State of Michigan Retirement System
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 29, 2026), State of Michigan Retirement System reported 935 stock positions worth $20.6 billion. Its top holding was Nvidia (NVDA) at 7.3% of the portfolio, followed by Apple (AAPL, 5.5%) and Microsoft (MSFT, 5.3%). Compared with Q3 2025, it opened 18 new positions, sold out of 28, added to 90 and reduced 756. The biggest buy was Duolingo (DUOL, shares +5800%) and the biggest sale SS SPDR S&P 500 ETF Trust-US (SPY, shares −29%).
- Most Recent 13F
- Q2 2026
- Location
- EAST LANSING, MI
- CIK
- 0000762152
- Portfolio Value
- $20.6B (Q4 2025)
- SEC Filing
- 0000762152-26-000007 ↗ filed Jan 29, 2026
Holdings Value
Holdings 935 stocks · $20.6B
| NVDA Nvidia Corp. | 7.31% | 8,060,260 | $1.5B | Reduce -3.6% |
| AAPL Apple Inc. | 5.53% | 4,183,799 | $1.1B | Reduce -3.5% |
| MSFT Microsoft Corp. | 5.25% | 2,233,867 | $1.1B | Reduce -2.7% |
| AMZN Amazon.com Inc. | 3.37% | 3,003,020 | $693.2M | Reduce -2.5% |
| AVGO Broadcom Inc. | 3.11% | 1,846,860 | $639.2M | Reduce -3.1% |
| GOOGL Alphabet Inc. Class A | 2.93% | 1,925,280 | $602.6M | Reduce -3.8% |
| SPY SS SPDR S&P 500 ETF Trust-US | 2.92% | 879,840 | $600.0M | Reduce -28.6% |
| META Meta Platforms Inc. Class A | 2.72% | 848,314 | $560.0M | Reduce -1.5% |
| GOOG Alphabet Inc. Class C | 2.39% | 1,568,960 | $492.3M | Reduce -1.6% |
| TSLA Tesla Inc. | 1.61% | 735,657 | $330.8M | Reduce -3.1% |
| MTUM iShares MSCI USA Momentum Fa | 1.57% | 1,287,290 | $322.2M | Add +5.2% |
| JPM JPMorgan Chase & Co. | 1.43% | 912,731 | $294.1M | Reduce -3.3% |
| LLY Eli Lilly & Co. | 1.34% | 256,704 | $275.9M | Reduce -3.7% |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 1.16% | 2,172,400 | $239.4M | No change |
| V Visa Inc. Class A | 0.94% | 553,223 | $194.0M | Reduce -6.9% |
| AMD Advanced Micro Devices | 0.88% | 843,000 | $180.5M | Reduce -1.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.83% | 339,729 | $170.8M | Reduce -1.3% |
| PLTR Palantir Technologies Inc. Class A | 0.76% | 878,000 | $156.1M | Reduce -1.9% |
| NFLX Netflix Inc. | 0.73% | 1,599,590 | $150.0M | Reduce -6.2% |
| COST Costco Wholesale Corp. | 0.71% | 169,769 | $146.4M | Reduce -2.9% |
| MA Mastercard Inc. Class A | 0.67% | 241,581 | $137.9M | Reduce -5.2% |
| JNJ Johnson & Johnson | 0.66% | 654,467 | $135.4M | Reduce -3.5% |
| XOM Exxon Mobil Corp. | 0.65% | 1,104,018 | $132.9M | Reduce -4.3% |
| WMT Walmart Inc. | 0.64% | 1,174,420 | $130.8M | Reduce -1.1% |
| ISRG Intuitive Surgical Inc. | 0.58% | 209,353 | $118.6M | Reduce -1.9% |
| ABBV Abbvie Inc. | 0.51% | 462,708 | $105.7M | Reduce -3.2% |
| MU Micron Technology Inc. | 0.51% | 367,142 | $104.8M | Reduce -0.8% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.50% | 1,873,512 | $103.0M | Reduce -4.6% |
| TDG Transdigm Group Inc. | 0.49% | 75,792 | $100.8M | Reduce -0.5% |
| DUOL Duolingo | 0.48% | 560,500 | $98.4M | Add +5800.0% |
| CSCO Cisco Systems Inc. | 0.46% | 1,222,862 | $94.2M | Reduce -6.0% |
| KBDC Kayne Anderson BDC Inc. | 0.46% | 6,566,762 | $94.0M | New |
| PG The Procter & Gamble Co. | 0.44% | 629,637 | $90.2M | Reduce -4.2% |
| HD Home Depot Inc. | 0.44% | 260,584 | $89.7M | Reduce -20.8% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.43% | 116 | $87.6M | No change |
| KR Kroger Co. | 0.42% | 1,392,587 | $87.0M | Add +133.3% |
| ORCL Oracle Corp. | 0.42% | 440,332 | $85.8M | Reduce -1.8% |
| GE General Electric filed as GE AEROSPACE | 0.41% | 276,161 | $85.1M | Reduce -3.7% |
| UNH Unitedhealth Group Inc. | 0.39% | 244,919 | $80.9M | Reduce -4.0% |
| WFC Wells Fargo & Co. | 0.39% | 866,049 | $80.7M | Reduce -5.0% |
| MRK Merck & Co. Inc. | 0.37% | 724,490 | $76.3M | Reduce -1.8% |
| CVX Chevron Corp. | 0.37% | 495,539 | $75.5M | Reduce -4.8% |
| CAT Caterpillar Inc. | 0.36% | 130,472 | $74.7M | Reduce -2.5% |
| KO The Coca-Cola Co. | 0.35% | 1,040,348 | $72.7M | Reduce -3.8% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.35% | 244,740 | $72.5M | Reduce -2.9% |
| ANET Arista Networks Inc. | 0.34% | 536,556 | $70.3M | Reduce -1.2% |
| GS Goldman Sachs Group Inc. | 0.34% | 78,567 | $69.1M | Reduce -8.6% |
| IJH iShares Core S&P Midcap ETF | 0.33% | 1,034,810 | $68.3M | Reduce -19.3% |
| HIMS Hims & Hers Health Inc. | 0.32% | 2,057,700 | $66.8M | No change |
| CRM Salesforce Inc. | 0.32% | 249,243 | $66.0M | Reduce -3.6% |
| AMAT Applied Materials Inc. | 0.32% | 256,255 | $65.9M | Reduce -4.9% |
| PM Philip Morris International | 0.32% | 407,558 | $65.4M | Reduce -3.2% |
| RTX RTX Corp. | 0.31% | 351,000 | $64.4M | Reduce -10.2% |
| CI The Cigna Group | 0.31% | 229,241 | $63.1M | Reduce -0.4% |
| LRCX Lam Research Corp. | 0.30% | 364,200 | $62.3M | Reduce -2.0% |
| VLUE iShares MSCI USA Value Facto | 0.30% | 447,700 | $61.2M | Reduce -16.3% |
| C Citigroup Inc. | 0.29% | 517,836 | $60.4M | Reduce -6.4% |
| ABT Abbott Laboratories | 0.29% | 472,457 | $59.2M | Add +0.4% |
| QCOM Qualcomm Inc. | 0.28% | 335,366 | $57.4M | Add +0.6% |
| MBB iShares MBS ETF | 0.28% | 600,000 | $57.1M | No change |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.28% | 501,366 | $57.0M | Reduce -0.5% |
| TMO Thermo Fisher Scientific Inc. | 0.28% | 98,410 | $57.0M | Reduce -3.6% |
| MCD McDonald's Corp. | 0.28% | 186,415 | $57.0M | Reduce -3.4% |
| XLV SS Health Care Select Sector | 0.27% | 364,188 | $56.4M | Add +2.6% |
| MS Morgan Stanley | 0.27% | 316,226 | $56.1M | Reduce -3.6% |
| INTC Intel Corp. | 0.27% | 1,494,283 | $55.1M | Reduce -6.5% |
| LIN Linde PLC | 0.26% | 127,104 | $54.2M | Reduce -3.5% |
| T AT&T Inc. | 0.26% | 2,170,913 | $53.9M | Reduce -1.2% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.26% | 348,982 | $53.6M | Add +0.3% |
| PEP Pepsico Inc. | 0.26% | 366,122 | $52.5M | Reduce -4.5% |
| VZ Verizon Communications Inc. | 0.25% | 1,284,050 | $52.3M | Add +1.3% |
| APH Amphenol Corp. Class A | 0.25% | 386,974 | $52.3M | Reduce -6.9% |
| AXP American Express Co. | 0.25% | 140,677 | $52.0M | Reduce -4.2% |
| APP AppLovin Corp. Class A | 0.25% | 75,100 | $50.6M | Reduce -3.0% |
| ACN Accenture PLC Class A | 0.24% | 187,338 | $50.3M | Add +3.5% |
| QUAL iShares MSCI USA Quality Fac | 0.24% | 245,049 | $48.7M | Reduce -0.5% |
| NOW ServiceNow Inc. | 0.24% | 316,575 | $48.5M | Add +12.6% |
| INTU Intuit Inc. | 0.24% | 72,990 | $48.4M | Reduce -3.3% |
| KLAC KLA Corp. | 0.23% | 38,868 | $47.2M | Reduce -1.8% |
| GEV GE Vernova Inc. | 0.23% | 71,040 | $46.4M | Reduce -3.5% |
| AMGN Amgen Inc. | 0.22% | 140,997 | $46.1M | Reduce -3.2% |
| BKNG Booking Holdings Inc. | 0.22% | 8,459 | $45.3M | Reduce -3.4% |
| TSM Taiwan Semiconductor-SP ADR | 0.22% | 148,200 | $45.0M | No change |
| BA The Boeing Co. | 0.22% | 204,996 | $44.5M | Add +0.2% |
| UBER Uber Technologies Inc. | 0.22% | 544,000 | $44.5M | Reduce -3.5% |
| SPGI S&P Global Inc. | 0.21% | 84,153 | $44.0M | Reduce -0.5% |
| NEE Nextera Energy Inc. | 0.21% | 545,198 | $43.8M | Reduce -2.1% |
| SCHW Schwab (charles) Corp. | 0.21% | 437,266 | $43.7M | Reduce -5.2% |
| ADBE Adobe Inc. | 0.21% | 123,223 | $43.1M | Reduce -2.6% |
| COF Capital One Financial Corp. | 0.21% | 176,964 | $42.9M | Reduce -2.6% |
| HUBS HubSpot Inc. | 0.21% | 106,400 | $42.7M | No change |
| BLK BlackRock Inc. | 0.20% | 39,271 | $42.0M | Reduce -4.4% |
| PFE Pfizer Inc. | 0.20% | 1,670,184 | $41.6M | Reduce -2.3% |
| TXN Texas Instruments Inc. | 0.20% | 237,861 | $41.3M | Reduce -3.3% |
| GILD Gilead Sciences Inc. | 0.19% | 324,795 | $39.9M | Reduce -3.2% |
| VRT Vertiv Holdings Co. Class A | 0.19% | 239,300 | $38.8M | No change |
| ICE Intercontinental Exchange Inc. | 0.18% | 232,842 | $37.7M | Reduce -2.4% |
| BABA Alibaba Group Holding-SP ADR | 0.18% | 257,000 | $37.7M | No change |
| DHR Danaher Corp. | 0.18% | 164,546 | $37.7M | Reduce -4.5% |
| BSX Boston Scientific Corp. | 0.18% | 388,108 | $37.0M | Reduce -3.1% |
Portfolio Sells Q3 2025 → Q4 2025
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -28.6% | 2.92% | −1.03 |
| MSFT Microsoft Corp. | Reduce -2.7% | 5.25% | −0.46 |
| META Meta Platforms Inc. Class A | Reduce -1.5% | 2.72% | −0.32 |
| NFLX Netflix Inc. | Reduce -6.2% | 0.73% | −0.25 |
| HD Home Depot Inc. | Reduce -20.8% | 0.44% | −0.20 |
| ORCL Oracle Corp. | Reduce -1.8% | 0.42% | −0.19 |
| SPOT Spotify Technology SA | Sold out | 0.00% | −0.19 |
| NVDA Nvidia Corp. | Reduce -3.6% | 7.31% | −0.19 |
| RCL Royal Caribbean Cruises Ltd. | Sold out | 0.00% | −0.11 |
| NXPI NXP Semiconductors NV | Sold out | 0.00% | −0.09 |
| EWZ iShares MSCI Brazil ETF | Sold out | 0.00% | −0.08 |
| IJH iShares Core S&P Midcap ETF | Reduce -19.3% | 0.33% | −0.07 |
| COST Costco Wholesale Corp. | Reduce -2.9% | 0.71% | −0.07 |
| UBER Uber Technologies Inc. | Reduce -3.5% | 0.22% | −0.05 |
| PG The Procter & Gamble Co. | Reduce -4.2% | 0.44% | −0.05 |
| BROS Dutch Bros Inc. Class A | Sold out | 0.00% | −0.05 |
| SSYS Stratasys Ltd. | Sold out | 0.00% | −0.04 |
| ANET Arista Networks Inc. | Reduce -1.2% | 0.34% | −0.04 |
| LIN Linde PLC | Reduce -3.5% | 0.26% | −0.04 |
| T AT&T Inc. | Reduce -1.2% | 0.26% | −0.04 |
| COIN Coinbase Global Inc. Class A | Reduce -2.5% | 0.07% | −0.03 |
| ETN Eaton Corp. PLC | Reduce -3.4% | 0.16% | −0.03 |
| V Visa Inc. Class A | Reduce -6.9% | 0.94% | −0.03 |
| HOOD Robinhood Markets Inc. Class A | Reduce -1.6% | 0.11% | −0.03 |
| UNH Unitedhealth Group Inc. | Reduce -4.0% | 0.39% | −0.03 |
| K Kellanova | Sold out | 0.00% | −0.03 |
| EXAS Exact Sciences Corp. | Sold out | 0.00% | −0.03 |
| ADP Automatic Data Processing | Reduce -4.4% | 0.15% | −0.03 |
| TMUS T-Mobile US Inc. | Reduce -3.8% | 0.12% | −0.03 |
| MA Mastercard Inc. Class A | Reduce -5.2% | 0.67% | −0.03 |
| PLTR Palantir Technologies Inc. Class A | Reduce -1.9% | 0.76% | −0.03 |
| BLK BlackRock Inc. | Reduce -4.4% | 0.20% | −0.03 |
| FLEX Flex Ltd. | Sold out | 0.00% | −0.02 |
| VLUE iShares MSCI USA Value Facto | Reduce -16.3% | 0.30% | −0.02 |
| DASH DoorDash Inc. Class A | Reduce -2.2% | 0.11% | −0.02 |
| DD Dupont DE Nemours Inc. | Reduce -3.5% | 0.02% | −0.02 |
| AZO AutoZone Inc. | Reduce -4.4% | 0.07% | −0.02 |
| APP AppLovin Corp. Class A | Reduce -3.0% | 0.25% | −0.02 |
| CVX Chevron Corp. | Reduce -4.8% | 0.37% | −0.02 |
| MO Altria Group Inc. | Reduce -3.3% | 0.12% | −0.02 |
| ORLY O'reilly Automotive Inc. | Reduce -3.7% | 0.10% | −0.02 |
| AMT American Tower Corp. | Reduce -9.1% | 0.10% | −0.02 |
| MSI Motorola Solutions Inc. | Reduce -3.5% | 0.09% | −0.02 |
| BX Blackstone Inc. | Reduce -3.0% | 0.14% | −0.02 |
| AJG Arthur J Gallagher & Co. | Reduce -3.0% | 0.08% | −0.02 |
| LYB Lyondellbasell Indu Class A | Sold out | 0.00% | −0.02 |
| ABBV Abbvie Inc. | Reduce -3.2% | 0.51% | −0.02 |
| MDLZ Mondelez International Inc. Class A | Reduce -3.5% | 0.09% | −0.02 |
| CDNS Cadence Design SYS Inc. | Reduce -2.8% | 0.12% | −0.02 |
| TXN Texas Instruments Inc. | Reduce -3.3% | 0.20% | −0.02 |
Portfolio Buys Q3 2025 → Q4 2025
| DUOL Duolingo | Add +5800.0% | 0.48% | +0.46 |
| KBDC Kayne Anderson BDC Inc. | New | 0.46% | +0.46 |
| KR Kroger Co. | Add +133.3% | 0.42% | +0.23 |
| CRH CRH PLC | New | 0.11% | +0.11 |
| CVNA Carvana Co. | New | 0.08% | +0.08 |
| MTUM iShares MSCI USA Momentum Fa | Add +5.2% | 1.57% | +0.06 |
| ARES Ares Management Corp. Class A | New | 0.04% | +0.04 |
| SNDK Sandisk Corp. | New | 0.04% | +0.04 |
| XLV SS Health Care Select Sector | Add +2.6% | 0.27% | +0.04 |
| HDB HDFC Bank Ltd.-ADR | Add +32.7% | 0.11% | +0.03 |
| ACN Accenture PLC Class A | Add +3.5% | 0.24% | +0.03 |
| FDX FedEx Corp. | Add +2.2% | 0.10% | +0.02 |
| UPS United Parcel Service Class B | Add +3.3% | 0.11% | +0.02 |
| PLD Prologis Inc. | Add +1.4% | 0.16% | +0.02 |
| TJX TJX Companies Inc. | Add +0.3% | 0.26% | +0.02 |
| PINS Pinterest Inc. Class A | New | 0.02% | +0.02 |
| LITE Lumentum Holdings Inc. | Add +0.6% | 0.03% | +0.02 |
| HL Hecla Mining Co. | New | 0.01% | +0.01 |
| NU Nu Holdings Ltd./Cayman Isl-A | Add +42.0% | 0.04% | +0.01 |
| COHR Coherent Corp. | Add +0.3% | 0.03% | +0.01 |
| OMC Omnicom Group | Add +59.9% | 0.04% | +0.01 |
| BAH Booz Allen Hamilton Holdings | New | 0.01% | +0.01 |
| MSCI MSCI Inc. | Add +10.6% | 0.11% | +0.01 |
| QCOM Qualcomm Inc. | Add +0.6% | 0.28% | +0.01 |
| FIX Comfort Systems USA Inc. | Add +19.1% | 0.05% | +0.01 |
| SPXC SPX Technologies Inc. | New | 0.01% | +0.01 |
| DY Dycom Industries Inc. | New | 0.01% | +0.01 |
| SLB SLB Ltd. | Add +1.5% | 0.09% | +0.01 |
| BWA Borgwarner Inc. | New | 0.01% | +0.01 |
| STRL Sterling Infrastructure Inc. | New | 0.01% | +0.01 |
| PCAR Paccar Inc. | Add +1.2% | 0.09% | +0.01 |
| CRBG Corebridge Financial Inc. | New | 0.01% | +0.01 |
| OKLO Oklo Inc. | New | 0.01% | +0.01 |
| TGT Target Corp. | Add +2.2% | 0.06% | +0.01 |
| ATO Atmos Energy Corp. | Add +17.6% | 0.05% | +0.01 |
| ULS Ul Solutions Inc. Class A | New | 0.01% | +0.01 |
| BSY Bentley Systems Inc. Class B | New | 0.01% | +0.01 |
| EL Estee Lauder Companies Class A | Add +1.6% | 0.03% | +0.01 |
| LULU Lululemon Athletica Inc. | Add +0.3% | 0.04% | +0.01 |
| RGLD Royal Gold Inc. | Add +22.4% | 0.02% | +0.01 |
| VTR Ventas Inc. | Add +0.1% | 0.05% | +0.00 |
| BDX Becton Dickinson and Co. | Add +1.3% | 0.07% | +0.00 |
| BA The Boeing Co. | Add +0.2% | 0.22% | +0.00 |
| MSTR Strategy Inc. | New | 0.00% | +0.00 |
| BMNR Bitmine Immersion Technologi | Add +141.7% | 0.02% | +0.00 |
| CSX CSX Corp. | Add +0.9% | 0.09% | +0.00 |
| CCL Carnival Corp. | Add +1.3% | 0.05% | +0.00 |
| ROIV Roivant Sciences Ltd. | Add +1.1% | 0.01% | +0.00 |
| NLY Annaly Capital Management Inc. | Add +6.5% | 0.02% | +0.00 |
| CRCL Circle Internet Group Inc. | New | 0.00% | +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 |