STATE OF MICHIGAN RETIREMENT SYSTEM
Q4 2025 Form 13-F
EAST LANSING, MICHIGAN
CIK 0000762152
· Institutional investment manager
$20.6B Reported Value Total
Reported value
$20.6B
Quarter over quarter
+2.0%
Holdings
935
Top-10 concentration
37.2%
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.
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Q4 2025 13F record
Q4 2025 13F filing summary
| Period of report | December 31, 2025 |
|---|---|
| Filed | January 29, 2026 |
| Form | 13F-HR |
| Reported value | $20.6B |
| Positions | 935 |
| Change in reported value | -1.2% |
| New positions | 19 |
| Exited positions | 28 |
| Position turnover | 4.9% |
| Top-10 concentration | 37.2% |
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 · Q4 2025
| # | Holding | Reported value | % of portfolio |
|---|---|---|---|
| 1 | NVDA NVIDIA CORPORATION | $1.5B | 7.31% |
| 2 | AAPL APPLE INC | $1.1B | 5.53% |
| 3 | MSFT MICROSOFT CORP | $1.1B | 5.25% |
| 4 | AMZN AMAZON COM INC | $693.2M | 3.37% |
| 5 | AVGO BROADCOM INC | $639.2M | 3.11% |
| 6 | GOOGL ALPHABET INC | $602.6M | 2.93% |
| 7 | SPY SPDR S P 500 ETF TR | $600.0M | 2.92% |
| 8 | META META PLATFORMS INC | $560.0M | 2.72% |
| 9 | GOOG ALPHABET INC | $492.3M | 2.39% |
| 10 | TSLA TESLA INC | $330.8M | 1.61% |
| 11 | MTUM ISHARES TR | $322.2M | 1.57% |
| 12 | JPM JPMORGAN CHASE CO | $294.1M | 1.43% |
| 13 | LLY ELI LILLY CO | $275.9M | 1.34% |
| 14 | LQD ISHARES TR | $239.4M | 1.16% |
| 15 | V VISA INC | $194.0M | 0.94% |
| 16 | AMD ADVANCED MICRO DEVICES INC | $180.5M | 0.88% |
| 17 | BRK-B BERKSHIRE HATHAWAY INC DEL | $170.8M | 0.83% |
| 18 | PLTR PALANTIR TECHNOLOGIES INC | $156.1M | 0.76% |
| 19 | NFLX NETFLIX INC | $150.0M | 0.73% |
| 20 | COST COSTCO WHSL CORP NEW | $146.4M | 0.71% |
Values as reported on the Q4 2025 Form 13F. Every position is in the holdings table below.