SEC 13F Intelligence

Managers / Q3 2025 · view latest →

Municipal Employees' Retirement System of Michigan

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

Reported Value
$8.6B
Q3 2025
Positions
54
Filings on Record
30
2019–present window
Filed
Nov 12, 2025
original filing

Summary

Municipal Employees' Retirement System Of Michigan reported $8.6B in U.S.-listed holdings across 54 positions for Q3 2025.

Its largest position, QVML, represents 15.5% of the portfolio.

The book was largely unchanged from Q2 2025.

Portfolio Metrics

Turnover
+0.4%
vs prior filed quarter
Top-10 Concentration
+76.6%
share of reported value
Largest Position
+15.5%
Invesco Sp 500 Qvm Multifa

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: 99.8%Common Stock: 0.2%
  • ETP · 99.8% · $8.6B
  • Common Stock · 0.2% · $14M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
AGFIRST MAJESTIC SILVER CORPTRIMMED−5.03M1.13M−$37M$14M
QVMLINVESCO SP 500 QVM MULTIFAHELD+034.13M+$91M$1.3B
IVVISHARES CORE SP 500 ETFHELD+01.48M+$72M$992M
RINGISHARES MSCI GLOBAL GOLD MINHELD+01.37M+$29M$89M
IEMGISHARES CORE MSCI EMERGINGHELD+04.77M+$28M$315M
PICKISHARES MSCI GLOBAL METALSHELD+03.03M+$21M$135M
VGKVANGUARD FTSE EUROPE ETFHELD+08.84M+$20M$705M
QVMMINVESCO SP MIDCAP 400 QVM MHELD+011.88M+$19M$360M

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

Holdings — Q3 2025

45 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1QVMLINVESCO SP 500 QVM MULTIFAhistory →COM15.52%$1.3B34.13M
2SPTISS SPDR P INT TERM TSY ETFhistory →COM12.00%$1.0B35.86M
3IVVISHARES CORE SP 500 ETFhistory →COM11.48%$992M1.48M
4VGKVANGUARD FTSE EUROPE ETFhistory →COM8.16%$705M8.84M
5SPTSSS SPDR P ST TERM TSY ETFhistory →COM7.45%$643M21.94M
6SCHPSCHWAB US TIPS ETFhistory →COM5.12%$442M16.40M
7SPIBSS SPDR P INT C CORP ETFhistory →COM5.09%$439M12.97M
8QVMMINVESCO SP MIDCAP 400 QVM Mhistory →COM4.17%$360M11.88M
9SPTLSS SPDR PF LNG TRM TSY EUSDhistory →COM3.94%$340M12.63M
10IEMGISHARES CORE MSCI EMERGINGhistory →COM3.64%$315M4.77M
11IJHISHARES CORE SP MIDCAP ETFhistory →COM3.44%$297M4.56M
12XBBBONDBLOXXBB RATED USD HY CBhistory →COM2.98%$257M6.23M
13XEMDBONDBLOXXJPM USD EM MK 110history →COM2.38%$205M4.70M
14INVESCO SP SMALLCAP 600 QVMCOM2.30%$199M7.11M
15SS SPDR P HIGH YIELD ETFCOM1.65%$143M5.95M
16PICKISHARES MSCI GLOBAL METALShistory →COM1.56%$135M3.03M
17FLCAFRANKLIN FTSE CANADA ETFhistory →COM1.46%$126M2.77M
18FALNISHARES FALLEN ANGELS ETFhistory →COM1.12%$97M3.48M
19RINGISHARES MSCI GLOBAL GOLD MINhistory →COM1.03%$89M1.37M
20JPMORGAN BETABUILDERS CANADACOM0.95%$82M940.6K
21XONEBONDBLOXX BBG 1 DUR US TREAShistory →COM0.68%$59M1.18M
22XFIVBONDBLOXX BBG 5 YR US TREAShistory →COM0.40%$35M704.1K
23XLEENERGY SELECT SECTOR SPDRhistory →COM0.37%$32M360.1K
24ICOPISHARES COPPER AND METALShistory →COM0.34%$30M784.3K
25XHLFBONDBLOXX BBG 6 MTH US TREAShistory →COM0.26%$23M448.3K
26XTWOBONDBLOXX BBG 2Y US TSY ETFhistory →COM0.24%$21M416.6K
27XTREBONDBLOXX BBG 3Y US TSY ETFhistory →COM0.23%$20M402.3K
28XSVNBONDBLOXX BBG 7 YR US TREAShistory →COM0.23%$19M403.9K
29XTENBONDBLOXX BBG 10Y US TSY ETFhistory →COM0.22%$19M403.5K
30JPMORGAN BETABUILDERS DEVELOCOM0.19%$17M298.8K
31XTWYBONDBLOXX BBG 20Y US TSY ETFhistory →COM0.19%$16M420.2K
32SPYMSTATE STREET SPDR PORTFOLIOhistory →COM0.17%$15M188.2K
33AGFIRST MAJESTIC SILVER CORPhistory →COM0.16%$14M1.13M
34STIPISHARES 05 YEAR TIPS BOND Ehistory →COM0.15%$13M121.2K
35SPDWSPDR PORTFOLIO DEVELOPED WORhistory →COM0.14%$12M276.2K
36XBBONDBLOXXB RATED USD HY CBhistory →COM0.12%$11M266.9K
37VGSHVANGUARD SHORTTERM TREASURYCOM0.10%$8M142.2K
38SPSBSS SPDR P ST C CORP ETFCOM0.08%$7M228.1K
39MBBISHARES MBS ETFCOM0.07%$6M67.6K
40SPDR PORTFOLIO EMERGING MARKCOM0.06%$5M107.1K
41XCCCBONDBLOXXCCCUSD HY CORP BDCOM0.06%$5M121.7K
42IJRISHARES CORE SP SMALLCAP ECOM0.03%$3M24.1K
43HYBBISHARES BB RATED CORP BONDCOM0.02%$2M38.6K
44SPMDSS SPDR P SP 400 MIDCAP ETFCOM0.02%$2M26.9K
45SS SPDR P SP 600 SMALL CAPCOM0.01%$771,00016.6K

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 ↗.