SEC 13F Intelligence

Managers / Q3 2023 · view latest →

Municipal Employees' Retirement System of Michigan

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

Reported Value
$7.2B
Q3 2023
Positions
62
Filings on Record
30
2019–present window
Filed
Nov 6, 2023
original filing

Summary

Municipal Employees' Retirement System Of Michigan reported $7.2B in U.S.-listed holdings across 62 positions for Q3 2023.

Its largest position, IVV, represents 18.4% of the portfolio.

Compared with Q2 2023, the fund opened 0 new positions and exited 2.

Portfolio Metrics

Turnover
+7.3%
vs prior filed quarter
Top-10 Concentration
+61.7%
share of reported value
Largest Position
+18.4%
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: 99.6%Other: 0.4%Common Stock: 0.0%
  • ETP · 99.6% · $7.2B
  • Other · 0.4% · $32M
  • Common Stock · 0.0% · $2,000

Quarter-over-Quarter Changes full breakdown →

vs Q2 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
SPTISPDR PORT INT TREASURY TERMADDED+5.98M5.98M+$165M$165M
SPTLSPDR PORT LNG TRM TRSRYADDED+6.83M6.88M+$178M$180M
MBBISHARES MBS ETFADDED+801.7K1.08M+$70M$96M
USHYISHARES BROAD USD HIGH YIELDSOLD OUT−1.01M0−$36M$0
ISHARES IBOXX HIGH YLD CORPSOLD OUT−67.4K0−$5M$0
SPTSSPDR PORT SHRT TRM TRSRYADDED+5.76M13.17M+$165M$378M
EWJVISHARES MSCI JAPAN VALUE ETFTRIMMED−1.65M3.05M−$41M$87M
JPMORGAN BETABUILDERS DEVELOTRIMMED−400.6K910.0K−$22M$41M

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

Holdings — Q3 2023

49 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1IVVISHARES CORE S&P 500 ETFhistory →COM18.35%$1.3B3.08M
2QVMLINVESCO S&P 500 QVM MULTIFAhistory →COM11.15%$802M32.08M
3IEMGISHARES CORE MSCI EMERGINGhistory →COM5.55%$399M8.39M
4SPTSSPDR PORT SHRT TRM TRSRYhistory →COM5.26%$378M13.17M
5TUASIM ST TREAS FUT STRAT ETFhistory →COM5.02%$361M16.53M
6VGSHVANGUARD SHORTTERM TREASURYhistory →COM3.61%$260M4.51M
7QVMMINVESCO S&P MIDCAP 400 QVM Mhistory →COM3.48%$250M10.85M
8IPACISHARES CORE MSCI PACIFIC EThistory →COM3.46%$249M4.48M
9XONEBONDBLOXX BBG 1 DUR US TREAShistory →COM3.11%$224M4.50M
10VGITVANGUARD INTERMEDIATETERM Thistory →COM2.69%$194M3.39M
11INVESCO S&P SMALLCAP 600 QVMCOM2.61%$188M8.60M
12IJHISHARES CORE S&P MIDCAP ETFhistory →COM2.59%$186M746.2K
13SPTLSPDR PORT LNG TRM TRSRYhistory →COM2.50%$180M6.88M
14XEMDBONDBLOXXJPM USD EM MK 110history →COM2.43%$175M4.50M
15EMBISHARES JP MORGAN USD EMERGIhistory →COM2.38%$171M2.07M
16VGKVANGUARD FTSE EUROPE ETFhistory →COM2.33%$167M2.89M
17SPTISPDR PORT INT TREASURY TERMhistory →COM2.29%$165M5.98M
18EMHCSPDR BLOOMBERG EM USD BONDhistory →COM2.29%$164M7.26M
19ISVLISHARES INTERNATIONAL DEVELOhistory →COM1.96%$141M4.59M
20SPDR PORTFOLIO HIGH YIELD BOCOM1.88%$135M6.03M
21JPMORGAN BETABUILDERS EUROPECOM1.60%$115M2.27M
22PICKISHARES MSCI GLOBAL METALS &history →COM1.42%$102M2.57M
23MBBISHARES MBS ETFhistory →COM1.34%$96M1.08M
24EWJVISHARES MSCI JAPAN VALUE ETFhistory →COM1.21%$87M3.05M
25XHLFBONDBLOXX BBG 6 MTH US TREAShistory →COM1.20%$86M1.71M
26FLCAFRANKLIN FTSE CANADA ETFhistory →COM1.10%$79M2.63M
27RINGISHARES MSCI GLOBAL GOLD MINhistory →COM1.01%$73M3.52M
28XTWOBONDBLOXX BBG 2Y US TSY ETFhistory →COM0.78%$56M1.14M
29VGLTVANGUARD LONGTERM TREASURYhistory →COM0.64%$46M825.1K
30JPMORGAN BETABUILDERS DEVELOCOM0.57%$41M910.0K
31XBBBONDBLOXXBB RATED USD HY CBhistory →COM0.53%$38M996.4K
32XFIVBONDBLOXX BBG 5 YR US TREAShistory →COM0.46%$33M704.1K
33GATOS SILVER INCCOM0.45%$32M6.21M
34XLEENERGY SELECT SECTOR SPDRhistory →COM0.42%$30M332.8K
35IJRISHARES CORE S&P SMALLCAP Ehistory →COM0.34%$24M257.8K
36TLTISHARES 20 YEAR TREASURY BOhistory →COM0.29%$21M232.8K
37XTREBONDBLOXX BBG 3Y US TSY ETFhistory →COM0.27%$19M402.3K
38XSVNBONDBLOXX BBG 7 YR US TREAShistory →COM0.26%$19M403.9K
39XTENBONDBLOXX BBG 10Y US TSY ETFhistory →COM0.25%$18M403.5K
40STIPISHARES 05 YEAR TIPS BOND Ehistory →COM0.23%$17M172.3K
41XTWYBONDBLOXX BBG 20Y US TSY ETFhistory →COM0.23%$17M420.2K
42XBBONDBLOXXB RATED USD HY CBhistory →COM0.14%$10M266.9K
43GDXJVANECK JUNIOR GOLD MINERSCOM0.10%$8M234.2K
44SPSBSPDR PORT SHRT TRM CORP BNDCOM0.10%$7M239.8K
45SPIBSPDR PORT INT CORP BOND ETFCOM0.06%$5M147.2K
46XCCCBONDBLOXXCCCUSD HY CORP BDCOM0.06%$5M121.7K
47HYBBISHARES BB RATED CORP BONDCOM0.02%$1M30.7K
48MLKNMILLERKNOLL INCCOM0.00%$2,000102
49LEMBISHARES 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 ↗.