SEC 13F Intelligence

Managers / Q4 2024 · view latest →

Municipal Employees' Retirement System of Michigan

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

Reported Value
$7.3B
Q4 2024
Positions
59
Filings on Record
30
2019–present window
Filed
Feb 10, 2025
original filing

Summary

Municipal Employees' Retirement System Of Michigan reported $7.3B in U.S.-listed holdings across 59 positions for Q4 2024.

Its largest position, QVML, represents 14.5% of the portfolio.

Compared with Q3 2024, the fund opened 1 new position and exited 1.

Portfolio Metrics

Turnover
+6.0%
vs prior filed quarter
Top-10 Concentration
+71.2%
share of reported value
Largest Position
+14.5%
Invesco Sp 500 Qvm Multifa
New / Exited
1 / 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: 98.8%Other: 1.2%
  • ETP · 98.8% · $7.2B
  • Other · 1.2% · $87M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2024 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
SCHPSCHWAB US TIPS ETFNEW+15.57M15.57M+$402M$402M
VGITVANGUARD INTERMEDIATETERM TSOLD OUT−3.39M0−$205M$0
VGSHVANGUARD SHORTTERM TREASURYTRIMMED−3.35M249.2K−$198M$14M
VGLTVANGUARD LONGTERM TREASURYTRIMMED−764.6K63.0K−$47M$3M
HYBBISHARES BB RATED CORP BONDADDED+15.2K43.7K+$661,000$2M
MBBISHARES MBS ETFTRIMMED−36.1K44.0K−$4M$4M
XLEENERGY SELECT SECTOR SPDRADDED+81.2K392.4K+$6M$34M
RINGISHARES MSCI GLOBAL GOLD MINTRIMMED−352.1K1.90M−$21M$53M

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

Holdings — Q4 2024

49 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1QVMLINVESCO SP 500 QVM MULTIFAhistory →COM14.46%$1.0B30.37M
2IVVISHARES CORE SP 500 ETFhistory →COM11.67%$847M1.44M
3SPTISPDR PORT INT TREASURY TERMhistory →COM10.15%$737M26.42M
4SPTSSPDR PORT SHRT TRM TRSRYhistory →COM8.72%$633M21.80M
5SCHPSCHWAB US TIPS ETFhistory →COM5.54%$402M15.57M
6IPACISHARES CORE MSCI PACIFIC EThistory →COM5.39%$391M6.40M
7QVMMINVESCO SP MIDCAP 400 QVM Mhistory →COM4.30%$312M10.88M
8SPTLSPDR PORT LNG TRM TRSRYhistory →COM4.22%$306M11.69M
9IEMGISHARES CORE MSCI EMERGINGhistory →COM3.44%$249M4.77M
10VGKVANGUARD FTSE EUROPE ETFhistory →COM3.27%$238M3.74M
11XEMDBONDBLOXXJPM USD EM MK 110history →COM2.70%$196M4.70M
12INVESCO SP SMALLCAP 600 QVMCOM2.65%$192M7.11M
13ISVLISHARES INTERNATIONAL DEVELOhistory →COM2.17%$158M4.59M
14MTBASIMPLIFY MBS ETFhistory →COM2.15%$156M3.14M
15EMHCSPDR BLOOMBERG EM USD BONDhistory →COM2.12%$154M6.46M
16EMBISHARES JP MORGAN USD EMERGIhistory →COM1.90%$138M1.55M
17IJHISHARES CORE SP MIDCAP ETFhistory →COM1.72%$125M2.01M
18XONEBONDBLOXX BBG 1 DUR US TREAShistory →COM1.63%$118M2.39M
19JPMORGAN BETABUILDERS EUROPECOM1.56%$113M2.04M
20PICKISHARES MSCI GLOBAL METALShistory →COM1.46%$106M3.03M
21FLCAFRANKLIN FTSE CANADA ETFhistory →COM1.40%$102M2.77M
22GATOS SILVER INCCOM1.20%$87M6.21M
23RINGISHARES MSCI GLOBAL GOLD MINhistory →COM0.74%$53M1.90M
24JPMORGAN BETABUILDERS DEVELOCOM0.61%$44M910.0K
25XBBBONDBLOXXBB RATED USD HY CBhistory →COM0.57%$42M1.04M
26XFIVBONDBLOXX BBG 5 YR US TREAShistory →COM0.47%$34M704.1K
27XLEENERGY SELECT SECTOR SPDRhistory →COM0.46%$34M392.4K
28SPDR PORTFOLIO HIGH YIELD BOCOM0.42%$30M1.29M
29XHLFBONDBLOXX BBG 6 MTH US TREAShistory →COM0.31%$22M448.3K
30XTWOBONDBLOXX BBG 2Y US TSY ETFhistory →COM0.28%$20M416.6K
31XTREBONDBLOXX BBG 3Y US TSY ETFhistory →COM0.27%$20M402.3K
32XSVNBONDBLOXX BBG 7 YR US TREAShistory →COM0.26%$19M403.9K
33XTENBONDBLOXX BBG 10Y US TSY ETFhistory →COM0.25%$18M403.5K
34XTWYBONDBLOXX BBG 20Y US TSY ETFhistory →COM0.22%$16M420.2K
35VGSHVANGUARD SHORTTERM TREASURYhistory →COM0.20%$14M249.2K
36SPYMSPDR PORTFOLIO SP 500 ETFhistory →COM0.18%$13M188.2K
37STIPISHARES 05 YEAR TIPS BOND Ehistory →COM0.17%$12M121.2K
38XBBONDBLOXXB RATED USD HY CBhistory →COM0.14%$10M266.9K
39SPDWSPDR PORTFOLIO DEVELOPED WORCOM0.13%$9M276.2K
40SPSBSPDR PORT SHRT TRM CORP BNDCOM0.09%$7M228.1K
41SPIBSPDR PORT INT CORP BOND ETFCOM0.08%$6M172.4K
42XCCCBONDBLOXXCCCUSD HY CORP BDCOM0.07%$5M121.7K
43SPDR PORTFOLIO EMERGING MARKCOM0.06%$4M107.1K
44MBBISHARES MBS ETFCOM0.06%$4M44.0K
45VGLTVANGUARD LONGTERM TREASURYCOM0.05%$3M63.0K
46IJRISHARES CORE SP SMALLCAP ECOM0.03%$2M20.7K
47HYBBISHARES BB RATED CORP BONDCOM0.03%$2M43.7K
48SPMDSPDR PORTFOLIO SP 400 MID CCOM0.02%$1M26.9K
49SPDR PORTFOLIO SP 600 SMALLCOM0.01%$748,00016.6K

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 ↗.