STATE OF MICHIGAN RETIREMENT SYSTEM

Q4 2025 13F-HR Holdings

Location
East Lansing, MI
Holdings as of
12/31/2025
Date filed
1/29/2026
Form type
13F-HR
Num holdings
935
Total value ($000)
$20,565,040
Net value change ($000)
-243,664 (-1.2%)
New positions
19
Sold out positions
28
Turnover %
1.6%
Sector allocation + QoQ delta (equities-only)
Prev filing: 11/5/2025 Next filing: — SEC filing

Snapshot: Change Analysis

Compared to Q3 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)
GOOGL 115,932 23.8%
GOOGL 103,863 26.7%
DUOL 95,311 3117.8%
KBDC 94,036 NEW
LLY 72,456 35.6%
KR 46,773 116.2%
MU 42,837 69.1%
AMD 42,093 30.4%
AAPL 33,460 3.0%
ISRG 23,106 24.2%
Top Reduces (Value $000, Stocks/ETFs)
SPY -220,581 -26.9%
MSFT -108,750 -9.1%
META -72,347 -11.4%
NVDA -56,377 -3.6%
NFLX -54,377 -26.6%
HIMS -49,899 -42.8%
HD -43,675 -32.8%
ORCL -40,236 -31.9%
SPOT -39,110 -100.0%
RCL -22,101 -100.0%
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