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State of Tennessee, Department of Treasury

State of Tennessee, Department of Treasury Portfolio holdings

AUM $33.7B
1-Year Est. Return 43.08%
This Fund
S&P 500
This Quarter Est. Return
+4.74%
1 Year Est. Return
+43.08%
3 Year Est. Return
+116.67%
5 Year Est. Return
+147.93%
10 Year Est. Return
+559.47%
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
AN icon
901
AutoNation
AN
$6.92B
$2.16M 0.01%
10,540
-451
-4% -$93.8K
ABG icon
902
Asbury Automotive
ABG
$3.78B
$2.15M 0.01%
9,185
+985
+12% +$233K
SLM icon
903
SLM Corp
SLM
$5.27B
$2.15M 0.01%
79,326
-12,397
-14% -$340K
BC icon
904
Brunswick
BC
$5.36B
$2.15M 0.01%
26,796
-1,147
-4% -$77.7K
NCLH icon
905
Norwegian Cruise Line
NCLH
$8.73B
$2.15M 0.01%
97,776
-14,286
-13% -$302K
FELE icon
906
Franklin Electric
FELE
$4.68B
$2.14M 0.01%
21,479
-3,050
-12% -$291K
CRGY icon
907
Crescent Energy
CRGY
$4.03B
$2.14M 0.01%
218,993
+48,221
+28% +$423K
UFPI icon
908
UFP Industries
UFPI
$4.96B
$2.14M 0.01%
20,709
-887
-4% -$81.2K
RRR icon
909
Red Rock Resorts
RRR
$3.76B
$2.13M 0.01%
33,732
+31,445
+1,375% +$1.84M
STWD icon
910
Starwood Property Trust
STWD
$6.03B
$2.13M 0.01%
118,750
-5,086
-4% -$93.5K
VIAV icon
911
Viavi Solutions
VIAV
$10.7B
$2.13M 0.01%
86,904
+3,340
+4% +$53.9K
MWA icon
912
Mueller Water Products
MWA
$3.99B
$2.12M 0.01%
78,461
-17,215
-18% -$427K
WYNN icon
913
Wynn Resorts
WYNN
$10.6B
$2.12M 0.01%
19,748
-24,954
-56% -$3.09M
VSAT icon
914
Viasat
VSAT
$11.4B
$2.12M 0.01%
46,952
+350
+0.8% +$12.4K
AROC icon
915
Archrock
AROC
$6.08B
$2.12M 0.01%
71,571
-7,470
-9% -$186K
WEX icon
916
WEX
WEX
$6.54B
$2.12M 0.01%
13,743
-588
-4% -$88.6K
AVT icon
917
Avnet
AVT
$7.85B
$2.11M 0.01%
33,811
-1,448
-4% -$71.2K
GNTX icon
918
Gentex
GNTX
$5.03B
$2.11M 0.01%
91,629
-3,759
-4% -$90.6K
ST icon
919
Sensata Technologies
ST
$6.73B
$2.11M 0.01%
60,860
-8,191
-12% -$262K
FULT icon
920
Fulton Financial
FULT
$4.72B
$2.1M 0.01%
101,648
-14,836
-13% -$273K
KHC icon
921
Kraft Heinz
KHC
$30.3B
$2.09M 0.01%
88,174
-137,572
-61% -$3.42M
XRAY icon
922
Dentsply Sirona
XRAY
$2.31B
$2.09M 0.01%
167,555
+12,252
+8% +$144K
HOLX
923
DELISTED
Hologic
HOLX
$2.09M 0.01%
27,878
-751
-3% -$54.9K
AL
924
DELISTED
Air Lease Corp
AL
$2.09M 0.01%
32,280
-9,152
-22% -$584K
BILL icon
925
BILL Holdings
BILL
$4.96B
$2.09M 0.01%
48,306
-2,069
-4% -$106K
35 36
37
38 39

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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.