1y return+17.0%S&P 500 +20.9%
3y return+63.3%S&P 500 +68.5%
5y return+60.2%S&P 500 +74.5%
10y return+212.9%S&P 500 +256.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since June 30, 2016: $313 against $357 in the S&P 500.2
State Of Michigan Retirement SystemS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| NVDANvidia Corporation | $1.4B | 6.3% | −1.4% |
| AAPLApple Inc | $1.1B | 4.9% | −1.8% |
| MSFTMicrosoft Corp | $755.8M | 3.3% | −1.5% |
| AMZNAmazon Com Inc | $631.1M | 2.8% | −2.0% |
| AVGOBroadcom Inc | $617.5M | 2.7% | −3.2% |
| GOOGLAlphabet Inc | $564.1M | 2.5% | −1.1% |
| GOOGAlphabet Inc | $551.5M | 2.4% | |
| AMDAdvanced Micro Devices Inc | $459.2M | 2.0% | +28.0% |
| MTUMIshares Tr | $446.4M | 2.0% | −2.8% |
| MUMicron Technology Inc | $431.8M | 1.9% | +1.8% |
| METAMeta Platforms Inc | $429.3M | 1.9% | −10.3% |
| LQDIshares Tr | $335.1M | 1.5% | +41.4% |
| SPYState Str Spdr S P 500 Etf T | $304.0M | 1.3% | +50.3% |
| TSLATesla Inc | $303.2M | 1.3% | −1.9% |
| ADBEAdobe Inc | $276.6M | 1.2% | +64.4% |
| LLYEli Lilly Co | $255.4M | 1.1% | −1.3% |
| JPMJpmorgan Chase Co | $224.6M | 1.0% | −2.6% |
| HUBSHubspot Inc | $217.0M | 1.0% | +1017.4% |
| INTCIntel Corp | $168.9M | 0.7% | −21.8% |
| BRK/BBerkshire Hathaway Inc Del | $164.8M | 0.7% | −3.0% |
| JNJJohnson Johnson | $163.2M | 0.7% | −1.6% |
| KRKroger Co | $162.7M | 0.7% | +28.2% |
| AMATApplied Matls Inc | $161.3M | 0.7% | −12.5% |
| LRCXLam Research Corp | $155.5M | 0.7% | |
| VVisa Inc | $155.4M | 0.7% | −2.7% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| NVDANvidia Corporation | June 30, 2020 | +2006.7% | $1.4B |
| AVGOBroadcom Inc | June 30, 2020 | +1096.9% | $617.5M |
| AMATApplied Matls Inc | June 30, 2020 | +1096.1% | $161.3M |
| AMDAdvanced Micro Devices Inc | June 30, 2020 | +1004.1% | $459.2M |
| CATCaterpillar Inc | June 30, 2020 | +741.8% | $125.6M |
| LLYEli Lilly Co | June 30, 2020 | +630.6% | $255.4M |
| LRCXLam Research Corp | December 31, 2024 | +499.9% | $155.5M |
| GEGe Aerospace | June 30, 2022 | +486.9% | $99.8M |
| GOOGLAlphabet Inc | June 30, 2020 | +404.0% | $564.1M |
| PLTRPalantir Technologies Inc | March 31, 2021 | +401.0% | $110.6M |
Sold off last quarter
- XLVSelect Sector Spdr Tr was $59.3M
- Honeywell Intl IncCUSIP 438516106 was $37.5M
- Carnival CorpCUSIP 143658300 was $8.8M
- CTRACoterra Energy Inc was $8.2M
- Dupont De Nemours IncCUSIP 26614N102 was $5.1M
- Hologic IncCUSIP 436440101 was $4.4M
- CAGConagra Brands Inc was $2.0M
- Masimo CorpCUSIP 574795100 was $2.0M
- EPAMEpam Sys Inc was $2.0M
- POOLPool Corp was $1.7M
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +12.3% | +14.8% |
| March 31, 2026 | −5.0% | −4.6% |
| December 31, 2025 | +1.9% | +2.4% |
| September 30, 2025 | +7.6% | +7.8% |
| June 30, 2025 | +11.4% | +10.5% |
| March 31, 2025 | −4.2% | −4.6% |
| December 31, 2024 | +1.6% | +2.1% |
| September 30, 2024 | +5.3% | +5.4% |
| June 30, 2024 | +3.5% | +4.0% |
| March 31, 2024 | +10.3% | +10.0% |
| December 31, 2023 | +11.5% | +11.2% |
| September 30, 2023 | −3.9% | −3.6% |
| June 30, 2023 | +7.4% | +8.3% |
| March 31, 2023 | +7.0% | +7.0% |
| December 31, 2022 | +6.9% | +7.1% |
| September 30, 2022 | −6.2% | −5.3% |
| June 30, 2022 | −16.2% | −16.5% |
| March 31, 2022 | −6.0% | −4.9% |
| December 31, 2021 | +8.6% | +10.7% |
| September 30, 2021 | −0.5% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: State Of Michigan Retirement System Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=762152&type=13F-HR&dateb=&owner=include&count=40CIK 762152
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/762152/000076215226000012/Filed July 30, 2026 · accession 0000762152-26-000012