SEC 13F Intelligence

Managers / Q3 2022 · view latest →

Municipal Employees' Retirement System of Michigan

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

Reported Value
$5.6B
Q3 2022
Positions
59
Filings on Record
30
2019–present window
Filed
Nov 14, 2022
original filing

Summary

Municipal Employees' Retirement System Of Michigan reported $5.6B in U.S.-listed holdings across 59 positions for Q3 2022.

Its largest position, IVV, represents 16.6% of the portfolio.

Compared with Q2 2022, the fund opened 9 new positions and exited 0.

Portfolio Metrics

Turnover
+7.7%
vs prior filed quarter
Top-10 Concentration
+72.3%
share of reported value
Largest Position
+16.6%
Ishares Core S P 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: 99.7%Other: 0.3%
  • ETP · 99.7% · $5.6B
  • Other · 0.3% · $17M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2022 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
XEMDBONDBLOXX JPM USD EM MK 1 10NEW+4.40M4.40M+$167M$167M
XTWOBONDBLOXX BBG 2Y US TSY ETFNEW+702.4K702.4K+$35M$35M
XONEBONDBLOXX BBG 1 DUR US TREASNEW+676.9K676.9K+$34M$34M
XHLFBONDBLOXX BBG 6 MTH US TREASNEW+400.0K400.0K+$20M$20M
XTREBONDBLOXX BBG 3Y US TSY ETFNEW+402.3K402.3K+$20M$20M
XFIVBONDBLOXX BBG 5 YR US TREASNEW+403.4K403.4K+$20M$20M
XSVNBONDBLOXX BBG 7 YR US TREASNEW+403.9K403.9K+$20M$20M
XTENBONDBLOXX BBG 10Y US TSY ETFNEW+403.5K403.5K+$19M$19M

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

Holdings — Q3 2022

47 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1IVVISHARES CORE S P 500 ETFhistory →COM16.59%$930M2.59M
2QVMLINVESCO S P 500 QVM MULTI FAhistory →COM11.74%$658M30.79M
3IPACISHARES CORE MSCI PACIFIC EThistory →COM11.05%$619M12.91M
4IEMGISHARES CORE MSCI EMERGINGhistory →COM7.56%$423M9.85M
5SPTSSPDR PORT SHRT TRM TRSRYhistory →COM5.44%$305M10.55M
6SPTISPDR PORT INT TREASURY TERMhistory →COM5.27%$295M10.50M
7QVMMINVESCO S P MIDCAP 400 QVM Mhistory →COM3.91%$219M10.74M
8EMBISHARES JP MORGAN USD EMERGIhistory →COM3.71%$208M2.62M
9VGITVANGUARD INTERMEDIATE TERM Thistory →COM3.53%$198M3.39M
10IJHISHARES CORE S P MIDCAP ETFhistory →COM3.50%$196M894.2K
11XEMDBONDBLOXX JPM USD EM MK 1 10history →COM2.98%$167M4.40M
12TLTISHARES 20 YEAR TREASURY BOhistory →COM2.25%$126M1.23M
13ISVLISHARES INTERNATIONAL DEVELOhistory →COM2.09%$117M4.53M
14VGSHVANGUARD SHORT TERM TREASURYhistory →COM1.85%$103M1.79M
15VGKVANGUARD FTSE EUROPE ETFhistory →COM1.78%$100M2.16M
16EMHCSPDR BLOOMBERG EM USD BONDhistory →COM1.70%$95M4.36M
17INVESCO S P SMALLCAP 600 QVMCOM1.58%$88M4.42M
18PICKISHARES MSCI GLOBAL METALShistory →COM1.43%$80M2.36M
19FLCAFRANKLIN FTSE CANADA ETFhistory →COM1.33%$74M2.65M
20EBNDSPDR BLOOMBERG EM BONDhistory →COM1.09%$61M3.22M
21RINGISHARES MSCI GLOBAL GOLD MINhistory →COM0.96%$54M2.88M
22MBBISHARES MBS ETFhistory →COM0.88%$49M535.6K
23ISHARES IBOXX HIGH YLD CORPCOM0.69%$39M539.4K
24XBBBONDBLOXX BB RATED USD HY CBhistory →COM0.67%$37M996.4K
25XTWOBONDBLOXX BBG 2Y US TSY ETFhistory →COM0.62%$35M702.4K
26USHYISHARES BROAD USD HIGH YIELDhistory →COM0.61%$34M1.01M
27XONEBONDBLOXX BBG 1 DUR US TREAShistory →COM0.60%$34M676.9K
28IEURISHARES CORE MSCI EUROPE ETFhistory →COM0.48%$27M682.8K
29IJRISHARES CORE S P SMALL CAP Ehistory →COM0.40%$22M257.8K
30XLEENERGY SELECT SECTOR SPDRhistory →COM0.39%$22M301.4K
31XHLFBONDBLOXX BBG 6 MTH US TREAShistory →COM0.36%$20M400.0K
32XTREBONDBLOXX BBG 3Y US TSY ETFhistory →COM0.35%$20M402.3K
33XFIVBONDBLOXX BBG 5 YR US TREAShistory →COM0.35%$20M403.4K
34XSVNBONDBLOXX BBG 7 YR US TREAShistory →COM0.35%$20M403.9K
35XTENBONDBLOXX BBG 10Y US TSY ETFhistory →COM0.35%$19M403.5K
36XTWYBONDBLOXX BBG 20Y US TSY ETFhistory →COM0.34%$19M400.6K
37GATOS SILVER INCCOM0.30%$17M6.21M
38STIPISHARES 0 5 YEAR TIPS BOND Ehistory →COM0.20%$11M116.2K
39XBBONDBLOXX B RATED USD HY CBCOM0.18%$10M266.9K
40GDXJVANECK JUNIOR GOLD MINERSCOM0.15%$8M280.1K
41SPSBSPDR PORT SHRT TRM CORP BNDCOM0.10%$6M189.4K
42XCCCBONDBLOXX CCC USD HY CORP BDCOM0.08%$4M121.7K
43SGOVISHARES 0 3 MONTH TREASURY BCOM0.08%$4M44.4K
44SPIBSPDR PORT INT CORP BOND ETFCOM0.07%$4M128.2K
45SPTLSPDR PORT LNG TRM TRSRYCOM0.06%$3M110.5K
46HYBBISHARES BB RATED CORP BONDCOM0.03%$2M43.8K
47LEMBISHARES JP MORGAN EM LOCAL CCOM0.00%$1,00028

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 ↗.