SEC 13F Intelligence

Managers / Q2 2023 · view latest →

Municipal Employees' Retirement System of Michigan

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

Reported Value
$7.0B
Q2 2023
Positions
64
Filings on Record
30
2019–present window
Filed
Aug 3, 2023
original filing

Summary

Municipal Employees' Retirement System Of Michigan reported $7.0B in U.S.-listed holdings across 64 positions for Q2 2023.

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

Compared with Q1 2023, the fund opened 3 new positions and exited 1.

Portfolio Metrics

Turnover
+5.7%
vs prior filed quarter
Top-10 Concentration
+63.6%
share of reported value
Largest Position
+18.0%
Ishares Core Sp 500 Etf
New / Exited
3 / 1
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: 99.7%Other: 0.3%Common Stock: 0.0%
  • ETP · 99.7% · $7.0B
  • Other · 0.3% · $23M
  • Common Stock · 0.0% · $2,000

Quarter-over-Quarter Changes full breakdown →

vs Q1 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
TUASIM ST TREAS FUT STRAT ETFNEW+14.30M14.30M+$324M$324M
JPMORGAN BETABUILDERS EUROPENEW+1.87M1.87M+$101M$101M
LEMBISHARES JP MORGAN EM LOCAL CNEW+2828+$1,000$1,000
XONEBONDBLOXX BBG 1 DUR US TREASADDED+3.28M4.50M+$163M$224M
VGLTVANGUARD LONGTERM TREASURYADDED+533.2K768.3K+$33M$49M
XHLFBONDBLOXX BBG 6 MTH US TREASADDED+1.04M1.71M+$52M$86M
SPTISPDR PORT INT TREASURY TERMTRIMMED−8.08M167−$234M$5,000
SGOVISHARES 03 MONTH TREASURY BSOLD OUT−22.0K0−$2M$0

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

Holdings — Q2 2023

51 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1IVVISHARES CORE SP 500 ETFhistory →COM18.05%$1.3B2.84M
2QVMLINVESCO SP 500 QVM MULTIFAhistory →COM13.38%$938M36.12M
3IEMGISHARES CORE MSCI EMERGINGhistory →COM5.90%$414M8.39M
4IPACISHARES CORE MSCI PACIFIC EThistory →COM4.73%$332M5.78M
5TUASIM ST TREAS FUT STRAT ETFhistory →COM4.62%$324M14.30M
6QVMMINVESCO SP MIDCAP 400 QVM Mhistory →COM3.72%$261M10.85M
7VGSHVANGUARD SHORTTERM TREASURYhistory →COM3.66%$257M4.45M
8IJHISHARES CORE SP MIDCAP ETFhistory →COM3.33%$234M894.2K
9XONEBONDBLOXX BBG 1 DUR US TREAShistory →COM3.19%$224M4.50M
10SPTSSPDR PORT SHRT TRM TRSRYhistory →COM3.04%$213M7.40M
11EMBISHARES JP MORGAN USD EMERGIhistory →COM2.88%$202M2.33M
12VGITVANGUARD INTERMEDIATETERM Thistory →COM2.84%$199M3.39M
13INVESCO SP SMALLCAP 600 QVMCOM2.82%$198M8.60M
14XEMDBONDBLOXXJPM USD EM MK 110history →COM2.56%$180M4.50M
15VGKVANGUARD FTSE EUROPE ETFhistory →COM2.54%$178M2.89M
16EMHCSPDR BLOOMBERG EM USD BONDhistory →COM2.47%$173M7.29M
17SPDR PORTFOLIO HIGH YIELD BOCOM2.18%$153M6.70M
18ISVLISHARES INTERNATIONAL DEVELOhistory →COM2.07%$145M4.59M
19EWJVISHARES MSCI JAPAN VALUE ETFhistory →COM1.83%$128M4.70M
20PICKISHARES MSCI GLOBAL METALShistory →COM1.53%$107M2.65M
21JPMORGAN BETABUILDERS EUROPECOM1.45%$101M1.87M
22XHLFBONDBLOXX BBG 6 MTH US TREAShistory →COM1.23%$86M1.71M
23FLCAFRANKLIN FTSE CANADA ETFhistory →COM1.18%$83M2.63M
24RINGISHARES MSCI GLOBAL GOLD MINhistory →COM1.08%$76M3.25M
25JPMORGAN BETABUILDERS DEVELOCOM0.89%$63M1.31M
26XTWOBONDBLOXX BBG 2Y US TSY ETFhistory →COM0.80%$56M1.14M
27VGLTVANGUARD LONGTERM TREASURYhistory →COM0.70%$49M768.3K
28XBBBONDBLOXXBB RATED USD HY CBhistory →COM0.56%$39M996.4K
29USHYISHARES BROAD USD HIGH YIELDhistory →COM0.51%$36M1.01M
30XFIVBONDBLOXX BBG 5 YR US TREAShistory →COM0.49%$34M704.1K
31XLEENERGY SELECT SECTOR SPDRhistory →COM0.39%$27M332.8K
32MBBISHARES MBS ETFhistory →COM0.37%$26M280.6K
33IJRISHARES CORE SP SMALLCAP Ehistory →COM0.37%$26M257.8K
34TLTISHARES 20 YEAR TREASURY BOhistory →COM0.34%$24M232.8K
35GATOS SILVER INCCOM0.33%$23M6.21M
36XTWYBONDBLOXX BBG 20Y US TSY ETFhistory →COM0.28%$20M420.2K
37XTREBONDBLOXX BBG 3Y US TSY ETFhistory →COM0.28%$20M402.3K
38XSVNBONDBLOXX BBG 7 YR US TREAShistory →COM0.28%$20M403.9K
39XTENBONDBLOXX BBG 10Y US TSY ETFhistory →COM0.28%$19M403.5K
40STIPISHARES 05 YEAR TIPS BOND Ehistory →COM0.24%$17M172.5K
41XBBONDBLOXXB RATED USD HY CBhistory →COM0.15%$10M266.9K
42GDXJVANECK JUNIOR GOLD MINERSCOM0.12%$8M234.2K
43SPSBSPDR PORT SHRT TRM CORP BNDCOM0.10%$7M239.8K
44ISHARES IBOXX HIGH YLD CORPCOM0.07%$5M67.4K
45XCCCBONDBLOXXCCCUSD HY CORP BDCOM0.07%$5M121.7K
46SPIBSPDR PORT INT CORP BOND ETFCOM0.06%$4M139.2K
47SPTLSPDR PORT LNG TRM TRSRYCOM0.02%$2M57.3K
48HYBBISHARES BB RATED CORP BONDCOM0.02%$2M37.0K
49SPTISPDR PORT INT TREASURY TERMCOM0.00%$5,000167
50MLKNMILLERKNOLL INCCOM0.00%$2,000102
51LEMBISHARES 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 ↗.