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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
GTLS
701
DELISTED
Chart Industries
GTLS
$3.48M 0.01%
16,786
-3,233
-16% -$655K
CFR icon
702
Cullen/Frost Bankers
CFR
$10.5B
$3.48M 0.01%
25,253
-1,081
-4% -$136K
CNM icon
703
Core & Main
CNM
$8.54B
$3.48M 0.01%
65,199
-2,792
-4% -$143K
VRSK icon
704
Verisk Analytics
VRSK
$23.7B
$3.48M 0.01%
15,987
-6,216
-28% -$1.4M
RGEN icon
705
Repligen
RGEN
$9.47B
$3.46M 0.01%
23,158
-8,257
-26% -$1.29M
LAMR icon
706
Lamar Advertising Co
LAMR
$15.8B
$3.46M 0.01%
26,944
-1,154
-4% -$144K
ODFL icon
707
Old Dominion Freight Line
ODFL
$43.8B
$3.44M 0.01%
19,854
-534
-3% -$76.6K
AR icon
708
Antero Resources
AR
$11.5B
$3.42M 0.01%
94,095
-4,030
-4% -$136K
SEIC icon
709
SEI Investments
SEIC
$12.8B
$3.41M 0.01%
38,835
-1,663
-4% -$137K
MOS icon
710
The Mosaic Company
MOS
$6.89B
$3.4M 0.01%
123,688
-859
-0.7% -$23.1K
MRNA icon
711
Moderna
MRNA
$25.3B
$3.39M 0.01%
77,015
+39,195
+104% +$1.06M
AVTR icon
712
Avantor
AVTR
$9.27B
$3.39M 0.01%
310,711
-31,952
-9% -$393K
KNSL icon
713
Kinsale Capital Group
KNSL
$8.63B
$3.39M 0.01%
8,569
-367
-4% -$150K
OC icon
714
Owens Corning
OC
$12.1B
$3.39M 0.01%
28,303
-6,753
-19% -$793K
ORI icon
715
Old Republic International
ORI
$10.3B
$3.38M 0.01%
86,280
-3,695
-4% -$160K
APA icon
716
APA Corp
APA
$14.2B
$3.37M 0.01%
127,789
-117,029
-48% -$2.83M
COLB icon
717
Columbia Banking Systems
COLB
$9.23B
$3.37M 0.01%
114,333
+14,533
+15% +$393K
LUMN icon
718
Lumen
LUMN
$6.67B
$3.35M 0.01%
379,662
-50,837
-12% -$418K
ALV icon
719
Autoliv
ALV
$8.96B
$3.33M 0.01%
27,474
-2,676
-9% -$320K
CMC icon
720
Commercial Metals
CMC
$7.98B
$3.32M 0.01%
43,140
-12,316
-22% -$771K
ADC icon
721
Agree Realty
ADC
$9.33B
$3.29M 0.01%
45,564
-1,951
-4% -$143K
CUBE icon
722
CubeSmart
CUBE
$9.39B
$3.29M 0.01%
87,642
-3,754
-4% -$143K
G icon
723
Genpact
G
$5.71B
$3.26M 0.01%
73,997
+2,389
+3% +$103K
HLI icon
724
Houlihan Lokey
HLI
$8.99B
$3.26M 0.01%
19,376
-829
-4% -$152K
CTRE icon
725
CareTrust REIT
CTRE
$9.23B
$3.26M 0.01%
87,309
+186
+0.2% +$6.67K
27 28
29
30 31

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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.