Michigan Pension’s Golden Gamble

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Now listen closely, because this is a tale of shiny things, and even shinier decisions. The Municipal Employees’ Retirement System of Michigan – a rather grand title for a collection of folks looking after other folks’ pennies – recently had a bit of a fiddle with its investments. Specifically, they trimmed a sizeable chunk from their holdings in something called the iShares MSCI Global Gold Miners ETF, or RING as it’s known on the stock exchange. A rather peculiar name, wouldn’t you agree? Like a circus performer with a fondness for precious metals.

What Happened, You Ask?

On February 6th, 2026, these pension pot guardians revealed they’d shed 528,148 shares of RING. That’s a lot of shares, enough to make a magpie blush. The transaction, we’re told, was worth around $35.65 million, which is a sum that could buy a rather impressive collection of chocolate factories. They still held 844,062 shares after the sale, valued at $62.16 million, but the net effect was a $26.64 million dip. A bit like letting air out of a very expensive balloon.

A Peek Behind the Curtain

  • This sale left RING making up just 0.7% of the Michigan pension fund’s total stash. A small slice of the pie, you might say, but a pie filled with the glittering promise of gold.
  • Their top holdings, after this little shuffle, looked like this:
    • NYSEMKT:QVML: $1.37 billion (a whopping 15.5% of their funds)
    • NYSEMKT:SPTI: $1.07 billion (12.2%)
    • NYSEMKT:IVV: $946.06 million (10.7%)
    • NYSEMKT:VGK: $763.89 million (8.6%)
    • NYSEMKT:SPTS: $757.76 million (8.6%)
  • As of February 5th, 2026, shares of RING were bobbing along at $78.79, up a staggering 129.8% over the past year. It even managed to outshine the S&P 500 by a good 117.66 percentage points. Quite a performance, wouldn’t you say?
  • The dividend yield, on February 6th, 2026, was a modest 0.74%. Not enough to buy a castle, but certainly enough for a decent box of chocolates.
  • And finally, the shares were sitting 18.47% below their 52-week high. A bit of a dip, perhaps, but nothing to cause a panic. Not yet, anyway.

A Closer Look at RING

This RING, you see, isn’t made of gemstones, but of companies that dig for them. It’s designed to track the MSCI ACWI Select Gold Miners Investable Market Index, which is a rather complicated way of saying it holds a bunch of gold mining firms from all over the world. It’s a non-diversified fund, meaning it doesn’t spread its bets around too much, focusing solely on the glittering world of gold. A bit risky, perhaps, but potentially very rewarding.

Metric Value
AUM $3.627 billion
Price (as of market close February 5, 2026) $78.79
Dividend yield 0.74%
1-year total return 129.8%

What Does This Mean for Us Mere Mortals?

Over the past year, the price of gold has climbed like a determined mountaineer, and RING, naturally, has benefited. It’s soared almost 130%. But why did the Michigan pension fund decide to trim its holdings now? We can only speculate. Perhaps they wanted to lock in some profits before the golden goose stopped laying. Or maybe they foresee a bit of a wobble in the price of gold. Who knows what goes on in the minds of those who manage such vast sums?

It’s worth noting they still hold a substantial chunk of the fund. Newmont, Agnico Eagle Mines, and Barrick Mining make up around 37% of RING’s holdings, and all three have been rather busy digging up profits lately.

Gold’s rally might have paused for breath, but it’s too early to declare it finished. RING could still yield further gains as long as gold mining stocks continue to prosper. A bit of a gamble, perhaps, but then again, what isn’t in the world of finance? And remember, a little bit of gold never hurt anyone… except perhaps the dragons.

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2026-02-12 00:55