DFX Intelligence

Allocator Intelligence

The capital-owner graph behind private markets. Who owns the capital, who decides, how much, under what policy, on whose advice, to which managers, and what changed, with a source and a date behind every row. A target is never an actual, a disclosed holding is never an approval, and an estimate says so.

Corporate pension

Michelin Retirement Plan

Corporate pensionGreenville, SC
Assets
$2.1B
Total assets, Oct 31, 2025 reported
Funded
83.6%
Nov 1, 2024
Private markets target
n/a
policy Oct 31, 2025
Commitments
25
1 managers on Schedule C
Plan sponsor: Michelin North America, Inc
Allocation policy
Form 5500, as of Oct 31, 2025
Actual allocation lines without a target (as filed)
  • Interest-bearing cash 1.1%
  • Corporate debt instruments (other) 31.3%
  • U.S. Government securities 7.6%
  • Other investments 0.4%
  • Partnership/joint venture interests 1.9%
  • 103-12 investment entities 33.0%
  • Registered investment companies 6.3%
  • Common stock 7.8%
  • Preferred stock 0.1%
  • Real estate (other than employer real property) 7.3%
Consultants and advisers
9 firms
People
No investment staff or executives have been read for this allocator yet.
Manager roster
6 managers on the commitment tape
From the plan’s own commitment disclosures
Commitments
25 rows, 0 dated closings
Disclosed holdings (from the plan’s performance or holdings report, as of the report date)
DateFundManagerBucketAmountVintageStatusSource
as of Oct 31, 2025Morgan Stanley International Value103 12 ieMorgan Stanley Investment ManagemenPooled vehicles$36.4M heldDisclosed holdingaskebsa.dol.gov
as of Oct 31, 2025NT Collective Long-Term Govt Bond103 12 ieNorthern Trust Collective Eafe IndeFixed income$176M heldDisclosed holdingaskebsa.dol.gov
as of Oct 31, 2025Pimco Long Duration Corp Bond Fund103 12 iePacific Investmt Management Co LLCFixed income$862,452 heldDisclosed holdingaskebsa.dol.gov
as of Oct 31, 2025Treasury U.S. 5 Year Key Rate Durat103 12 ieBlackrock Instit Trust CoFixed income$80.5M heldDisclosed holdingaskebsa.dol.gov
as of Oct 31, 2025Treasury US 10 Yr Key Rate Duration103 12 ieBlackrock Institutional TrustFixed income$68.9M heldDisclosed holdingaskebsa.dol.gov
as of Oct 31, 2025Treasury US 15 Yr Key Rate Duration103 12 ieBlackrock Institutional TrustFixed income$32.3M heldDisclosed holdingaskebsa.dol.gov
as of Oct 31, 2025Short-Term Investment Fund103 12 ieBlackrock Instit Trust CoCash$537 heldDisclosed holdingaskebsa.dol.gov
as of Oct 31, 2025Intermediate Govt Bond Index Fund103 12 ieBlackrock Institutional Trust Co,naFixed income$104M heldDisclosed holdingaskebsa.dol.gov
as of Oct 31, 2024Treasury US 15 Yr Key Rate Duration103 12 ieBlackrock Institutional TrustFixed income$19.4M heldDisclosed holdingaskebsa.dol.gov
as of Oct 31, 2024Intermediate Govt Bond Index Fund103 12 ieBlackrock Institutional Trust Co,naFixed income$121M heldDisclosed holdingaskebsa.dol.gov
as of Oct 31, 2024Short-Term Investment Fund103 12 ieBlackrock Instit Trust CoCash$120 heldDisclosed holdingaskebsa.dol.gov
as of Oct 31, 2024Morgan Stanley International Value103 12 ieMorgan Stanley Investment ManagemenPooled vehicles$31.2M heldDisclosed holdingaskebsa.dol.gov
as of Oct 31, 2024NT Collective Long-Term Govt Bond103 12 ieNorthern Trust Collective Eafe IndeFixed income$205M heldDisclosed holdingaskebsa.dol.gov
as of Oct 31, 2024Pimco Long Duration Corp Bond Fund103 12 iePacific Investmt Management Co LLCFixed income$8.6M heldDisclosed holdingaskebsa.dol.gov
as of Oct 31, 2024Treasury U.S. 5 Year Key Rate Durat103 12 ieBlackrock Instit Trust CoFixed income$56.7M heldDisclosed holdingaskebsa.dol.gov
as of Oct 31, 2024Treasury US 10 Yr Key Rate Duration103 12 ieBlackrock Institutional TrustFixed income$47.3M heldDisclosed holdingaskebsa.dol.gov
as of Oct 31, 2023Morgan Stanley International Value103 12 ieMorgan Stanley Investment ManagemenPooled vehicles$25.9M heldDisclosed holdingaskebsa.dol.gov
as of Oct 31, 2023NT Collective Long-Term Govt Bond103 12 ieNorthern Trust Collective Eafe IndeFixed income$233M heldDisclosed holdingaskebsa.dol.gov
as of Oct 31, 2023Pimco Long Duration Corp Bond Fund103 12 iePacific Investmt Management Co LLCFixed income$8.5M heldDisclosed holdingaskebsa.dol.gov
as of Oct 31, 2023Treasury U.S. 5 Year Key Rate Durat103 12 ieBlackrock Instit Trust CoFixed income$34.7M heldDisclosed holdingaskebsa.dol.gov
as of Oct 31, 2023Treasury US 10 Yr Key Rate Duration103 12 ieBlackrock Institutional TrustFixed income$53.6M heldDisclosed holdingaskebsa.dol.gov
as of Oct 31, 2023Treasury US 15 Yr Key Rate Duration103 12 ieBlackrock Institutional TrustFixed income$23.1M heldDisclosed holdingaskebsa.dol.gov
as of Oct 31, 2023Long Duration Corporate Credit Scre103 12 ieBlackrock Long Duration CorporatePrivate credit$26.6M heldDisclosed holdingaskebsa.dol.gov
as of Oct 31, 2023Intermediate Govt Bond Index Fund103 12 ieBlackrock Institutional Trust Co,naFixed income$68.8M heldDisclosed holdingaskebsa.dol.gov
as of Oct 31, 2023Short-Term Investment Fund103 12 ieBlackrock Instit Trust CoCash$1,318 heldDisclosed holdingaskebsa.dol.gov
Size and funding
33 readings
Total assets
$2.1B Oct 31, 2025 reported Form 5500
$2.2B (2024-10) · $2.1B (2023-10)
Plan assets
$2.1B Nov 1, 2024 reported Form 5500
$2.0B (2023-11) · $2.2B (2022-11)
Net assets
$2.0B Oct 31, 2025 reported Form 5500
$2.1B (2024-10) · $2.0B (2023-10)
Funded ratio
83.6% Nov 1, 2024 reported Form 5500
80.0% (2023-11) · 91.5% (2022-11)
Funding target
$2.3B Nov 1, 2024 reported Form 5500
$2.4B (2023-11) · $2.4B (2022-11)
Discount rate
5.34% Nov 1, 2024 reported Form 5500
5.18% (2023-11) · 5.35% (2022-11)
Participants
18,855 Nov 1, 2024 reported Form 5500
19,397 (2023-11) · 20,278 (2022-11)
Contributions
$0 Oct 31, 2025 reported Form 5500
$50.0M (2024-10) · $0 (2023-10)
Benefits paid
$271M Oct 31, 2025 reported Form 5500
$199M (2024-10) · $241M (2023-10)
Net investment income
$-146M Oct 31, 2025 reported Form 5500
$137M (2024-10) · $-279M (2023-10)
Investment management fees
$4.5M Oct 31, 2025 reported Form 5500
$4.6M (2024-10) · $5.0M (2023-10)
Form 5500 filings
3 plan years
Plan yearParticipantsAssets (SB market)Funding targetFTAPTotal assets (H)Partnerships / JVMaster trustReal estate
2024 to Oct 31, 202518,855$2.1B$2.3B83.6%$2.1B$39.4Mn/a$150M
2023 to Oct 31, 202419,397$2.0B$2.4B80.0%$2.2B$48.0Mn/a$162M
2022 to Oct 31, 202320,278$2.2B$2.4B91.5%$2.1B$50.5Mn/a$188M
Service providers and investment entities as filed (Schedule C and D, latest year first)
What changed
8 events
  • Dec 31, 2024Consultant changedinference
    The Townsend Group appears on Michelin Retirement Plan's Schedule C as pension consultant (plan year 2024 vs 2023)
    with The Townsend Groupaskebsa.dol.gov
  • Dec 31, 2024Consultant changedinference
    Hewitt Ennis Knupp appears on Michelin Retirement Plan's Schedule C as general consultant (plan year 2024 vs 2023)
    with AON Investments USA Incaskebsa.dol.gov
  • Nov 1, 2024Funded status changed
    Michelin Retirement Plan funded ratio 80.0% -> 83.6% (2023-11-01 to 2024-11-01)
    askebsa.dol.gov
  • Oct 31, 2024Holding endedinference
    Michelin Retirement Plan no longer reports Long Duration Corporate Credit Scre (Blackrock Long Duration Corporate) (last held $27M at 2023-10-31; absent from the 2024-10-31 filing)
    with Blackrock Long Duration Corporateaskebsa.dol.gov
  • Dec 31, 2023Manager relationship endedinference
    UBS Global Asset Management no longer appears on Michelin Retirement Plan's Schedule C as investment manager (plan year 2023 vs 2022)
    with UBS Global Asset Management (US)askebsa.dol.gov
  • Dec 31, 2023Manager relationship endedinference
    Morgan Stanley Asset Management no longer appears on Michelin Retirement Plan's Schedule C as investment manager (plan year 2023 vs 2022)
    with Morgan Stanley Investment Managemenaskebsa.dol.gov
  • Nov 1, 2023Funded status changed
    Michelin Retirement Plan funded ratio 91.5% -> 80.0% (2022-11-01 to 2023-11-01)
    askebsa.dol.gov
  • Nov 1, 2023Assets changed
    Michelin Retirement Plan plan assets $2.2B -> $2.0B (-12.4%, 2022-11-01 to 2023-11-01)
    askebsa.dol.gov
Board record: approvals, recommendations, searches, terminations and re-up prospects for this system.
Provenance
Identifiers: EIN-PN 111724631-010
Cross-graph: no entry on another DFX graph
First observed Sep 15, 2026, last observed Sep 15, 2026. Classification confirmed. Every row above carries its source; a reported figure is the subject’s own, a derived one is arithmetic on reported figures, an estimated one is a model or a survey imputation and is never summed into a headline.