Pension
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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
$20.4B
-1.3%
Holdings
954
-2
New Purchases
18
Added To
89
Closed
28
Reduced
748
Top 10 Concentration
37.4%
Turnover
4.8%
Top Buys (by % of Portfolio)
| Symbol | Cur % | Prior % | Chg % | Value |
|---|---|---|---|---|
| GOOGL | 2.95% | 2.35% | +0.60% | $603M |
| GOOG | 2.41% | 1.88% | +0.53% | $492M |
| DUOL | 0.48% | 0.01% | +0.47% | $98M |
| KBDC | 0.46% | 0.00% | +0.46% | $94M |
| LLY | 1.35% | 0.98% | +0.37% | $276M |
| KR | 0.43% | 0.19% | +0.23% | $87M |
| AAPL | 5.57% | 5.33% | +0.23% | $1.1B |
| AMD | 0.88% | 0.67% | +0.21% | $181M |
| MU | 0.51% | 0.30% | +0.21% | $105M |
| AMZN | 3.39% | 3.27% | +0.12% | $693M |
| ISRG | 0.58% | 0.46% | +0.12% | $119M |
| AVGO | 3.13% | 3.04% | +0.09% | $639M |
| CVNA | 0.08% | 0.00% | +0.08% | $16M |
| MRK | 0.37% | 0.30% | +0.07% | $76M |
| LRCX | 0.31% | 0.24% | +0.06% | $62M |
Top Sells (by % of Portfolio)
| Symbol | Cur % | Prior % | Chg % | Value |
|---|---|---|---|---|
| SPY | 2.94% | 3.96% | -1.03% | $600M |
| MSFT | 5.29% | 5.75% | -0.46% | $1.1B |
| META | 2.74% | 3.06% | -0.32% | $560M |
| NFLX | 0.73% | 0.99% | -0.25% | $150M |
| HIMS | 0.33% | 0.56% | -0.24% | $67M |
| HD | 0.44% | 0.64% | -0.21% | $90M |
| ORCL | 0.42% | 0.61% | -0.19% | $86M |
| SPOT | 0.00% | 0.19% | -0.19% | $0 |
| NVDA | 7.36% | 7.54% | -0.18% | $1.5B |
| RCL | 0.00% | 0.11% | -0.11% | $0 |
| NXPI | 0.00% | 0.09% | -0.09% | $0 |
| EWZ | 0.00% | 0.08% | -0.08% | $0 |
| IJH | 0.33% | 0.40% | -0.07% | $68M |
| COST | 0.72% | 0.78% | -0.07% | $146M |
| UBER | 0.22% | 0.27% | -0.05% | $44M |
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 | 62 | $12.3B | 60.1% |
| Large Cap | 574 | $7.4B | 36.1% |
| Mid Cap | 300 | $652M | 3.2% |
| Small Cap | 18 | $108M | 0.5% |
Portfolio Analytics
Avg Market Cap
$87.3B
Median Market Cap
$16.4B
Avg P/E
31.7
Median P/E
21.1
Avg Dividend Yield
0.02%
Avg Beta
0.99
# Stocks
943
# ETFs / Funds
11
Top Holdings (954 total)
| # | Symbol | % Port | Shares | Value | Avg Price | Q/Q Value Chg | Share Chg | Chg % | Status |
|---|---|---|---|---|---|---|---|---|---|
| 1 | NVDA | 7.36% | 8,060,260 | $1.5B | $186.50 | -$56M | -298,700 | -3.6% | |
| 2 | AAPL | 5.57% | 4,183,799 | $1.1B | $271.86 | $33M | -151,700 | -3.5% | |
| 3 | MSFT | 5.29% | 2,233,867 | $1.1B | $483.62 | -$109M | -61,900 | -2.7% | |
| 4 | AMZN | 3.39% | 3,003,020 | $693M | $230.82 | $17M | -77,900 | -2.5% | |
| 5 | AVGO | 3.13% | 1,846,860 | $639M | $346.10 | $11M | -58,200 | -3.1% | |
| 6 | GOOGL | 2.95% | 1,925,280 | $603M | $313.00 | $116M | -76,700 | -3.8% | |
| 7 | SPY | 2.94% | 879,840 | $600M | $681.92 | -$221M | -351,900 | -28.6% | |
| 8 | META | 2.74% | 848,314 | $560M | $660.09 | -$72M | -12,700 | -1.5% | |
| 9 | GOOG | 2.41% | 1,568,960 | $492M | $313.80 | $104M | -26,100 | -1.6% | |
| 10 | TSLA | 1.62% | 735,657 | $331M | $449.72 | -$7M | -23,300 | -3.1% | |
| 11 | MTUM | 1.58% | 1,287,290 | $322M | $250.31 | $8M | +63,800 | +5.2% | |
| 12 | JPM | 1.44% | 912,731 | $294M | $322.22 | -$4M | -30,900 | -3.3% | |
| 13 | LLY | 1.35% | 256,704 | $276M | $1,074.68 | $72M | -9,900 | -3.7% | |
| 14 | LQD | 1.17% | 2,172,400 | $239M | $110.19 | -$3M | — | — | |
| 15 | V | 0.95% | 553,223 | $194M | $350.71 | -$9M | -41,000 | -6.9% | |
| 16 | AMD | 0.88% | 843,000 | $181M | $214.16 | $42M | -12,700 | -1.5% | |
| 17 | BRK-B | 0.84% | 339,729 | $171M | $502.65 | -$2M | -4,300 | -1.2% | |
| 18 | PLTR | 0.76% | 878,000 | $156M | $177.75 | -$7M | -17,100 | -1.9% | |
| 19 | NFLX | 0.73% | 1,599,590 | $150M | $93.76 | -$54M | +1,429,141 | +838.5% | |
| 20 | COST | 0.72% | 169,769 | $146M | $862.34 | -$15M | -5,100 | -2.9% | |
| 21 | MA | 0.67% | 241,581 | $138M | $570.88 | -$7M | -13,200 | -5.2% | |
| 22 | JNJ | 0.66% | 654,467 | $135M | $206.95 | $10M | -23,500 | -3.5% | |
| 23 | XONA.DE | 0.65% | 1,104,018 | $133M | $120.34 | $3M | -49,000 | -4.2% | |
| 24 | WMT | 0.64% | 1,174,420 | $131M | $111.41 | $8M | -12,700 | -1.1% | |
| 25 | ISRG | 0.58% | 209,353 | $119M | $566.36 | $23M | -4,100 | -1.9% | |
| 26 | ABBV | 0.52% | 462,708 | $106M | $228.49 | -$5M | -15,100 | -3.2% | |
| 27 | MU | 0.51% | 367,142 | $105M | $285.41 | $43M | -3,100 | -0.8% | |
| 28 | BAC | 0.50% | 1,873,512 | $103M | $55.00 | $2M | -89,900 | -4.6% | |
| 29 | TDG | 0.49% | 75,792 | $101M | $1,329.85 | $369K | -400 | -0.5% | |
| 30 | DUOL | 0.48% | 560,500 | $98M | $175.50 | $95M | +551,000 | +5800.0% | |
| 31 | CSCO | 0.46% | 1,222,862 | $94M | $77.03 | $5M | -77,300 | -6.0% | |
| 32 | KBDC | 0.46% | 6,566,762 | $94M | $14.32 | — | +6,566,762 | — | NEW |
| 33 | PG | 0.44% | 629,637 | $90M | $143.31 | -$11M | -27,500 | -4.2% | |
| 34 | HD | 0.44% | 260,584 | $90M | $344.10 | -$44M | -68,500 | -20.8% | |
| 35 | BRK-A | 0.43% | 116 | $88M | $754,800.00 | $70K | — | — | |
| 36 | KR | 0.43% | 1,392,587 | $87M | $62.48 | $47M | +795,700 | +133.3% | |
| 37 | ORCL | 0.42% | 440,332 | $86M | $194.91 | -$40M | -7,900 | -1.8% | |
| 38 | GE | 0.42% | 276,161 | $85M | $308.03 | -$1M | -10,600 | -3.7% | |
| 39 | UNH | 0.40% | 244,919 | $81M | $330.11 | -$7M | -10,200 | -4.0% | |
| 40 | WFC | 0.39% | 866,049 | $81M | $93.20 | $4M | -45,900 | -5.0% | |
| 41 | MRK | 0.37% | 724,490 | $76M | $105.26 | $14M | -13,300 | -1.8% | |
| 42 | CVX | 0.37% | 495,539 | $76M | $152.41 | -$5M | -25,000 | -4.8% | |
| 43 | CAT | 0.37% | 130,472 | $75M | $572.87 | $11M | -3,400 | -2.5% | |
| 44 | KO | 0.36% | 1,040,348 | $73M | $69.91 | $996K | -41,300 | -3.8% | |
| 45 | IBM | 0.35% | 244,740 | $72M | $296.21 | $1M | -7,200 | -2.9% | |
| 46 | ANET | 0.34% | 536,556 | $70M | $131.03 | -$9M | -6,300 | -1.2% | |
| 47 | GS | 0.34% | 78,567 | $69M | $879.00 | $596K | -7,406 | -8.6% | |
| 48 | IJH | 0.33% | 1,034,810 | $68M | $66.00 | -$15M | -248,000 | -19.3% | |
| 49 | HIMS | 0.33% | 2,057,700 | $67M | $32.47 | -$50M | — | — | |
| 50 | CRM | 0.32% | 249,243 | $66M | $264.91 | $5M | -9,300 | -3.6% | |
| 51 | AMAT | 0.32% | 256,255 | $66M | $256.99 | $11M | -13,200 | -4.9% | |
| 52 | PM | 0.32% | 407,558 | $65M | $160.40 | -$3M | -13,400 | -3.2% | |
| 53 | RTX | 0.31% | 351,000 | $64M | $183.40 | -$1M | -39,932 | -10.2% | |
| 54 | CI | 0.31% | 229,241 | $63M | $275.23 | -$3M | -1,000 | -0.4% | |
| 55 | LRCX | 0.31% | 364,200 | $62M | $171.18 | $13M | -7,400 | -2.0% | |
| 56 | VLUE | 0.30% | 447,700 | $61M | $136.73 | -$6M | -87,300 | -16.3% | |
| 57 | C | 0.30% | 517,836 | $60M | $116.69 | $4M | -35,500 | -6.4% | |
| 58 | ABT | 0.29% | 472,457 | $59M | $125.29 | -$4M | +1,700 | +0.4% | |
| 59 | QCOM | 0.28% | 335,366 | $57M | $171.05 | $2M | +1,900 | +0.6% | |
| 60 | MBB | 0.28% | 600,000 | $57M | $95.22 | $42K | — | — | |
| 61 | DIS | 0.28% | 501,366 | $57M | $113.77 | -$641K | -2,400 | -0.5% | |
| 62 | TMO | 0.28% | 98,410 | $57M | $579.45 | $7M | -3,700 | -3.6% | |
| 63 | MCD | 0.28% | 186,415 | $57M | $305.63 | -$2M | -6,600 | -3.4% | |
| 64 | XLV | 0.28% | 364,188 | $56M | $154.80 | $7M | +9,300 | +2.6% | |
| 65 | MS | 0.27% | 316,226 | $56M | $177.53 | $4M | -11,900 | -3.6% | |
| 66 | INTC | 0.27% | 1,494,283 | $55M | $36.90 | $2M | -103,400 | -6.5% | |
| 67 | LIN | 0.27% | 127,104 | $54M | $426.39 | -$8M | -4,600 | -3.5% | |
| 68 | T | 0.26% | 2,170,913 | $54M | $24.84 | -$8M | -27,000 | -1.2% | |
| 69 | TJX | 0.26% | 348,982 | $54M | $153.61 | $3M | +1,000 | +0.3% | |
| 70 | PEP | 0.26% | 366,122 | $53M | $143.52 | -$1M | -17,100 | -4.5% | |
| 71 | VZ | 0.26% | 1,284,050 | $52M | $40.73 | -$3M | +16,500 | +1.3% | |
| 72 | APH | 0.26% | 386,974 | $52M | $135.14 | $868K | -28,600 | -6.9% | |
| 73 | AXP | 0.25% | 140,677 | $52M | $369.95 | $3M | -6,100 | -4.2% | |
| 74 | APP | 0.25% | 75,100 | $51M | $673.82 | -$5M | -2,300 | -3.0% | |
| 75 | ACN | 0.25% | 187,338 | $50M | $268.30 | $6M | +6,400 | +3.5% | |
| 76 | QUAL | 0.24% | 245,049 | $49M | $198.62 | $757K | -1,300 | -0.5% | |
| 77 | NOW | 0.24% | 316,575 | $48M | $153.19 | -$3M | +260,320 | +462.8% | |
| 78 | INTU | 0.24% | 72,990 | $48M | $662.42 | -$3M | -2,500 | -3.3% | |
| 79 | KLAC | 0.23% | 38,868 | $47M | $1,215.08 | $5M | -700 | -1.8% | |
| 80 | GEV | 0.23% | 71,040 | $46M | $653.57 | $1M | -2,600 | -3.5% | |
| 81 | AMGN | 0.23% | 140,997 | $46M | $327.31 | $5M | -4,600 | -3.2% | |
| 82 | BKNG | 0.22% | 8,459 | $45M | $5,355.33 | -$2M | -300 | -3.4% | |
| 83 | TSM | 0.22% | 148,200 | $45M | $303.89 | $4M | — | — | |
| 84 | BA | 0.22% | 204,996 | $45M | $217.12 | $372K | +500 | +0.2% | |
| 85 | UBER | 0.22% | 544,000 | $44M | $81.71 | -$11M | -20,000 | -3.5% | |
| 86 | SPGI | 0.22% | 84,153 | $44M | $522.59 | $3M | -400 | -0.5% | |
| 87 | NEE | 0.21% | 545,198 | $44M | $80.28 | $2M | -11,700 | -2.1% | |
| 88 | SCHW | 0.21% | 437,266 | $44M | $99.91 | -$369K | -24,200 | -5.2% | |
| 89 | ADBE | 0.21% | 123,223 | $43M | $349.99 | -$2M | -3,300 | -2.6% | |
| 90 | COF | 0.21% | 176,964 | $43M | $242.36 | $4M | -4,800 | -2.6% | |
| 91 | HUBS | 0.21% | 106,400 | $43M | $401.30 | -$7M | — | — | |
| 92 | BLK | 0.21% | 39,271 | $42M | $1,070.34 | -$6M | -1,800 | -4.4% | |
| 93 | PFE | 0.20% | 1,670,184 | $42M | $24.90 | -$2M | -38,500 | -2.2% | |
| 94 | TXN | 0.20% | 237,861 | $41M | $173.49 | -$4M | -8,000 | -3.2% | |
| 95 | GILD | 0.20% | 324,795 | $40M | $122.74 | $3M | -10,800 | -3.2% | |
| 96 | VRT | 0.19% | 239,300 | $39M | $162.01 | $3M | — | — | |
| 97 | ICE | 0.18% | 232,842 | $38M | $161.96 | -$2M | -5,600 | -2.4% | |
| 98 | BABA | 0.18% | 257,000 | $38M | $146.58 | -$8M | — | — | |
| 99 | DHR | 0.18% | 164,546 | $38M | $228.92 | $3M | -7,800 | -4.5% | |
| 100 | BSX | 0.18% | 388,108 | $37M | $95.35 | -$2M | -12,600 | -3.1% |