SEC 13F Intelligence

Managers / Q2 2025 · view latest →

Municipal Employees' Retirement System of Michigan

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

Reported Value
$8.3B
Q2 2025
Positions
54
Filings on Record
30
2019–present window
Filed
Aug 4, 2025
original filing

Summary

Municipal Employees' Retirement System Of Michigan reported $8.3B in U.S.-listed holdings across 54 positions for Q2 2025.

Its largest position, QVML, represents 15.0% of the portfolio.

Compared with Q1 2025, the fund opened 2 new positions and exited 3.

Portfolio Metrics

Turnover
+10.1%
vs prior filed quarter
Top-10 Concentration
+76.6%
share of reported value
Largest Position
+15.0%
Invesco Sp 500 Qvm Multifa
New / Exited
2 / 3
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% · $8.3B
  • Common Stock · 0.6% · $51M

Quarter-over-Quarter Changes full breakdown →

vs Q1 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
FALNISHARES FALLEN ANGELS ETFNEW+3.48M3.48M+$94M$94M
JPMORGAN BETABUILDERS CANADANEW+940.6K940.6K+$76M$76M
SPIBSPDR PORT INT CORP BOND ETFADDED+12.80M12.97M+$430M$435M
IPACISHARES CORE MSCI PACIFIC ETSOLD OUT−6.40M0−$399M$0
JPMORGAN BETABUILDERS EUROPESOLD OUT−2.04M0−$126M$0
MTBASIMPLIFY MBS ETFSOLD OUT−2.38M0−$119M$0
JPMORGAN BETABUILDERS DEVELOTRIMMED−611.2K298.8K−$28M$16M
XONEBONDBLOXX BBG 1 DUR US TREASTRIMMED−1.21M1.18M−$60M$58M

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

Holdings — Q2 2025

45 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1QVMLINVESCO SP 500 QVM MULTIFAhistory →COM15.04%$1.2B34.13M
2SPTISPDR PORT INT TREASURY TERMhistory →COM12.42%$1.0B35.86M
3IVVISHARES CORE SP 500 ETFhistory →COM11.07%$920M1.48M
4VGKVANGUARD FTSE EUROPE ETFhistory →COM8.24%$685M8.84M
5SPTSSPDR PORT SHRT TRM TRSRYhistory →COM7.73%$643M21.94M
6SCHPSCHWAB US TIPS ETFhistory →COM5.27%$438M16.40M
7SPIBSPDR PORT INT CORP BOND ETFhistory →COM5.24%$435M12.97M
8QVMMINVESCO SP MIDCAP 400 QVM Mhistory →COM4.11%$342M11.88M
9SPTLSPDR PORT LNG TRM TRSRYhistory →COM4.04%$336M12.63M
10IEMGISHARES CORE MSCI EMERGINGhistory →COM3.45%$287M4.77M
11IJHISHARES CORE SP MIDCAP ETFhistory →COM3.40%$283M4.56M
12XBBBONDBLOXXBB RATED USD HY CBhistory →COM3.09%$256M6.23M
13XEMDBONDBLOXXJPM USD EM MK 110history →COM2.44%$203M4.70M
14INVESCO SP SMALLCAP 600 QVMCOM2.20%$183M7.11M
15SPDR PORTFOLIO HIGH YIELD BOCOM1.71%$142M5.95M
16FLCAFRANKLIN FTSE CANADA ETFhistory →COM1.39%$116M2.77M
17PICKISHARES MSCI GLOBAL METALShistory →COM1.37%$114M3.03M
18FALNISHARES FALLEN ANGELS ETFhistory →COM1.14%$94M3.48M
19JPMORGAN BETABUILDERS CANADACOM0.91%$76M940.6K
20RINGISHARES MSCI GLOBAL GOLD MINhistory →COM0.72%$60M1.37M
21XONEBONDBLOXX BBG 1 DUR US TREAShistory →COM0.70%$58M1.18M
22AGFIRST MAJESTIC SILVER CORPhistory →COM0.61%$51M6.15M
23XFIVBONDBLOXX BBG 5 YR US TREAShistory →COM0.42%$35M704.1K
24XLEENERGY SELECT SECTOR SPDRhistory →COM0.37%$31M360.1K
25ICOPISHARES COPPER AND METALShistory →COM0.28%$23M784.3K
26XHLFBONDBLOXX BBG 6 MTH US TREAShistory →COM0.27%$23M448.3K
27XTWOBONDBLOXX BBG 2Y US TSY ETFhistory →COM0.25%$21M416.6K
28XTREBONDBLOXX BBG 3Y US TSY ETFhistory →COM0.24%$20M402.3K
29XSVNBONDBLOXX BBG 7 YR US TREAShistory →COM0.23%$19M403.9K
30XTENBONDBLOXX BBG 10Y US TSY ETFhistory →COM0.22%$19M403.5K
31JPMORGAN BETABUILDERS DEVELOCOM0.20%$16M298.8K
32XTWYBONDBLOXX BBG 20Y US TSY ETFhistory →COM0.20%$16M420.2K
33SPYMSPDR PORTFOLIO SP 500 ETFhistory →COM0.16%$14M188.2K
34STIPISHARES 05 YEAR TIPS BOND Ehistory →COM0.15%$12M121.2K
35SPDWSPDR PORTFOLIO DEVELOPED WORhistory →COM0.13%$11M276.2K
36XBBONDBLOXXB RATED USD HY CBhistory →COM0.13%$11M266.9K
37VGSHVANGUARD SHORTTERM TREASURYCOM0.10%$8M142.2K
38SPSBSPDR PORT SHRT TRM CORP BNDCOM0.08%$7M228.1K
39MBBISHARES MBS ETFCOM0.08%$6M67.6K
40XCCCBONDBLOXXCCCUSD HY CORP BDCOM0.06%$5M121.7K
41SPDR PORTFOLIO EMERGING MARKCOM0.06%$5M107.1K
42IJRISHARES CORE SP SMALLCAP ECOM0.03%$3M24.1K
43HYBBISHARES BB RATED CORP BONDCOM0.02%$2M38.6K
44SPMDSPDR PORTFOLIO SP 400 MID CCOM0.02%$1M26.9K
45SPDR PORTFOLIO SP 600 SMALLCOM0.01%$709,00016.6K

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 ↗.