STATE OF MICHIGAN RETIREMENT SYSTEM

New 13F: Q3 2026

STATE OF MICHIGAN RETIREMENT SYSTEM filed its 13F for the quarter ended Sep 30, 2026 on Oct 27, 2026: $10.9B in AI and semiconductor stocks; $168.5M bought and $351.6M sold against its previous quarter, at the quarter's prices.

STATE OF MICHIGAN RETIREMENT SYSTEM declares $10.6B in 128 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 47.0% of its $22.6B 13F portfolio. Largest positions: NVIDIA (0.03% of the company) and Alphabet (0.03% of the company). Over time: $10.6B in 128 of these companies for Q2 2026, against $2.7B in 86 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $382.3M and sold $299.6M of these stocks, at the quarter's prices: a net purchase of $82.8M; 9 new positions and 2 sold out.

Performance of its AI picks

The AI-stock portfolio STATE OF MICHIGAN RETIREMENT SYSTEM declared for Q2 2026 (Form 13F), held unchanged, returned +4.9% in Q3 2026 (SMH -7.1%), ranked 641 of 1,785 active managers. Over the last 12 months, quarter after quarter: +29.5% (SMH +87.2%), ranked 617 of 1,360 active managers. Over three years, quarter after quarter: +157.8% (SMH +325.8%), ranked 249 of 784 active managers. Over five years, quarter after quarter: +169.7% (SMH +389.8%), ranked 193 of 535 active managers. Trades made during a quarter are not visible in 13F filings: this measures its declared picks, not the return of its funds.

Largest positions

  1. NVIDIA (NVDA): $1.4B, 7.1M shares, 0.03% of the company, 6.3% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  2. Alphabet (GOOGL): $1.1B, 3.1M shares, 0.03% of the company, 4.9% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  3. Apple (AAPL): $1.1B, 3.8M shares, 0.03% of the company, 4.9% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  4. Microsoft (MSFT): $755.8M, 2.0M shares, 0.03% of the company, 3.3% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  5. Amazon (AMZN): $631.1M, 2.6M shares, 0.02% of the company, 2.8% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  6. Broadcom (AVGO): $617.5M, 1.6M shares, 0.03% of the company, 2.7% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  7. AMD (AMD): $459.2M, 790,453 shares, 0.05% of the company, 2.0% of its portfolio (added this quarter); held since Q4 2019 or earlier
  8. Micron (MU): $431.8M, 374,042 shares, 0.03% of the company, 1.9% of its portfolio (added this quarter); held since Q4 2019 or earlier
  9. Meta Platforms (META): $429.3M, 762,054 shares, 0.03% of the company, 1.9% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  10. Adobe (ADBE): $276.6M, 1.3M shares, 0.35% of the company, 1.2% of its portfolio (added this quarter); held since Q4 2019 or earlier
  11. Intel (INTC): $168.9M, 1.2M shares, 0.02% of the company, 0.75% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  12. Applied Materials (AMAT): $161.3M, 223,051 shares, 0.03% of the company, 0.71% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  13. Lam Research (LRCX): $155.5M, 358,800 shares, 0.03% of the company, 0.69% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  14. Vertiv (VRT): $137.5M, 410,590 shares, 0.11% of the company, 0.61% of its portfolio (added this quarter); held since Q4 2024
  15. Cisco (CSCO): $135.6M, 1.2M shares, 0.03% of the company, 0.60% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier

By sector

Biggest changes this quarter

Other holders of this size

Follow STATE OF MICHIGAN RETIREMENT SYSTEM's SEC filings (Atom feed)

All holders · Who owns each AI company · All tracked companies · The AI market