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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
+13.04%
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
$28B
AUM Growth
+$1.89B
Cap. Flow
-$694M
Cap. Flow %
-2.48%
Top 10 Hldgs %
29.49%
Holding
1,782
New
63
Increased
481
Reduced
719
Closed
60

Top Buys

Rank Stock Value
1
PLD icon
Prologis
PLD
+$28.9M
2
COIN icon
Coinbase
COIN
+$16.3M
3
COF icon
Capital One
COF
+$16M
4
MCD icon
McDonald's
MCD
+$15.8M
5
FALN icon
iShares Fallen Angels USD Bond ETF
FALN
+$15.4M

Top Sells

Rank Stock Value
1
MBB icon
iShares MBS ETF
MBB
+$233M
2
TLT icon
iShares 20+ Year Treasury Bond ETF
TLT
+$202M
3
NVDA icon
NVIDIA
NVDA
+$33.5M
4
ICLR icon
Icon
ICLR
+$28.6M
5
MSFT icon
Microsoft
MSFT
+$27.9M

Sector Composition

Rank Sector Weight
1 Technology 24.16%
2 Financials 11.97%
3 Consumer Discretionary 8.55%
4 Industrials 7.22%
5 Communication Services 6.88%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IBM icon
51
IBM
IBM
$222B
$93M 0.33%
315,477
-10,534
-3% -$2.71M
WFC icon
52
Wells Fargo
WFC
$267B
$92.4M 0.33%
1,153,114
-87,522
-7% -$6.31M
SPGI icon
53
S&P Global
SPGI
$122B
$91.3M 0.33%
173,123
-3,207
-2% -$1.6M
SE icon
54
Sea Limited
SE
$76.4B
$86.9M 0.31%
543,203
+27,964
+5% +$4.05M
SHOP icon
55
Shopify
SHOP
$197B
$85.4M 0.31%
741,888
– –
ABT icon
56
Abbott
ABT
$192B
$84.7M 0.3%
622,959
+6,794
+1% +$896K
GS icon
57
Goldman Sachs
GS
$306B
$82.2M 0.29%
116,089
-21,522
-16% -$12.5M
DIS icon
58
Walt Disney
DIS
$181B
$80.1M 0.29%
645,537
-31,793
-5% -$3.3M
AMD icon
59
Advanced Micro Devices
AMD
$808B
$79M 0.28%
556,516
-6,334
-1% -$690K
CP icon
60
Canadian Pacific Kansas City
CP
$82.3B
$78.6M 0.28%
991,923
+21,575
+2% +$1.66M
CVX icon
61
Chevron
CVX
$385B
$77.2M 0.28%
538,919
-7,169
-1% -$1.01M
INTU icon
62
Intuit
INTU
$93.6B
$76.9M 0.28%
97,649
-1,920
-2% -$1.3M
SPOT icon
63
Spotify
SPOT
$102B
$76.1M 0.27%
99,152
+4,180
+4% +$2.68M
TXN icon
64
Texas Instruments
TXN
$253B
$75.3M 0.27%
362,862
+27,799
+8% +$4.94M
ISRG icon
65
Intuitive Surgical
ISRG
$141B
$75M 0.27%
137,927
+9,514
+7% +$4.97M
CNI icon
66
Canadian National Railway
CNI
$77.2B
$74.7M 0.27%
718,137
+52,201
+8% +$5.31M
T icon
67
AT&T
T
$166B
$73.6M 0.26%
2,543,914
-505
-0% -$13.9K
TD icon
68
Toronto Dominion Bank
TD
$205B
$73.2M 0.26%
997,813
– –
MCD icon
69
McDonald's
MCD
$194B
$72.6M 0.26%
248,326
+51,285
+26% +$15.8M
NOW icon
70
ServiceNow
NOW
$129B
$72.2M 0.26%
350,920
-16,120
-4% -$3.04M
BKNG icon
71
Booking.com
BKNG
$159B
$69.6M 0.25%
300,625
-12,750
-4% -$2.61M
UBER icon
72
Uber
UBER
$153B
$67.9M 0.24%
727,579
-129,705
-15% -$10.7M
MRK icon
73
Merck
MRK
$332B
$67.5M 0.24%
852,960
-40,692
-5% -$3.23M
RTX icon
74
RTX Corp
RTX
$296B
$67.2M 0.24%
459,884
-67,647
-13% -$9.01M
UBS icon
75
UBS Group
UBS
$176B
$64.3M 0.23%
1,906,828
+43,742
+2% +$1.35M
1 2
3
4 5

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State of Tennessee, Department of Treasury's Q2 2025 Portfolio in Review

As of Q2 2025, State of Tennessee, Department of Treasury held 1,782 positions worth $28B, up 7.3% from $26.1B the previous quarter. Its ten largest holdings account for 29% of the portfolio.

State of Tennessee, Department of Treasury's Q2 2025 filing shows 63 new, 481 increased, 719 reduced and 60 closed positions. Its largest new stake was Coinbase: 69,843 shares worth $24.5M. The largest sale was iShares MBS ETF, an estimated $233M.

By sector, the portfolio is most concentrated in Technology at 24% of assets, up from 22% a quarter earlier, followed by Financials and Consumer Discretionary.

  • State of Tennessee, Department of Treasury's largest Q2 2025 buy was Coinbase: 69,843 shares worth $24.5M.
  • State of Tennessee, Department of Treasury added most to Prologis in Q2 2025, an estimated $28.9M increase.
  • State of Tennessee, Department of Treasury's biggest Q2 2025 reduction was iShares MBS ETF, cutting an estimated $233M.
  • State of Tennessee, Department of Treasury fully exited iShares 20+ Year Treasury Bond ETF in Q2 2025, selling an estimated $202M.
  • State of Tennessee, Department of Treasury's ten largest holdings make up 29% of its $28B portfolio in Q2 2025.
  • State of Tennessee, Department of Treasury opened 63 new positions and closed 60 in Q2 2025.
  • State of Tennessee, Department of Treasury's portfolio value rose 7.3% quarter-over-quarter to $28B.

Based on State of Tennessee, Department of Treasury's 13F filing for Q2 2025, filed 15 Aug 2025.