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Portfolio (Quarterly) Guide ↗

STATE OF MICHIGAN RETIREMENT SYSTEM

· CIK 0000762152
13F Portfolio $20.6B AUM Filed Jan 29, 2026 EDGAR ↗ ← All Funds
Q1 2026 Q4 2025 · All 935 New
Page 2 of 47  ·  935 positions
# Ticker Company Sector Shares Value ↓ % Port Chg Shares Chg % Period Price ① Since Period ①
21 MA MASTERCARD INCORPORATED Financial Services 241,581.0 $137.9M 0.67% NEW $570.88 -14.2%
22 JNJ JOHNSON JOHNSON Healthcare 654,467.0 $135.4M 0.66% NEW $206.95 +11.5%
23 XOM EXXON MOBIL CORP Energy 1,104,018.0 $132.9M 0.65% NEW $120.34 +27.0%
24 WMT WALMART INC Consumer Defensive 1,174,420.0 $130.8M 0.64% NEW $111.41 +18.9%
25 ISRG INTUITIVE SURGICAL INC Healthcare 209,353.0 $118.6M 0.58% NEW $566.36 -24.4%
26 ABBV ABBVIE INC Healthcare 462,708.0 $105.7M 0.51% NEW $228.49 -7.9%
27 MU MICRON TECHNOLOGY INC Technology 367,142.0 $104.8M 0.51% NEW $285.41 +171.9%
28 BAC BANK AMERICA CORP Financial Services 1,873,512.0 $103.0M 0.50% NEW $55.00 -9.5%
29 TDG TRANSDIGM GROUP INC Industrials 75,792.0 $100.8M 0.49% NEW $1329.85 -11.4%
30 DUOL DUOLINGO INC Technology 560,500.0 $98.4M 0.48% NEW $175.50 -37.8%
31 CSCO CISCO SYS INC Technology 1,222,862.0 $94.2M 0.46% NEW $77.03 +50.0%
32 KBDC KAYNE ANDERSON BDC INC Financial Services 6,566,762.0 $94.0M 0.46% NEW $14.32 +3.1%
33 PG PROCTER AND GAMBLE CO Consumer Defensive 629,637.0 $90.2M 0.44% NEW $143.31 -0.4%
34 HD HOME DEPOT INC Consumer Cyclical 260,584.0 $89.7M 0.44% NEW $344.10 -11.6%
35 BERKSHIRE HATHAWAY INC DEL 116.0 $87.6M 0.43% NEW $754800.00
36 KR KROGER CO Consumer Defensive 1,392,587.0 $87.0M 0.42% NEW $62.48 +6.9%
37 ORCL ORACLE CORP Technology 440,332.0 $85.8M 0.42% NEW $194.91 +0.4%
38 GE GE AEROSPACE Industrials 276,161.0 $85.1M 0.41% NEW $308.03 -5.4%
39 UNH UNITEDHEALTH GROUP INC Healthcare 244,919.0 $80.9M 0.39% NEW $330.11 +20.9%
40 WFC WELLS FARGO CO NEW Financial Services 866,049.0 $80.7M 0.39% NEW $93.20 -20.8%
Page 2 of 47  ·  935 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 34.9%
Financial Services 14.8%
Communication Services 11.1%
Consumer Cyclical 9.8%
Healthcare 9.3%
Industrials 7.7%
Consumer Defensive 4.6%
Energy 2.5%
Utilities 2.1%
Real Estate 1.8%