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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
MRK icon
51
Merck
MRK
$333B
$104M 0.33%
939,521
-11,793
-1% -$1.11M
GS icon
52
Goldman Sachs
GS
$305B
$103M 0.33%
110,029
-4,060
-4% -$3.31M
PM icon
53
Philip Morris
PM
$296B
$101M 0.32%
561,754
-43,560
-7% -$6.75M
KO icon
54
Coca-Cola
KO
$377B
$98.4M 0.31%
1,315,403
-127,541
-9% -$8.89M
HYG icon
55
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$17.9B
$97.3M 0.31%
1,198,867
-1,099,696
-48% -$88.6M
RTX icon
56
RTX Corp
RTX
$296B
$96.8M 0.31%
481,915
-6,826
-1% -$1.19M
AMAT icon
57
Applied Materials
AMAT
$438B
$96.4M 0.31%
299,164
+11,635
+4% +$2.79M
IBM icon
58
IBM
IBM
$221B
$92.7M 0.3%
302,201
-31,427
-9% -$9.41M
ORCL icon
59
Oracle
ORCL
$445B
$92.1M 0.29%
559,534
+13,368
+2% +$3.18M
SPGI icon
60
S&P Global
SPGI
$122B
$90.9M 0.29%
172,187
-936
-0.5% -$463K
TD icon
61
Toronto Dominion Bank
TD
$204B
$90M 0.29%
958,040
-37,573
-4% -$3.17M
UNH icon
62
UnitedHealth
UNH
$361B
$88.7M 0.28%
309,011
-32,472
-10% -$11M
LRCX icon
63
Lam Research
LRCX
$421B
$88M 0.28%
376,865
-24,027
-6% -$3.74M
UBS icon
64
UBS Group
UBS
$175B
$87M 0.28%
1,841,257
-90,123
-5% -$3.64M
SE icon
65
Sea Limited
SE
$75.1B
$83.8M 0.27%
718,949
+175,746
+32% +$26M
MS icon
66
Morgan Stanley
MS
$344B
$78.9M 0.25%
431,847
-3,522
-0.8% -$587K
INTC icon
67
Intel
INTC
$531B
$78.7M 0.25%
1,694,188
+161,625
+11% +$6.1M
MCD icon
68
McDonald's
MCD
$193B
$77.6M 0.25%
246,443
-8,724
-3% -$2.67M
CRM icon
69
Salesforce
CRM
$157B
$77.3M 0.25%
363,903
+1,906
+0.5% +$474K
PEP icon
70
PepsiCo
PEP
$191B
$76.1M 0.24%
495,514
+101,941
+26% +$15M
TXN icon
71
Texas Instruments
TXN
$252B
$75.5M 0.24%
350,240
+52,097
+17% +$8.92M
TMO icon
72
Thermo Fisher Scientific
TMO
$222B
$75M 0.24%
129,644
-11,754
-8% -$6.65M
C icon
73
Citigroup
C
$232B
$73.1M 0.23%
631,632
-25,903
-4% -$2.69M
BA icon
74
Boeing
BA
$181B
$72.9M 0.23%
311,889
+26,316
+9% +$5.41M
ABT icon
75
Abbott
ABT
$193B
$70.9M 0.23%
648,929
+34,091
+6% +$4.34M
1 2
3
4 5

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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.