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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
+8.93%
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
$30B
AUM Growth
+$2.08B
Cap. Flow
+$106M
Cap. Flow %
0.35%
Top 10 Hldgs %
29.35%
Holding
1,792
New
70
Increased
606
Reduced
553
Closed
65

Top Buys

Rank Stock Value
1
FLIN icon
Franklin FTSE India ETF
FLIN
+$200M
2
SHYG icon
iShares 0-5 Year High Yield Corporate Bond ETF
SHYG
+$68.8M
3
PLD icon
Prologis
PLD
+$33.9M
4
VNQ icon
Vanguard Real Estate ETF
VNQ
+$26.4M
5
CVX icon
Chevron
CVX
+$21.1M

Top Sells

Rank Stock Value
1
INDA icon
iShares MSCI India ETF
INDA
+$210M
2
JPST icon
JPMorgan Ultra-Short Income ETF
JPST
+$40.1M
3
HYG icon
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
+$36.8M
4
FPE icon
First Trust Preferred Securities and Income ETF
FPE
+$32.6M
5
VTI icon
Vanguard Morningstar Total Stock Market ETF
VTI
+$25.9M

Sector Composition

Rank Sector Weight
1 Technology 25.21%
2 Financials 11.75%
3 Consumer Discretionary 8.67%
4 Communication Services 7.17%
5 Industrials 6.87%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BOOT icon
901
Boot Barn
BOOT
$4.92B
$2.09M 0.01%
12,617
-649
-5% -$112K
GSL icon
902
Global Ship Lease
GSL
$1.49B
$2.08M 0.01%
67,815
+12,857
+23% +$383K
AROC icon
903
Archrock
AROC
$5.84B
$2.08M 0.01%
79,041
+12,202
+18% +$294K
VRRM icon
904
Verra Mobility
VRRM
$714M
$2.07M 0.01%
83,974
+2,498
+3% +$61.8K
GKOS icon
905
Glaukos
GKOS
$11.2B
$2.07M 0.01%
25,358
+590
+2% +$54.2K
WAT icon
906
Waters Corp
WAT
$40.6B
$2.07M 0.01%
6,895
-7,873
-53% -$2.38M
WMG icon
907
Warner Music
WMG
$13.3B
$2.06M 0.01%
60,628
+4,000
+7% +$128K
FHI icon
908
Federated Hermes
FHI
$4.7B
$2.06M 0.01%
39,688
– –
NPO icon
909
Enpro
NPO
$7.12B
$2.06M 0.01%
9,109
+3,147
+53% +$679K
CARG icon
910
CarGurus
CARG
$3.29B
$2.05M 0.01%
55,109
+2,629
+5% +$89.8K
CHRD icon
911
Chord Energy
CHRD
$7.35B
$2.05M 0.01%
20,633
-7,723
-27% -$812K
AXTA icon
912
Axalta
AXTA
$7.93B
$2.05M 0.01%
71,578
-20,700
-22% -$623K
LII icon
913
Lennox International
LII
$14.5B
$2.05M 0.01%
3,866
-3,216
-45% -$1.88M
QLYS icon
914
Qualys
QLYS
$6.47B
$2.04M 0.01%
15,431
-527
-3% -$71.5K
ERIE icon
915
Erie Indemnity
ERIE
$13.5B
$2.04M 0.01%
6,414
– –
SIGI icon
916
Selective Insurance
SIGI
$5.59B
$2.04M 0.01%
25,169
– –
FMC icon
917
FMC
FMC
$1.27B
$2.04M 0.01%
60,655
+3,151
+5% +$123K
AX icon
918
Axos Financial
AX
$5.72B
$2.04M 0.01%
24,078
-6,655
-22% -$580K
ECG
919
Everus Construction Group
ECG
$7.15B
$2.03M 0.01%
23,666
+2,912
+14% +$216K
AES icon
920
AES
AES
$10.5B
$2.02M 0.01%
153,859
+79,419
+107% +$1.03M
UFPI icon
921
UFP Industries
UFPI
$5.06B
$2.02M 0.01%
21,596
– –
FOUR icon
922
Shift4
FOUR
$3.79B
$2.01M 0.01%
26,028
– –
ENVA icon
923
Enova International
ENVA
$6.52B
$2.01M 0.01%
17,493
+5,893
+51% +$673K
TKR icon
924
Timken Company
TKR
$9.03B
$2.01M 0.01%
26,772
– –
MIDD icon
925
Middleby
MIDD
$5.29B
$2.01M 0.01%
15,133
– –
35 36
37
38 39

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State of Tennessee, Department of Treasury's Q3 2025 Portfolio in Review

As of Q3 2025, State of Tennessee, Department of Treasury held 1,792 positions worth $30B, up 7.4% from $28B the previous quarter. Its ten largest holdings account for 29% of the portfolio.

State of Tennessee, Department of Treasury's Q3 2025 filing shows 70 new, 606 increased, 553 reduced and 65 closed positions. Its largest new stake was Franklin FTSE India ETF: 5,213,024 shares worth $194M. The largest sale was iShares MSCI India ETF, an estimated $210M.

By sector, the portfolio is most concentrated in Technology at 25% of assets, up from 24% a quarter earlier, followed by Financials and Consumer Discretionary.

  • State of Tennessee, Department of Treasury's largest Q3 2025 buy was Franklin FTSE India ETF: 5,213,024 shares worth $194M.
  • State of Tennessee, Department of Treasury added most to Prologis in Q3 2025, an estimated $33.9M increase.
  • State of Tennessee, Department of Treasury's biggest Q3 2025 reduction was iShares MSCI India ETF, cutting an estimated $210M.
  • State of Tennessee, Department of Treasury fully exited First Trust Preferred Securities and Income ETF in Q3 2025, selling an estimated $32.6M.
  • State of Tennessee, Department of Treasury's ten largest holdings make up 29% of its $30B portfolio in Q3 2025.
  • State of Tennessee, Department of Treasury opened 70 new positions and closed 65 in Q3 2025.
  • State of Tennessee, Department of Treasury's portfolio value rose 7.4% quarter-over-quarter to $30B.

Based on State of Tennessee, Department of Treasury's 13F filing for Q3 2025, filed 14 Nov 2025.