State of Michigan Retirement System

All holdings · as of Dec 31, 2025

Company	Class	Value	Shares	% of portfolio
NVIDIA Corp	—	$1.50B	8,060,260	7.3%
Apple Inc.	—	$1.14B	4,183,799	5.5%
MICROSOFT CORP	—	$1.08B	2,233,867	5.3%
Amazon.com Inc	—	$693.16M	3,003,020	3.4%
Broadcom Inc.	—	$639.20M	1,846,860	3.1%
Alphabet Inc.	—	$602.61M	1,925,280	2.9%
SPDR S P 500 ETF TR	—	$599.98M	879,840	2.9%
Meta Platforms Inc	—	$559.96M	848,314	2.7%
Alphabet Inc.	—	$492.34M	1,568,960	2.4%
Tesla Inc	—	$330.84M	735,657	1.6%
iShares MSCI UAE ETF	—	$322.22M	1,287,290	1.6%
JPMORGAN CHASE & CO	—	$294.10M	912,731	1.4%
ELI LILLY & Co	—	$275.87M	256,704	1.3%
iShares MSCI UAE ETF	—	$239.38M	2,172,400	1.2%
Visa Inc	—	$194.02M	553,223	0.9%
ADVANCED MICRO DEVICES INC	—	$180.54M	843,000	0.9%
Warren E. Buffett	—	$170.76M	339,729	0.8%
Palantir Technologies Inc	—	$156.06M	878,000	0.8%
Netflix Inc	—	$149.98M	1,599,590	0.7%
COSTCO WHOLESALE CORP /NEW	—	$146.40M	169,769	0.7%
Mastercard Inc	—	$137.91M	241,581	0.7%
JOHNSON & JOHNSON	—	$135.44M	654,467	0.7%
EXXON MOBIL CORP	—	$132.86M	1,104,018	0.6%
Walmart Inc.	—	$130.84M	1,174,420	0.6%
Intuitive Surgical Inc	—	$118.57M	209,353	0.6%
AbbVie Inc.	—	$105.72M	462,708	0.5%
MICRON TECHNOLOGY INC	—	$104.79M	367,142	0.5%
BANK OF AMERICA CORP /DE	—	$103.04M	1,873,512	0.5%
TransDigm Group Inc.	—	$100.79M	75,792	0.5%
Duolingo, Inc.	—	$98.37M	560,500	0.5%
CISCO SYSTEMS, INC.	—	$94.20M	1,222,862	0.5%
Kayne Anderson BDC, Inc.KBDC	Common Stock	$94.04M	6,566,762	0.5%
PROCTER & GAMBLE Co	—	$90.23M	629,637	0.4%
HOME DEPOT, INC.	—	$89.67M	260,584	0.4%
BERKSHIRE HATHAWAY INC DEL	—	$87.56M	116	0.4%
KROGER CO	—	$87.01M	1,392,587	0.4%
ORACLE CORP	—	$85.83M	440,332	0.4%
GENERAL ELECTRIC CO	—	$85.07M	276,161	0.4%
UNITEDHEALTH GROUP INC	—	$80.85M	244,919	0.4%
WELLS FARGO & COMPANY/MN	—	$80.72M	866,049	0.4%
Merck & Co., Inc.	—	$76.26M	724,490	0.4%
CHEVRON CORP	—	$75.53M	495,539	0.4%
CATERPILLAR INC	—	$74.74M	130,472	0.4%
COCA COLA CO	—	$72.73M	1,040,348	0.4%
INTERNATIONAL BUSINESS MACHINES CORP	—	$72.49M	244,740	0.4%
Arista Networks, Inc.ANET	Common Stock	$70.30M	536,556	0.3%
THE GOLDMAN SACHS GROUP, INC.	—	$69.06M	78,567	0.3%
ISHARES TR	—	$68.30M	1,034,810	0.3%
HIMS & HERS HEALTH, INC.	—	$66.81M	2,057,700	0.3%
Salesforce Inc	—	$66.03M	249,243	0.3%