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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
SAIA icon
801
Saia
SAIA
$10.1B
$2.44M 0.01%
8,902
– –
CVSA
802
Covista Inc
CVSA
$4.36B
$2.44M 0.01%
19,158
-3,384
-15% -$400K
DSGX icon
803
Descartes Systems
DSGX
$6.65B
$2.42M 0.01%
23,914
-19,602
-45% -$2.07M
TMHC
804
DELISTED
Taylor Morrison
TMHC
$2.42M 0.01%
39,410
– –
EXP icon
805
Eagle Materials
EXP
$6.47B
$2.42M 0.01%
11,953
-500
-4% -$108K
BOX icon
806
Box
BOX
$4.48B
$2.41M 0.01%
70,446
+3,748
+6% +$123K
SLAB icon
807
Silicon Laboratories
SLAB
$7.3B
$2.4M 0.01%
16,311
– –
FMC icon
808
FMC
FMC
$1.28B
$2.4M 0.01%
57,504
+17,878
+45% +$710K
UBSI icon
809
United Bankshares
UBSI
$6.66B
$2.4M 0.01%
65,875
+14,427
+28% +$507K
GPI icon
810
Group 1 Automotive
GPI
$3.17B
$2.39M 0.01%
5,480
+2,291
+72% +$962K
ARW icon
811
Arrow Electronics
ARW
$10.6B
$2.38M 0.01%
18,712
– –
GMED icon
812
Globus Medical
GMED
$11.5B
$2.38M 0.01%
40,371
– –
LOPE icon
813
Grand Canyon Education
LOPE
$3.7B
$2.37M 0.01%
12,546
+805
+7% +$149K
ORA icon
814
Ormat Technologies
ORA
$6.97B
$2.37M 0.01%
28,244
+17,705
+168% +$1.32M
SKYW icon
815
Skywest
SKYW
$4.16B
$2.36M 0.01%
22,886
-1,013
-4% -$96.3K
NDSN icon
816
Nordson
NDSN
$17.3B
$2.36M 0.01%
10,986
+4,482
+69% +$892K
MARA icon
817
Marathon Digital Holdings
MARA
$3.56B
$2.35M 0.01%
149,771
+5,493
+4% +$78.7K
HST icon
818
Host Hotels & Resorts
HST
$15.6B
$2.35M 0.01%
152,827
-3,618
-2% -$53.6K
RLI icon
819
RLI Corp
RLI
$5.87B
$2.34M 0.01%
32,434
– –
AX icon
820
Axos Financial
AX
$5.68B
$2.34M 0.01%
30,733
+6,844
+29% +$463K
NJR icon
821
New Jersey Resources
NJR
$5.62B
$2.34M 0.01%
52,138
-7,551
-13% -$354K
ENS icon
822
EnerSys
ENS
$6.81B
$2.33M 0.01%
27,221
+4,714
+21% +$411K
SPSC icon
823
SPS Commerce
SPSC
$2.86B
$2.33M 0.01%
17,133
+758
+5% +$105K
BILL icon
824
BILL Holdings
BILL
$4.85B
$2.33M 0.01%
50,375
+12,108
+32% +$535K
LEA icon
825
Lear
LEA
$8.16B
$2.33M 0.01%
24,513
+1,949
+9% +$171K
31 32
33
34 35

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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.