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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 36 of 47  ·  935 positions
# Ticker Company Sector Shares Value ↓ % Port Chg Shares Chg % Period Price ① Since Period ①
701 CHDN CHURCHILL DOWNS INC Consumer Cyclical 15,680.0 $1.8M 0.01% NEW $113.78 -22.7%
702 NNN NNN REIT INC Real Estate 44,884.0 $1.8M 0.01% NEW $39.63 +10.3%
703 G GENPACT LIMITED Technology 37,884.0 $1.8M 0.01% NEW $46.78 -37.9%
704 CHWY CHEWY INC Consumer Cyclical 53,200.0 $1.8M 0.01% NEW $33.05 -34.6%
705 PNFP PINNACLE FINL PARTNERS INC Financial Services 18,227.0 $1.7M 0.01% NEW $95.41 -1.5%
706 CELH CELSIUS HLDGS INC Consumer Defensive 37,800.0 $1.7M 0.01% NEW $45.74 -35.9%
707 NFG NATIONAL FUEL GAS CO Energy 21,312.0 $1.7M 0.01% NEW $80.06 +1.5%
708 DINO HF SINCLAIR CORP Energy 36,900.0 $1.7M 0.01% NEW $46.08 +51.9%
709 VOYA VOYA FINANCIAL INC Financial Services 22,516.0 $1.7M 0.01% NEW $74.49 +9.3%
710 INGR INGREDION INC Consumer Defensive 14,988.0 $1.7M 0.01% NEW $110.26 -6.9%
711 SYNOVUS FINL CORP 32,804.0 $1.6M 0.01% NEW $50.05
712 AXTA AXALTA COATING SYS LTD Basic Materials 50,400.0 $1.6M 0.01% NEW $32.31 -14.5%
713 MUSA MURPHY USA INC Consumer Cyclical 4,024.0 $1.6M 0.01% NEW $403.52 +39.2%
714 MIDD MIDDLEBY CORP Industrials 10,920.0 $1.6M 0.01% NEW $148.67 -3.4%
715 IDA IDACORP INC Utilities 12,820.0 $1.6M 0.01% NEW $126.56 +10.6%
716 STAG STAG INDL INC Real Estate 44,100.0 $1.6M 0.01% NEW $36.76 +2.7%
717 MP MP MATERIALS CORP Basic Materials 31,800.0 $1.6M 0.01% NEW $50.52 +21.3%
718 ACI ALBERTSONS COS INC Consumer Defensive 93,500.0 $1.6M 0.01% NEW $17.17 -2.1%
719 CBSH COMMERCE BANCSHARES INC Financial Services 30,552.0 $1.6M 0.01% NEW $52.34 -0.8%
720 EXLS EXLSERVICE HOLDINGS INC Technology 37,500.0 $1.6M 0.01% NEW $42.44 -35.2%
Page 36 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%