STATE OF MICHIGAN RETIREMENT SYSTEM's Q3 2025 13F: 19 new positions, 20 exits
Form 13F-HR for the quarter ended Sep 30, 2025 · filed Nov 5, 2025 · 944 reported positions · accession 0000762152-25-000014
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| Increased | APPLOVIN CORP (APP) | 0.0% | 0.3% | +0.3 pts | +73,200 sh | +1743% |
| Increased | HIMS HERS HEALTH INC (HIMS) | 0.4% | 0.6% | +0.2 pts | +679K sh | +49% |
| Reduced | BIOGEN INC (BIIB) | 0.2% | 0.0% | −0.2 pts | −248K sh | −85% |
| New | ROBINHOOD MKTS INC (HOOD) | — | 0.1% | +0.1 pts | +209K sh | new |
| Reduced | GE HEALTHCARE TECHNOLOGIES I (GEHC) | 0.2% | 0.0% | −0.2 pts | −391K sh | −76% |
| New | OSCAR HEALTH INC (OSCR) | — | 0.1% | +0.1 pts | +1.45M sh | new |
| Reduced | BURLINGTON STORES INC (BURL) | 0.2% | 0.1% | −0.1 pts | −105K sh | −55% |
| Exited | ARM HOLDINGS PLC (ARM) | 0.1% | — | −0.1 pts | −128K sh | −100% |
| Reduced | VERIZON COMMUNICATIONS INC (VZ) | 0.4% | 0.3% | −0.1 pts | −506K sh | −29% |
| Increased | KROGER CO (KR) | 0.1% | 0.2% | +0.1 pts | +298K sh | +100% |
| Increased | MICROSOFT CORP (MSFT) | 5.8% | 5.7% | −0.1 pts | +36,800 sh | +2% |
| New | ISHARES INC (EWZ) | — | 0.1% | +0.1 pts | +538K sh | new |
| Reduced | NVIDIA CORPORATION (NVDA) | 6.9% | 7.5% | +0.6 pts | −81,200 sh | −1% |
| Reduced | AMAZON COM INC (AMZN) | 3.6% | 3.3% | −0.3 pts | −61,100 sh | −2% |
| Reduced | SOFI TECHNOLOGIES INC (SOFI) | 0.1% | 0.1% | 0.0 pts | −500K sh | −33% |
| New | DATADOG INC (DDOG) | — | 0.1% | +0.1 pts | +87,400 sh | new |
| Increased | CHEVRON CORP NEW (CVX) | 0.3% | 0.4% | +0.1 pts | +78,924 sh | +18% |
| Reduced | APPLE INC (AAPL) | 4.7% | 5.3% | +0.6 pts | −47,600 sh | −1% |
| Exited | HESS CORP (HES) | 0.1% | — | −0.1 pts | −75,341 sh | −100% |
| Increased | SPDR S P 500 ETF TR (SPY) | 3.9% | 3.9% | +0.1 pts | +16,500 sh | +1% |
| Increased | BLOCK INC (XYZ) | 0.0% | 0.1% | +0.1 pts | +149K sh | +105% |
| Exited | ANSYS INC (ANSS) | 0.0% | — | 0.0 pts | −23,911 sh | −100% |
| Reduced | PALANTIR TECHNOLOGIES INC (PLTR) | 0.7% | 0.8% | +0.1 pts | −43,300 sh | −5% |
| New | TOAST INC (TOST) | — | 0.0% | 0.0 pts | +183K sh | new |
| New | NU HLDGS LTD (NU) | — | 0.0% | 0.0 pts | +381K sh | new |
| New | THE TRADE DESK INC (TTD) | — | 0.0% | 0.0 pts | +121K sh | new |
| Increased | JPMORGAN CHASE CO (JPM) | 1.4% | 1.4% | 0.0 pts | +18,000 sh | +2% |
| Reduced | IDEXX LABS INC (IDXX) | 0.1% | 0.1% | 0.0 pts | −8,800 sh | −22% |
| Increased | INTUITIVE SURGICAL INC (ISRG) | 0.6% | 0.5% | −0.1 pts | +11,500 sh | +6% |
| Increased | ISHARES TR (QUAL) | 0.2% | 0.2% | 0.0 pts | +26,000 sh | +12% |
| Exited | JUNIPER NETWORKS INC (JNPR) | 0.0% | — | 0.0 pts | −111K sh | −100% |
| New | NUTANIX INC (NTNX) | — | 0.0% | 0.0 pts | +63,800 sh | new |
| New | TALEN ENERGY CORP (TLN) | — | 0.0% | 0.0 pts | +10,900 sh | new |
| Reduced | ISHARES TR (IJH) | 0.4% | 0.4% | 0.0 pts | −68,700 sh | −5% |
| Increased | ISHARES TR (MTUM) | 1.5% | 1.5% | 0.0 pts | +17,400 sh | +1% |
| Exited | RITHM CAPITAL CORP (RITM) | 0.0% | — | 0.0 pts | −327K sh | −100% |
| Reduced | ISHARES TR (VLUE) | 0.3% | 0.3% | 0.0 pts | −31,800 sh | −6% |
| Increased | SYNOPSYS INC (SNPS) | 0.1% | 0.1% | 0.0 pts | +8,027 sh | +19% |
| New | TRANSUNION (TRU) | — | 0.0% | 0.0 pts | +46,400 sh | new |
| New | TECHNIPFMC PLC (FTI) | — | 0.0% | 0.0 pts | +97,900 sh | new |
| New | KRATOS DEFENSE SEC SOLUTIO (KTOS) | — | 0.0% | 0.0 pts | +40,200 sh | new |
| Increased | TWILIO INC (TWLO) | 0.0% | 0.0% | 0.0 pts | +36,500 sh | +410% |
| Reduced | ALPHABET INC (GOOG) | 1.5% | 1.9% | +0.4 pts | −13,600 sh | −1% |
| Increased | BANK AMERICA CORP (BAC) | 0.5% | 0.5% | 0.0 pts | +61,200 sh | +3% |
| New | BITMINE IMMERSION TECNOLOGIE (BMNP) | — | 0.0% | 0.0 pts | +60,000 sh | new |
| Reduced | SPOTIFY TECHNOLOGY S A (SPOT) | 0.2% | 0.2% | −0.1 pts | −4,000 sh | −7% |
| Reduced | META PLATFORMS INC (META) | 3.3% | 3.0% | −0.3 pts | −3,800 sh | 0% |
| Increased | ICON PLC (ICLR) | 0.1% | 0.1% | 0.0 pts | +15,400 sh | +22% |
| Exited | SIMULATIONS PLUS INC (SLP) | 0.0% | — | 0.0 pts | −140K sh | −100% |
| Exited | MARKETAXESS HLDGS INC (MKTX) | 0.0% | — | 0.0 pts | −10,193 sh | −100% |
The 50 largest of 893 changes, by size of the trade. Full holdings for this quarter.
Reported by the fund in its Form 13F filed with the SEC; holdings are as of the quarter-end report date and may have changed since. For informational purposes only — not investment advice or a recommendation to buy or sell any security. FilingExplorer is not affiliated with or endorsed by this fund. How this brief is compiled
† Security identifier (CUSIP) changed — read as one continuing position, not an exit and a new position:
- VIPER ENERGY INC (VNOM): 927959106 → 64361Q101, 31,500 → 40,200 shares (share count changed with the identifier; not shown as a trade)
- SOUTHSTATE BK CORP (SSB): 840441109 → 84472E102, 23,700 → 24,100 shares (share count changed with the identifier; not shown as a trade)
Top 10 positions — 37.6% of the equity book
Changes in the top 10 this quarter: TSLA entered · MTUM left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | NVIDIA CORPORATION (NVDA) | 6.9% | 7.5% | |
| 2 | MICROSOFT CORP (MSFT) | 5.8% | 5.7% | |
| 3 | APPLE INC (AAPL) | 4.7% | 5.3% | |
| 4 | SPDR S P 500 ETF TR (SPY) | 3.9% | 3.9% | |
| 5 | AMAZON COM INC (AMZN) | 3.6% | 3.3% | |
| 6 | META PLATFORMS INC (META) | 3.3% | 3.0% | |
| 7 | BROADCOM INC (AVGO) | 2.7% | 3.0% | |
| 8 | ALPHABET INC (GOOGL) | 1.8% | 2.3% | |
| 9 | ALPHABET INC (GOOG) | 1.5% | 1.9% | |
| 10 | TESLA INC (TSLA) | 1.3% | 1.6% | Entered the top 10 |
| — | ISHARES TR (MTUM) | 1.5% | 1.5% | Left the top 10 |
Weights are each position's reported value as a share of the fund's reported equity positions (options and principal-amount holdings excluded).