STATE TREASURER STATE OF MICHIGAN
Sector Allocation
- Technology47.0%$10.6B
- Financials9.8%$2.2B
- Healthcare8.3%$1.9B
- Other7.5%$1.7B
- Consumer Discretionary7.2%$1.6B
- Industrials5.6%$1.3B
- Consumer Staples4.4%$998.9M
- Energy2.8%$640.3M
- Communication Services2.5%$557.1M
- Materials1.8%$397.4M
AUM History
13fpro.ai/research/fund/state-treasurer-state-of-michigan-762152
Conviction and streaks
Concentrating · top 10 = 33.2%From the fund's last 12 quarters of 13F filings: positions held longest at size, and names it added to or trimmed several quarters running.
Largest positions — Q3 2026
NVDA
$1.6BAAPL
$1.2BMSFT
$986.7MAMZN
$642.9MAVGO
$568.1MMETA
$530.8MGOOGL
$526.9MGOOG
$526.4MAMD
$451.1M- ISHARES$418.3M
MU
$393.1M- ISHARES$313.9M
ADBE
$288.1MTSLA
$251.2MHUBS
$246.1MLLY
$244.6MSPY
$223.8MJPM
$220.9MKR
$195.2MDUOL
$185.1M
Top 20 stock positions. Options are left out: 13F reports them at the underlying's value.
13fpro.ai/research/fund/state-treasurer-state-of-michigan-762152
STATE TREASURER STATE OF MICHIGAN 13F holdings — Q3 2026
$22.6B portfolio (+0.0% QoQ) · 966 holdings · Q3 2026 13F · top 10 are 33% of the stock portfolio
$1.6B
7.1% of stocks
-2%This quarter-1.2%Since filed8+ qtrsHeld$1.2B
5.5% of stocks
-2%This quarter-0.9%Since filed8+ qtrsHeld$986.7M
4.4% of stocks
-5%This quarter-0.1%Since filed8+ qtrsHeld$642.9M
2.9% of stocks
-3%This quarter+0.6%Since filed8+ qtrsHeldAIQuality67.5#361Est. buyEstimated buy price is Pro: unlock with a free trialTrimmed 5 qtrs in a row$568.1M
2.5% of stocks
-1%This quarter+2.8%Since filed8+ qtrsHeld$530.8M
2.4% of stocks
-4%This quarter-1.2%Since filed8+ qtrsHeldAIQualityAI quality score is Pro: unlock with a free trialEst. buyEstimated buy price is Pro: unlock with a free trialTrimmed 2 qtrs in a row$526.9M
2.3% of stocks
-3%This quarter+1.6%Since filed8+ qtrsHeldAIQualityAI quality score is Pro: unlock with a free trialEst. buyEstimated buy price is Pro: unlock with a free trialTrimmed 4 qtrs in a row$526.4M
2.3% of stocks
-1%This quarter+1.6%Since filed8+ qtrsHeld$451.1M
2.0% of stocks
-7%This quarter+3.2%Since filed8+ qtrsHeld- 10
ISHARES TR - MSCI USA MMENTM
$418.3M
1.9% of stocks
+1%This quarter—Since filed—HeldAIQuality—Est. buy—
All holdings — STATE TREASURER STATE OF MICHIGAN (Q3 2026)
966 disclosed positions from the Form 13F-HR on SEC EDGAR, with quarter-over-quarter share changes. Largest by value first; the ten above are not repeated.
| # | Company | Held | Source | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 11 | MICRON TECHNOLOGY INC | Technology | $393.1M | 1.7% | 369K | -1% | 8+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 12 | — | ISHARES TR - IBOXX INV CP ETFetf/fund | — | $313.9M | 1.4% | 3.07M | — | — | — | 13F |
| 13 | ADOBE INC. | Technology | $288.1M | 1.3% | 1.20M | -11% | 8+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 14 | Tesla, Inc. | Consumer Discretionary | $251.2M | 1.1% | 708K | -2% | 8+ qtrsTrimmed 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 15 | HUBSPOT INC | Technology | $246.1M | 1.1% | 1.20M | +1.0% | 8+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 16 | ELI LILLY & Co | Healthcare | $244.6M | 1.1% | 211K | -0.7% | 8+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 17 | SPDR S&P 500 ETF TRUSTetf/fund | — | $223.8M | 1.0% | 294K | -28% | 8+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 18 | JPMORGAN CHASE & CO | Financials | $220.9M | 1.0% | 668K | -3% | 8+ qtrsTrimmed 4 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 19 | KROGER CO | Consumer Staples | $195.2M | 0.9% | 3.33M | +14% | 8+ qtrsAdded 6 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 20 | Duolingo, Inc. | Technology | $185.1M | 0.8% | 1.30M | -0.5% | 8+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 21 | EXXON MOBIL CORP | Energy | $175.5M | 0.8% | 1.08M | -3% | 8+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 22 | CHARTER COMMUNICATIONS, INC. /MO/ | Communication Services | $172.2M | 0.8% | 1.55M | +45% | 8+ qtrsAdded 3 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 23 | Palantir Technologies Inc. | Technology | $171.9M | 0.8% | 919K | -3% | 8+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 24 | JOHNSON & JOHNSON | Healthcare | $167.2M | 0.7% | 632K | -2% | 8+ qtrsTrimmed 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 25 | VISA INC. | Financials | $163.9M | 0.7% | 456K | +0.7% | 8+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 26 | $BRK.B | BERKSHIRE HATHAWAY INC | Financials | $158.5M | 0.7% | 318K | -3% | |||
| 27 | $INTC | INTEL CORP | Technology | $150.1M | 0.7% | 1.25M | +3% | |||
| 28 | $MA | Mastercard Inc | Financials | $129.1M | 0.6% | 234K | -1% | |||
| 29 | $ANET | Arista Networks, Inc. | Technology | $124.7M | 0.6% | 612K | +8% | |||
| 30 | — | ISHARES TR - CORE US AGGBD ET | — | $122.9M | 0.5% | 1.30M | +44% | |||
| 31 | $CSCO | CISCO SYSTEMS, INC. | Technology | $121.9M | 0.5% | 1.13M | -2% | |||
| 32 | $WMT | Walmart Inc. | Consumer Staples | $119.3M | 0.5% | 1.15M | -0.2% | |||
| 33 | $ABBV | AbbVie Inc. | Healthcare | $116.1M | 0.5% | 444K | -2% | |||
| 34 | $LRCX | LAM RESEARCH CORP | Technology | $116.0M | 0.5% | 353K | -2% | |||
| 35 | $AMAT | APPLIED MATERIALS INC /DE | Technology | $112.2M | 0.5% | 219K | -2% | |||
| 36 | $COST | COSTCO WHOLESALE CORP /NEW | Consumer Staples | $104.9M | 0.5% | 115K | -2% | |||
| 37 | $SPCX | SPACE EXPLORATION TECHNOLOGIES CORP | Technology | $104.1M | 0.5% | 690K | New | |||
| 38 | $CVX | CHEVRON CORP | Energy | $101.4M | 0.5% | 496K | +4% | |||
| 39 | $VRT | Vertiv Holdings Co | Technology | $100.1M | 0.4% | 415K | +1% | |||
| 40 | $BAC | BANK OF AMERICA CORP /DE/ | Financials | $95.9M | 0.4% | 1.76M | -2% | |||
| 41 | $MRK | Merck & Co., Inc. | Healthcare | $94.6M | 0.4% | 651K | -2% | |||
| 42 | $CAT | CATERPILLAR INC | Industrials | $93.6M | 0.4% | 115K | -2% | |||
| 43 | — | BLACKROCK ETF TRUST II - ISHA SECU IN ETF | — | $92.3M | 0.4% | 1.90M | — | |||
| 44 | — | ISHARES TR - MSCI USA QLT FCT | — | $90.5M | 0.4% | 407K | -3% | |||
| 45 | $PANW | Palo Alto Networks Inc | Technology | $87.7M | 0.4% | 221K | -10% | |||
| 46 | $PG | PROCTER & GAMBLE Co | Consumer Staples | $87.5M | 0.4% | 602K | -2% | |||
| 47 | $BRK.A | BERKSHIRE HATHAWAY INC | Financials | $86.7M | 0.4% | 116 | — | |||
| 48 | $KO | COCA COLA CO | Consumer Staples | $86.3M | 0.4% | 1.00M | -2% | |||
| 49 | $UNH | UNITEDHEALTH GROUP INC | Healthcare | $82.8M | 0.4% | 226K | -3% | |||
| 50 | $KBDC | Kayne Anderson BDC, Inc. | Other | $82.5M | 0.4% | 6.57M | — | |||
| 51 | $GE | GENERAL ELECTRIC CO | Industrials | $81.4M | 0.4% | 261K | -2% | |||
| 52 | $NFLX | NETFLIX INC | Communication Services | $78.2M | 0.3% | 1.12M | -3% | |||
| 53 | $PM | Philip Morris International Inc. | Consumer Staples | $74.7M | 0.3% | 392K | -2% | |||
| 54 | $CRWD | CrowdStrike Holdings, Inc. | Technology | $73.1M | 0.3% | 276K | +248% | |||
| 55 | $KLAC | KLA CORP | Technology | $72.6M | 0.3% | 372K | -2% | |||
| 56 | $HD | HOME DEPOT, INC. | Consumer Discretionary | $71.3M | 0.3% | 250K | -2% | |||
| 57 | — | ISHARES TR - IBOXX HI YD ETF | — | $69.5M | 0.3% | 900K | — | |||
| 58 | — | ISHARES TR - CORE S P MCP ETF | — | $68.7M | 0.3% | 954K | -20% | |||
| 59 | $FDS | FACTSET RESEARCH SYSTEMS INC | Technology | $68.4M | 0.3% | 254K | -4% | |||
| 60 | $GS | GOLDMAN SACHS GROUP INC | Financials | $65.9M | 0.3% | 73K | -3% | |||
| 61 | $WFC | WELLS FARGO & COMPANY/MN | Financials | $64.9M | 0.3% | 811K | -3% | |||
| 62 | $GEV | GE Vernova Inc. | Industrials | $64.7M | 0.3% | 68K | -2% | |||
| 63 | $TXN | TEXAS INSTRUMENTS INC | Technology | $64.3M | 0.3% | 229K | -2% | |||
| 64 | $SNDK | Sandisk Corp | Technology | $63.9M | 0.3% | 37K | -3% | |||
| 65 | $RTX | RTX Corp | Industrials | $62.9M | 0.3% | 339K | -2% | |||
| 66 | $TMO | THERMO FISHER SCIENTIFIC INC. | Healthcare | $62.7M | 0.3% | 93K | -2% | |||
| 67 | $C | CITIGROUP INC | Financials | $60.2M | 0.3% | 465K | -3% | |||
| 68 | $ORCL | ORACLE CORP | Technology | $59.6M | 0.3% | 434K | -0.0% | |||
| 69 | $MRVL | Marvell Technology, Inc. | Technology | $59.4M | 0.3% | 225K | +0.2% | |||
| 70 | $APH | AMPHENOL CORP /DE/ | Technology | $58.3M | 0.3% | 692K | +90% | |||
| 71 | $LIN | LINDE PLC | Materials | $58.2M | 0.3% | 123K | -2% | |||
| 72 | $VZ | VERIZON COMMUNICATIONS INC | Communication Services | $58.2M | 0.3% | 1.27M | -2% | |||
| 73 | $AMGN | AMGEN INC | Healthcare | $57.2M | 0.3% | 136K | -2% | |||
| 74 | $MS | MORGAN STANLEY | Financials | $56.4M | 0.3% | 300K | -2% | |||
| 75 | $QCOM | QUALCOMM INC/DE | Technology | $55.7M | 0.3% | 303K | -0.5% | |||
| 76 | — | ISHARES TR - MBS ETF | — | $53.8M | 0.2% | 600K | — | |||
| 77 | $ZTS | Zoetis Inc. | Healthcare | $52.9M | 0.2% | 757K | +47% | |||
| 78 | $STX | Seagate Technology Holdings plc | Technology | $52.5M | 0.2% | 57K | -0.9% | |||
| 79 | $IBM | INTERNATIONAL BUSINESS MACHINES CORP | Technology | $52.1M | 0.2% | 237K | -2% | |||
| 80 | — | SPDR SERIES TRUST - ST STR PR SP1500 | — | $52.1M | 0.2% | 565K | — | |||
| 81 | $CRM | Salesforce, Inc. | Technology | $51.6M | 0.2% | 225K | -2% | |||
| 82 | $T | AT&T INC. | Communication Services | $51.5M | 0.2% | 2.11M | -3% | |||
| 83 | $DIS | Walt Disney Co | Communication Services | $51.4M | 0.2% | 490K | -2% | |||
| 84 | — | ISHARES TR - MSCI USA VALUE | — | $50.6M | 0.2% | 256K | +17% | |||
| 85 | $GILD | GILEAD SCIENCES, INC. | Healthcare | $48.7M | 0.2% | 327K | -2% | |||
| 86 | $ADI | ANALOG DEVICES INC | Technology | $48.5M | 0.2% | 122K | -2% | |||
| 87 | $DELL | Dell Technologies Inc. | Technology | $48.0M | 0.2% | 89K | +3% | |||
| 88 | $TJX | TJX COMPANIES INC /DE/ | Consumer Discretionary | $47.6M | 0.2% | 359K | -2% | |||
| 89 | $PFE | PFIZER INC | Healthcare | $47.3M | 0.2% | 1.66M | -2% | |||
| 90 | $ETN | Eaton Corp plc | Industrials | $45.1M | 0.2% | 105K | -2% | |||
| 91 | $OSCR | Oscar Health, Inc. | Healthcare | $44.7M | 0.2% | 1.45M | — | |||
| 92 | $MOH | MOLINA HEALTHCARE, INC. | Healthcare | $44.7M | 0.2% | 236K | +5% | |||
| 93 | $PEP | PEPSICO INC | Consumer Staples | $44.5M | 0.2% | 351K | -2% | |||
| 94 | $ISRG | INTUITIVE SURGICAL INC | Healthcare | $43.1M | 0.2% | 106K | +4% | |||
| 95 | $ABT | ABBOTT LABORATORIES | Healthcare | $43.0M | 0.2% | 435K | -3% | |||
| 96 | $DE | DEERE & CO | Industrials | $42.3M | 0.2% | 63K | -2% | |||
| 97 | $NOW | ServiceNow, Inc. | Technology | $41.9M | 0.2% | 313K | -18% | |||
| 98 | $WELL | WELLTOWER INC. | Real Estate | $41.7M | 0.2% | 181K | +0.2% | |||
| 99 | $SCHW | SCHWAB CHARLES CORP | Financials | $41.4M | 0.2% | 423K | -2% | |||
| 100 | $WDC | WESTERN DIGITAL CORP | Technology | $41.2M | 0.2% | 91K | +3% | |||
| 101 | $MCD | MCDONALDS CORP | Consumer Discretionary | $41.1M | 0.2% | 178K | -2% | |||
| 102 | $TSM | TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD | Technology | $40.6M | 0.2% | 89K | -24% | |||
| 103 | $UNP | UNION PACIFIC CORP | Industrials | $40.6M | 0.2% | 149K | -2% | |||
| 104 | $COHR | COHERENT CORP. | Technology | $40.3M | 0.2% | 140K | +84% | |||
| 105 | $AXP | AMERICAN EXPRESS CO | Financials | $40.3M | 0.2% | 132K | -3% | |||
| 106 | $BLK | BlackRock, Inc. | Financials | $39.8M | 0.2% | 38K | -2% | |||
| 107 | $NEE | NEXTERA ENERGY INC | Utilities | $39.7M | 0.2% | 524K | -2% | |||
| 108 | $COP | CONOCOPHILLIPS | Energy | $37.8M | 0.2% | 302K | -3% | |||
| 109 | $SPOT | Spotify Technology S.A. | Communication Services | $37.6M | 0.2% | 77K | -4% | |||
| 110 | $BA | BOEING CO | Industrials | $36.9M | 0.2% | 199K | -2% | |||
| 111 | $BMY | BRISTOL MYERS SQUIBB CO | Healthcare | $36.2M | 0.2% | 581K | -2% | |||
| 112 | $HIMS | Hims & Hers Health, Inc. | Healthcare | $36.0M | 0.2% | 1.21M | -49% | |||
| 113 | $UBER | Uber Technologies, Inc | Technology | $35.2M | 0.2% | 513K | -2% | |||
| 114 | $DHR | DANAHER CORP /DE/ | Healthcare | $34.8M | 0.1% | 157K | -2% | |||
| 115 | $VRTX | VERTEX PHARMACEUTICALS INC / MA | Healthcare | $34.8M | 0.1% | 67K | -2% | |||
| 116 | $ACN | Accenture plc | Technology | $34.4M | 0.1% | 187K | -2% | |||
| 117 | $PLD | Prologis, Inc. | Real Estate | $33.4M | 0.1% | 258K | — | |||
| 118 | $NEM | NEWMONT Corp /DE/ | Materials | $33.0M | 0.1% | 286K | -3% | |||
| 119 | $COF | CAPITAL ONE FINANCIAL CORP | Financials | $32.6M | 0.1% | 169K | -3% | |||
| 120 | $CVS | CVS HEALTH Corp | Healthcare | $32.0M | 0.1% | 374K | -1% | |||
| 121 | $FTNT | Fortinet, Inc. | Technology | $31.8M | 0.1% | 178K | -3% | |||
| 122 | $PGR | PROGRESSIVE CORP/OH/ | Financials | $31.5M | 0.1% | 152K | -2% | |||
| 123 | $ICE | Intercontinental Exchange, Inc. | Financials | $31.3M | 0.1% | 206K | -10% | |||
| 124 | $VLO | VALERO ENERGY CORP/TX | Energy | $31.0M | 0.1% | 80K | -4% | |||
| 125 | $SPGI | S&P Global Inc. | Financials | $31.0M | 0.1% | 79K | -2% | |||
| 126 | $BKNG | Booking Holdings Inc. | Consumer Discretionary | $30.8M | 0.1% | 189K | -5% | |||
| 127 | $GLW | CORNING INC /NY | Materials | $30.6M | 0.1% | 199K | -0.7% | |||
| 128 | $PH | Parker-Hannifin Corp | Industrials | $30.3M | 0.1% | 32K | -2% | |||
| 129 | $CB | Chubb Ltd | Financials | $29.7M | 0.1% | 91K | -4% | |||
| 130 | $ADP | AUTOMATIC DATA PROCESSING INC | Technology | $29.4M | 0.1% | 114K | -2% | |||
| 131 | $GM | General Motors Co | Consumer Discretionary | $29.3M | 0.1% | 380K | -3% | |||
| 132 | $HPE | Hewlett Packard Enterprise Co | Technology | $28.7M | 0.1% | 449K | -2% | |||
| 133 | $LMT | LOCKHEED MARTIN CORP | Industrials | $28.7M | 0.1% | 56K | -2% | |||
| 134 | $MO | ALTRIA GROUP, INC. | Consumer Staples | $28.3M | 0.1% | 420K | -2% | |||
| 135 | $MPC | Marathon Petroleum Corp | Energy | $27.9M | 0.1% | 71K | -6% | |||
| 136 | $MDT | Medtronic plc | Healthcare | $27.8M | 0.1% | 322K | -2% | |||
| 137 | $TT | Trane Technologies plc | Technology | $27.5M | 0.1% | 61K | -2% | |||
| 138 | $SBUX | STARBUCKS CORP | Consumer Discretionary | $26.9M | 0.1% | 286K | -2% | |||
| 139 | $SOFI | SoFi Technologies, Inc. | Financials | $26.2M | 0.1% | 1.67M | +1% | |||
| 140 | $LOW | LOWES COMPANIES INC | Consumer Discretionary | $26.0M | 0.1% | 141K | -2% | |||
| 141 | $PSX | Phillips 66 | Energy | $25.6M | 0.1% | 100K | -2% | |||
| 142 | $FCX | FREEPORT-MCMORAN INC | Materials | $25.3M | 0.1% | 361K | -2% | |||
| 143 | $PWR | QUANTA SERVICES, INC. | Industrials | $25.2M | 0.1% | 39K | -2% | |||
| 144 | $EQIX | EQUINIX INC | Real Estate | $25.1M | 0.1% | 25K | -2% | |||
| 145 | $CCZ | COMCAST CORP | Communication Services | $25.1M | 0.1% | 1.15M | -2% | |||
| 146 | $MCK | MCKESSON CORP | Consumer Staples | $25.0M | 0.1% | 29K | -5% | |||
| 147 | $HWM | Howmet Aerospace Inc. | Materials | $24.8M | 0.1% | 110K | -2% | |||
| 148 | $CME | CME GROUP INC. | Financials | $24.7M | 0.1% | 94K | -2% | |||
| 149 | $BNY | Bank of New York Mellon Corp | Financials | $24.7M | 0.1% | 170K | -3% | |||
| 150 | $CDNS | CADENCE DESIGN SYSTEMS INC | Technology | $24.6M | 0.1% | 75K | -2% |
What changed in Q3 2026
Against the previous quarter's 13F: 19 new, 237 added to, 602 trimmed, 13 sold out. Share-count changes; largest moves by dollar size first.
New positions (19)
$SPCXSPACE EXPLORATION TECHNOLOGIES CORP$104.1Mfirst bought this quarter
$BEBloom Energy Corp$20.5M
first bought this quarter
- ISHARES TR - MSCI INTL QUALITY$14.9M
first bought this quarter
- ISHARES TR - MSCI ACWI EX US$14.9M
first bought this quarter
$SNAPSnap Inc$12.3M
first bought this quarter
$FERGFerguson Enterprises Inc. /DE/$10.8M
first bought this quarter
+13 more in the Excel export
Added to (237)
$CHTRCHARTER COMMUNICATIONS, INC. /MO/+45%
now $172.2M · held 8+ qtrs, 3 adds in a row
$CRWDCrowdStrike Holdings, Inc.+248%
now $73.1M · held 8+ qtrs
- ISHARES TR - CORE US AGGBD ET+44%
now $122.9M
$APHAMPHENOL CORP /DE/+90%
now $58.3M · held 8+ qtrs
now $195.2M · held 8+ qtrs, 6 adds in a row
$COHRCOHERENT CORP.+84%
now $40.3M · held 8+ qtrs, 3 adds in a row
+231 more in the Excel export
Trimmed (602)
now $223.8M · held 8+ qtrs
now $986.7M · held 8+ qtrs, 4 trims in a row
- ISHARES INC - MSCI MEXICO ETF-85%
now $7.1M
now $1.6B · held 8+ qtrs, 4 trims in a row
now $288.1M · held 8+ qtrs
$HIMSHims & Hers Health, Inc.-49%
now $36.0M · held 8+ qtrs
+596 more in the Excel export
Holdings by quarter
Every 13F STATE TREASURER STATE OF MICHIGAN has filed, 39 earlier quarters. Pick one to see what it held then.
Is it too late to follow STATE TREASURER STATE OF MICHIGAN?
Q3 2026 13F filed with the SEC on Oct 27, 2026. Prices are closing prices as of Oct 28, 2026.
Average quality of STATE TREASURER STATE OF MICHIGAN's top 20 holdings: 77/100 (our AI quality score, weighted by position size; 19 of the 20 are scored)
Top 10 since filing
+0.5%
Value-weighted move of the 10 largest stock positions
Turnover
2%
Last quarter; 11% over the last 4
Top 10 weight
33%
Share of the stock portfolio in its 10 largest positions
Held 4+ quarters
98%
Share of portfolio value in positions held a year or more
Highest-quality names it owns(among its 100 largest positions)
The 8 highest-scoring companies in this portfolio are a Pro feature.
How these are measured
- Moves since the quarter-end and since the filing date use our own daily closing prices, from the close on (or just before) each date to the latest close.
- Turnover is the lesser of shares bought or sold in a quarter, valued at the quarter-end prices in the 13F, divided by the average of the two quarters' stock portfolio values.
- Quarters held and add/trim streaks count back only through quarters whose filed holdings add up to the filing's own cover-page total (back to Q4 2024 for this fund). A change counts as an add or a trim when the split-adjusted share count moves by more than 1%.
- Estimate, not the fund's reported cost. For each quarter in the current holding period in which the fund's share count rose (split-adjusted), we take that quarter's average daily close and weight it by the shares added; sales do not change an average cost. Quarters where the stock's price history and the 13F's own implied price disagree by more than 2x are left out.
- Put and call option rows report the value of the underlying shares, not a position the fund paid for, so they are left out of all of the above.
Portfolio Overview
STATE TREASURER STATE OF MICHIGAN disclosed 966 positions worth $22.6B in its Form 13F-HR for Q3 2026, led by $NVDA (NVIDIA CORP) at 7.1% of the equity portfolio, followed by $AAPL and $MSFT. During the quarter the fund opened 19 new positions and exited 13 — including a new stake in $SPCX and a full exit from $EA. The portfolio is most concentrated in Technology (47.0% of disclosed assets). All figures are sourced directly from STATE TREASURER STATE OF MICHIGAN’s Form 13F-HR filing with the SEC under CIK 762152.
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