SEC 13F Intelligence

Managers / Q4 2025 · view latest →

STATE OF MICHIGAN RETIREMENT SYSTEM

CIK 0000762152 · MICHIGAN DEPT. OF TREASURY, BUREAU OF INVESTMENTS PO BOX 30117, LANSING, MI, 48909 · 517-335-5401

Reported Value
$20.6B
Q4 2025
Positions
935
Filings on Record
33
2019–present window
Filed
Jan 29, 2026
original filing

Summary

State Of Michigan Retirement System reported $20.6B in U.S.-listed holdings across 935 positions for Q4 2025.

Its largest position, NVDA, represents 7.3% of the portfolio.

Compared with Q3 2025, the fund opened 19 new positions and exited 28.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $11.1BQ4 ’18Q1 ’19: $12.5BQ2 ’19: $11.1BQ3 ’19: $11.0BQ4 ’19: $12.1BQ4 ’19Q1 ’20: $9.1BQ2 ’20: $11.4BQ3 ’20: $12.6BQ4 ’20: $14.5BQ4 ’20Q1 ’21: $15.0BQ2 ’21: $15.8BQ3 ’21: $17.6BQ4 ’21: $19.1BQ4 ’21Q1 ’22: $17.3BQ2 ’22: $14.6BQ3 ’22: $13.6BQ4 ’22: $14.35TQ4 ’22Q1 ’23: $15.2BQ2 ’23: $16.2BQ3 ’23: $15.5BQ4 ’23: $16.8BQ4 ’23Q1 ’24: $18.6BQ2 ’24: $19.5BQ3 ’24: $20.2BQ4 ’24: $19.2BQ4 ’24Q1 ’25: $17.3BQ2 ’25: $19.3BQ3 ’25: $20.8BQ4 ’25: $20.6BQ4 ’25Q1 ’26: $18.9Bfilingsflow.com

Portfolio Composition

By security type

Composition data arrives with ticker enrichment.

Quarter-over-Quarter Changes full breakdown →

Holdings — Q4 2025

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Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$18.9B941May 4, 202613F-HRchanges · EDGAR ↗
Q4 2025$20.6B935Jan 29, 202613F-HRchanges · EDGAR ↗
Q3 2025$20.8B944Nov 5, 202513F-HRchanges · EDGAR ↗
Q2 2025$19.3B944Aug 5, 202513F-HRchanges · EDGAR ↗
Q1 2025$17.3B944Apr 30, 202513F-HRchanges · EDGAR ↗
Q4 2024$19.2B951Feb 6, 202513F-HRchanges · EDGAR ↗
Q3 2024$20.2B950Nov 4, 202413F-HRchanges · EDGAR ↗
Q2 2024$19.5B950Jul 26, 202413F-HRchanges · EDGAR ↗
Q1 2024$18.6B955Apr 18, 202413F-HRchanges · EDGAR ↗
Q4 2023$16.8B958Jan 23, 202413F-HRchanges · EDGAR ↗
Q3 2023$15.5B964Oct 27, 202313F-HRchanges · EDGAR ↗
Q2 2023$16.2B969Jul 26, 202313F-HRchanges · EDGAR ↗
Q1 2023$15.2B968Apr 28, 202313F-HRchanges · EDGAR ↗
Q4 2022$14.35T967Jan 27, 202313F-HRchanges · EDGAR ↗
Q3 2022$13.6B966Oct 24, 202213F-HRchanges · EDGAR ↗
Q2 2022$14.6B970Aug 8, 202213F-HRchanges · EDGAR ↗
Q1 2022$17.3B948May 4, 202213F-HRchanges · EDGAR ↗
Q4 2021$19.1B975Jan 27, 202213F-HRchanges · EDGAR ↗
Q3 2021$17.6B975Oct 27, 202113F-HRchanges · EDGAR ↗
Q2 2021$15.8B975Jul 27, 2021RESTATEMENTchanges · EDGAR ↗
Q1 2021$15.0B919May 3, 202113F-HRchanges · EDGAR ↗
Q4 2020$14.5B942Feb 1, 202113F-HRchanges · EDGAR ↗
Q3 2020$12.6B956Oct 26, 202013F-HRchanges · EDGAR ↗
Q2 2020$11.4B931Jul 29, 202013F-HRchanges · EDGAR ↗
Q1 2020$9.1B943May 1, 2020RESTATEMENTchanges · EDGAR ↗
Q4 2019$12.1B947Jan 24, 202013F-HRchanges · EDGAR ↗
Q3 2019$11.0B944Oct 22, 201913F-HRchanges · EDGAR ↗
Q2 2019$11.1B948Jul 26, 201913F-HRchanges · EDGAR ↗
Q1 2019$12.5B950May 6, 201913F-HRchanges · EDGAR ↗
Q4 2018$11.1B944Feb 1, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.