State Of Michigan Retirement System
Reported US equity positions for Q1 2026 — $18.9B across 941 positions.
| Holding | Reported value | Share of portfolio | Shares |
|---|---|---|---|
| NVDA NVIDIA Corporation | $1.3B | 6.7% | 7,244,460 |
| AAPL Apple Inc. | $989.9M | 5.2% | 3,900,499 |
| MSFT Microsoft Corporation | $761.8M | 4.0% | 2,057,867 |
| AMZN Amazon.com, Inc. | $563.0M | 3.0% | 2,703,120 |
| AVGO Broadcom Inc. | $522.8M | 2.8% | 1,689,060 |
| META Meta Platforms, Inc. | $486.0M | 2.6% | 849,414 |
| GOOGL Alphabet Inc. | $459.1M | 2.4% | 1,596,380 |
| GOOG Alphabet Inc. - Class C Capital Stock | $451.3M | 2.4% | 1,573,260 |
| MTUM iShares MSCI USA Momentum Factor ETF | $321.6M | 1.7% | 1,340,090 |
| TSLA Tesla, Inc. | $273.1M | 1.4% | 734,657 |
| LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | $236.8M | 1.3% | 2,172,400 |
| JPM JP Morgan Chase & Co. | $207.2M | 1.1% | 704,331 |
| ADBE Adobe Inc. | $199.5M | 1.1% | 820,823 |
| LLY Eli Lilly and Company | $198.5M | 1.0% | 215,804 |
| XOM ExxonMobil Holdings Corporation | $185.2M | 1.0% | 1,091,718 |
| SPY State Street SPDR S&P 500 ETF Trust | $176.2M | 0.9% | 270,940 |
| KR The Kroger Company | $165.3M | 0.9% | 2,285,087 |
| BRK.B Berkshire Hathaway Inc. | $162.8M | 0.9% | 339,629 |
| JNJ Johnson & Johnson | $159.7M | 0.8% | 653,167 |
| WMT Walmart Inc. | $145.6M | 0.8% | 1,171,520 |
| V Visa Inc. | $140.7M | 0.7% | 465,623 |
| PLTR Palantir Technologies Inc. | $128.2M | 0.7% | 876,700 |
| AMD Advanced Micro Devices, Inc. | $125.7M | 0.7% | 617,700 |
| MU Micron Technology, Inc. | $124.1M | 0.7% | 367,342 |
| MA Mastercard Incorporated | $119.8M | 0.6% | 239,681 |
| COST Costco Wholesale Corporation | $119.2M | 0.6% | 119,669 |
| DUOL Duolingo, Inc. | $117.6M | 0.6% | 1,193,307 |
| NFLX Netflix, Inc. | $111.8M | 0.6% | 1,163,190 |
| CVX Chevron Corporation | $101.3M | 0.5% | 489,639 |
| ABBV AbbVie Inc. | $100.4M | 0.5% | 461,708 |
| VRT Vertiv Holdings, LLC Class A | $99.1M | 0.5% | 395,600 |
| CSCO Cisco Systems, Inc. | $94.9M | 0.5% | 1,223,362 |
| CHTR Charter Communications, Inc. | $93.2M | 0.5% | 431,582 |
| CAT Caterpillar, Inc. | $91.8M | 0.5% | 129,572 |
| PG The Procter & Gamble Company | $90.3M | 0.5% | 625,037 |
| KBDC Kayne Anderson Bdc INC | $90.1M | 0.5% | 6,566,762 |
| BAC Bank of America Corporation | $90.1M | 0.5% | 1,848,012 |
| TDG Transdigm Group Incorporated | $87.8M | 0.5% | 75,792 |
| AMAT Applied Materials, Inc. | $87.2M | 0.5% | 255,055 |
| MRK Merck & Company, Inc. Common Stock (new) | $87.0M | 0.5% | 723,090 |
| HD The Home Depot, Inc. | $85.5M | 0.5% | 260,084 |
| BRK.A Berkshire Hathaway Inc. | $83.3M | 0.4% | 116 |
| KO The Coca-Cola Company | $79.0M | 0.4% | 1,038,148 |
| GE GE Aerospace | $77.7M | 0.4% | 273,961 |
| LRCX Lam Research Corporation | $77.3M | 0.4% | 361,600 |
| IJH iShares Core S&P Mid-Cap ETF | $76.4M | 0.4% | 1,131,710 |
| UNH UnitedHealth Group Incorporated Common Stock (DE) | $76.1M | 0.4% | 281,419 |
| INTC Intel Corporation | $68.3M | 0.4% | 1,546,983 |
| WFC Wells Fargo & Company | $67.8M | 0.4% | 852,149 |
| RTX RTX Corporation | $67.6M | 0.4% | 350,600 |
| PM Philip Morris International Inc | $67.2M | 0.4% | 406,658 |
| GS The Goldman Sachs Group, Inc. | $66.3M | 0.4% | 78,367 |
| ANET Arista Networks, Inc. | $65.8M | 0.3% | 535,956 |
| ORCL Oracle Corporation | $65.2M | 0.3% | 442,932 |
| BAC Bank of America Corporation | $64.3M | 0.3% | 1,281,850 |
| G54950103 Linde PLC | $62.9M | 0.3% | 126,904 |
| QUAL iShares MSCI USA Quality Factor ETF | $62.3M | 0.3% | 324,549 |
| T AT&T Inc. | $62.1M | 0.3% | 2,143,713 |
| GEV GE Vernova Inc. | $61.5M | 0.3% | 70,440 |
| CI The Cigna Group | $60.9M | 0.3% | 228,141 |
Long US equity positions only, as filed. 13F does not cover short positions, cash, bonds or non-US listings, so this is not the whole portfolio.
What changed last quarter
| Holding | Change | Now | Was | Shares |
|---|---|---|---|---|
| NVDA NVIDIA Corporation | Trim | $1.3B | $1.5B | -10% |
| AAPL Apple Inc. | Trim | $989.9M | $1.1B | -7% |
| MSFT Microsoft Corporation | Trim | $761.8M | $1.1B | -8% |
| AMZN Amazon.com, Inc. | Trim | $563.0M | $693.2M | -10% |
| AVGO Broadcom Inc. | Trim | $522.8M | $639.2M | -9% |
| GOOGL Alphabet Inc. | Trim | $459.1M | $602.6M | -17% |
| MTUM iShares MSCI USA Momentum Factor ETF | Add | $321.6M | $322.2M | +4% |
| JPM JP Morgan Chase & Co. | Trim | $207.2M | $294.1M | -23% |
| ADBE Adobe Inc. | Add | $199.5M | $43.1M | +566% |
| LLY Eli Lilly and Company | Trim | $198.5M | $275.9M | -16% |
| XOM ExxonMobil Holdings Corporation | Trim | $185.2M | $132.9M | -1% |
| SPY State Street SPDR S&P 500 ETF Trust | Trim | $176.2M | $600.0M | -69% |
| KR The Kroger Company | Add | $165.3M | $87.0M | +64% |
| V Visa Inc. | Trim | $140.7M | $194.0M | -16% |
| AMD Advanced Micro Devices, Inc. | Trim | $125.7M | $180.5M | -27% |
| COST Costco Wholesale Corporation | Trim | $119.2M | $146.4M | -30% |
| DUOL Duolingo, Inc. | Add | $117.6M | $98.4M | +113% |
| NFLX Netflix, Inc. | Trim | $111.8M | $150.0M | -27% |
| CVX Chevron Corporation | Trim | $101.3M | $75.5M | -1% |
| VRT Vertiv Holdings, LLC Class A | Add | $99.1M | $38.8M | +65% |
| BAC Bank of America Corporation | Trim | $90.1M | $103.0M | -1% |
| IJH iShares Core S&P Mid-Cap ETF | Add | $76.4M | $68.3M | +9% |
| UNH UnitedHealth Group Incorporated Common Stock (DE) | Add | $76.1M | $80.9M | +15% |
| INTC Intel Corporation | Add | $68.3M | $55.1M | +4% |
| WFC Wells Fargo & Company | Trim | $67.8M | $80.7M | -2% |
| QUAL iShares MSCI USA Quality Factor ETF | Add | $62.3M | $48.7M | +32% |
| T AT&T Inc. | Trim | $62.1M | $53.9M | -1% |
| XLV State Street Health Care Select Sector SPDR ETF | Add | $59.3M | $56.4M | +11% |
| C Citigroup, Inc. | Trim | $57.4M | $60.4M | -2% |
| HIMS Hims & Hers Health, Inc. Class A | Add | $48.5M | $66.8M | +14% |
| ISRG Intuitive Surgical, Inc. | Trim | $48.0M | $118.6M | -50% |
| APH Amphenol Corporation | Trim | $46.7M | $52.3M | -4% |
| CRM Salesforce, Inc. | Trim | $45.7M | $66.0M | -2% |
| TSM Taiwan Semiconductor Manufacturing Company Ltd. | Trim | $44.7M | $45.0M | -11% |
| COP ConocoPhillips | Trim | $42.2M | $30.3M | -1% |
| VLUE iShares MSCI USA Value Factor ETF | Trim | $39.8M | $61.2M | -38% |
| UBER Uber Technologies, Inc. | Trim | $38.7M | $44.5M | -1% |
| WELL Welltower Inc. | Add | $36.0M | $33.4M | +1% |
| SPGI S&P Global Inc. | Trim | $35.3M | $44.0M | -1% |
| PANW Palo Alto Networks, Inc. | Add | $33.8M | $33.0M | +18% |
New and exited positions are only shown for managers whose entire filed portfolio fits inside the positions stored here. For a manager filing more than that, a holding leaving the stored set is indistinguishable from a holding being sold, so those are reported as adds and trims only.
What a 13F is
Any institutional manager exercising discretion over more than $100 million in US-listed equities must file a Form 13F with the SEC within 45 days of each quarter end, listing what they held on the last day of that quarter. The threshold was set in 1975 and has never been raised, so the filer population now runs to several thousand.
The four things it does not tell you
- It is stale. A filing describes positions as of quarter end and can arrive 45 days later. A manager who sold everything in week one of the new quarter files the same document as one who held.
- Long US equities only. No short positions, no cash, no bonds, no commodities, no foreign listings. A fund that looks heavily long in a 13F may be hedged in instruments that never appear.
- Not the whole firm. Assets are reported by the entity with discretion, so one manager can file under several CIKs, and the figure here is what that entity reported.
- Confidential treatment exists. A manager can apply to delay disclosing a position while building it. Those holdings appear later, if at all.
Why the biggest filers are not the interesting ones
The largest managers by reported value are index providers — they hold nearly everything, in proportion to the indices they track, because clients asked them to. Reading their filings for conviction is a category error. The filings worth attention are concentrated ones, where a small number of positions make up most of the portfolio, since that reflects a decision rather than a mandate.
The share-of-portfolio column is the one to read for this. A position that is 15% of a fund says something; the same dollar amount at 0.2% of an index tracker does not.
Where this comes from
The SEC's own quarterly Form 13F structured data sets, parsed here rather than bought from a vendor. Holdings are identified in the filings by CUSIP, and the mapping from CUSIP to ticker is the awkward part — that identifier is licensed rather than public, so the mapping is resolved through OpenFIGI and built up over time. Around 95% of reported value currently sits on a resolved ticker; the rest shows its CUSIP.
The rest of the section is on the Markets overview — including insider transactions, which are the same idea at the individual level, and the correlation finder, where each ticker's page carries its institutional ownership.