State of Michigan Retirement System
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 5, 2025), State of Michigan Retirement System reported 944 stock positions worth $20.8 billion. Its top holding was Nvidia (NVDA) at 7.5% of the portfolio, followed by Microsoft (MSFT, 5.7%) and Apple (AAPL, 5.3%). Compared with Q2 2025, it opened 21 new positions, sold out of 21, added to 151 and reduced 703. The biggest buy was AppLovin Class A (APP, shares +1743%) and the biggest sale Amazon.com (AMZN, shares −2%).
- Most Recent 13F
- Q2 2026
- Location
- EAST LANSING, MI
- CIK
- 0000762152
- Portfolio Value
- $20.8B (Q3 2025)
- SEC Filing
- 0000762152-25-000014 ↗ filed Nov 5, 2025
Holdings Value
Holdings 944 stocks · $20.8B
| NVDA Nvidia Corp. | 7.50% | 8,358,960 | $1.6B | Reduce -1.0% |
| MSFT Microsoft Corp. | 5.71% | 2,295,767 | $1.2B | Add +1.6% |
| AAPL Apple Inc. | 5.31% | 4,335,499 | $1.1B | Reduce -1.1% |
| SPY SS SPDR S&P 500 ETF Trust-US | 3.94% | 1,231,740 | $820.6M | Add +1.4% |
| AMZN Amazon.com Inc. | 3.25% | 3,080,920 | $676.5M | Reduce -1.9% |
| META Meta Platforms Inc. Class A | 3.04% | 861,014 | $632.3M | Reduce -0.4% |
| AVGO Broadcom Inc. | 3.02% | 1,905,060 | $628.5M | Reduce -0.3% |
| GOOGL Alphabet Inc. Class A | 2.34% | 2,001,980 | $486.7M | Reduce -0.5% |
| GOOG Alphabet Inc. Class C | 1.87% | 1,595,060 | $388.5M | Reduce -0.8% |
| TSLA Tesla Inc. | 1.62% | 758,957 | $337.5M | Reduce -0.4% |
| MTUM iShares MSCI USA Momentum Fa | 1.51% | 1,223,490 | $313.8M | Add +1.4% |
| JPM JPMorgan Chase & Co. | 1.43% | 943,631 | $297.6M | Add +1.9% |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 1.16% | 2,172,400 | $242.2M | No change |
| NFLX Netflix Inc. | 0.98% | 170,449 | $204.4M | Reduce -0.5% |
| LLY Eli Lilly & Co. | 0.98% | 266,604 | $203.4M | Add +0.4% |
| V Visa Inc. Class A | 0.97% | 594,223 | $202.9M | Reduce -1.0% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.83% | 344,029 | $173.0M | Reduce -0.7% |
| PLTR Palantir Technologies Inc. Class A | 0.78% | 895,100 | $163.3M | Reduce -4.6% |
| COST Costco Wholesale Corp. | 0.78% | 174,869 | $161.9M | Reduce -0.4% |
| MA Mastercard Inc. Class A | 0.70% | 254,781 | $144.9M | Add +1.1% |
| AMD Advanced Micro Devices | 0.67% | 855,700 | $138.4M | Reduce -0.2% |
| HD Home Depot Inc. | 0.64% | 329,084 | $133.3M | Reduce -0.4% |
| XOM Exxon Mobil Corp. | 0.62% | 1,153,018 | $130.0M | Reduce -1.6% |
| ORCL Oracle Corp. | 0.61% | 448,232 | $126.1M | Add +1.4% |
| JNJ Johnson & Johnson | 0.60% | 677,967 | $125.7M | Reduce -0.4% |
| WMT Walmart Inc. | 0.59% | 1,187,120 | $122.3M | Add +1.1% |
| HIMS Hims & Hers Health Inc. | 0.56% | 2,057,700 | $116.7M | Add +49.2% |
| ABBV Abbvie Inc. | 0.53% | 477,808 | $110.6M | Reduce -0.5% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.49% | 1,963,412 | $101.3M | Add +3.2% |
| PG The Procter & Gamble Co. | 0.49% | 657,137 | $101.0M | Reduce -0.6% |
| TDG Transdigm Group Inc. | 0.48% | 76,192 | $100.4M | Reduce -0.1% |
| ISRG Intuitive Surgical Inc. | 0.46% | 213,453 | $95.5M | Add +5.7% |
| CSCO Cisco Systems Inc. | 0.43% | 1,300,162 | $89.0M | Reduce -0.8% |
| UNH Unitedhealth Group Inc. | 0.42% | 255,119 | $88.1M | Reduce -0.7% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.42% | 116 | $87.5M | No change |
| GE General Electric filed as GE AEROSPACE | 0.41% | 286,761 | $86.3M | Reduce -1.1% |
| IJH iShares Core S&P Midcap ETF | 0.40% | 1,282,810 | $83.7M | Reduce -5.1% |
| CVX Chevron Corp. | 0.39% | 520,539 | $80.8M | Add +17.9% |
| ANET Arista Networks Inc. | 0.38% | 542,856 | $79.1M | Reduce -0.2% |
| WFC Wells Fargo & Co. | 0.37% | 911,949 | $76.4M | Reduce -2.0% |
| KO The Coca-Cola Co. | 0.34% | 1,081,648 | $71.7M | Reduce -0.5% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.34% | 251,940 | $71.1M | Reduce -0.3% |
| GS Goldman Sachs Group Inc. | 0.33% | 85,973 | $68.5M | Reduce -1.8% |
| PM Philip Morris International | 0.33% | 420,958 | $68.3M | Reduce -0.5% |
| VLUE iShares MSCI USA Value Facto | 0.32% | 535,000 | $66.9M | Reduce -5.6% |
| CI The Cigna Group | 0.32% | 230,241 | $66.4M | Reduce -0.2% |
| RTX RTX Corp. | 0.31% | 390,932 | $65.4M | Reduce -0.3% |
| CAT Caterpillar Inc. | 0.31% | 133,872 | $63.9M | Reduce -0.9% |
| ABT Abbott Laboratories | 0.30% | 470,757 | $63.1M | Reduce -0.5% |
| LIN Linde PLC | 0.30% | 131,704 | $62.6M | Reduce -0.9% |
| T AT&T Inc. | 0.30% | 2,197,913 | $62.1M | Reduce -1.0% |
| MU Micron Technology Inc. | 0.30% | 370,242 | $61.9M | Reduce -0.3% |
| MRK Merck & Co. Inc. | 0.30% | 737,790 | $61.9M | Reduce -1.0% |
| CRM Salesforce Inc. | 0.29% | 258,543 | $61.3M | Reduce -0.9% |
| MCD McDonald's Corp. | 0.28% | 193,015 | $58.7M | Reduce -0.7% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.28% | 503,766 | $57.7M | Reduce -0.5% |
| MBB iShares MBS ETF | 0.27% | 600,000 | $57.1M | No change |
| C Citigroup Inc. | 0.27% | 553,336 | $56.2M | Reduce -1.8% |
| VZ Verizon Communications Inc. | 0.27% | 1,267,550 | $55.7M | Reduce -28.5% |
| APP AppLovin Corp. Class A | 0.27% | 77,400 | $55.6M | Add +1742.9% |
| QCOM Qualcomm Inc. | 0.27% | 333,466 | $55.5M | Reduce -2.0% |
| UBER Uber Technologies Inc. | 0.27% | 564,000 | $55.3M | Reduce -0.8% |
| AMAT Applied Materials Inc. | 0.27% | 269,455 | $55.2M | Reduce -1.4% |
| PEP Pepsico Inc. | 0.26% | 383,222 | $53.8M | Reduce -0.7% |
| INTC Intel Corp. | 0.26% | 1,597,683 | $53.6M | Reduce -0.1% |
| MS Morgan Stanley | 0.25% | 328,126 | $52.2M | Reduce -2.3% |
| NOW ServiceNow Inc. | 0.25% | 56,255 | $51.8M | No change |
| INTU Intuit Inc. | 0.25% | 75,490 | $51.6M | Reduce -0.7% |
| APH Amphenol Corp. Class A | 0.25% | 415,574 | $51.4M | Add +0.3% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.24% | 347,982 | $50.3M | Reduce -0.5% |
| HUBS HubSpot Inc. | 0.24% | 106,400 | $49.8M | No change |
| LRCX Lam Research Corp. | 0.24% | 371,600 | $49.8M | Reduce -1.5% |
| TMO Thermo Fisher Scientific Inc. | 0.24% | 102,110 | $49.5M | Reduce -0.5% |
| XLV SS Health Care Select Sector | 0.24% | 354,888 | $49.4M | Reduce -1.6% |
| AXP American Express Co. | 0.23% | 146,777 | $48.8M | Reduce -2.5% |
| QUAL iShares MSCI USA Quality Fac | 0.23% | 246,349 | $47.9M | Add +11.8% |
| BLK BlackRock Inc. | 0.23% | 41,071 | $47.9M | Reduce -1.4% |
| BKNG Booking Holdings Inc. | 0.23% | 8,759 | $47.3M | Reduce -1.1% |
| BABA Alibaba Group Holding-SP ADR | 0.22% | 257,000 | $45.9M | No change |
| GEV GE Vernova Inc. | 0.22% | 73,640 | $45.3M | Reduce -0.8% |
| TXN Texas Instruments Inc. | 0.22% | 245,861 | $45.2M | Reduce -0.5% |
| ADBE Adobe Inc. | 0.21% | 126,523 | $44.6M | Reduce -0.9% |
| ACN Accenture PLC Class A | 0.21% | 180,938 | $44.6M | Reduce -1.0% |
| BA The Boeing Co. | 0.21% | 204,496 | $44.1M | Reduce -0.2% |
| SCHW Schwab (charles) Corp. | 0.21% | 461,466 | $44.1M | Reduce -0.6% |
| PFE Pfizer Inc. | 0.21% | 1,708,684 | $43.5M | Reduce -0.5% |
| KLAC KLA Corp. | 0.21% | 39,568 | $42.7M | Reduce -0.8% |
| NEE Nextera Energy Inc. | 0.20% | 556,898 | $42.0M | Reduce -0.5% |
| TSM Taiwan Semiconductor-SP ADR | 0.20% | 148,200 | $41.4M | No change |
| SPGI S&P Global Inc. | 0.20% | 84,553 | $41.2M | Reduce -0.9% |
| AMGN Amgen Inc. | 0.20% | 145,597 | $41.1M | Reduce -0.4% |
| KR Kroger Co. | 0.19% | 596,887 | $40.2M | Add +99.6% |
| ICE Intercontinental Exchange Inc. | 0.19% | 238,442 | $40.2M | Reduce -0.5% |
| ETN Eaton Corp. PLC | 0.19% | 105,256 | $39.4M | Reduce -1.0% |
| PGR Progressive Corp. | 0.19% | 158,588 | $39.2M | Reduce -0.5% |
| BSX Boston Scientific Corp. | 0.19% | 400,708 | $39.1M | Reduce -0.4% |
| SPOT Spotify Technology SA | 0.19% | 56,031 | $39.1M | Reduce -6.7% |
| COF Capital One Financial Corp. | 0.19% | 181,764 | $38.6M | Reduce -0.5% |
| LOW Lowe's Cos Inc. | 0.18% | 151,570 | $38.1M | Reduce -0.4% |
| UNP Union Pacific Corp. | 0.18% | 160,345 | $37.9M | Reduce -1.3% |
Portfolio Sells Q2 2025 → Q3 2025
| AMZN Amazon.com Inc. | Reduce -1.9% | 3.25% | −0.32 |
| META Meta Platforms Inc. Class A | Reduce -0.4% | 3.04% | −0.27 |
| NFLX Netflix Inc. | Reduce -0.5% | 0.98% | −0.21 |
| BIIB Biogen Inc. | Reduce -85.2% | 0.03% | −0.16 |
| GEHC GE Healthcare Technology | Reduce -76.0% | 0.04% | −0.15 |
| VZ Verizon Communications Inc. | Reduce -28.5% | 0.27% | −0.13 |
| V Visa Inc. Class A | Reduce -1.0% | 0.97% | −0.13 |
| BURL Burlington Stores Inc. | Reduce -55.4% | 0.10% | −0.13 |
| COST Costco Wholesale Corp. | Reduce -0.4% | 0.78% | −0.12 |
| TDG Transdigm Group Inc. | Reduce -0.1% | 0.48% | −0.12 |
| ARM Arm Holdings PLC-ADR | Sold out | 0.00% | −0.11 |
| CI The Cigna Group | Reduce -0.2% | 0.32% | −0.08 |
| CRM Salesforce Inc. | Reduce -0.9% | 0.29% | −0.07 |
| PM Philip Morris International | Reduce -0.5% | 0.33% | −0.07 |
| ACN Accenture PLC Class A | Reduce -1.0% | 0.21% | −0.07 |
| INTU Intuit Inc. | Reduce -0.7% | 0.25% | −0.06 |
| PG The Procter & Gamble Co. | Reduce -0.6% | 0.49% | −0.06 |
| HES Hess Corp. | Sold out | 0.00% | −0.05 |
| KO The Coca-Cola Co. | Reduce -0.5% | 0.34% | −0.05 |
| SPOT Spotify Technology SA | Reduce -6.7% | 0.19% | −0.05 |
| TXN Texas Instruments Inc. | Reduce -0.5% | 0.22% | −0.05 |
| DIS The Walt Disney Co. | Reduce -0.5% | 0.28% | −0.05 |
| CMG Chipotle Mexican Grill Inc. | Reduce -0.9% | 0.08% | −0.05 |
| IBM Intl Business Machines Corp. | Reduce -0.3% | 0.34% | −0.04 |
| ANSS Ansys Inc. | Sold out | 0.00% | −0.04 |
| FISV Fiserv Inc. | Reduce -2.5% | 0.09% | −0.04 |
| CSCO Cisco Systems Inc. | Reduce -0.8% | 0.43% | −0.04 |
| ADBE Adobe Inc. | Reduce -0.9% | 0.21% | −0.04 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.7% | 0.83% | −0.04 |
| CMCSA Comcast Corp. Class A | Reduce -1.5% | 0.17% | −0.04 |
| BKNG Booking Holdings Inc. | Reduce -1.1% | 0.23% | −0.04 |
| HON Honeywell International Inc. | Reduce -1.7% | 0.17% | −0.04 |
| BSX Boston Scientific Corp. | Reduce -0.4% | 0.19% | −0.04 |
| SPGI S&P Global Inc. | Reduce -0.9% | 0.20% | −0.04 |
| T AT&T Inc. | Reduce -1.0% | 0.30% | −0.03 |
| ICE Intercontinental Exchange Inc. | Reduce -0.5% | 0.19% | −0.03 |
| PGR Progressive Corp. | Reduce -0.5% | 0.19% | −0.03 |
| IJH iShares Core S&P Midcap ETF | Reduce -5.1% | 0.40% | −0.03 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -0.7% | 0.14% | −0.03 |
| ELV Elevance Health Inc. | Reduce -0.8% | 0.10% | −0.03 |
| DE Deere & Co. | Reduce -0.7% | 0.15% | −0.03 |
| AMT American Tower Corp. | Reduce -0.4% | 0.12% | −0.03 |
| ABT Abbott Laboratories | Reduce -0.5% | 0.30% | −0.03 |
| XOM Exxon Mobil Corp. | Reduce -1.6% | 0.62% | −0.03 |
| SYK Stryker Corp. | Reduce -0.4% | 0.17% | −0.03 |
| UPS United Parcel Service Class B | Reduce -0.2% | 0.08% | −0.03 |
| ADP Automatic Data Processing | Reduce -0.7% | 0.17% | −0.02 |
| MRSH Marsh & McLennan Cos | Reduce -0.7% | 0.13% | −0.02 |
| JNPR Juniper Networks Inc. | Sold out | 0.00% | −0.02 |
| CHTR Charter Communications Inc. Class A | Reduce -3.3% | 0.03% | −0.02 |
Portfolio Buys Q2 2025 → Q3 2025
| APP AppLovin Corp. Class A | Add +1742.9% | 0.27% | +0.26 |
| HIMS Hims & Hers Health Inc. | Add +49.2% | 0.56% | +0.20 |
| HOOD Robinhood Markets Inc. Class A | New | 0.14% | +0.14 |
| OSCR Oscar Health Inc. Class A | New | 0.13% | +0.13 |
| ORCL Oracle Corp. | Add +1.4% | 0.61% | +0.11 |
| KR Kroger Co. | Add +99.6% | 0.19% | +0.08 |
| EWZ iShares MSCI Brazil ETF | New | 0.08% | +0.08 |
| CVX Chevron Corp. | Add +17.9% | 0.39% | +0.06 |
| DDOG Datadog Inc. Class A | New | 0.06% | +0.06 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +1.4% | 3.94% | +0.06 |
| XYZ Block Inc. | Add +105.2% | 0.10% | +0.05 |
| JPM JPMorgan Chase & Co. | Add +1.9% | 1.43% | +0.04 |
| APH Amphenol Corp. Class A | Add +0.3% | 0.25% | +0.04 |
| TOST Toast Inc. Class A | New | 0.03% | +0.03 |
| GLW Corning Inc. | Add +0.5% | 0.10% | +0.03 |
| NU Nu Holdings Ltd./Cayman Isl-A | New | 0.03% | +0.03 |
| WBD Warner Bros Discovery Inc. | Add +8.4% | 0.07% | +0.03 |
| TTD Trade Desk Inc./the Class A | New | 0.03% | +0.03 |
| NTNX Nutanix Inc. Class A | New | 0.02% | +0.02 |
| TLN Talen Energy Corp. | New | 0.02% | +0.02 |
| QUAL iShares MSCI USA Quality Fac | Add +11.8% | 0.23% | +0.02 |
| BAC Bank of America Corp. | Add +3.2% | 0.49% | +0.02 |
| WELL Welltower Inc. | Add +7.1% | 0.15% | +0.02 |
| ICLR Icon PLC | Add +22.1% | 0.07% | +0.02 |
| TRU Transunion | New | 0.02% | +0.02 |
| FTI Technipfmc PLC | New | 0.02% | +0.02 |
| KTOS Kratos Defense & Security | New | 0.02% | +0.02 |
| TWLO Twilio Inc. Class A | Add +410.1% | 0.02% | +0.02 |
| BMNR Bitmine Immersion Technologi | New | 0.01% | +0.01 |
| DASH DoorDash Inc. Class A | Add +7.4% | 0.13% | +0.01 |
| RKLB Rocket Lab Corp. | New | 0.01% | +0.01 |
| AVAV Aerovironment Inc. | New | 0.01% | +0.01 |
| ELAN Elanco Animal Health Inc. | New | 0.01% | +0.01 |
| SPG Simon Property Group Inc. | Add +4.9% | 0.09% | +0.01 |
| MP MP Materials Corp. | New | 0.01% | +0.01 |
| BX Blackstone Inc. | Add +0.5% | 0.16% | +0.01 |
| IBKR Interactive Brokers Gro Class A | Add +15.0% | 0.04% | +0.01 |
| SFIX Stitch Fix Inc. Class A | Add +122.3% | 0.02% | +0.01 |
| ABCL Abcellera Biologics Inc. | Add +712.6% | 0.01% | +0.01 |
| EME Emcor Group Inc. | Add +11.6% | 0.04% | +0.01 |
| GRMN Garmin Ltd. | Add +4.7% | 0.06% | +0.01 |
| PSKY Paramount Skydance Class B | New | 0.01% | +0.01 |
| VNOM Viper Energy Inc. Class A | New | 0.01% | +0.01 |
| MTUM iShares MSCI USA Momentum Fa | Add +1.4% | 1.51% | +0.01 |
| SNPS Synopsys Inc. | Add +19.1% | 0.12% | +0.01 |
| XEL Xcel Energy Inc. | Add +2.0% | 0.06% | +0.01 |
| IQV Iqvia Holdings Inc. | Add +2.9% | 0.04% | +0.01 |
| CG The Carlyle Group Inc. | Add +21.1% | 0.02% | +0.01 |
| SNOW Snowflake Inc. | New | 0.00% | +0.00 |
| DKS Dick's Sporting Goods Inc. | Add +17.7% | 0.02% | +0.00 |
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 |