SEC 13F Intelligence

Managers / Q4 2021 · view latest →

Municipal Employees' Retirement System of Michigan

CIK 0001588873 · 1134 MUNICIPAL WAY, LANSING, MI, 48917 · 517-703-9030

Reported Value
$6.2B
Q4 2021
Positions
40
Filings on Record
30
2019–present window
Filed
Feb 16, 2022
original filing

Summary

Municipal Employees' Retirement System Of Michigan reported $6.2B in U.S.-listed holdings across 40 positions for Q4 2021.

The portfolio is heavily concentrated: IVV alone accounts for 23.4% of reported value.

The book was largely unchanged from Q3 2021.

Portfolio Metrics

Turnover
+0.7%
vs prior filed quarter
Top-10 Concentration
+85.4%
share of reported value
Largest Position
+23.4%
Ishares Core Sp 500 Etf

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $1.7BQ4 ’18Q1 ’19: $1.5BQ2 ’19: $1.4BQ3 ’19: $2.6BQ4 ’19: $3.1BQ4 ’19Q1 ’20: $3.2BQ2 ’20: $4.0BQ3 ’20: $4.2BQ4 ’20: $5.1BQ4 ’20Q1 ’21: $6.0BQ2 ’21: $7.4BQ3 ’21: $6.0BQ4 ’21: $6.2BQ4 ’21Q1 ’22: $6.5BQ2 ’22: $5.4BQ3 ’22: $5.6BQ1 ’23: $6.5BQ1 ’23Q2 ’23: $7.0BQ3 ’23: $7.2BQ4 ’23: $7.5BQ1 ’24: $7.8BQ1 ’24Q2 ’24: $7.2BQ3 ’24: $7.6BQ4 ’24: $7.3BQ1 ’25: $7.9BQ1 ’25Q2 ’25: $8.3BQ3 ’25: $8.6BQ4 ’25: $8.8BQ1 ’26: $8.8BQ1 ’26filingsflow.com

Portfolio Composition

By security type
ETP: 99.0%Other: 1.0%
  • ETP · 99.0% · $6.2B
  • Other · 1.0% · $64M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2021 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
XLEENERGY SELECT SECTOR SPDRADDED+28.9K415.2K+$3M$23M
PICKISHARES MSCI GLOBAL METALSHELD+73.4K1.69M+$6M$72M
LEMBISHARES JP MORGAN EM LOCAL CHELD+46.2K1.23M−$2M$48M
SPTLSPDR PORT LNG TRM TRSRYHELD−3.7K112.1K−$55,000$5M
IEMGISHARES CORE MSCI EMERGINGHELD+146.8K6.48M−$3M$388M
SPIBSPDR PORT INT CORP BOND ETFHELD−3.7K173.7K−$200,000$6M
RINGISHARES MSCI GLOBAL GOLD MINHELD+51.0K2.52M+$7M$68M
EMHCSPDR BLOOMBERG EM LOCAL BONDHELD+104.8K6.01M+$1M$179M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q4 2021

27 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1IVVISHARES CORE SP 500 ETFhistory →COM23.36%$1.5B3.05M
2QVMLINVESCO SP 500 QVM MULTIFAhistory →COM13.51%$843M30.06M
3SPTSSPDR PORT SHRT TRM TRSRYhistory →COM11.93%$744M24.44M
4SPTISPDR PORT INT TREASURY TERMhistory →COM10.75%$671M20.92M
5IEMGISHARES CORE MSCI EMERGINGhistory →COM6.22%$388M6.48M
6EMBISHARES JP MORGAN USD EMERGIhistory →COM4.87%$303M2.78M
7IJHISHARES CORE SP MIDCAP ETFhistory →COM4.06%$253M894.2K
8TLTISHARES 20 YEAR TREASURY BOhistory →COM3.71%$231M1.56M
9JPMORGAN BETABUILDERS JAPANCOM3.62%$226M4.10M
10QVMMINVESCO SP MIDCAP 400 QVM Mhistory →COM3.41%$213M8.07M
11EMHCSPDR BLOOMBERG EM LOCAL BONDhistory →COM2.87%$179M6.01M
12EBNDSPDR BLOOMBERG EM BONDhistory →COM2.01%$125M5.12M
13VGSHVANGUARD SHORTTERM TREASURYhistory →COM1.75%$109M1.79M
14MBBISHARES MBS ETFhistory →COM1.16%$72M674.0K
15PICKISHARES MSCI GLOBAL METALShistory →COM1.15%$72M1.69M
16RINGISHARES MSCI GLOBAL GOLD MINhistory →COM1.09%$68M2.52M
17GATOS SILVER INCCOM1.03%$64M6.21M
18INVESCO SP SMALLCAP 600 QVMCOM0.84%$52M2.02M
19LEMBISHARES JP MORGAN EM LOCAL Chistory →COM0.77%$48M1.23M
20STIPISHARES 05 YEAR TIPS BOND Ehistory →COM0.57%$35M334.9K
21IJRISHARES CORE SP SMALLCAP Ehistory →COM0.47%$30M257.8K
22XLEENERGY SELECT SECTOR SPDRhistory →COM0.37%$23M415.2K
23HYBBISHARES BB RATED CORP BONDhistory →COM0.20%$13M241.7K
24SPSBSPDR PORT SHRT TRM CORP BNDCOM0.10%$6M205.1K
25SPIBSPDR PORT INT CORP BOND ETFCOM0.10%$6M173.7K
26SPTLSPDR PORT LNG TRM TRSRYCOM0.08%$5M112.1K
27VGKVANGUARD FTSE EUROPE ETFCOM0.00%$309,0004.5K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$8.8B29May 11, 202613F-HRchanges · EDGAR ↗
Q4 2025$8.8B38Feb 6, 202613F-HRchanges · EDGAR ↗
Q3 2025$8.6B54Nov 12, 202513F-HRchanges · EDGAR ↗
Q2 2025$8.3B54Aug 4, 202513F-HRchanges · EDGAR ↗
Q1 2025$7.9B55May 7, 202513F-HRchanges · EDGAR ↗
Q4 2024$7.3B59Feb 10, 202513F-HRchanges · EDGAR ↗
Q3 2024$7.6B60Nov 12, 202413F-HRchanges · EDGAR ↗
Q2 2024$7.2B60Aug 5, 202413F-HRchanges · EDGAR ↗
Q1 2024$7.8B56Apr 17, 202413F-HRchanges · EDGAR ↗
Q4 2023$7.5B59Feb 5, 202413F-HRchanges · EDGAR ↗
Q3 2023$7.2B62Nov 6, 202313F-HRchanges · EDGAR ↗
Q2 2023$7.0B64Aug 3, 202313F-HRchanges · EDGAR ↗
Q1 2023$6.5B64May 4, 202313F-HRchanges · EDGAR ↗
Q4 2022Under review58Feb 10, 202313F-HRchanges · EDGAR ↗
Q3 2022$5.6B59Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$5.4B50Jul 29, 202213F-HRchanges · EDGAR ↗
Q1 2022$6.5B41May 5, 202213F-HRchanges · EDGAR ↗
Q4 2021$6.2B40Feb 16, 202213F-HRchanges · EDGAR ↗
Q3 2021$6.0B40Oct 28, 202113F-HRchanges · EDGAR ↗
Q2 2021$7.4B42Jul 2, 202113F-HRchanges · EDGAR ↗
Q1 2021$6.0B38Apr 22, 202113F-HRchanges · EDGAR ↗
Q4 2020$5.1B32Jan 5, 202113F-HRchanges · EDGAR ↗
Q3 2020$4.2B20Oct 5, 202013F-HRchanges · EDGAR ↗
Q2 2020$4.0B258Jul 6, 202013F-HRchanges · EDGAR ↗
Q1 2020$3.2B1,889Apr 29, 202013F-HRchanges · EDGAR ↗
Q4 2019$3.1B1,970Feb 3, 202013F-HRchanges · EDGAR ↗
Q3 2019$2.6B1,990Oct 29, 201913F-HRchanges · EDGAR ↗
Q2 2019$1.4B2,173Jul 31, 201913F-HRchanges · EDGAR ↗
Q1 2019$1.5B2,202May 15, 201913F-HRchanges · EDGAR ↗
Q4 2018$1.7B2,184Feb 14, 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 ↗.