Gilead Sciences Inc. | 0.22% | 338,095 | $37.9M | Reduce -0.1% |
| BMY Bristol-Myers Squibb Co. | 0.22% | 613,133 | $37.4M | No change |
| HON Honeywell International Inc. | 0.22% | 176,415 | $37.4M | Reduce -0.1% |
| SCHW Schwab (charles) Corp. | 0.21% | 462,266 | $36.2M | Add +13.9% |
| LOW Lowe's Cos Inc. | 0.21% | 153,170 | $35.7M | Reduce -0.5% |
| DHR Danaher Corp. | 0.21% | 173,646 | $35.6M | Reduce -0.5% |
| INTC Intel Corp. | 0.20% | 1,560,483 | $35.4M | Add +0.3% |
| VRTX Vertex Pharmaceuticals Inc. | 0.20% | 72,123 | $35.0M | Reduce -0.4% |
| BA The Boeing Co. | 0.20% | 203,496 | $34.7M | Add +0.3% |
| SYK Stryker Corp. | 0.20% | 93,199 | $34.7M | Add +0.1% |
| TMUS T-Mobile US Inc. | 0.20% | 130,041 | $34.7M | Reduce -1.7% |
Portfolio Sells Q4 2024 → Q1 2025
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -46.0% | 3.77% | −2.82 |
| CVS CVS Health Corp. | Reduce -88.6% | 0.16% | −0.68 |
| NVDA Nvidia Corp. | Reduce -0.2% | 5.28% | −0.63 |
| T AT&T Inc. | Reduce -72.1% | 0.39% | −0.62 |
| MSFT Microsoft Corp. | Reduce -3.8% | 4.89% | −0.25 |
| GOOGL Alphabet Inc. Class A | Reduce -1.6% | 1.79% | −0.22 |
| AAPL Apple Inc. | Reduce -2.2% | 5.66% | −0.22 |
| IJH iShares Core S&P Midcap ETF | Reduce -33.7% | 0.46% | −0.21 |
| CMG Chipotle Mexican Grill Inc. | Reduce -56.6% | 0.12% | −0.18 |
| AMZN Amazon.com Inc. | Reduce -0.5% | 3.44% | −0.15 |
| AMD Advanced Micro Devices | Reduce -17.2% | 0.48% | −0.13 |
| ADBE Adobe Inc. | Reduce -27.9% | 0.28% | −0.13 |
| BURL Burlington Stores Inc. | Reduce -22.2% | 0.31% | −0.12 |
| KR Kroger Co. | Reduce -64.7% | 0.09% | −0.11 |
| IBB iShares Biotechnology ETF | Sold out | 0.00% | −0.09 |
| NOW ServiceNow Inc. | Reduce -0.2% | 0.26% | −0.05 |
| RITM Rithm Capital Corp. | Reduce -23.9% | 0.42% | −0.05 |
| TSCO Tractor Supply Company | Reduce -41.4% | 0.05% | −0.03 |
| PYPL PayPal Holdings Inc. | Reduce -1.4% | 0.10% | −0.02 |
| BIIB Biogen Inc. | Reduce -37.5% | 0.03% | −0.02 |
| KKR KKR & Co. Inc. | Reduce -0.1% | 0.12% | −0.02 |
| RBRK Rubrik Inc. Class A | Sold out | 0.00% | −0.02 |
| LULU Lululemon Athletica Inc. | Reduce -0.8% | 0.06% | −0.01 |
| ON On Semiconductor | Reduce -0.9% | 0.03% | −0.01 |
| TGT Target Corp. | Reduce -0.6% | 0.07% | −0.01 |
| S Sentinelone Inc. Class A | Sold out | 0.00% | −0.01 |
| RITHM PPTY TR INC | Sold out | 0.00% | −0.01 |
| SHOP Shopify Inc. Class A | Reduce -15.5% | 0.06% | −0.01 |
| TFX Teleflex Inc. | Sold out | 0.00% | −0.01 |
| AZPN Aspen Technology Inc. | Sold out | 0.00% | −0.01 |
| CE Celanese Corp. | Sold out | 0.00% | −0.01 |
| GM General Motors Co. | Reduce -6.4% | 0.11% | −0.01 |
| BWA Borgwarner Inc. | Sold out | 0.00% | −0.01 |
| FMC FMC Corp. | Sold out | 0.00% | −0.01 |
| SRE Sempra | Reduce -0.1% | 0.08% | −0.01 |
| GPN Global Payments Inc. | Reduce -14.2% | 0.04% | −0.01 |
| ALTR Altair Engineering Inc. Class A | Sold out | 0.00% | −0.01 |
| EIX Edison International | Reduce -0.1% | 0.04% | −0.01 |
| LEN Lennar Corp. Class A | Reduce -6.4% | 0.06% | −0.01 |
| TER Teradyne Inc. | Reduce -0.2% | 0.02% | −0.01 |
| NTAP Netapp Inc. | Reduce -0.6% | 0.04% | −0.01 |
| ALTM Arcadium Lithium PLC | Sold out | 0.00% | −0.01 |
| FSLR First Solar Inc. | Reduce -0.3% | 0.03% | −0.01 |
| VTRS Viatris Inc. | Reduce -0.1% | 0.02% | −0.01 |
| MAR Marriott International Class A | Reduce -1.0% | 0.09% | −0.01 |
| ZBRA Zebra Technologies Corp. Class A | Reduce -0.7% | 0.02% | −0.01 |
| DIS The Walt Disney Co. | Reduce -0.2% | 0.28% | −0.01 |
| FDX FedEx Corp. | Reduce -1.3% | 0.10% | −0.01 |
| AMAT Applied Materials Inc. | Reduce -1.2% | 0.23% | −0.01 |
| MRNA Moderna Inc. | Reduce -0.1% | 0.01% | −0.00 |
Portfolio Buys Q4 2024 → Q1 2025
| JPM JPMorgan Chase & Co. | Add +18.0% | 1.28% | +0.32 |
| META Meta Platforms Inc. Class A | Add +1.7% | 2.90% | +0.29 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +0.0% | 1.06% | +0.25 |
| NFLX Netflix Inc. | Add +6.2% | 0.92% | +0.17 |
| COST Costco Wholesale Corp. | Add +0.1% | 0.96% | +0.12 |
| MTUM iShares MSCI USA Momentum Fa | Add +0.3% | 1.51% | +0.12 |
| DASH DoorDash Inc. Class A | New | 0.10% | +0.10 |
| RTX RTX Corp. | Add +0.0% | 0.30% | +0.06 |
| VRT Vertiv Holdings Co. Class A | Add +249.8% | 0.10% | +0.06 |
| XLV SS Health Care Select Sector | Add +7.8% | 0.25% | +0.05 |
| SCHW Schwab (charles) Corp. | Add +13.9% | 0.21% | +0.05 |
| GEHC GE Healthcare Technology | Add +8.5% | 0.24% | +0.05 |
| VLUE iShares MSCI USA Value Facto | Add +5.8% | 0.27% | +0.04 |
| INTC Intel Corp. | Add +0.3% | 0.20% | +0.04 |
| WELL Welltower Inc. | Add +3.0% | 0.15% | +0.04 |
| HIMS Hims & Hers Health Inc. | Add +6.5% | 0.13% | +0.04 |
| AJG Arthur J Gallagher & Co. | Add +1.8% | 0.14% | +0.04 |
| DUK Duke Energy Corp. | Add +0.4% | 0.15% | +0.03 |
| ISRG Intuitive Surgical Inc. | Add +0.1% | 0.57% | +0.03 |
| SBUX Starbucks Corp. | Add +0.2% | 0.17% | +0.03 |
| SYK Stryker Corp. | Add +0.1% | 0.20% | +0.03 |
| PLD Prologis Inc. | Add +0.0% | 0.16% | +0.02 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +5.7% | 0.14% | +0.02 |
| MU Micron Technology Inc. | Add +0.4% | 0.17% | +0.02 |
| AEP American Electric Power | Add +0.1% | 0.09% | +0.02 |
| GWRE Guidewire Software Inc. | New | 0.02% | +0.02 |
| ENTG Entegris Inc. | New | 0.02% | +0.02 |
| IP International Paper Co. | Add +51.6% | 0.04% | +0.02 |
| ZM Zoom Communications Inc. | Add +27.0% | 0.08% | +0.02 |
| BA The Boeing Co. | Add +0.3% | 0.20% | +0.01 |
| OKE Oneok Inc. | Add +6.1% | 0.10% | +0.01 |
| KDP Keurig Dr Pepper Inc. | Add +6.0% | 0.06% | +0.01 |
| ACI Albertsons Cos Inc. Class A | Add +469.1% | 0.01% | +0.01 |
| EXE Expand Energy Corp. | Add +11.2% | 0.05% | +0.01 |
| FAST Fastenal Co. | Add +0.1% | 0.07% | +0.01 |
| VTR Ventas Inc. | Add +4.1% | 0.05% | +0.01 |
| WEC WEC Energy Group Inc. | Add +0.3% | 0.05% | +0.01 |
| CSGP Costar Group Inc. | Add +2.5% | 0.06% | +0.01 |
| TTWO Take-Two Interactive Softwre | Add +0.5% | 0.05% | +0.01 |
| NKE Nike Inc. Class B | Add +14.3% | 0.17% | +0.01 |
| ATI Ati Inc. | New | 0.01% | +0.01 |
| CAVA Cava Group Inc. | New | 0.01% | +0.01 |
| ATO Atmos Energy Corp. | Add +1.7% | 0.05% | +0.01 |
| BBWI Bath & Body Works Inc. | New | 0.01% | +0.01 |
| CART Maplebear Inc. | New | 0.01% | +0.01 |
| AEE Ameren Corporation | Add +1.0% | 0.04% | +0.01 |
| PANW Palo Alto Networks Inc. | Add +1.1% | 0.18% | +0.01 |
| ALK Alaska Air Group Inc. | New | 0.01% | +0.01 |
| APH Amphenol Corp. Class A | Add +0.3% | 0.16% | +0.01 |
| RKLB Rocket Lab USA Inc. | New | 0.01% | +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 |