SEC 13F Intelligence

Managers / Q1 2026

Municipal Employees' Retirement System of Michigan

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

Reported Value
$8.8B
Q1 2026
Positions
29
Filings on Record
30
2019–present window
Filed
May 11, 2026
original filing

Summary

Municipal Employees' Retirement System Of Michigan reported $8.8B in U.S.-listed holdings across 29 positions for Q1 2026.

Its largest position, QVML, represents 14.8% of the portfolio.

Compared with Q4 2025, the fund opened 1 new position and exited 9.

Portfolio Metrics

Turnover
+7.2%
vs prior filed quarter
Top-10 Concentration
+80.1%
share of reported value
Largest Position
+14.8%
Invesco S P 500 Qvm Multifa
New / Exited
1 / 9
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: 99.9%Common Stock: 0.1%
  • ETP · 99.9% · $8.8B
  • Common Stock · 0.1% · $9M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
COINCOINBASE GLOBAL INCNEW+50.8K50.8K+$9M$9M
XONEBONDBLOXX BBG 1 DUR US TREASSOLD OUT−1.18M0−$58M$0
XTWOBONDBLOXX BBG 2Y US TSY ETFSOLD OUT−416.6K0−$21M$0
XTREBONDBLOXX BBG 3Y US TSY ETFSOLD OUT−402.3K0−$20M$0
XSVNBONDBLOXX BBG 7 YR US TREASSOLD OUT−403.9K0−$19M$0
XTENBONDBLOXX BBG 10Y US TSY ETFSOLD OUT−403.5K0−$19M$0
XTWYBONDBLOXX BBG 20Y US TSY ETFSOLD OUT−420.2K0−$16M$0
STIPISHARES 05 YEAR TIPS BOND ESOLD OUT−95.4K0−$10M$0

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

Holdings — Q1 2026

28 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1QVMLINVESCO S&P 500 QVM MULTIFAhistory →COM14.83%$1.3B34.13M
2SPTISS SPDR P INT TERM TSY ETFhistory →COM12.59%$1.1B38.70M
3IVVISHARES CORE S&P 500 ETFhistory →COM12.15%$1.1B1.64M
4SPTSSS SPDR P ST TERM TSY ETFhistory →COM9.31%$820M28.09M
5SPTLSS SPDR PF LNG TRM TSY EUSDhistory →COM6.87%$605M23.00M
6VGKVANGUARD FTSE EUROPE ETFhistory →COM6.33%$558M6.76M
7SCHPSCHWAB US TIPS ETFhistory →COM4.89%$431M16.19M
8SPIBSS SPDR P INT C CORP ETFhistory →COM4.46%$393M11.70M
9IJHISHARES CORE S&P MIDCAP ETFhistory →COM4.37%$385M5.71M
10QVMMINVESCO S&P MIDCAP 400 QVM Mhistory →COM4.28%$377M11.88M
11XBBBONDBLOXXBB RATED USD HY CBhistory →COM3.41%$300M7.37M
12IEMGISHARES CORE MSCI EMERGINGhistory →COM2.62%$231M3.31M
13INVESCO S&P SMALLCAP 600 QVMCOM2.35%$207M7.11M
14XEMDBONDBLOXXJPM USD EM MK 110history →COM2.35%$207M4.71M
15SS SPDR P HIGH YIELD ETFCOM2.17%$191M8.19M
16FLCAFRANKLIN FTSE CANADA ETFhistory →COM1.54%$136M2.77M
17PICKISHARES MSCI GLOBAL METALS &history →COM1.14%$100M1.77M
18FALNISHARES FALLEN ANGELS ETFhistory →COM1.11%$98M3.66M
19XFIVBONDBLOXX BBG 5 YR US TREAShistory →COM0.74%$66M1.33M
20RINGISHARES MSCI GLOBAL GOLD MINhistory →COM0.70%$61M776.8K
21JPMORGAN BETABUILDERS CANADACOM0.68%$60M639.6K
22XLESS ENERGY SELECT SECTORhistory →COM0.33%$29M474.9K
23ICOPISHARES COPPER AND METALShistory →COM0.27%$24M501.7K
24JPMORGAN BETABUILDERS DEVELOCOM0.20%$18M298.8K
25XBBONDBLOXXB RATED USD HY CBhistory →COM0.12%$10M266.9K
26COINCOINBASE GLOBAL INCCOM0.10%$9M50.8K
27XCCCBONDBLOXXCCCUSD HY CORP BDCOM0.05%$4M121.7K
28IJRISHARES 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 ↗.