STATE OF MICHIGAN RETIREMENT SYSTEM
Q1 2025 Form 13-F
EAST LANSING, MICHIGAN
CIK 0000762152
· Institutional investment manager
$17.3B Reported Value Total
Reported value
$17.3B
Quarter over quarter
-4.2%
Holdings
944
Top-10 concentration
32.5%
Key People
Named on the latest Form 13-F filing — not necessarily an owner
Karen Stout
Administrator, Trust Accounting Division
Filing Navigation
Coverage begins with the second quarter of 2013. Earlier quarters are not shown while their accuracy is being verified.
13F Metrics
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Q1 2025 13F record
Q1 2025 13F filing summary
| Period of report | March 31, 2025 |
|---|---|
| Filed | April 30, 2025 |
| Form | 13F-HR |
| Reported value | $17.3B |
| Positions | 944 |
| Change in reported value | -9.9% |
| New positions | 12 |
| Exited positions | 19 |
| Position turnover | 3.2% |
| Top-10 concentration | 32.5% |
13F filings by quarter
| Quarter | Positions | Value |
|---|---|---|
|
Q3 2026 13F
Filed Oct 27, 2026
|
966 | $22.6B |
|
Q2 2026 13F
Filed Jul 30, 2026
|
960 | $22.6B |
|
Q1 2026 13F
Filed May 4, 2026
|
941 | $18.9B |
|
Q4 2025 13F
Filed Jan 29, 2026
|
935 | $20.6B |
|
Q3 2025 13F
Filed Nov 5, 2025
|
944 | $20.8B |
|
Q2 2025 13F
Filed Aug 5, 2025
|
944 | $19.3B |
|
Q1 2025 13F
Filed Apr 30, 2025
|
944 | $17.3B |
|
Q4 2024 13F
Filed Feb 6, 2025
|
951 | $19.2B |
|
Q3 2024 13F
Filed Nov 4, 2024
|
950 | $20.2B |
|
Q2 2024 13F
Filed Jul 26, 2024
|
950 | $19.5B |
|
Q1 2024 13F
Filed Apr 18, 2024
|
955 | $18.6B |
|
Q4 2023 13F
Filed Jan 23, 2024
|
958 | $16.8B |
|
Q3 2023 13F
Filed Oct 27, 2023
|
964 | $15.5B |
|
Q2 2023 13F
Filed Jul 26, 2023
|
969 | $16.2B |
|
Q1 2023 13F
Filed Apr 28, 2023
|
968 | $15.2B |
|
Q4 2022 13F
Filed Jan 27, 2023
|
967 | $14.4B |
|
Q3 2022 13F
Filed Oct 24, 2022
|
966 | $13.6B |
|
Q2 2022 13F
Filed Aug 8, 2022
|
970 | $14.6B |
|
Q1 2022 13F
Filed May 4, 2022
|
948 | $17.3B |
|
Q4 2021 13F
Filed Jan 27, 2022
|
975 | $19.1B |
34 earlier quarters on file — choose one from the quarter menu above.
Top 20 holdings · Q1 2025
| # | Holding | Reported value | % of portfolio |
|---|---|---|---|
| 1 | AAPL APPLE INC | $980.8M | 5.66% |
| 2 | NVDA NVIDIA CORPORATION | $915.3M | 5.28% |
| 3 | MSFT MICROSOFT CORP | $847.6M | 4.89% |
| 4 | SPY SPDR S P 500 ETF TR | $654.2M | 3.77% |
| 5 | AMZN AMAZON COM INC | $595.8M | 3.44% |
| 6 | META META PLATFORMS INC | $502.1M | 2.9% |
| 7 | AVGO BROADCOM INC | $318.9M | 1.84% |
| 8 | GOOGL ALPHABET INC | $311.0M | 1.79% |
| 9 | MTUM ISHARES TR | $261.8M | 1.51% |
| 10 | GOOG ALPHABET INC | $241.9M | 1.4% |
| 11 | LQD ISHARES TR | $236.1M | 1.36% |
| 12 | JPM JPMORGAN CHASE CO | $221.1M | 1.28% |
| 13 | LLY ELI LILLY CO | $217.9M | 1.26% |
| 14 | V VISA INC | $208.1M | 1.2% |
| 15 | TSLA TESLA INC | $196.7M | 1.13% |
| 16 | BRK-B BERKSHIRE HATHAWAY INC DEL | $183.9M | 1.06% |
| 17 | COST COSTCO WHSL CORP NEW | $165.8M | 0.96% |
| 18 | NFLX NETFLIX INC | $159.7M | 0.92% |
| 19 | XOM EXXON MOBIL CORP | $140.4M | 0.81% |
| 20 | MA MASTERCARD INCORPORATED | $140.2M | 0.81% |
Values as reported on the Q1 2025 Form 13F. Every position is in the holdings table below.