SEC 13F Intelligence

Managers / Q1 2025 · view latest →

Municipal Employees' Retirement System of Michigan

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

Reported Value
$7.9B
Q1 2025
Positions
55
Filings on Record
30
2019–present window
Filed
May 7, 2025
original filing

Summary

Municipal Employees' Retirement System Of Michigan reported $7.9B in U.S.-listed holdings across 55 positions for Q1 2025.

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

Compared with Q4 2024, the fund opened 2 new positions and exited 5.

Portfolio Metrics

Turnover
+8.5%
vs prior filed quarter
Top-10 Concentration
+74.7%
share of reported value
Largest Position
+14.5%
Invesco Sp 500 Qvm Multifa
New / Exited
2 / 5
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%Common Stock: 0.6%
  • ETP · 99.4% · $7.9B
  • Common Stock · 0.6% · $48M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2024 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
AGFIRST MAJESTIC SILVER CORPNEW+7.12M7.12M+$48M$48M
ICOPISHARES COPPER AND METALSNEW+557.0K557.0K+$14M$14M
XBBBONDBLOXXBB RATED USD HY CBADDED+5.19M6.23M+$210M$252M
SPDR PORTFOLIO HIGH YIELD BOADDED+4.67M5.95M+$109M$139M
ISVLISHARES INTERNATIONAL DEVELOSOLD OUT−4.59M0−$158M$0
EMHCSPDR BLOOMBERG EM USD BONDSOLD OUT−6.46M0−$154M$0
EMBISHARES JP MORGAN USD EMERGISOLD OUT−1.55M0−$138M$0
GATOS SILVER INCSOLD OUT−6.21M0−$87M$0

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

Holdings — Q1 2025

46 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1QVMLINVESCO SP 500 QVM MULTIFAhistory →COM14.48%$1.1B34.13M
2SPTISPDR PORT INT TREASURY TERMhistory →COM12.98%$1.0B35.86M
3IVVISHARES CORE SP 500 ETFhistory →COM10.32%$815M1.45M
4SPTSSPDR PORT SHRT TRM TRSRYhistory →COM8.12%$641M21.93M
5VGKVANGUARD FTSE EUROPE ETFhistory →COM5.72%$452M6.44M
6SCHPSCHWAB US TIPS ETFhistory →COM5.58%$441M16.40M
7SPTLSPDR PORT LNG TRM TRSRYhistory →COM5.14%$406M14.88M
8IPACISHARES CORE MSCI PACIFIC EThistory →COM5.05%$399M6.40M
9QVMMINVESCO SP MIDCAP 400 QVM Mhistory →COM4.07%$321M11.88M
10IEMGISHARES CORE MSCI EMERGINGhistory →COM3.26%$258M4.77M
11XBBBONDBLOXXBB RATED USD HY CBhistory →COM3.19%$252M6.23M
12IJHISHARES CORE SP MIDCAP ETFhistory →COM2.69%$213M3.65M
13XEMDBONDBLOXXJPM USD EM MK 110history →COM2.51%$198M4.70M
14INVESCO SP SMALLCAP 600 QVMCOM2.22%$175M7.11M
15SPDR PORTFOLIO HIGH YIELD BOCOM1.77%$139M5.95M
16JPMORGAN BETABUILDERS EUROPECOM1.60%$126M2.04M
17MTBASIMPLIFY MBS ETFhistory →COM1.51%$119M2.38M
18XONEBONDBLOXX BBG 1 DUR US TREAShistory →COM1.50%$119M2.39M
19PICKISHARES MSCI GLOBAL METALShistory →COM1.38%$109M3.03M
20FLCAFRANKLIN FTSE CANADA ETFhistory →COM1.31%$103M2.77M
21RINGISHARES MSCI GLOBAL GOLD MINhistory →COM0.92%$73M1.90M
22AGFIRST MAJESTIC SILVER CORPhistory →COM0.60%$48M7.12M
23JPMORGAN BETABUILDERS DEVELOCOM0.56%$44M910.0K
24XFIVBONDBLOXX BBG 5 YR US TREAShistory →COM0.44%$35M704.1K
25XLEENERGY SELECT SECTOR SPDRhistory →COM0.31%$24M261.6K
26XHLFBONDBLOXX BBG 6 MTH US TREAShistory →COM0.29%$23M448.3K
27XTWOBONDBLOXX BBG 2Y US TSY ETFhistory →COM0.26%$21M416.6K
28XTREBONDBLOXX BBG 3Y US TSY ETFhistory →COM0.25%$20M402.3K
29XSVNBONDBLOXX BBG 7 YR US TREAShistory →COM0.24%$19M403.9K
30XTENBONDBLOXX BBG 10Y US TSY ETFhistory →COM0.24%$19M403.5K
31XTWYBONDBLOXX BBG 20Y US TSY ETFhistory →COM0.21%$17M420.2K
32ICOPISHARES COPPER AND METALShistory →COM0.18%$14M557.0K
33STIPISHARES 05 YEAR TIPS BOND Ehistory →COM0.16%$13M121.2K
34SPYMSPDR PORTFOLIO SP 500 ETFhistory →COM0.16%$12M188.2K
35XBBONDBLOXXB RATED USD HY CBhistory →COM0.13%$10M266.9K
36SPDWSPDR PORTFOLIO DEVELOPED WORhistory →COM0.13%$10M276.2K
37VGSHVANGUARD SHORTTERM TREASURYCOM0.11%$8M142.2K
38SPSBSPDR PORT SHRT TRM CORP BNDCOM0.09%$7M228.1K
39MBBISHARES MBS ETFCOM0.08%$6M67.6K
40SPIBSPDR PORT INT CORP BOND ETFCOM0.07%$5M164.2K
41XCCCBONDBLOXXCCCUSD HY CORP BDCOM0.06%$5M121.7K
42SPDR PORTFOLIO EMERGING MARKCOM0.05%$4M107.1K
43IJRISHARES CORE SP SMALLCAP ECOM0.03%$2M20.7K
44HYBBISHARES BB RATED CORP BONDCOM0.02%$2M38.6K
45SPMDSPDR PORTFOLIO SP 400 MID CCOM0.02%$1M26.9K
46SPDR PORTFOLIO SP 600 SMALLCOM0.01%$678,00016.6K

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 ↗.