STATE OF MICHIGAN RETIREMENT SYSTEM

Q3 2025 13F-HR Holdings

Location
East Lansing, MI
Holdings as of
9/30/2025
Date filed
11/5/2025
Form type
13F-HR
Num holdings
944
Total value ($000)
$20,808,704
Net value change ($000)
+1,494,957 (7.7%)
New positions
22
Sold out positions
22
Turnover %
1.0%
Sector allocation + QoQ delta (equities-only)
Prev filing: 8/5/2025 Next filing: 1/29/2026 SEC filing

Snapshot: Change Analysis

Compared to Q2 2025
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)
NVDA 226,154 17.0%
AAPL 204,668 22.8%
GOOGL 132,233 37.3%
GOOGL 103,117 36.1%
AVGO 101,576 19.3%
TSLA 95,480 39.4%
SPY 69,725 9.3%
MSFT 65,460 5.8%
APP 54,145 3683.3%
HIMS 47,965 69.8%
Top Reduces (Value $000, Stocks/ETFs)
BIIB -30,547 -83.5%
GEHC -28,842 -75.7%
NFLX -24,970 -10.9%
BURL -22,641 -51.2%
VZ -21,033 -27.4%
ARM -20,735 -100.0%
TDG -15,590 -13.4%
ISRG -14,280 -13.0%
AMZN -12,850 -1.9%
COST -11,939 -6.9%
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