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STATE OF MICHIGAN RETIREMENT SYSTEM
MICHIGAN DEPT. OF TREASURY BUREAU OF INVESTMENTS PO BOX 30117, LANSING, MI 48909 • 517-335-5401
Market Value
$22.5B
+19.7%
Holdings
968
+20
New Purchases
36
Added To
148
Closed
16
Reduced
734
Top 10 Concentration
31.1%
Turnover
5.4%
Top Buys (by % of Portfolio)
| Symbol | Cur % | Prior % | Chg % | Value |
|---|---|---|---|---|
| AMD | 2.04% | 0.67% | +1.37% | $459M |
| MU | 1.92% | 0.66% | +1.26% | $432M |
| HUBS | 0.96% | 0.14% | +0.83% | $217M |
| SECU | 0.42% | 0.00% | +0.42% | $95M |
| SPY | 1.35% | 0.94% | +0.41% | $304M |
| AGG | 0.40% | 0.00% | +0.40% | $89M |
| INTC | 0.75% | 0.36% | +0.39% | $169M |
| HYG | 0.32% | 0.00% | +0.32% | $72M |
| MRVL | 0.30% | 0.00% | +0.30% | $67M |
| LRCX | 0.69% | 0.41% | +0.28% | $155M |
| MTUM | 1.98% | 1.71% | +0.27% | $446M |
| AMAT | 0.72% | 0.46% | +0.25% | $161M |
| SNDK | 0.38% | 0.13% | +0.25% | $86M |
| LQD | 1.49% | 1.26% | +0.23% | $335M |
| SPTM | 0.23% | 0.00% | +0.23% | $51M |
Top Sells (by % of Portfolio)
| Symbol | Cur % | Prior % | Chg % | Value |
|---|---|---|---|---|
| MSFT | 3.36% | 4.05% | -0.69% | $756M |
| META | 1.91% | 2.58% | -0.68% | $429M |
| TDG | 0.08% | 0.47% | -0.38% | $19M |
| NVDA | 6.35% | 6.72% | -0.37% | $1.4B |
| AAPL | 4.93% | 5.27% | -0.34% | $1.1B |
| XLV | 0.00% | 0.32% | -0.32% | $0 |
| XONA.DE | 0.67% | 0.99% | -0.31% | $151M |
| NFLX | 0.37% | 0.59% | -0.23% | $83M |
| CI | 0.10% | 0.32% | -0.23% | $22M |
| WMT | 0.58% | 0.77% | -0.19% | $130M |
| PLTR | 0.49% | 0.68% | -0.19% | $111M |
| AMZN | 2.80% | 2.99% | -0.19% | $631M |
| CVX | 0.35% | 0.54% | -0.19% | $79M |
| KR | 0.72% | 0.88% | -0.16% | $163M |
| COST | 0.49% | 0.63% | -0.15% | $110M |
Sector Allocation Over Time
Industry Breakdown
| Industry | Weight |
|---|---|
| Technology | 31.7% |
| Financial Services | 17.1% |
| Communication Services | 10.4% |
| Consumer Cyclical | 8.9% |
| Healthcare | 8.6% |
Market Cap Concentration
| Tier | Holdings | Value | Weight |
|---|---|---|---|
| Mega Cap | 64 | $12.6B | 55.9% |
| Large Cap | 598 | $8.9B | 39.4% |
| Mid Cap | 291 | $816M | 3.6% |
| Small Cap | 15 | $250M | 1.1% |
Portfolio Analytics
Avg Market Cap
$87.9B
Median Market Cap
$16.8B
Avg P/E
32.3
Median P/E
21.4
Avg Dividend Yield
0.02%
Avg Beta
1.01
# Stocks
952
# ETFs / Funds
16
Top Holdings (968 total)
| # | Symbol | % Port | Shares | Value | Avg Price | Q/Q Value Chg | Share Chg | Chg % | Status |
|---|---|---|---|---|---|---|---|---|---|
| 1 | NVDA | 6.35% | 7,144,304 | $1.4B | $200.09 | $166M | -100,156 | -1.4% | |
| 2 | AAPL | 4.93% | 3,830,399 | $1.1B | $289.36 | $118M | -70,100 | -1.8% | |
| 3 | MSFT | 3.36% | 2,026,202 | $756M | $373.02 | -$6M | -31,665 | -1.5% | |
| 4 | AMZN | 2.80% | 2,647,879 | $631M | $238.34 | $68M | -55,241 | -2.0% | |
| 5 | AVGO | 2.74% | 1,634,642 | $617M | $377.75 | $95M | -54,418 | -3.2% | |
| 6 | GOOGL | 2.51% | 1,578,570 | $564M | $357.37 | $105M | -17,810 | -1.1% | |
| 7 | GOOG | 2.45% | 1,560,960 | $552M | $353.33 | $100M | -12,300 | -0.8% | |
| 8 | AMD | 2.04% | 790,453 | $459M | $580.91 | $334M | +172,753 | +28.0% | |
| 9 | MTUM | 1.98% | 1,301,990 | $446M | $342.83 | $125M | -38,100 | -2.8% | |
| 10 | MU | 1.92% | 374,042 | $432M | $1,154.29 | $308M | +6,700 | +1.8% | |
| 11 | META | 1.91% | 762,054 | $429M | $563.29 | -$57M | -87,360 | -10.3% | |
| 12 | LQD | 1.49% | 3,072,400 | $335M | $109.07 | $98M | +900,000 | +41.4% | |
| 13 | SPY | 1.35% | 407,152 | $304M | $746.77 | $128M | +136,212 | +50.3% | |
| 14 | TSLA | 1.35% | 720,857 | $303M | $420.60 | $30M | -13,800 | -1.9% | |
| 15 | ADBE | 1.23% | 1,349,261 | $277M | $205.02 | $77M | +528,438 | +64.4% | |
| 16 | LLY | 1.13% | 212,904 | $255M | $1,199.43 | $57M | -2,900 | -1.3% | |
| 17 | JPM | 1.00% | 686,031 | $225M | $327.33 | $17M | -18,300 | -2.6% | |
| 18 | HUBS | 0.96% | 1,188,887 | $217M | $182.51 | $191M | +1,082,487 | +1017.4% | |
| 19 | INTC | 0.75% | 1,209,653 | $169M | $139.63 | $101M | -337,330 | -21.8% | |
| 20 | BRK-B | 0.73% | 329,329 | $165M | $500.39 | $2M | -10,300 | -3.0% | |
| 21 | JNJ | 0.73% | 642,467 | $163M | $253.97 | $4M | -10,700 | -1.6% | |
| 22 | KR | 0.72% | 2,929,710 | $163M | $55.53 | -$3M | +644,623 | +28.2% | |
| 23 | AMAT | 0.72% | 223,051 | $161M | $723.00 | $74M | -32,004 | -12.6% | |
| 24 | LRCX | 0.69% | 358,800 | $155M | $433.33 | $78M | -2,800 | -0.8% | |
| 25 | V | 0.69% | 453,023 | $155M | $343.09 | $15M | -12,600 | -2.7% | |
| 26 | CHTR | 0.68% | 1,070,397 | $152M | $142.21 | $59M | +638,815 | +148.0% | |
| 27 | XONA.DE | 0.67% | 1,106,818 | $151M | $136.72 | -$34M | +15,100 | +1.4% | |
| 28 | DUOL | 0.67% | 1,306,107 | $150M | $115.02 | $33M | +112,800 | +9.4% | |
| 29 | VRT | 0.61% | 410,590 | $137M | $334.82 | $38M | +14,990 | +3.8% | |
| 30 | CSCO | 0.60% | 1,154,062 | $136M | $117.46 | $41M | -69,300 | -5.7% | |
| 31 | WMT | 0.58% | 1,151,220 | $130M | $113.26 | -$15M | -20,300 | -1.7% | |
| 32 | CAT | 0.56% | 117,972 | $126M | $1,064.90 | $34M | -11,600 | -8.9% | |
| 33 | MA | 0.54% | 237,681 | $122M | $513.60 | $2M | -2,000 | -0.8% | |
| 34 | KLAC | 0.51% | 378,480 | $114M | $301.71 | $57M | +339,712 | +876.3% | |
| 35 | ABBV | 0.51% | 452,408 | $114M | $251.64 | $13M | -9,300 | -2.0% | |
| 36 | PLTR | 0.49% | 948,281 | $111M | $116.67 | -$18M | +71,581 | +8.2% | |
| 37 | COST | 0.49% | 117,369 | $110M | $935.47 | -$9M | -2,300 | -1.9% | |
| 38 | BAC | 0.46% | 1,798,812 | $102M | $56.98 | $12M | -49,200 | -2.7% | |
| 39 | GE | 0.44% | 267,161 | $100M | $373.73 | $22M | -6,800 | -2.5% | |
| 40 | UNH | 0.43% | 232,519 | $97M | $415.63 | $20M | -48,900 | -17.4% | |
| 41 | ANET | 0.43% | 566,692 | $96M | $169.88 | $30M | +30,736 | +5.7% | |
| 42 | SECU | 0.42% | 1,900,000 | $95M | $49.86 | — | +1,900,000 | — | NEW |
| 43 | IJH | 0.41% | 1,194,710 | $92M | $77.11 | $16M | +63,000 | +5.6% | |
| 44 | QUAL | 0.41% | 419,649 | $92M | $219.43 | $30M | +95,100 | +29.3% | |
| 45 | PG | 0.40% | 614,537 | $90M | $146.64 | -$165K | -10,500 | -1.7% | |
| 46 | HD | 0.40% | 254,984 | $90M | $352.68 | $4M | -5,100 | -2.0% | |
| 47 | AGG | 0.40% | 900,000 | $89M | $98.98 | — | +900,000 | — | NEW |
| 48 | KBDC | 0.39% | 6,566,762 | $89M | $13.53 | -$1M | — | — | |
| 49 | BRK-A | 0.39% | 116 | $87M | $748,850.00 | $4M | — | — | |
| 50 | SNDK | 0.38% | 37,901 | $86M | $2,273.73 | $62M | -700 | -1.8% | |
| 51 | MRK | 0.38% | 663,390 | $85M | $128.50 | -$2M | -59,700 | -8.3% | |
| 52 | PANW | 0.37% | 244,039 | $83M | $341.02 | $49M | +32,939 | +15.6% | |
| 53 | KO | 0.37% | 1,021,448 | $83M | $81.27 | $4M | -16,700 | -1.6% | |
| 54 | NFLX | 0.37% | 1,155,690 | $83M | $71.40 | -$29M | -7,500 | -0.6% | |
| 55 | GEV | 0.36% | 69,840 | $82M | $1,174.86 | $21M | -600 | -0.8% | |
| 56 | HIMS | 0.36% | 2,346,282 | $81M | $34.67 | $33M | +7,682 | +0.3% | |
| 57 | CVX | 0.35% | 479,339 | $79M | $165.76 | -$22M | -10,300 | -2.1% | |
| 58 | GS | 0.34% | 75,567 | $76M | $1,011.37 | $10M | -2,800 | -3.6% | |
| 59 | PM | 0.32% | 399,058 | $72M | $180.91 | $5M | -7,600 | -1.9% | |
| 60 | HYG | 0.32% | 900,000 | $72M | $79.97 | — | +900,000 | — | NEW |
| 61 | TXN | 0.31% | 233,061 | $69M | $298.07 | $23M | -4,000 | -1.7% | |
| 62 | WFC | 0.31% | 835,149 | $69M | $82.64 | $1M | -17,000 | -2.0% | |
| 63 | IBM | 0.30% | 240,640 | $68M | $281.21 | $8M | -3,500 | -1.4% | |
| 64 | C | 0.30% | 480,136 | $67M | $139.96 | $10M | -25,800 | -5.1% | |
| 65 | MRVL | 0.30% | 224,200 | $67M | $297.89 | — | +224,200 | — | NEW |
| 66 | RTX | 0.29% | 344,800 | $65M | $189.73 | -$2M | -5,800 | -1.6% | |
| 67 | LIN | 0.29% | 125,304 | $65M | $518.94 | $2M | -1,600 | -1.3% | |
| 68 | MS | 0.29% | 306,926 | $64M | $209.04 | $12M | -7,400 | -2.4% | |
| 69 | APH | 0.28% | 363,574 | $64M | $176.32 | $17M | -6,100 | -1.6% | |
| 70 | ORCL | 0.28% | 434,432 | $64M | $146.55 | -$1M | -8,500 | -1.9% | |
| 71 | FDS | 0.27% | 265,428 | $61M | $230.08 | $8M | +20,905 | +8.6% | |
| 72 | CRWD | 0.27% | 79,334 | $61M | $763.14 | $35M | +13,434 | +20.4% | |
| 73 | MBB | 0.25% | 600,000 | $57M | $94.52 | -$258K | — | — | |
| 74 | WDC | 0.25% | 88,257 | $56M | $638.72 | $29M | -14,400 | -14.0% | |
| 75 | QCOM | 0.25% | 304,066 | $56M | $184.79 | $13M | -29,700 | -8.9% | |
| 76 | TSM | 0.25% | 117,600 | $56M | $477.57 | $11M | -14,600 | -11.0% | |
| 77 | STX | 0.25% | 57,405 | $55M | $965.00 | $33M | +400 | +0.7% | |
| 78 | TJX | 0.25% | 365,082 | $55M | $151.50 | -$215K | +17,400 | +5.0% | |
| 79 | VZ | 0.24% | 1,294,850 | $55M | $42.34 | -$10M | +13,000 | +1.0% | |
| 80 | SPTM | 0.23% | 565,479 | $51M | $90.79 | — | +565,479 | — | NEW |
| 81 | MOH | 0.23% | 224,044 | $51M | $228.70 | $21M | — | — | |
| 82 | GLW | 0.23% | 200,499 | $51M | $255.43 | $23M | -3,500 | -1.7% | |
| 83 | AMGN | 0.22% | 138,197 | $50M | $362.12 | $540K | -2,500 | -1.8% | |
| 84 | ADI | 0.22% | 124,955 | $50M | $397.17 | $9M | -2,700 | -2.1% | |
| 85 | EWW | 0.22% | 656,000 | $49M | $75.27 | — | +656,000 | — | NEW |
| 86 | MCD | 0.22% | 181,915 | $49M | $270.31 | -$9M | -4,100 | -2.2% | |
| 87 | PEP | 0.22% | 358,222 | $49M | $135.40 | -$8M | -6,900 | -1.9% | |
| 88 | DIS | 0.21% | 501,266 | $48M | $96.25 | $369K | +4,500 | +0.9% | |
| 89 | TMO | 0.21% | 95,110 | $48M | $501.36 | -$540K | -3,000 | -3.1% | |
| 90 | NEE | 0.21% | 533,898 | $47M | $87.77 | -$4M | -10,100 | -1.9% | |
| 91 | AXP | 0.20% | 136,277 | $46M | $338.25 | $4M | -3,600 | -2.6% | |
| 92 | ETN | 0.20% | 106,856 | $46M | $426.12 | $9M | +5,400 | +5.3% | |
| 93 | T | 0.20% | 2,168,813 | $45M | $20.70 | -$17M | +25,100 | +1.2% | |
| 94 | BA | 0.19% | 201,796 | $44M | $216.47 | $3M | -3,400 | -1.7% | |
| 95 | VLUE | 0.19% | 218,300 | $44M | $199.81 | $4M | -61,500 | -22.0% | |
| 96 | GILD | 0.19% | 333,195 | $42M | $126.34 | -$3M | +9,100 | +2.8% | |
| 97 | UNP | 0.18% | 152,045 | $41M | $272.00 | $4M | -3,000 | -1.9% | |
| 98 | OSCR | 0.18% | 1,450,000 | $41M | $28.52 | $25M | — | — | |
| 99 | WELL | 0.18% | 180,709 | $41M | $226.97 | $5M | -1,600 | -0.9% | |
| 100 | DE | 0.18% | 64,357 | $41M | $634.33 | $4M | -1,500 | -2.3% |