State of Michigan Retirement System
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 5, 2025), State of Michigan Retirement System reported 944 stock positions worth $19.3 billion. Its top holding was Nvidia (NVDA) at 6.9% of the portfolio, followed by Microsoft (MSFT, 5.8%) and Apple (AAPL, 4.7%). Compared with Q1 2025, it opened 6 new positions, sold out of 7, added to 470 and reduced 322. The biggest buy was Microsoft (MSFT, shares +0%) and the biggest sale Apple (AAPL, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- EAST LANSING, MI
- CIK
- 0000762152
- Portfolio Value
- $19.3B (Q2 2025)
- SEC Filing
- 0000762152-25-000008 ↗ filed Aug 5, 2025
Holdings Value
Holdings 944 stocks · $19.3B
| NVDA Nvidia Corp. | 6.90% | 8,440,160 | $1.3B | Reduce -0.1% |
| MSFT Microsoft Corp. | 5.82% | 2,258,967 | $1.1B | Add +0.1% |
| AAPL Apple Inc. | 4.66% | 4,383,099 | $899.3M | Reduce -0.7% |
| SPY SS SPDR S&P 500 ETF Trust-US | 3.89% | 1,215,240 | $750.8M | Add +3.9% |
| AMZN Amazon.com Inc. | 3.57% | 3,142,020 | $689.3M | Add +0.3% |
| META Meta Platforms Inc. Class A | 3.31% | 864,814 | $638.3M | Reduce -0.7% |
| AVGO Broadcom Inc. | 2.73% | 1,911,560 | $526.9M | Add +0.4% |
| GOOGL Alphabet Inc. Class A | 1.84% | 2,011,280 | $354.4M | Reduce 0.0% |
| MTUM iShares MSCI USA Momentum Fa | 1.50% | 1,206,090 | $289.8M | Reduce -6.9% |
| GOOG Alphabet Inc. Class C | 1.48% | 1,608,660 | $285.4M | Add +3.9% |
| JPM JPMorgan Chase & Co. | 1.39% | 925,631 | $268.3M | Add +2.7% |
| TSLA Tesla Inc. | 1.25% | 761,957 | $242.0M | Add +0.4% |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 1.23% | 2,172,400 | $238.1M | No change |
| NFLX Netflix Inc. | 1.19% | 171,249 | $229.3M | No change |
| V Visa Inc. Class A | 1.10% | 600,023 | $213.0M | Add +1.0% |
| LLY Eli Lilly & Co. | 1.07% | 265,504 | $207.0M | Add +0.6% |
| COST Costco Wholesale Corp. | 0.90% | 175,569 | $173.8M | Add +0.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.87% | 346,529 | $168.3M | Add +0.3% |
| MA Mastercard Inc. Class A | 0.73% | 252,081 | $141.7M | Reduce -1.4% |
| PLTR Palantir Technologies Inc. Class A | 0.66% | 938,400 | $127.9M | Add +1.3% |
| XOM Exxon Mobil Corp. | 0.65% | 1,171,918 | $126.3M | Reduce -0.8% |
| AMD Advanced Micro Devices | 0.63% | 857,600 | $121.7M | Add +6.8% |
| HD Home Depot Inc. | 0.63% | 330,284 | $121.1M | Add +10.3% |
| TDG Transdigm Group Inc. | 0.60% | 76,292 | $116.0M | Add +0.1% |
| WMT Walmart Inc. | 0.59% | 1,174,820 | $114.9M | Reduce -0.2% |
| ISRG Intuitive Surgical Inc. | 0.57% | 201,953 | $109.7M | Add +0.3% |
| PG The Procter & Gamble Co. | 0.55% | 661,137 | $105.3M | Add +0.4% |
| JNJ Johnson & Johnson | 0.54% | 680,867 | $104.0M | Add +0.3% |
| ORCL Oracle Corp. | 0.50% | 442,232 | $96.7M | Add +0.5% |
| CSCO Cisco Systems Inc. | 0.47% | 1,310,962 | $91.0M | Reduce -0.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.47% | 1,902,212 | $90.0M | Reduce -0.4% |
| ABBV Abbvie Inc. | 0.46% | 480,308 | $89.2M | Add +0.3% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.44% | 116 | $84.5M | No change |
| IJH iShares Core S&P Midcap ETF | 0.43% | 1,351,510 | $83.8M | Reduce -0.8% |
| UNH Unitedhealth Group Inc. | 0.41% | 256,819 | $80.1M | Reduce -1.1% |
| PM Philip Morris International | 0.40% | 423,258 | $77.1M | Add +0.4% |
| KO The Coca-Cola Co. | 0.40% | 1,087,348 | $76.9M | Reduce -0.4% |
| VZ Verizon Communications Inc. | 0.40% | 1,773,550 | $76.7M | Add +36.8% |
| CI The Cigna Group | 0.39% | 230,641 | $76.2M | Reduce -1.7% |
| GE General Electric filed as GE AEROSPACE | 0.39% | 289,961 | $74.6M | Reduce -0.4% |
| WFC Wells Fargo & Co. | 0.39% | 930,449 | $74.5M | Reduce -1.6% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.39% | 252,740 | $74.5M | Reduce -13.1% |
| CRM Salesforce Inc. | 0.37% | 260,943 | $71.2M | Add +0.5% |
| HIMS Hims & Hers Health Inc. | 0.36% | 1,379,100 | $68.7M | Add +84.9% |
| ABT Abbott Laboratories | 0.33% | 473,057 | $64.3M | Add +0.5% |
| T AT&T Inc. | 0.33% | 2,220,713 | $64.3M | Reduce -6.1% |
| VLUE iShares MSCI USA Value Facto | 0.33% | 566,800 | $64.2M | Add +27.1% |
| CVX Chevron Corp. | 0.33% | 441,615 | $63.2M | Reduce -2.6% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.33% | 506,366 | $62.8M | Add +3.2% |
| LIN Linde PLC | 0.32% | 132,904 | $62.4M | Reduce -1.0% |
| GS Goldman Sachs Group Inc. | 0.32% | 87,573 | $62.0M | Reduce -2.0% |
| INTU Intuit Inc. | 0.31% | 75,990 | $59.9M | Add +0.1% |
| HUBS HubSpot Inc. | 0.31% | 106,400 | $59.2M | No change |
| MRK Merck & Co. Inc. | 0.31% | 745,090 | $59.0M | Add +3.6% |
| NOW ServiceNow Inc. | 0.30% | 56,255 | $57.8M | Add +0.7% |
| RTX RTX Corp. | 0.30% | 392,232 | $57.3M | Add +0.2% |
| MCD McDonald's Corp. | 0.29% | 194,415 | $56.8M | No change |
| MBB iShares MBS ETF | 0.29% | 600,000 | $56.3M | No change |
| ANET Arista Networks Inc. | 0.29% | 544,156 | $55.7M | Add +0.2% |
| ACN Accenture PLC Class A | 0.28% | 182,738 | $54.6M | Add +0.3% |
| QCOM Qualcomm Inc. | 0.28% | 340,166 | $54.2M | Add +6.7% |
| UBER Uber Technologies Inc. | 0.27% | 568,600 | $53.1M | Add +0.3% |
| CAT Caterpillar Inc. | 0.27% | 135,072 | $52.4M | Reduce -1.9% |
| TXN Texas Instruments Inc. | 0.27% | 247,061 | $51.3M | Reduce -5.9% |
| BKNG Booking Holdings Inc. | 0.27% | 8,859 | $51.3M | Reduce -1.1% |
| PEP Pepsico Inc. | 0.26% | 385,822 | $50.9M | Add +0.6% |
| AMAT Applied Materials Inc. | 0.26% | 273,355 | $50.0M | Add +0.7% |
| ADBE Adobe Inc. | 0.26% | 127,723 | $49.4M | Reduce -0.2% |
| XLV SS Health Care Select Sector | 0.25% | 360,588 | $48.6M | Add +21.8% |
| AXP American Express Co. | 0.25% | 150,477 | $48.0M | Reduce -0.1% |
| C Citigroup Inc. | 0.25% | 563,236 | $47.9M | Reduce -0.9% |
| MS Morgan Stanley | 0.24% | 335,926 | $47.3M | Add +0.1% |
| SPOT Spotify Technology SA | 0.24% | 60,031 | $46.1M | No change |
| MU Micron Technology Inc. | 0.24% | 371,442 | $45.8M | Add +10.0% |
| SPGI S&P Global Inc. | 0.23% | 85,353 | $45.0M | Reduce -0.1% |
| BURL Burlington Stores Inc. | 0.23% | 190,200 | $44.2M | Reduce -15.5% |
| ICE Intercontinental Exchange Inc. | 0.23% | 239,542 | $43.9M | Add +0.0% |
| BLK BlackRock Inc. | 0.23% | 41,671 | $43.7M | Reduce -0.2% |
| BSX Boston Scientific Corp. | 0.22% | 402,308 | $43.2M | Add +0.6% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.22% | 349,882 | $43.2M | Reduce -0.1% |
| BA The Boeing Co. | 0.22% | 204,996 | $43.0M | Add +0.7% |
| PGR Progressive Corp. | 0.22% | 159,388 | $42.5M | Add +0.3% |
| SCHW Schwab (charles) Corp. | 0.22% | 464,366 | $42.4M | Add +0.5% |
| PFE Pfizer Inc. | 0.22% | 1,716,984 | $41.6M | Reduce -0.5% |
| TMO Thermo Fisher Scientific Inc. | 0.22% | 102,610 | $41.6M | Reduce -1.2% |
| APH Amphenol Corp. Class A | 0.21% | 414,274 | $40.9M | Reduce -4.5% |
| AMGN Amgen Inc. | 0.21% | 146,197 | $40.8M | Add +0.3% |
| HON Honeywell International Inc. | 0.21% | 174,715 | $40.7M | Reduce -1.0% |
| QUAL iShares MSCI USA Quality Fac | 0.21% | 220,349 | $40.3M | Add +39.7% |
| CMCSA Comcast Corp. Class A | 0.21% | 1,110,089 | $39.6M | Add +1.5% |
| GEV GE Vernova Inc. | 0.20% | 74,240 | $39.3M | Reduce -0.8% |
| COF Capital One Financial Corp. | 0.20% | 182,664 | $38.9M | Add +65.2% |
| NEE Nextera Energy Inc. | 0.20% | 559,798 | $38.9M | Reduce -60.3% |
| ADP Automatic Data Processing | 0.20% | 123,803 | $38.2M | Reduce -0.4% |
| GEHC GE Healthcare Technology | 0.20% | 514,553 | $38.1M | Add +0.1% |
| ETN Eaton Corp. PLC | 0.20% | 106,356 | $38.0M | Reduce -0.8% |
| GILD Gilead Sciences Inc. | 0.19% | 338,195 | $37.5M | Add +0.0% |
| UNP Union Pacific Corp. | 0.19% | 162,445 | $37.4M | Reduce -0.9% |
| SYK Stryker Corp. | 0.19% | 93,499 | $37.0M | Add +0.3% |
| PANW Palo Alto Networks Inc. | 0.19% | 180,000 | $36.8M | Add +0.2% |
Portfolio Sells Q1 2025 → Q2 2025
| AAPL Apple Inc. | Reduce -0.7% | 4.66% | −1.00 |
| RITM Rithm Capital Corp. | Reduce -94.9% | 0.02% | −0.40 |
| NEE Nextera Energy Inc. | Reduce -60.3% | 0.20% | −0.38 |
| UNH Unitedhealth Group Inc. | Reduce -1.1% | 0.41% | −0.37 |
| XYZ Block Inc. | Reduce -81.8% | 0.05% | −0.19 |
| XOM Exxon Mobil Corp. | Reduce -0.8% | 0.65% | −0.16 |
| CVX Chevron Corp. | Reduce -2.6% | 0.33% | −0.11 |
| TMO Thermo Fisher Scientific Inc. | Reduce -1.2% | 0.22% | −0.08 |
| BURL Burlington Stores Inc. | Reduce -15.5% | 0.23% | −0.08 |
| MA Mastercard Inc. Class A | Reduce -1.4% | 0.73% | −0.08 |
| COP Conocophillips | Reduce -10.0% | 0.16% | −0.07 |
| BMY Bristol-Myers Squibb Co. | Reduce -0.7% | 0.15% | −0.07 |
| DFS Discover Financial Services | Sold out | 0.00% | −0.07 |
| FISV Fiserv Inc. | Reduce -2.3% | 0.13% | −0.06 |
| T AT&T Inc. | Reduce -6.1% | 0.33% | −0.05 |
| KO The Coca-Cola Co. | Reduce -0.4% | 0.40% | −0.05 |
| CI The Cigna Group | Reduce -1.7% | 0.39% | −0.05 |
| ELV Elevance Health Inc. | Reduce -4.6% | 0.13% | −0.04 |
| TMUS T-Mobile US Inc. | Reduce -0.3% | 0.16% | −0.04 |
| MRSH Marsh & McLennan Cos | Reduce -0.5% | 0.16% | −0.04 |
| VEEV Veeva Systems Inc. Class A | Reduce -95.1% | 0.00% | −0.04 |
| LIN Linde PLC | Reduce -1.0% | 0.32% | −0.04 |
| PFE Pfizer Inc. | Reduce -0.5% | 0.22% | −0.04 |
| IBM Intl Business Machines Corp. | Reduce -13.1% | 0.39% | −0.03 |
| LOW Lowe's Cos Inc. | Reduce -0.7% | 0.17% | −0.03 |
| UNP Union Pacific Corp. | Reduce -0.9% | 0.19% | −0.03 |
| SLB SLB Ltd. | Reduce -0.7% | 0.07% | −0.03 |
| DHR Danaher Corp. | Reduce -0.3% | 0.18% | −0.03 |
| REGN Regeneron Pharmaceuticals | Reduce -1.1% | 0.08% | −0.03 |
| ADBE Adobe Inc. | Reduce -0.2% | 0.26% | −0.03 |
| IJH iShares Core S&P Midcap ETF | Reduce -0.8% | 0.43% | −0.02 |
| TJX TJX Companies Inc. | Reduce -0.1% | 0.22% | −0.02 |
| ADP Automatic Data Processing | Reduce -0.4% | 0.20% | −0.02 |
| MO Altria Group Inc. | Reduce -0.4% | 0.14% | −0.02 |
| ORLY O'reilly Automotive Inc. | Reduce -0.4% | 0.11% | −0.02 |
| CVS CVS Health Corp. | Reduce -4.0% | 0.14% | −0.02 |
| SPGI S&P Global Inc. | Reduce -0.1% | 0.23% | −0.02 |
| SPG Simon Property Group Inc. | Reduce -4.0% | 0.08% | −0.02 |
| SHW The Sherwin-Williams Co. | Reduce -0.6% | 0.12% | −0.02 |
| TRGP Targa Resources Corp. | Reduce -0.3% | 0.05% | −0.02 |
| AFL Aflac Inc. | Reduce -1.8% | 0.08% | −0.01 |
| LMT Lockheed Martin Corp. | Reduce -2.4% | 0.15% | −0.01 |
| NOC Northrop Grumman Corp. | Reduce -0.3% | 0.10% | −0.01 |
| CNC Centene Corp. | Reduce -5.0% | 0.04% | −0.01 |
| AIG American International Group | Reduce -4.1% | 0.07% | −0.01 |
| X United States Steel Corp. | Sold out | 0.00% | −0.01 |
| WY Weyerhaeuser Co. | Reduce -13.2% | 0.03% | −0.01 |
| GIS General Mills Inc. | Reduce -0.4% | 0.04% | −0.01 |
| PSA Public Storage | Reduce -2.3% | 0.07% | −0.01 |
| PSX Phillips 66 | Reduce -1.1% | 0.07% | −0.01 |
Portfolio Buys Q1 2025 → Q2 2025
| MSFT Microsoft Corp. | Add +0.1% | 5.82% | +0.93 |
| AVGO Broadcom Inc. | Add +0.4% | 2.73% | +0.89 |
| HIMS Hims & Hers Health Inc. | Add +84.9% | 0.36% | +0.23 |
| PLTR Palantir Technologies Inc. Class A | Add +1.3% | 0.66% | +0.21 |
| BIIB Biogen Inc. | Add +633.7% | 0.19% | +0.16 |
| AMD Advanced Micro Devices | Add +6.8% | 0.63% | +0.15 |
| ORCL Oracle Corp. | Add +0.5% | 0.50% | +0.15 |
| AMZN Amazon.com Inc. | Add +0.3% | 3.57% | +0.13 |
| TSLA Tesla Inc. | Add +0.4% | 1.25% | +0.12 |
| JPM JPMorgan Chase & Co. | Add +2.7% | 1.39% | +0.11 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +3.9% | 3.89% | +0.11 |
| COIN Coinbase Global Inc. Class A | New | 0.10% | +0.10 |
| COF Capital One Financial Corp. | Add +65.2% | 0.20% | +0.09 |
| GOOG Alphabet Inc. Class C | Add +3.9% | 1.48% | +0.08 |
| MU Micron Technology Inc. | Add +10.0% | 0.24% | +0.07 |
| VZ Verizon Communications Inc. | Add +36.8% | 0.40% | +0.06 |
| VLUE iShares MSCI USA Value Facto | Add +27.1% | 0.33% | +0.06 |
| QUAL iShares MSCI USA Quality Fac | Add +39.7% | 0.21% | +0.05 |
| DIS The Walt Disney Co. | Add +3.2% | 0.33% | +0.05 |
| ANET Arista Networks Inc. | Add +0.2% | 0.29% | +0.05 |
| CEG Constellation Energy | Add +0.5% | 0.14% | +0.04 |
| NOW ServiceNow Inc. | Add +0.7% | 0.30% | +0.04 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +1.4% | 0.18% | +0.04 |
| INTU Intuit Inc. | Add +0.1% | 0.31% | +0.04 |
| UBER Uber Technologies Inc. | Add +0.3% | 0.27% | +0.04 |
| LRCX Lam Research Corp. | Add +0.2% | 0.19% | +0.03 |
| AMAT Applied Materials Inc. | Add +0.7% | 0.26% | +0.03 |
| RCL Royal Caribbean Cruises Ltd. | Add +1.0% | 0.11% | +0.03 |
| KLAC KLA Corp. | Add +0.3% | 0.18% | +0.03 |
| AXON Axon Enterprise Inc. | Add +2.0% | 0.09% | +0.03 |
| KR Kroger Co. | Add +37.2% | 0.11% | +0.03 |
| BA The Boeing Co. | Add +0.7% | 0.22% | +0.02 |
| DASH DoorDash Inc. Class A | Add +1.3% | 0.12% | +0.02 |
| TT Trane Technologies PLC | Add +0.3% | 0.15% | +0.02 |
| OKTA Okta Inc. | New | 0.02% | +0.02 |
| PWR Quanta Services Inc. | Add +0.5% | 0.08% | +0.02 |
| MS Morgan Stanley | Add +0.1% | 0.24% | +0.02 |
| HDB HDFC Bank Ltd.-ADR | Add +18.1% | 0.09% | +0.02 |
| APG Api Group Corp. | New | 0.02% | +0.02 |
| STX Seagate Technology Holdings | Add +0.5% | 0.04% | +0.01 |
| PANW Palo Alto Networks Inc. | Add +0.2% | 0.19% | +0.01 |
| CCL Carnival Corp. | Add +9.8% | 0.05% | +0.01 |
| PM Philip Morris International | Add +0.4% | 0.40% | +0.01 |
| JBL Jabil Inc. | Add +0.8% | 0.04% | +0.01 |
| MCHP Microchip Technology Inc. | Add +0.2% | 0.05% | +0.01 |
| FTNT Fortinet Inc. | Add +14.6% | 0.11% | +0.01 |
| WDC Western Digital Corp. | Add +5.3% | 0.04% | +0.01 |
| ADSK Autodesk Inc. | Add +6.9% | 0.10% | +0.01 |
| NEM Newmont Corp. | Add +3.9% | 0.10% | +0.01 |
| SCHW Schwab (charles) Corp. | Add +0.5% | 0.22% | +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 |