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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
$18.8B
-8.0%
Holdings
948
-6
New Purchases
22
Added To
395
Closed
16
Reduced
411
Top 10 Concentration
32.4%
Turnover
4.0%
Top Buys (by % of Portfolio)
| Symbol | Cur % | Prior % | Chg % | Value |
|---|---|---|---|---|
| ADBE | 1.06% | 0.21% | +0.85% | $200M |
| CHTR | 0.50% | 0.03% | +0.47% | $93M |
| KR | 0.88% | 0.43% | +0.45% | $165M |
| VRT | 0.53% | 0.19% | +0.34% | $99M |
| XONA.DE | 0.99% | 0.65% | +0.34% | $185M |
| FDS | 0.28% | 0.06% | +0.23% | $53M |
| JNJ | 0.85% | 0.66% | +0.19% | $160M |
| CVX | 0.54% | 0.37% | +0.17% | $101M |
| MOH | 0.16% | 0.01% | +0.15% | $30M |
| MU | 0.66% | 0.51% | +0.15% | $124M |
| SPOT | 0.14% | 0.00% | +0.14% | $27M |
| DUOL | 0.63% | 0.48% | +0.14% | $118M |
| AMAT | 0.46% | 0.32% | +0.14% | $87M |
| WMT | 0.77% | 0.64% | +0.13% | $146M |
| MTUM | 1.71% | 1.58% | +0.13% | $322M |
Top Sells (by % of Portfolio)
| Symbol | Cur % | Prior % | Chg % | Value |
|---|---|---|---|---|
| SPY | 0.94% | 2.94% | -2.00% | $176M |
| MSFT | 4.05% | 5.29% | -1.23% | $762M |
| NVDA | 6.72% | 7.36% | -0.64% | $1.3B |
| GOOGL | 2.44% | 2.95% | -0.51% | $459M |
| AMZN | 2.99% | 3.39% | -0.40% | $563M |
| AVGO | 2.78% | 3.13% | -0.35% | $523M |
| JPM | 1.10% | 1.44% | -0.34% | $207M |
| ISRG | 0.26% | 0.58% | -0.32% | $48M |
| AAPL | 5.27% | 5.57% | -0.30% | $990M |
| LLY | 1.06% | 1.35% | -0.29% | $198M |
| AMD | 0.67% | 0.88% | -0.21% | $126M |
| V | 0.75% | 0.95% | -0.20% | $141M |
| TSLA | 1.45% | 1.62% | -0.17% | $273M |
| META | 2.58% | 2.74% | -0.16% | $486M |
| NFLX | 0.59% | 0.73% | -0.14% | $112M |
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 | $10.4B | 55.1% |
| Large Cap | 577 | $7.7B | 40.7% |
| Mid Cap | 295 | $686M | 3.7% |
| Small Cap | 14 | $103M | 0.5% |
Portfolio Analytics
Avg Market Cap
$87.7B
Median Market Cap
$16.4B
Avg P/E
31.8
Median P/E
21.2
Avg Dividend Yield
0.02%
Avg Beta
0.99
# Stocks
938
# ETFs / Funds
10
Top Holdings (948 total)
| # | Symbol | % Port | Shares | Value | Avg Price | Q/Q Value Chg | Share Chg | Chg % | Status |
|---|---|---|---|---|---|---|---|---|---|
| 1 | NVDA | 6.72% | 7,244,460 | $1.3B | $174.40 | -$240M | -815,800 | -10.1% | |
| 2 | AAPL | 5.27% | 3,900,499 | $990M | $253.79 | -$147M | -283,300 | -6.8% | |
| 3 | MSFT | 4.05% | 2,057,867 | $762M | $370.17 | -$319M | -176,000 | -7.9% | |
| 4 | AMZN | 2.99% | 2,703,120 | $563M | $208.27 | -$130M | -299,900 | -10.0% | |
| 5 | AVGO | 2.78% | 1,689,060 | $523M | $309.51 | -$116M | -157,800 | -8.5% | |
| 6 | META | 2.58% | 849,414 | $486M | $572.13 | -$74M | +1,100 | +0.1% | |
| 7 | GOOGL | 2.44% | 1,596,380 | $459M | $287.56 | -$144M | -328,900 | -17.1% | |
| 8 | GOOG | 2.40% | 1,573,260 | $451M | $286.86 | -$41M | +4,300 | +0.3% | |
| 9 | MTUM | 1.71% | 1,340,090 | $322M | $239.99 | -$613K | +52,800 | +4.1% | |
| 10 | TSLA | 1.45% | 734,657 | $273M | $371.75 | -$58M | -1,000 | -0.1% | |
| 11 | LQD | 1.26% | 2,172,400 | $237M | $108.99 | -$3M | — | — | |
| 12 | JPM | 1.10% | 704,331 | $207M | $294.16 | -$87M | -208,400 | -22.8% | |
| 13 | ADBE | 1.06% | 820,823 | $200M | $243.08 | $156M | +697,600 | +566.1% | |
| 14 | LLY | 1.06% | 215,804 | $198M | $919.77 | -$77M | -40,900 | -15.9% | |
| 15 | XONA.DE | 0.99% | 1,091,718 | $185M | $169.66 | $52M | -12,300 | -1.1% | |
| 16 | SPY | 0.94% | 270,940 | $176M | $650.34 | -$424M | -608,900 | -69.2% | |
| 17 | KR | 0.88% | 2,285,087 | $165M | $72.36 | $78M | +892,500 | +64.1% | |
| 18 | BRK-B | 0.87% | 339,629 | $163M | $479.20 | -$8M | -100 | -0.0% | |
| 19 | JNJ | 0.85% | 653,167 | $160M | $244.44 | $24M | -1,300 | -0.2% | |
| 20 | WMT | 0.77% | 1,171,520 | $146M | $124.28 | $15M | -2,900 | -0.2% | |
| 21 | V | 0.75% | 465,623 | $141M | $302.24 | -$53M | -87,600 | -15.8% | |
| 22 | PLTR | 0.68% | 876,700 | $128M | $146.28 | -$28M | -1,300 | -0.1% | |
| 23 | AMD | 0.67% | 617,700 | $126M | $203.43 | -$55M | -225,300 | -26.7% | |
| 24 | MU | 0.66% | 367,342 | $124M | $337.84 | $19M | +200 | +0.1% | |
| 25 | MA | 0.64% | 239,681 | $120M | $499.66 | -$18M | -1,900 | -0.8% | |
| 26 | COST | 0.63% | 119,669 | $119M | $996.43 | -$27M | -50,100 | -29.5% | |
| 27 | DUOL | 0.63% | 1,193,307 | $118M | $98.57 | $19M | +632,807 | +112.9% | |
| 28 | NFLX | 0.59% | 1,163,190 | $112M | $96.15 | -$38M | -436,400 | -27.3% | |
| 29 | CVX | 0.54% | 489,639 | $101M | $206.90 | $26M | -5,900 | -1.2% | |
| 30 | ABBV | 0.53% | 461,708 | $100M | $217.49 | -$5M | -1,000 | -0.2% | |
| 31 | VRT | 0.53% | 395,600 | $99M | $250.58 | $60M | +156,300 | +65.3% | |
| 32 | CSCO | 0.50% | 1,223,362 | $95M | $77.59 | $724K | +500 | +0.0% | |
| 33 | CHTR | 0.50% | 431,582 | $93M | $215.88 | $88M | +405,385 | +1547.5% | |
| 34 | CAT | 0.49% | 129,572 | $92M | $708.46 | $17M | -900 | -0.7% | |
| 35 | PG | 0.48% | 625,037 | $90M | $144.44 | $47K | -4,600 | -0.7% | |
| 36 | KBDC | 0.48% | 6,566,762 | $90M | $13.72 | -$4M | — | — | |
| 37 | BAC | 0.48% | 1,848,012 | $90M | $48.75 | -$13M | -25,500 | -1.4% | |
| 38 | TDG | 0.47% | 75,792 | $88M | $1,158.96 | -$13M | — | — | |
| 39 | AMAT | 0.46% | 255,055 | $87M | $341.79 | $21M | -1,200 | -0.5% | |
| 40 | MRK | 0.46% | 723,090 | $87M | $120.29 | $11M | -1,400 | -0.2% | |
| 41 | HD | 0.45% | 260,084 | $86M | $328.89 | -$4M | -500 | -0.2% | |
| 42 | BRK-A | 0.44% | 116 | $83M | $718,140.00 | -$4M | — | — | |
| 43 | KO | 0.42% | 1,038,148 | $79M | $76.05 | $6M | -2,200 | -0.2% | |
| 44 | GE | 0.41% | 273,961 | $78M | $283.77 | -$7M | -2,200 | -0.8% | |
| 45 | LRCX | 0.41% | 361,600 | $77M | $213.66 | $15M | -2,600 | -0.7% | |
| 46 | IJH | 0.41% | 1,131,710 | $76M | $67.53 | $8M | +96,900 | +9.4% | |
| 47 | UNH | 0.41% | 281,419 | $76M | $270.59 | -$5M | +36,500 | +14.9% | |
| 48 | INTC | 0.36% | 1,546,983 | $68M | $44.13 | $13M | +52,700 | +3.5% | |
| 49 | WFC | 0.36% | 852,149 | $68M | $79.61 | -$13M | -13,900 | -1.6% | |
| 50 | RTX | 0.36% | 350,600 | $68M | $192.90 | $3M | -400 | -0.1% | |
| 51 | PM | 0.36% | 406,658 | $67M | $165.34 | $2M | -900 | -0.2% | |
| 52 | GS | 0.35% | 78,367 | $66M | $845.99 | -$3M | -200 | -0.2% | |
| 53 | ANET | 0.35% | 535,956 | $66M | $122.78 | -$5M | -600 | -0.1% | |
| 54 | ORCL | 0.35% | 442,932 | $65M | $147.11 | -$21M | +2,600 | +0.6% | |
| 55 | VZ | 0.34% | 1,281,850 | $64M | $50.20 | $12M | -2,200 | -0.2% | |
| 56 | LIN | 0.33% | 126,904 | $63M | $495.76 | $9M | -200 | -0.2% | |
| 57 | QUAL | 0.33% | 324,549 | $62M | $191.81 | $14M | +79,500 | +32.4% | |
| 58 | T | 0.33% | 2,143,713 | $62M | $28.99 | $8M | -27,200 | -1.2% | |
| 59 | GEV | 0.33% | 70,440 | $61M | $872.90 | $15M | -600 | -0.8% | |
| 60 | CI | 0.32% | 228,141 | $61M | $266.75 | -$2M | -1,100 | -0.5% | |
| 61 | XLV | 0.32% | 404,788 | $59M | $146.61 | $3M | +40,600 | +11.2% | |
| 62 | IBM | 0.31% | 244,140 | $59M | $242.39 | -$13M | -600 | -0.2% | |
| 63 | MCD | 0.31% | 186,015 | $58M | $310.79 | $838K | -400 | -0.2% | |
| 64 | C | 0.31% | 505,936 | $57M | $113.41 | -$3M | -11,900 | -2.3% | |
| 65 | KLAC | 0.30% | 38,768 | $57M | $1,472.41 | $10M | -100 | -0.3% | |
| 66 | MBB | 0.30% | 600,000 | $57M | $94.95 | -$162K | — | — | |
| 67 | PEP | 0.30% | 365,122 | $57M | $155.29 | $4M | -1,000 | -0.3% | |
| 68 | TJX | 0.30% | 347,682 | $56M | $159.70 | $2M | -1,300 | -0.4% | |
| 69 | FDS | 0.28% | 244,523 | $53M | $216.99 | $42M | +205,288 | +523.2% | |
| 70 | MS | 0.28% | 314,326 | $52M | $164.57 | -$4M | -1,900 | -0.6% | |
| 71 | NEE | 0.27% | 543,998 | $51M | $92.88 | $7M | -1,200 | -0.2% | |
| 72 | AMGN | 0.26% | 140,697 | $50M | $351.85 | $3M | -300 | -0.2% | |
| 73 | HIMS | 0.26% | 2,338,600 | $49M | $20.76 | -$18M | +280,900 | +13.7% | |
| 74 | ABT | 0.26% | 471,457 | $48M | $102.67 | -$11M | -1,000 | -0.2% | |
| 75 | TMO | 0.26% | 98,110 | $48M | $491.53 | -$9M | -300 | -0.3% | |
| 76 | ISRG | 0.26% | 104,153 | $48M | $460.99 | -$71M | -105,200 | -50.2% | |
| 77 | DIS | 0.25% | 496,766 | $48M | $96.38 | -$9M | -4,600 | -0.9% | |
| 78 | PFE | 0.25% | 1,666,884 | $47M | $28.08 | $5M | -3,300 | -0.2% | |
| 79 | APH | 0.25% | 369,674 | $47M | $126.35 | -$6M | -17,300 | -4.5% | |
| 80 | TXN | 0.24% | 237,061 | $46M | $194.14 | $5M | -800 | -0.3% | |
| 81 | CRM | 0.24% | 244,743 | $46M | $186.67 | -$20M | -4,500 | -1.8% | |
| 82 | GILD | 0.24% | 324,095 | $45M | $139.37 | $5M | -700 | -0.2% | |
| 83 | TSM | 0.24% | 132,200 | $45M | $337.95 | -$360K | -16,000 | -10.8% | |
| 84 | QCOM | 0.23% | 333,766 | $43M | $128.78 | -$14M | -1,600 | -0.5% | |
| 85 | AXP | 0.23% | 139,877 | $42M | $302.48 | -$10M | -800 | -0.6% | |
| 86 | COP | 0.22% | 320,028 | $42M | $132.00 | $12M | -3,500 | -1.1% | |
| 87 | SCHW | 0.22% | 436,366 | $41M | $93.98 | -$3M | -900 | -0.2% | |
| 88 | BA | 0.22% | 205,196 | $41M | $199.03 | -$4M | +200 | +0.1% | |
| 89 | ADI | 0.22% | 127,655 | $41M | $318.14 | $6M | -1,100 | -0.8% | |
| 90 | VLUE | 0.21% | 279,800 | $40M | $142.19 | -$21M | -167,900 | -37.5% | |
| 91 | UBER | 0.21% | 537,600 | $39M | $71.93 | -$6M | -6,400 | -1.2% | |
| 92 | BLK | 0.20% | 39,171 | $38M | $961.71 | -$4M | -100 | -0.2% | |
| 93 | UNP | 0.20% | 155,045 | $38M | $242.62 | $2M | -200 | -0.1% | |
| 94 | DE | 0.20% | 65,857 | $37M | $563.30 | $6M | — | — | |
| 95 | ACN | 0.20% | 185,738 | $37M | $198.29 | -$13M | -1,600 | -0.8% | |
| 96 | ICE | 0.19% | 231,942 | $36M | $157.28 | -$1M | -900 | -0.4% | |
| 97 | ETN | 0.19% | 101,456 | $36M | $357.67 | $4M | -200 | -0.2% | |
| 98 | WELL | 0.19% | 182,309 | $36M | $197.71 | $3M | +2,600 | +1.4% | |
| 99 | BMY | 0.19% | 589,933 | $36M | $60.65 | $4M | -1,000 | -0.2% | |
| 100 | BKNG | 0.19% | 8,459 | $36M | $4,210.32 | -$10M | — | — |