SEC 13F Intelligence

Managers / Q4 2025 · view latest →

Municipal Employees' Retirement System of Michigan

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

Reported Value
$8.8B
Q4 2025
Positions
38
Filings on Record
30
2019–present window
Filed
Feb 6, 2026
original filing

Summary

Municipal Employees' Retirement System Of Michigan reported $8.8B in U.S.-listed holdings across 38 positions for Q4 2025.

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

Compared with Q3 2025, the fund opened 0 new positions and exited 9.

Portfolio Metrics

Turnover
+2.7%
vs prior filed quarter
Top-10 Concentration
+77.3%
share of reported value
Largest Position
+15.5%
Invesco S P 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: 100.0%
  • ETP · 100.0% · $8.8B

Quarter-over-Quarter Changes full breakdown →

vs Q3 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
XLESS ENERGY SELECT SECTORADDED+631.1K991.3K+$12M$44M
XHLFBONDBLOXX BBG 6 MTH US TREASSOLD OUT−448.3K0−$23M$0
SPYMSTATE STREET SPDR PORTFOLIOSOLD OUT−188.2K0−$15M$0
AGFIRST MAJESTIC SILVER CORPSOLD OUT−1.13M0−$14M$0
SPDWSPDR PORTFOLIO DEVELOPED WORSOLD OUT−276.2K0−$12M$0
MBBISHARES MBS ETFSOLD OUT−67.6K0−$6M$0
SPDR PORTFOLIO EMERGING MARKSOLD OUT−107.1K0−$5M$0
HYBBISHARES BB RATED CORP BONDSOLD OUT−38.6K0−$2M$0

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

Holdings — Q4 2025

36 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1QVMLINVESCO S&P 500 QVM MULTIFAhistory →COM15.51%$1.4B34.13M
2SPTISS SPDR P INT TERM TSY ETFhistory →COM12.15%$1.1B37.25M
3IVVISHARES CORE S&P 500 ETFhistory →COM10.70%$946M1.38M
4VGKVANGUARD FTSE EUROPE ETFhistory →COM8.64%$764M9.14M
5SPTSSS SPDR P ST TERM TSY ETFhistory →COM8.57%$758M25.88M
6SPTLSS SPDR PF LNG TRM TSY EUSDhistory →COM4.61%$408M15.40M
7SCHPSCHWAB US TIPS ETFhistory →COM4.57%$404M15.25M
8SPIBSS SPDR P INT C CORP ETFhistory →COM4.48%$396M11.70M
9QVMMINVESCO S&P MIDCAP 400 QVM Mhistory →COM4.14%$366M11.88M
10IEMGISHARES CORE MSCI EMERGINGhistory →COM3.98%$351M5.23M
11IJHISHARES CORE S&P MIDCAP ETFhistory →COM3.43%$303M4.60M
12XBBBONDBLOXXBB RATED USD HY CBhistory →COM3.43%$303M7.37M
13XEMDBONDBLOXXJPM USD EM MK 110history →COM2.38%$210M4.71M
14INVESCO S&P SMALLCAP 600 QVMCOM2.27%$201M7.11M
15SS SPDR P HIGH YIELD ETFCOM1.61%$142M6.00M
16PICKISHARES MSCI GLOBAL METALS &history →COM1.54%$137M2.66M
17FLCAFRANKLIN FTSE CANADA ETFhistory →COM1.52%$134M2.77M
18FALNISHARES FALLEN ANGELS ETFhistory →COM1.13%$100M3.66M
19JPMORGAN BETABUILDERS CANADACOM0.96%$85M909.5K
20RINGISHARES MSCI GLOBAL GOLD MINhistory →COM0.70%$62M844.1K
21XONEBONDBLOXX BBG 1 DUR US TREAShistory →COM0.66%$58M1.18M
22XLESS ENERGY SELECT SECTORhistory →COM0.50%$44M991.3K
23XFIVBONDBLOXX BBG 5 YR US TREAShistory →COM0.39%$35M704.1K
24ICOPISHARES COPPER AND METALShistory →COM0.39%$35M784.3K
25XTWOBONDBLOXX BBG 2Y US TSY ETFhistory →COM0.23%$21M416.6K
26XTREBONDBLOXX BBG 3Y US TSY ETFhistory →COM0.23%$20M402.3K
27XSVNBONDBLOXX BBG 7 YR US TREAShistory →COM0.22%$19M403.9K
28XTENBONDBLOXX BBG 10Y US TSY ETFhistory →COM0.21%$19M403.5K
29JPMORGAN BETABUILDERS DEVELOCOM0.19%$17M298.8K
30XTWYBONDBLOXX BBG 20Y US TSY ETFhistory →COM0.18%$16M420.2K
31XBBONDBLOXXB RATED USD HY CBhistory →COM0.12%$11M266.9K
32STIPISHARES 05 YEAR TIPS BOND ECOM0.11%$10M95.4K
33VGSHVANGUARD SHORTTERM TREASURYCOM0.09%$8M133.1K
34SPSBSS SPDR P ST C CORP ETFCOM0.08%$7M228.1K
35XCCCBONDBLOXXCCCUSD HY CORP BDCOM0.05%$5M121.7K
36IJRISHARES CORE S&P SMALLCAP ECOM0.03%$3M24.1K

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 ↗.