STATE OF MICHIGAN RETIREMENT SYSTEM
Q2 2025 Form 13-F
EAST LANSING, MICHIGAN
CIK 0000762152
· Institutional investment manager
$19.3B Reported Value Total
Reported value
$19.3B
Quarter over quarter
+11.4%
Holdings
944
Top-10 concentration
35.7%
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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Q2 2025 13F record
Q2 2025 13F filing summary
| Period of report | June 30, 2025 |
|---|---|
| Filed | August 05, 2025 |
| Form | 13F-HR |
| Reported value | $19.3B |
| Positions | 944 |
| Change in reported value | +11.4% |
| New positions | 7 |
| Exited positions | 7 |
| Position turnover | 1.5% |
| Top-10 concentration | 35.7% |
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 · Q2 2025
| # | Holding | Reported value | % of portfolio |
|---|---|---|---|
| 1 | NVDA NVIDIA CORPORATION | $1.3B | 6.9% |
| 2 | MSFT MICROSOFT CORP | $1.1B | 5.82% |
| 3 | AAPL APPLE INC | $899.3M | 4.66% |
| 4 | SPY SPDR S P 500 ETF TR | $750.8M | 3.89% |
| 5 | AMZN AMAZON COM INC | $689.3M | 3.57% |
| 6 | META META PLATFORMS INC | $638.3M | 3.3% |
| 7 | AVGO BROADCOM INC | $526.9M | 2.73% |
| 8 | GOOGL ALPHABET INC | $354.4M | 1.84% |
| 9 | MTUM ISHARES TR | $289.8M | 1.5% |
| 10 | GOOG ALPHABET INC | $285.4M | 1.48% |
| 11 | JPM JPMORGAN CHASE CO | $268.3M | 1.39% |
| 12 | TSLA TESLA INC | $242.0M | 1.25% |
| 13 | LQD ISHARES TR | $238.1M | 1.23% |
| 14 | NFLX NETFLIX INC | $229.3M | 1.19% |
| 15 | V VISA INC | $213.0M | 1.1% |
| 16 | LLY ELI LILLY CO | $207.0M | 1.07% |
| 17 | COST COSTCO WHSL CORP NEW | $173.8M | 0.9% |
| 18 | BRK-B BERKSHIRE HATHAWAY INC DEL | $168.3M | 0.87% |
| 19 | MA MASTERCARD INCORPORATED | $141.7M | 0.73% |
| 20 | PLTR PALANTIR TECHNOLOGIES INC | $127.9M | 0.66% |
Values as reported on the Q2 2025 Form 13F. Every position is in the holdings table below.