Municipal Employees' Retirement System of Michigan portfolio

What changed this quarter

12 positions with a change (2 new, 2 added to, 8 trimmed). 5 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• Invesco S&P 500 QVM Multi-fa ETF−11%fewer sharesReduced
  14.8% → 14.9%
• Invesco Exchange Traded Fund T+1.8 ppof portfolioNew
  — → 1.8%
• State Street SPDR P St Term TSY ETF−19%fewer sharesReduced
  9.3% → 7.3%
• State Street SPDR PF LNG TRM TSY E-usd ETF−15%fewer sharesReduced
  6.9% → 5.7%
• State Street SPDR P Int Term TSY ETF−4.5%fewer sharesReduced
  12.6% → 11.6%

The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight?: what it bought or sold, excluding price effects.

Top holdings

• Invesco S&P 500 QVM Multi-fa ETFQVML14.9%
• iShares Core S&P 500 ETFIVV13.5%
• State Street SPDR P Int Term TSY ETFSPTI11.6%
• State Street SPDR P St Term TSY ETFSPTS7.3%
• Vanguard International Equity Index FVGK6.5%
• State Street SPDR PF LNG TRM TSY E-usd ETFSPTL5.7%
• iShares Core S&P Midcap ETFIJH4.9%
• Schwab U.s. Tips ETFSCHP4.7%
• Invesco S&P Midcap 400 QVM M ETFQVMM4.7%
• State Street SPDR P Int C Corp ETFSPIB4.4%
• Bondbloxx ETF TrustXBB3.3%
• Invesco S&P Smallcap 600 QVM ETFQVMS2.8%
• IsharesIEMG2.7%
• Bondbloxx ETF TrustXEMD2.3%
• State Street SPDR P High Yield ETFSPHY2.1%
• Invesco Exchange Traded Fund TRSP1.8%
• Franklin Ftse Canada ETFFLCA1.6%
• iShares Fallen Angels ETFFALN1.4%
• IsharesPICK1.1%
• Bondbloxx ETF TrustXFIV0.7%
• IsharesRING0.6%
• J P Morgan Exchange Traded FundBBCA0.5%
• State Street Energy Select Sector ETFXLE0.3%
• iShares Copper and Metals ETFICOP0.3%
• Bondbloxx ETF TrustXB0.1%
• Coinbase GlobalCOIN0.1%
• Bondbloxx ETF TrustXCCCunder 0.1%
• iShares Core S&P Small-cap E ETFIJRunder 0.1%
• Figure Technology SolutionsFIGRunder 0.1%
• J P Morgan Exchange Traded FundBBAXunder 0.1%