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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 2 of 10  ·  194 positions
# Ticker Company Sector Shares Value ↓ % Port Chg Shares Chg % Period Price ① Since Period ①
21 LRCX LAM RESEARCH CORP Technology 361,600.0 $77.3M 0.41% -3K -0.7% $213.66 +41.5%
22 WFC WELLS FARGO CO Financial Services 852,149.0 $67.8M 0.36% -14K -1.6% $79.61 -4.8%
23 T AT T INC Communication Services 2,143,713.0 $62.1M 0.33% -27K -1.2% $28.99 -14.0%
24 GEV GE VERNOVA INC Utilities 70,440.0 $61.5M 0.33% -600.0 -0.8% $872.90 +19.6%
25 C CITIGROUP INC Financial Services 505,936.0 $57.4M 0.30% -12K -2.3% $113.41 +10.4%
26 MS MORGAN STANLEY Financial Services 314,326.0 $51.7M 0.27% -2K -0.6% $164.57 +21.8%
27 ISRG INTUITIVE SURGICAL INC Healthcare 104,153.0 $48.0M 0.25% -105K -50.2% $460.99 -4.6%
28 DIS DISNEY WALT CO Communication Services 496,766.0 $47.9M 0.25% -5K -0.9% $96.38 +7.5%
29 APH AMPHENOL CORP Technology 369,674.0 $46.7M 0.25% -17K -4.5% $126.35 -1.2%
30 CRM SALESFORCE INC Technology 244,743.0 $45.7M 0.24% -4K -1.8% $186.67 -5.5%
31 TSM TAIWAN SEMICONDUCTOR MANUFAC Technology 132,200.0 $44.7M 0.24% -16K -10.8% $337.95 +18.8%
32 AXP AMERICAN EXPRESS CO Financial Services 139,877.0 $42.3M 0.22% -800.0 -0.6% $302.48 +2.4%
33 COP CONOCOPHILLIPS Energy 320,028.0 $42.2M 0.22% -4K -1.1% $132.00 -8.7%
34 ADI ANALOG DEVICES INC Technology 127,655.0 $40.6M 0.21% -1K -0.8% $318.14 +20.8%
35 VLUE ISHARES TR 279,800.0 $39.8M 0.21% -168K -37.5% $142.19 +30.1%
36 UBER UBER TECHNOLOGIES INC Technology 537,600.0 $38.7M 0.20% -6K -1.2% $71.93 +3.7%
37 ACN ACCENTURE PLC IRELAND Technology 185,738.0 $36.8M 0.20% -2K -0.8% $198.29 -10.3%
38 SPGI S P GLOBAL INC Financial Services 82,953.0 $35.3M 0.19% -1K -1.4% $425.34 -2.0%
39 LMT LOCKHEED MARTIN CORP Industrials 57,718.0 $34.9M 0.18% -400.0 -0.7% $604.39 -13.5%
40 CMCSA COMCAST CORP NEW Communication Services 1,118,389.0 $32.1M 0.17% -14K -1.2% $28.71 -12.6%
Page 2 of 10  ·  194 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%