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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
CMA
601
DELISTED
Comerica
CMA
$4.68M 0.02%
52,741
-2,259
-4% -$182K
TXT icon
602
Textron
TXT
$15.3B
$4.67M 0.01%
53,054
-603
-1% -$50.5K
NYT icon
603
New York Times
NYT
$10.5B
$4.66M 0.01%
63,577
+1,277
+2% +$79.2K
GPN icon
604
Global Payments
GPN
$24.5B
$4.65M 0.01%
64,836
-25,759
-28% -$2.07M
CCK icon
605
Crown Holdings
CCK
$13B
$4.63M 0.01%
44,239
-10,113
-19% -$985K
SNX icon
606
TD Synnex
SNX
$20.4B
$4.6M 0.01%
29,016
-1,242
-4% -$191K
NBIX icon
607
Neurocrine Biosciences
NBIX
$15.4B
$4.6M 0.01%
33,807
-1,448
-4% -$210K
JXN icon
608
Jackson Financial
JXN
$9.2B
$4.57M 0.01%
38,446
+2,515
+7% +$250K
ALLY icon
609
Ally Financial
ALLY
$13.7B
$4.55M 0.01%
107,708
-4,613
-4% -$190K
ELS icon
610
Equity Lifestyle Properties
ELS
$12.7B
$4.54M 0.01%
71,898
-3,079
-4% -$190K
WSO icon
611
Watsco Inc
WSO
$12.8B
$4.53M 0.01%
11,734
-1,199
-9% -$428K
HST icon
612
Host Hotels & Resorts
HST
$15.7B
$4.52M 0.01%
244,037
-2,070
-0.8% -$35.7K
MKC icon
613
McCormick & Company Non-Voting
MKC
$14.6B
$4.52M 0.01%
73,041
-2,333
-3% -$155K
TIGO icon
614
Millicom
TIGO
$15.7B
$4.51M 0.01%
+73,900
New +$3.72M
AIZ icon
615
Assurant
AIZ
$14B
$4.51M 0.01%
18,924
+7,781
+70% +$1.74M
BWA icon
616
BorgWarner
BWA
$13.9B
$4.48M 0.01%
94,406
-10,630
-10% -$466K
DGX icon
617
Quest Diagnostics
DGX
$26B
$4.46M 0.01%
23,856
-1,108
-4% -$202K
CCEP icon
618
Coca-Cola Europacific Partners
CCEP
$47.5B
$4.44M 0.01%
48,470
– –
FLS icon
619
Flowserve
FLS
$10.3B
$4.44M 0.01%
56,763
-663
-1% -$42.6K
TXRH icon
620
Texas Roadhouse
TXRH
$13.6B
$4.43M 0.01%
24,632
-3,140
-11% -$531K
WBS icon
621
Webster Financial
WBS
$12.8B
$4.42M 0.01%
67,275
-2,881
-4% -$171K
AMH icon
622
American Homes 4 Rent
AMH
$12.3B
$4.41M 0.01%
140,725
-6,027
-4% -$193K
CLH icon
623
Clean Harbors
CLH
$17B
$4.4M 0.01%
16,935
-3,489
-17% -$797K
SCI icon
624
Service Corp International
SCI
$11.4B
$4.38M 0.01%
54,427
-2,331
-4% -$186K
PNR icon
625
Pentair
PNR
$10.5B
$4.36M 0.01%
41,391
-43,730
-51% -$4.67M
23 24
25
26 27

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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.