SEC 13F Intelligence

Managers / Q1 2023 · view latest →

Municipal Employees' Retirement System of Michigan

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

Reported Value
$6.5B
Q1 2023
Positions
64
Filings on Record
30
2019–present window
Filed
May 4, 2023
original filing

Summary

Municipal Employees' Retirement System Of Michigan reported $6.5B in U.S.-listed holdings across 64 positions for Q1 2023.

Its largest position, IVV, represents 18.0% of the portfolio.

Compared with Q4 2022, the fund opened 5 new positions and exited 2.

Portfolio Metrics

Turnover
+14.6%
vs prior filed quarter
Top-10 Concentration
+63.9%
share of reported value
Largest Position
+18.0%
Ishares Core Sp 500 Etf
New / Exited
5 / 2
positions this quarter

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: 99.4%Other: 0.6%Common Stock: 0.0%
  • ETP · 99.4% · $6.4B
  • Other · 0.6% · $41M
  • Common Stock · 0.0% · $2,000

Quarter-over-Quarter Changes full breakdown →

vs Q4 2022 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
SPDR PORTFOLIO HIGH YIELD BONEW+6.70M6.70M+$154M$154M
EWJVISHARES MSCI JAPAN VALUE ETFNEW+4.70M4.70M+$121M$121M
JPMORGAN BETABUILDERS DEVELONEW+1.31M1.31M+$64M$64M
VGLTVANGUARD LONGTERM TREASURYNEW+235.1K235.1K+$15M$15M
MLKNMILLERKNOLL INCNEW+102102+$2,000$2,000
VGSHVANGUARD SHORTTERM TREASURYADDED+2.40M4.34M+$142M$254M
EBNDSPDR BLOOMBERG EM BONDSOLD OUT−3.22M0−$66M$0
LEMBISHARES JP MORGAN EM LOCAL CSOLD OUT−280−$1,000$0

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

Holdings — Q1 2023

49 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1IVVISHARES CORE SP 500 ETFhistory →COM18.00%$1.2B2.84M
2QVMLINVESCO SP 500 QVM MULTIFAhistory →COM13.55%$879M36.12M
3IEMGISHARES CORE MSCI EMERGINGhistory →COM5.93%$384M7.88M
4IPACISHARES CORE MSCI PACIFIC EThistory →COM5.04%$327M5.78M
5VGSHVANGUARD SHORTTERM TREASURYhistory →COM3.92%$254M4.34M
6QVMMINVESCO SP MIDCAP 400 QVM Mhistory →COM3.87%$251M10.85M
7SPTISPDR PORT INT TREASURY TERMhistory →COM3.61%$234M8.08M
8IJHISHARES CORE SP MIDCAP ETFhistory →COM3.45%$224M894.2K
9SPTSSPDR PORT SHRT TRM TRSRYhistory →COM3.43%$223M7.62M
10VGITVANGUARD INTERMEDIATETERM Thistory →COM3.13%$203M3.39M
11EMBISHARES JP MORGAN USD EMERGIhistory →COM3.10%$201M2.33M
12INVESCO SP SMALLCAP 600 QVMCOM2.95%$191M8.60M
13XEMDBONDBLOXXJPM USD EM MK 110history →COM2.76%$179M4.50M
14VGKVANGUARD FTSE EUROPE ETFhistory →COM2.72%$176M2.89M
15EMHCSPDR BLOOMBERG EM USD BONDhistory →COM2.67%$173M7.27M
16SPDR PORTFOLIO HIGH YIELD BOCOM2.37%$154M6.70M
17ISVLISHARES INTERNATIONAL DEVELOhistory →COM2.25%$146M4.59M
18EWJVISHARES MSCI JAPAN VALUE ETFhistory →COM1.86%$121M4.70M
19TLTISHARES 20 YEAR TREASURY BOhistory →COM1.83%$119M1.12M
20PICKISHARES MSCI GLOBAL METALShistory →COM1.64%$107M2.49M
21FLCAFRANKLIN FTSE CANADA ETFhistory →COM1.25%$81M2.63M
22RINGISHARES MSCI GLOBAL GOLD MINhistory →COM1.24%$80M3.19M
23JPMORGAN BETABUILDERS DEVELOCOM0.99%$64M1.31M
24XONEBONDBLOXX BBG 1 DUR US TREAShistory →COM0.94%$61M1.22M
25XTWOBONDBLOXX BBG 2Y US TSY ETFhistory →COM0.88%$57M1.14M
26GATOS SILVER INCCOM0.62%$41M6.21M
27XBBBONDBLOXXBB RATED USD HY CBhistory →COM0.61%$40M996.4K
28USHYISHARES BROAD USD HIGH YIELDhistory →COM0.55%$36M1.01M
29XLEENERGY SELECT SECTOR SPDRhistory →COM0.54%$35M424.8K
30XFIVBONDBLOXX BBG 5 YR US TREAShistory →COM0.54%$35M704.1K
31XHLFBONDBLOXX BBG 6 MTH US TREAShistory →COM0.53%$34M678.3K
32MBBISHARES MBS ETFhistory →COM0.40%$26M275.5K
33IJRISHARES CORE SP SMALLCAP Ehistory →COM0.38%$25M257.8K
34XTWYBONDBLOXX BBG 20Y US TSY ETFhistory →COM0.32%$21M420.2K
35XSVNBONDBLOXX BBG 7 YR US TREAShistory →COM0.31%$20M403.9K
36XTREBONDBLOXX BBG 3Y US TSY ETFhistory →COM0.31%$20M402.3K
37XTENBONDBLOXX BBG 10Y US TSY ETFhistory →COM0.31%$20M403.5K
38STIPISHARES 05 YEAR TIPS BOND Ehistory →COM0.24%$15M156.2K
39VGLTVANGUARD LONGTERM TREASURYhistory →COM0.24%$15M235.1K
40XBBONDBLOXXB RATED USD HY CBhistory →COM0.16%$10M266.9K
41GDXJVANECK JUNIOR GOLD MINERSCOM0.14%$9M234.2K
42SPSBSPDR PORT SHRT TRM CORP BNDCOM0.09%$6M186.9K
43ISHARES IBOXX HIGH YLD CORPCOM0.08%$5M67.4K
44SPIBSPDR PORT INT CORP BOND ETFCOM0.07%$5M142.0K
45XCCCBONDBLOXXCCCUSD HY CORP BDCOM0.07%$5M121.7K
46SPTLSPDR PORT LNG TRM TRSRYCOM0.04%$3M83.4K
47SGOVISHARES 03 MONTH TREASURY BCOM0.03%$2M22.0K
48HYBBISHARES BB RATED CORP BONDCOM0.03%$2M36.4K
49MLKNMILLERKNOLL INCCOM0.00%$2,000102

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 ↗.