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State of Tennessee, Department of Treasury

State of Tennessee, Department of Treasury Portfolio holdings

AUM $29.8B
1-Year Est. Return 29.48%
This Fund
S&P 500
This Quarter Est. Return
+4.74%
1 Year Est. Return
+29.48%
3 Year Est. Return
+87.58%
5 Year Est. Return
+114.9%
10 Year Est. Return
+444.03%
AUM
$31.3B
AUM Growth
+$1.24B
Cap. Flow
-$287M
Cap. Flow %
-0.92%
Top 10 Hldgs %
28.36%
Holding
1,819
New
92
Increased
472
Reduced
1,140
Closed
92

Top Buys

Rank Stock Value
1
TSM icon
TSMC
TSM
+$211M
2
APP icon
Applovin
APP
+$43.1M
3
SE icon
Sea Limited
SE
+$26M
4
TTE icon
TotalEnergies
TTE
+$25.5M
5
CRH icon
CRH
CRH
+$25.3M

Top Sells

Rank Stock Value
1
EWT icon
iShares MSCI Taiwan ETF
EWT
+$244M
2
HYG icon
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
+$88.6M
3
SHYG icon
iShares 0-5 Year High Yield Corporate Bond ETF
SHYG
+$69.2M
4
RACE icon
Ferrari
RACE
+$54.5M
5
INDA icon
iShares MSCI India ETF
INDA
+$43.8M

Sector Composition

Rank Sector Weight
1 Technology 24.95%
2 Financials 11.36%
3 Consumer Discretionary 8.16%
4 Communication Services 7.8%
5 Industrials 7.09%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
DOO
576
Bombardier Recreational Products
DOO
$4.71B
$5.01M 0.02%
65,977
+16,255
+33% +$1.11M
GL icon
577
Globe Life
GL
$14.1B
$4.99M 0.02%
35,563
-16,551
-32% -$2.24M
SF
578
Stifel
SF
$13B
$4.99M 0.02%
60,648
-2,597
-4% -$208K
PKG icon
579
Packaging Corp of America
PKG
$22.8B
$4.97M 0.02%
22,337
-7,471
-25% -$1.52M
EXEL icon
580
Exelixis
EXEL
$12.6B
$4.95M 0.02%
119,701
-6,704
-5% -$277K
CTRA
581
DELISTED
Coterra Energy
CTRA
$4.91M 0.02%
170,280
-2,253
-1% -$56.8K
ACM icon
582
Aecom
ACM
$8.19B
$4.91M 0.02%
50,944
-7,463
-13% -$878K
OHI icon
583
Omega Healthcare
OHI
$14.1B
$4.91M 0.02%
111,883
-4,792
-4% -$206K
GGG icon
584
Graco
GGG
$13.2B
$4.9M 0.02%
56,158
-2,405
-4% -$198K
HAS icon
585
Hasbro
HAS
$13.7B
$4.88M 0.02%
54,658
-375
-0.7% -$29.4K
JAZZ icon
586
Jazz Pharmaceuticals
JAZZ
$15.8B
$4.87M 0.02%
29,581
-3,424
-10% -$525K
INCY icon
587
Incyte
INCY
$24.2B
$4.85M 0.02%
48,471
+17,286
+55% +$1.67M
LYB icon
588
LyondellBasell Industries
LYB
$20.6B
$4.83M 0.02%
98,585
+69,820
+243% +$3.16M
UNM icon
589
Unum
UNM
$14.8B
$4.82M 0.02%
63,489
-2,719
-4% -$208K
MTSI icon
590
MACOM Technology Solutions
MTSI
$23.8B
$4.81M 0.02%
21,970
-941
-4% -$149K
RMBS icon
591
Rambus
RMBS
$10.8B
$4.81M 0.02%
42,268
-1,810
-4% -$178K
AVY icon
592
Avery Dennison
AVY
$13.5B
$4.81M 0.02%
25,909
+16,633
+179% +$2.88M
LNT icon
593
Alliant Energy
LNT
$18.3B
$4.8M 0.02%
72,754
-732
-1% -$49K
STRL icon
594
Sterling Infrastructure
STRL
$17.4B
$4.79M 0.02%
13,371
-335
-2% -$115K
WAT icon
595
Waters Corp
WAT
$40.5B
$4.75M 0.02%
12,818
+5,923
+86% +$2.18M
DCI icon
596
Donaldson
DCI
$11.1B
$4.75M 0.02%
46,599
-1,996
-4% -$173K
GWRE icon
597
Guidewire Software
GWRE
$14.7B
$4.7M 0.02%
33,417
-2,224
-6% -$492K
OXY icon
598
Occidental Petroleum
OXY
$58.5B
$4.69M 0.02%
103,294
-1,972
-2% -$82.3K
BGSI
599
Boyd Group Services
BGSI
$2.53B
$4.69M 0.02%
+28,439
New +$4.56M
CNC icon
600
Centene
CNC
$33.1B
$4.68M 0.02%
108,084
-238,481
-69% -$8.93M
22 23
24
25 26

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State of Tennessee, Department of Treasury's Q4 2025 Portfolio in Review

As of Q4 2025, State of Tennessee, Department of Treasury held 1,819 positions worth $31.3B, up 4.1% from $30B the previous quarter. Its ten largest holdings account for 28% of the portfolio.

State of Tennessee, Department of Treasury's Q4 2025 filing shows 92 new, 472 increased, 1,140 reduced and 92 closed positions. Its largest new stake was TSMC: 718,960 shares worth $238M. The largest sale was iShares MSCI Taiwan ETF, an estimated $244M.

By sector, the portfolio is most concentrated in Technology at 25% of assets, down from 25% a quarter earlier, followed by Financials and Consumer Discretionary.

  • State of Tennessee, Department of Treasury's largest Q4 2025 buy was TSMC: 718,960 shares worth $238M.
  • State of Tennessee, Department of Treasury added most to Applovin in Q4 2025, an estimated $43.1M increase.
  • State of Tennessee, Department of Treasury's biggest Q4 2025 reduction was iShares MSCI Taiwan ETF, cutting an estimated $244M.
  • State of Tennessee, Department of Treasury fully exited iShares 0-5 Year High Yield Corporate Bond ETF in Q4 2025, selling an estimated $69.2M.
  • State of Tennessee, Department of Treasury's ten largest holdings make up 28% of its $31.3B portfolio in Q4 2025.
  • State of Tennessee, Department of Treasury opened 92 new positions and closed 92 in Q4 2025.
  • State of Tennessee, Department of Treasury's portfolio value rose 4.1% quarter-over-quarter to $31.3B.

Based on State of Tennessee, Department of Treasury's 13F filing for Q4 2025, filed 18 Feb 2026.