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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
SFM icon
726
Sprouts Farmers Market
SFM
$7.72B
$3.25M 0.01%
45,861
+2,631
+6% +$236K
MIDD icon
727
Middleby
MIDD
$5.29B
$3.24M 0.01%
22,034
+6,901
+46% +$906K
IDCC icon
728
InterDigital
IDCC
$8.92B
$3.24M 0.01%
9,933
-1,160
-10% -$410K
AYI icon
729
Acuity Brands
AYI
$10.7B
$3.24M 0.01%
10,481
-448
-4% -$162K
CRBG icon
730
Corebridge Financial
CRBG
$15.3B
$3.24M 0.01%
+105,000
New +$3.23M
ABCB icon
731
Ameris Bancorp
ABCB
$6B
$3.23M 0.01%
40,103
+7,613
+23% +$567K
FLR icon
732
Fluor
FLR
$7.05B
$3.23M 0.01%
69,841
-2,991
-4% -$132K
ZWS icon
733
Zurn Elkay Water Solutions
ZWS
$8.42B
$3.23M 0.01%
69,960
-1,380
-2% -$64.8K
PRIM icon
734
Primoris Services
PRIM
$4.47B
$3.19M 0.01%
21,535
+20,341
+1,704% +$2.66M
EAT icon
735
Brinker International
EAT
$10.2B
$3.19M 0.01%
20,204
-2,939
-13% -$385K
ATR icon
736
AptarGroup
ATR
$8.41B
$3.18M 0.01%
25,462
-4,360
-15% -$539K
GEN icon
737
Gen Digital
GEN
$17.3B
$3.16M 0.01%
131,831
+943
+0.7% +$25.4K
FSV icon
738
FirstService
FSV
$6.2B
$3.13M 0.01%
20,070
-768
-4% -$125K
LFUS icon
739
Littelfuse
LFUS
$11.6B
$3.11M 0.01%
9,616
-411
-4% -$105K
CRUS icon
740
Cirrus Logic
CRUS
$6.06B
$3.1M 0.01%
23,785
-1,378
-5% -$170K
AX icon
741
Axos Financial
AX
$5.81B
$3.09M 0.01%
31,196
+7,118
+30% +$586K
MP icon
742
MP Materials
MP
$10.5B
$3.09M 0.01%
52,521
+35,421
+207% +$2.25M
BAH icon
743
Booz Allen Hamilton
BAH
$9.35B
$3.08M 0.01%
+34,871
New +$3.12M
SANM icon
744
Sanmina
SANM
$11.2B
$3.08M 0.01%
21,743
+506
+2% +$74.7K
FNB icon
745
FNB Corp
FNB
$6.91B
$3.08M 0.01%
175,396
+6,402
+4% +$105K
ORA icon
746
Ormat Technologies
ORA
$7.07B
$3.07M 0.01%
24,560
-3,684
-13% -$403K
JHG
747
DELISTED
Janus Henderson
JHG
$3.06M 0.01%
63,548
-4,700
-7% -$208K
QRVO icon
748
Qorvo
QRVO
$8.59B
$3.05M 0.01%
39,100
-4,449
-10% -$393K
CLF icon
749
Cleveland-Cliffs
CLF
$6.78B
$3.05M 0.01%
221,437
+87,975
+66% +$1.11M
ZBRA icon
750
Zebra Technologies
ZBRA
$17.8B
$3.04M 0.01%
12,948
-5,653
-30% -$1.51M
28 29
30
31 32

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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.