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Portfolio (Quarterly) Guide ↗

STATE OF MICHIGAN RETIREMENT SYSTEM

· CIK 0000762152
13F Portfolio $18.9B AUM 941 positions Filed May 4, 2026 EDGAR ↗ ← All Funds
Q1 2026 Q4 2025 · All 23 New 374 Added 194 Reduced 17 Exited
Page 17 of 19  ·  374 positions
# Ticker Company Sector Shares Value ↓ % Port Chg Shares Chg % Period Price ① Since Period ①
321 PEGA PEGASYSTEMS INC Technology 22,000.0 $936K 0.01% +300.0 +1.4% $42.56 -19.5%
322 WLK WESTLAKE CORPORATION Basic Materials 8,000.0 $935K 0.01% +100.0 +1.3% $116.82 -24.2%
323 CNO CNO FINL GROUP INC Financial Services 22,751.0 $934K 0.01% +200.0 +0.9% $41.06 +15.4%
324 APPF APPFOLIO INC Technology 5,900.0 $931K 0.01% +400.0 +7.3% $157.82 +2.9%
325 RYAN RYAN SPECIALTY HOLDINGS INC Financial Services 27,400.0 $924K 0.01% +600.0 +2.2% $33.74 -2.1%
326 FFIN FIRST FINL BANKSHARES INC Financial Services 31,363.0 $924K 0.01% +600.0 +1.9% $29.45 +9.3%
327 BBWI BATH BODY WORKS INC Consumer Cyclical 49,300.0 $920K 0.01% +600.0 +1.2% $18.67 -7.2%
328 EPR EPR PPTYS Real Estate 18,289.0 $914K 0.01% +300.0 +1.7% $49.96 +17.5%
329 CUZ COUSINS PPTYS INC Real Estate 40,444.0 $913K 0.01% +800.0 +2.0% $22.57 +17.1%
330 WMG WARNER MUSIC GROUP CORP Communication Services 35,400.0 $904K 0.01% +900.0 +2.6% $25.54 +32.8%
331 DLB DOLBY LABORATORIES INC Technology 14,700.0 $883K 0.01% +200.0 +1.4% $60.06 -10.0%
332 INTERNATIONAL BANCSHARES COR 13,012.0 $876K 0.01% +200.0 +1.6% $67.29
333 ELF E L F BEAUTY INC Consumer Defensive 14,200.0 $861K 0.01% +100.0 +0.7% $60.61 -12.4%
334 IRT INDEPENDENCE RLTY TR INC Real Estate 57,000.0 $849K 0.00% +600.0 +1.1% $14.89 +12.8%
335 LIVN LIVANOVA PLC Healthcare 13,111.0 $833K 0.00% +200.0 +1.6% $63.56 +15.9%
336 CDP COPT DEFENSE PROPERTIES Real Estate 27,213.0 $833K 0.00% +500.0 +1.9% $30.60 +5.6%
337 CVLT COMMVAULT SYS INC Technology 10,612.0 $827K 0.00% +200.0 +1.9% $77.89 +36.1%
338 WHR WHIRLPOOL CORP Consumer Cyclical 15,300.0 $825K 0.00% +2K +15.0% $53.92 -23.0%
339 BHF BRIGHTHOUSE FINL INC Financial Services 13,768.0 $824K 0.00% +300.0 +2.2% $59.88 +4.7%
340 SLGN SILGAN HLDGS INC Consumer Cyclical 21,100.0 $819K 0.00% +400.0 +1.9% $38.80 -1.8%
Page 17 of 19  ·  374 positions

Period Price is the implied market price on the last day of the reporting period, calculated as reported value ÷ shares held. It is not the fund's purchase price or cost basis — the fund may have initiated or added to the position at any point during the quarter at a different price. Since Period shows the price change from that quarter-end snapshot to today's last price — it reflects stock movement after the report date, not the fund's actual return.

Sector Allocation
Technology 33.7%
Financial Services 12.1%
Communication Services 11.1%
Consumer Cyclical 9.5%
Healthcare 9.2%
Industrials 9.0%
Consumer Defensive 5.5%
Energy 3.7%
Utilities 2.6%
Real Estate 2.0%