SEC 13F Intelligence

Managers / Q4 2023 · view latest →

Municipal Employees' Retirement System of Michigan

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

Reported Value
$7.5B
Q4 2023
Positions
59
Filings on Record
30
2019–present window
Filed
Feb 5, 2024
original filing

Summary

Municipal Employees' Retirement System Of Michigan reported $7.5B in U.S.-listed holdings across 59 positions for Q4 2023.

Its largest position, IVV, represents 17.3% of the portfolio.

Compared with Q3 2023, the fund opened 0 new positions and exited 3.

Portfolio Metrics

Turnover
+1.9%
vs prior filed quarter
Top-10 Concentration
+61.2%
share of reported value
Largest Position
+17.3%
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: 99.5%Other: 0.5%
  • ETP · 99.5% · $7.4B
  • Other · 0.5% · $41M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
TLTISHARES 20 YEAR TREASURY BOSOLD OUT−232.8K0−$21M$0
MLKNMILLERKNOLL INCSOLD OUT−1020−$2,000$0
LEMBISHARES JP MORGAN EM LOCAL CSOLD OUT−280−$1,000$0
SPDR PORTFOLIO HIGH YIELD BOTRIMMED−2.87M3.16M−$61M$74M
STIPISHARES 05 YEAR TIPS BOND ETRIMMED−63.9K108.3K−$6M$11M
XLEENERGY SELECT SECTOR SPDRTRIMMED−96.5K236.3K−$10M$20M
RINGISHARES MSCI GLOBAL GOLD MINADDED+523.2K4.04M+$27M$99M
IVVISHARES CORE SP 500 ETFTRIMMED−370.7K2.70M−$29M$1.3B

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

Holdings — Q4 2023

46 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1IVVISHARES CORE SP 500 ETFhistory →COM17.26%$1.3B2.70M
2QVMLINVESCO SP 500 QVM MULTIFAhistory →COM11.91%$891M32.08M
3IEMGISHARES CORE MSCI EMERGINGhistory →COM5.33%$399M7.88M
4TUASIM ST TREAS FUT STRAT ETFhistory →COM5.12%$383M16.53M
5SPTSSPDR PORT SHRT TRM TRSRYhistory →COM5.11%$382M13.17M
6QVMMINVESCO SP MIDCAP 400 QVM Mhistory →COM3.71%$278M10.85M
7IPACISHARES CORE MSCI PACIFIC EThistory →COM3.56%$266M4.48M
8VGSHVANGUARD SHORTTERM TREASURYhistory →COM3.35%$251M4.30M
9XONEBONDBLOXX BBG 1 DUR US TREAShistory →COM3.00%$224M4.50M
10INVESCO SP SMALLCAP 600 QVMCOM2.88%$216M8.60M
11IJHISHARES CORE SP MIDCAP ETFhistory →COM2.79%$209M752.8K
12SPTLSPDR PORT LNG TRM TRSRYhistory →COM2.76%$206M7.11M
13VGITVANGUARD INTERMEDIATETERM Thistory →COM2.69%$201M3.39M
14EMBISHARES JP MORGAN USD EMERGIhistory →COM2.50%$187M2.10M
15VGKVANGUARD FTSE EUROPE ETFhistory →COM2.49%$186M2.89M
16XEMDBONDBLOXXJPM USD EM MK 110history →COM2.46%$184M4.50M
17EMHCSPDR BLOOMBERG EM USD BONDhistory →COM2.36%$177M7.26M
18SPTISPDR PORT INT TREASURY TERMhistory →COM2.28%$171M5.98M
19ISVLISHARES INTERNATIONAL DEVELOhistory →COM2.09%$156M4.59M
20JPMORGAN BETABUILDERS EUROPECOM1.72%$128M2.27M
21PICKISHARES MSCI GLOBAL METALShistory →COM1.55%$116M2.68M
22MBBISHARES MBS ETFhistory →COM1.36%$102M1.08M
23RINGISHARES MSCI GLOBAL GOLD MINhistory →COM1.33%$99M4.04M
24EWJVISHARES MSCI JAPAN VALUE ETFhistory →COM1.19%$89M3.05M
25FLCAFRANKLIN FTSE CANADA ETFhistory →COM1.17%$87M2.63M
26XHLFBONDBLOXX BBG 6 MTH US TREAShistory →COM1.15%$86M1.71M
27SPDR PORTFOLIO HIGH YIELD BOCOM0.99%$74M3.16M
28XTWOBONDBLOXX BBG 2Y US TSY ETFhistory →COM0.76%$57M1.14M
29VGLTVANGUARD LONGTERM TREASURYhistory →COM0.68%$51M825.1K
30JPMORGAN BETABUILDERS DEVELOCOM0.60%$45M910.0K
31GATOS SILVER INCCOM0.54%$41M6.21M
32XBBBONDBLOXXBB RATED USD HY CBhistory →COM0.53%$40M996.4K
33XFIVBONDBLOXX BBG 5 YR US TREAShistory →COM0.46%$35M704.1K
34IJRISHARES CORE SP SMALLCAP Ehistory →COM0.39%$29M266.7K
35XTREBONDBLOXX BBG 3Y US TSY ETFhistory →COM0.27%$20M402.3K
36XLEENERGY SELECT SECTOR SPDRhistory →COM0.26%$20M236.3K
37XSVNBONDBLOXX BBG 7 YR US TREAShistory →COM0.26%$20M403.9K
38XTENBONDBLOXX BBG 10Y US TSY ETFhistory →COM0.26%$19M403.5K
39XTWYBONDBLOXX BBG 20Y US TSY ETFhistory →COM0.25%$19M420.2K
40STIPISHARES 05 YEAR TIPS BOND Ehistory →COM0.14%$11M108.3K
41XBBONDBLOXXB RATED USD HY CBhistory →COM0.14%$11M266.9K
42GDXJVANECK JUNIOR GOLD MINERSCOM0.12%$9M234.2K
43SPSBSPDR PORT SHRT TRM CORP BNDCOM0.10%$7M239.8K
44SPIBSPDR PORT INT CORP BOND ETFCOM0.06%$5M147.2K
45XCCCBONDBLOXXCCCUSD HY CORP BDCOM0.06%$5M121.7K
46HYBBISHARES BB RATED CORP BONDCOM0.02%$1M30.7K

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 ↗.