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STATE TREASURER STATE OF MICHIGAN Portfolio Analytics

Investment Analysis & Holdings Breakdown

Comprehensive portfolio analytics for STATE TREASURER STATE OF MICHIGAN with $20.8B in long positions as of Q3 2025, 33% allocated to Technology, and 38% concentrated in top 10 positions.

Portfolio Value
$20.8B
Top 10 Concentration
38%
Top Sector
Technology (33%)
US Exposure
97%
Market Cap Focus
Mega Cap
Countries
14

Composition Analysis

Portfolio breakdown by sector, industry, and market capitalization

Sector Allocation

Technology: 33.10%TechnologyFinancial Services: 11.40%Financial ServicesCommunication Services: 10.00%Communication ServicesConsumer Cyclical: 9.40%Consumer CyclicalETF: 8.20%Healthcare: 7.80%Industrials: 7.20%Consumer Defensive: 4.80%Energy: 2.40%Utilities: 2.10%Real Estate: 1.70%Basic Materials: 1.40%
Technology
33.10%
Financial Services
11.40%
Communication Services
10.00%
Consumer Cyclical
9.40%
ETF
8.20%
Healthcare
7.80%
Industrials
7.20%
Consumer Defensive
4.80%
Energy
2.40%
Utilities
2.10%
Real Estate
1.70%
Basic Materials
1.40%

Industry Breakdown

127 industries across all sectors

Semiconductors: 13.65%SemiconductorsSoftware - Infrastructure: 8.35%Software - InfrastructureETF: 8.21%ETFInternet Content & Information: 7.59%Consumer Electronics: 5.30%Specialty Retail: 3.91%Drug Manufacturers - General: 3.16%Banks - Diversified: 2.60%Software - Application: 2.47%Financial - Credit Services: 2.37%Aerospace & Defense: 2.08%Auto - Manufacturers: 1.83%Discount Stores: 1.50%Insurance - Diversified: 1.46%Entertainment: 1.44%Regulated Electric: 1.36%Household & Personal Products: 1.31%Industrial - Machinery: 1.22%Medical - Healthcare Plans: 1.20%Medical - Devices: 1.14%Oil & Gas Integrated: 1.02%Information Technology Services: 0.95%Asset Management: 0.94%Telecommunications Services: 0.93%Financial - Capital Markets: 0.93%Medical - Diagnostics & Research: 0.90%Financial - Data & Stock Exchanges: 0.87%Home Improvement: 0.83%99 more: 20.01%99 more
Semiconductors
Technology
13.65%
Software - Infrastructure
Technology
8.35%
ETF
ETF
8.21%
Internet Content & Information
Communication Services
7.59%
Consumer Electronics
Technology
5.30%
Specialty Retail
Consumer Cyclical
3.91%
Drug Manufacturers - General
Healthcare
3.16%
Banks - Diversified
Financial Services
2.60%
Software - Application
Technology
2.47%
Financial - Credit Services
Financial Services
2.37%
Aerospace & Defense
Industrials
2.08%
Auto - Manufacturers
Consumer Cyclical
1.83%

Filter by Sector

Select a sector to filter industries

Market Cap Distribution

Mega Cap (> $200B): 53.95%Mega Cap (> $200B)Large Cap ($10B - $200B): 34.74%Large Cap ($10B - $200B)Mid Cap ($2B - $10B): 2.22%Small Cap ($300M - $2B): 0.11%Nano Cap (< $50M): 0.18%N/A (ETF or Unknown): 8.80%N/A (ETF or Unknown)
Mega Cap (> $200B)
53.95%
Large Cap ($10B - $200B)
34.74%
Mid Cap ($2B - $10B)
2.22%
Small Cap ($300M - $2B)
0.11%
Nano Cap (< $50M)
0.18%
N/A (ETF or Unknown)
8.80%

Portfolio Concentration

Top 10 Holdings %
37.59%
Top 20 Holdings %
47.71%
Top 50 Holdings %
60.87%
Top 100 Holdings %
72.53%

Geographic Exposure

Portfolio breakdown by country of incorporation

Domestic (US)
97.2%
International
2.8%
Countries
14
Largest Int'l Market
Ireland - 1.12%
United States of America
97.20% ($20.2B)
902 holdings
Ireland
1.12% ($232.6M)
13 holdings
United Kingdom
0.44% ($91.0M)
10 holdings
Switzerland
0.32% ($67.4M)
4 holdings
Taiwan
0.20% ($41.4M)
1 holdings
Luxembourg
0.19% ($39.1M)
1 holdings
Canada
0.15% ($30.6M)
4 holdings
Uruguay
0.12% ($25.7M)
1 holdings
Bermuda
0.10% ($20.6M)
6 holdings
Netherlands
0.09% ($18.3M)
1 holdings
Brazil
0.03% ($6.1M)
1 holdings
Singapore
0.02% ($5.2M)
1 holdings

Holding Behavior

Investment patterns and position management analysis

Portfolio Stability & Commitment

Avg. Top 10
45 quarters
Avg. Top 20
41.3 quarters
Avg. All Positions
34.6 quarters
Median Holding Period
49 quarters
Persistence Rate
94.3%
Persistent Holdings Weight
98.17%
Persistent Positions
893
Longest Held
SPDR S&P 500 ETF Trust logo
SPDR S&P 500 ETF TrustSPY - 49 quarters

Position Sizing & Influence

Current Quarter

Avg. New Position
0.05%
Avg. Position Weight
0.11%
Largest Position
Nvidia Corp logo
Nvidia CorpNVDA - 7.49%
Largest Ownership Stake
Stratasys Inc (ISRAEL) logo
Stratasys Inc (ISRAEL)SSYS - 0.96%
Avg. Ownership Stake
0.04%
Ownership Stake >5%
0
Ownership Stake >1%
0

Historical (Since Q2 2013)

Avg. New Position
0.10%
Avg. Ownership Stake
0.16%
Largest Position
SPDR S&P 500 ETF Trust logo
SPDR S&P 500 ETF TrustSPY - 12.25% (Q3 2021)
Largest Ownership Stake
Energy Focus, Inc. logo
Energy Focus, Inc.EFOI - 8.81% (Q3 2016)

Portfolio Turnover

Current Quarter

Turnover Ratio
1.8%
Value Traded
$369.91M
Positions Added
12
Positions Exited
20

Historical (Since Q2 2013)

Avg. Turnover Ratio
7.4%
Avg. Positions Added
35
Avg. Positions Exited
20
Highest Turnover
12.4%
Q3 2021
Lowest Turnover
1.5%
Q2 2025

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