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Livermore
Livermore
ZHEN

State of Michigan Retirement System

SEC CIK
0000762152
Latest filing
Jul 30, 2026

The latest 13F from State of Michigan Retirement System covers Q2 2026 (filed Jul 30, 2026): 960 long positions worth $22.6B. The top 10 holdings make up 31.0% of the portfolio, and the largest is NVIDIA Corp (NVDA) at 6.3%. Livermore has 23 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
35
Est. +$566.9M
Added
149
Est. +$995.0M
Reduced
742
Est. −$665.6M
Sold out
16
Est. −$122.7M

Top 5 holdings

Share of this quarter's portfolio value

  1. NVDANVIDIA Corp
    6.3%$1.43BHistory
  2. AAPLApple Inc.
    4.9%$1.11BHistory
  3. MSFTMicrosoft Corp
    3.3%$755.8MHistory
  4. AMZNAmazon Com Inc
    2.8%$631.1MHistory
  5. AVGOBroadcom Inc.
    2.7%$617.5MHistory

Share of portfolio

Top 5 holdings and the other 955 positions, by share of portfolio value

  1. NVDA6.3%
  2. AAPL4.9%
  3. MSFT3.3%
  4. AMZN2.8%
  5. AVGO2.7%
  6. Other 955 positions79.9%

Biggest buys

New and added positions, by estimated amount bought

  1. HUBSHubSpot Inc
    +$197.6MAddedHistory
  2. ADBEAdobe Inc.
    +$108.3MAddedHistory
  3. SPYSPDR S&P 500 ETF Trust
    +$101.7MAddedHistory
  4. AMDAdvanced Micro Devices Inc
    +$100.4MAddedHistory
  5. iShares Iboxx $ Investment Grade Corporate Bond ETF464287242
    +$98.2MAdded

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. AMDAdvanced Micro Devices Inc
    +1.37 pp0.7% → 2.0%History
  2. MUMicron Technology Inc
    +1.26 pp0.7% → 1.9%History
  3. HUBSHubSpot Inc
    +0.82 pp0.1% → 1.0%History
  4. BlackRock ETF Trust II092528819
    +0.42 pp0.0% → 0.4%
  5. SPYSPDR S&P 500 ETF Trust
    +0.42 pp0.9% → 1.3%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. TDGTransDigm Group INC
    −$81.9MReducedHistory
  2. State Street Health Care Select Sector SPDR ETF81369Y209
    −$59.3MSold out
  3. METAMeta Platforms, Inc.
    −$49.2MReducedHistory
  4. INTCIntel Corp
    −$47.1MReducedHistory
  5. CICigna Group
    −$41.0MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. MSFTMicrosoft Corp
    −0.68 pp4.0% → 3.3%History
  2. METAMeta Platforms, Inc.
    −0.67 pp2.6% → 1.9%History
  3. TDGTransDigm Group INC
    −0.38 pp0.5% → 0.1%History
  4. NVDANVIDIA Corp
    −0.35 pp6.7% → 6.3%History
  5. AAPLApple Inc.
    −0.32 pp5.2% → 4.9%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$22.6B
+$3.66B (+19.3%) vs. prior quarter
Positions
960
+19 vs. prior quarter
Top 10 concentration
31.0%
Top 10 as share of value
Turnover
3.8%
Q2 2026, one quarter
Average holding period
19.9 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $22.6B (Q2 2026)

Q1 2021: $15.8BQ2 2021: $17.0BQ3 2021: $17.6BQ4 2021: $19.1BQ1 2022: $17.3BQ2 2022: $14.6BQ3 2022: $13.6BQ4 2022: $14.4BQ1 2023: $15.2BQ2 2023: $16.2BQ3 2023: $15.5BQ4 2023: $16.8BQ1 2024: $18.6BQ2 2024: $19.5BQ3 2024: $20.2BQ4 2024: $19.2BQ1 2025: $17.3BQ2 2025: $19.3BQ3 2025: $20.8BQ4 2025: $20.6BQ1 2026: $18.9BQ2 2026: $22.6B
Q1 2021Q2 2026
13F filings of State of Michigan Retirement System by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 30, 2026960$22.6BNVDAAAPLMSFTvs. Q1 2026SEC
Q1 2026May 4, 2026941$18.9BNVDAAAPLMSFTvs. Q4 2025SEC
Q4 2025Jan 29, 2026935$20.6BNVDAAAPLMSFTvs. Q3 2025SEC
Q3 2025Nov 5, 2025944$20.8BNVDAMSFTAAPLvs. Q2 2025SEC
Q2 2025Aug 5, 2025944$19.3BNVDAMSFTAAPLvs. Q1 2025SEC
Q1 2025Apr 30, 2025944$17.3BAAPLNVDAMSFTvs. Q4 2024SEC
Q4 2024Feb 6, 2025951$19.2BSPYNVDAAAPLvs. Q3 2024SEC
Q3 2024Nov 4, 2024950$20.2BSPYNVDAMSFTvs. Q2 2024SEC
Q2 2024Jul 26, 2024950$19.5BSPYMSFTNVDAvs. Q1 2024SEC
Q1 2024Apr 18, 2024955$18.6BSPYMSFTNVDAvs. Q4 2023SEC
Q4 2023Jan 23, 2024958$16.8BSPYMSFTAAPLvs. Q3 2023SEC
Q3 2023Oct 27, 2023964$15.5BSPYAAPLMSFTvs. Q2 2023SEC
Q2 2023Jul 26, 2023969$16.2BSPYAAPLMSFTvs. Q1 2023SEC
Q1 2023Apr 28, 2023968$15.2BSPYAAPLMSFTvs. Q4 2022SEC
Q4 2022Jan 27, 2023967$14.4BSPYAAPLMSFTvs. Q3 2022SEC
Q3 2022Oct 24, 2022966$13.6BSPYAAPLMSFTvs. Q2 2022SEC
Q2 2022Aug 8, 2022970$14.6BSPYAAPLMSFTvs. Q1 2022SEC
Q1 2022May 4, 2022948$17.3BSPYAAPLMSFTvs. Q4 2021SEC
Q4 2021Jan 27, 2022975$19.1BSPYAAPLMSFTvs. Q3 2021SEC
Q3 2021Oct 27, 2021975$17.6BSPYMSFTAAPLvs. Q2 2021SEC
Q2 2021Jul 27, 2021969$17.0BAAPLMSFTSPYvs. Q1 2021SEC
Q1 2021Jul 27, 2021Amended975$15.8BAAPLMSFTSPY–SEC

13D and 13G filings

Companies where State of Michigan Retirement System reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

3 companies, largest stake first.

Companies where State of Michigan Retirement System owns 5% or more
CompanyLatest formStakeChangeFirst filedLatest filingFiling
HarbourVest Private Investments FundClass I Common Shares of Beneficial Interest13G/A85.60%55.1M shares−13.80 ppfrom 99.40%Jan 9, 20262 filingsJul 27, 2026SEC
KBDCKayne Anderson BDC, Inc.13G9.60%6.57M sharesNewJan 15, 20261 filingJan 15, 2026SEC
Sixth Street Lending PartnersCommon shares of beneficial interest, par value $0.001 per share13G8.00%11.1M shares–Jan 11, 20234 filingsJan 24, 2025SEC

Latest filings

10 filings on file made by State of Michigan Retirement System or listing it as a reporting person, newest first.

Schedule 13D and 13G filings by State of Michigan Retirement System
CompanyFiled (ET)FormStakeChangeEvent dateFiling
HarbourVest Private Investments FundClass I Common Shares of Beneficial InterestJul 27, 20262:13 PM ET13G/A85.60%55.1M shares−13.80 ppfrom 99.40%Jun 30, 2026SEC
KBDCKayne Anderson BDC, Inc.Jan 15, 20261:32 PM ET13G9.60%6.57M sharesNewMay 31, 2024SEC
HarbourVest Private Investments FundClass I Common Shares of Beneficial InterestJan 9, 202612:30 PM ET13G99.40%54.7M sharesNewApr 30, 2025SEC
Sixth Street Lending PartnersCommon shares of beneficial interest, par value $0.001 per shareJan 24, 202510:09 AM ET13G8.00%11.1M shares–Dec 31, 2024SEC
Sixth Street Lending PartnersJan 22, 202413GOld format–––SEC
Sixth Street Lending PartnersDec 4, 202313G/AOld format–––SEC
Sixth Street Lending PartnersJan 11, 202313GOld format–New–SEC
LDIloanDepot, Inc.Feb 8, 202213GOld format–New–SEC
TRTXTPG RE Finance Trust, Inc.Feb 8, 202213GOld format–––SEC
TRTXTPG RE Finance Trust, Inc.Jan 19, 202113GOld format–New–SEC