STATE OF MICHIGAN RETIREMENT SYSTEM

The portfolio demonstrates a high level of diversification, holding 944 distinct positions. Despite the large number of holdings, the portfolio exhibits a "core-satellite" structure where a small number of large-cap positions constitute a significant portion of the value, while the tail consists of smaller, diversified bets. The activity level during the quarter was robust, with 26 new positions initiated and 26 positions sold completely, indicating an active management strategy focused on tactical reallocation rather than passive indexing alone.

2. Key Holdings