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State of Michigan Retirement System

CIK:0000762152
Pension Fund
$108B AUM
944 holdings
Lansing, MI, United States
Founded:1942
120 employees
Latest filing:Jun 30, 2025

The State of Michigan Retirement System (SMRS), administered by the Office of Retirement Services (ORS), is a public pension fund based in Lansing, Michigan. It manages retirement programs for state employees, public school employees, judges, state police, and National Guard members. The system serves over 553,000 customers, comprising active and retired members, and represents one of every 14 Michigan adults. The fund is among the largest U.S. state pension systems and is overseen by the Michigan Department of Treasury. The organization employs approximately 120 staff within ORS and serves Michigan residents and employees.

Investment Strategy

The State of Michigan Retirement System utilizes a diversified investment strategy across domestic equity, international equity, private equity, real estate & infrastructure, fixed income, absolute return, real return & opportunistic, and short-term investments. The fund actively commits capital to private equity and venture capital, often targeting technology sectors, while balancing risk and return through global asset allocation and regular due diligence. It emphasizes long-term growth, stability of returns, and risk mitigation to ensure the security of retirement pensions for its beneficiaries.

Latest 13F Filing Activity

State of Michigan Retirement System filed their most recent 13F report on Jun 30, 2025 disclosing 934 equity positions with a total 13F market value of $19B. The fund increased holdings in Nvidia Corporation, Microsoft Corp., Broadcom Inc. among other positions. State of Michigan Retirement System reduced exposure to Apple Inc., Rithm Capital Corp., Nextera Energy Inc. among others.

Top Buys
N
NVDANVIDIA CORPORATION
+$418.1M
M
MSFTMICROSOFT CORP
+$276.1M
A
AVGOBROADCOM INC
+$208.0M
M
METAMETA PLATFORMS INC
+$136.2M
S
SPYSPDR S P 500 ETF TR
+$96.6M
Top Sells
A
AAPLAPPLE INC
-$81.6M
R
RITMRITHM CAPITAL CORP
-$69.6M
N
NEENEXTERA ENERGY INC
-$61.2M
U
UNHUNITEDHEALTH GROUP INC
-$55.9M
X
XYZBLOCK INC
-$32.6M

Top Holdings

N
NVDANVIDIA CORPORATION
+6.9%$1.33B
M
MSFTMICROSOFT CORP
+5.8%$1.12B
A
AAPLAPPLE INC
+4.7%$899.3M
S
SPYSPDR S P 500 ETF TR
+3.9%$750.8M
A
AMZNAMAZON COM INC
+3.6%$689.3M

Equity Positions (934)

TickerSecurityWeightMarket ValueSharesAvg CostPriceChange (QoQ)
NVIDIA CORPORATION6.90%$1.33B8,440,160$11.48$157.99+$418.1M
MICROSOFT CORP5.82%$1.12B2,258,967$107.25$497.41+$276.1M
APPLE INC4.66%$899.3M4,383,099$59.29$205.17-$81.6M
SPDR S P 500 ETF TR3.89%$750.8M1,215,240$387.84$617.85+$96.6M
AMAZON COM INC3.57%$689.3M3,142,020$57.16$219.39+$93.5M

Industry Allocation

SEMICONDUCTORS & RELATED DEVICES
+12.9%
SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC.
+9.5%
SERVICES-PREPACKAGED SOFTWARE
+9.5%
ELECTRONIC COMPUTERS
+5.4%
PHARMACEUTICAL PREPARATIONS
+3.5%