STATE OF MICHIGAN RETIREMENT SYSTEM

Q1 2025 13F-HR Holdings

Location
East Lansing, MI
Holdings as of
3/31/2025
Date filed
4/30/2025
Form type
13F-HR
Num holdings
944
Total value ($000)
$17,335,270
Net value change ($000)
-1,900,155 (-9.9%)
New positions
12
Sold out positions
19
Turnover %
0.4%
Sector allocation + QoQ delta (equities-only)
Prev filing: 2/6/2025 Next filing: 8/5/2025 SEC filing

Snapshot: Change Analysis

Compared to Q4 2024
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
JPM 37,976 20.7%
BRK-B 27,430 17.5%
V 19,969 10.6%
DASH 16,815 NEW
PM 16,163 31.8%
NFLX 15,971 11.1%
ABBV 15,115 17.7%
JNJ 14,366 14.6%
BRK-B 13,632 17.3%
BABA 12,192 55.9%
Top Reduces (Value $000, Stocks/ETFs)
SPY -614,423 -48.4%
NVDA -220,704 -19.4%
AAPL -149,283 -13.2%
MSFT -141,623 -14.3%
CVS -133,145 -82.8%
T -125,870 -65.3%
TSLA -109,350 -35.7%
AMZN -94,778 -13.7%
AVGO -84,675 -21.0%
GOOGL -76,056 -19.6%
Instrument mix + QoQ Δ (ex-options)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type