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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
BAX icon
951
Baxter International
BAX
$13.9B
$1.7M 0.01%
56,184
-82,359
-59% -$2.5M
RGEN icon
952
Repligen
RGEN
$9.45B
$1.7M 0.01%
13,654
-9,305
-41% -$1.18M
MAC icon
953
Macerich
MAC
$6.99B
$1.69M 0.01%
104,356
-1,160
-1% -$17.9K
DV icon
954
DoubleVerify
DV
$2.04B
$1.68M 0.01%
112,054
+43,397
+63% +$595K
SIG icon
955
Signet Jewelers
SIG
$3.59B
$1.67M 0.01%
21,009
+4,917
+31% +$327K
MMS icon
956
Maximus
MMS
$2.94B
$1.67M 0.01%
23,737
– –
FTI icon
957
TechnipFMC
FTI
$29.5B
$1.66M 0.01%
48,340
-24,987
-34% -$754K
LYB icon
958
LyondellBasell Industries
LYB
$20.3B
$1.66M 0.01%
28,765
-1,319
-4% -$76.9K
SANM icon
959
Sanmina
SANM
$11.2B
$1.66M 0.01%
16,984
-4,267
-20% -$353K
AROC icon
960
Archrock
AROC
$5.84B
$1.66M 0.01%
66,839
-4,127
-6% -$101K
MAS icon
961
Masco
MAS
$14.7B
$1.65M 0.01%
25,679
-22,348
-47% -$1.41M
CIVI
962
DELISTED
Civitas Resources
CIVI
$1.65M 0.01%
60,024
+6,309
+12% +$183K
WIX icon
963
WIX.com
WIX
$3.35B
$1.65M 0.01%
10,384
– –
YELP icon
964
Yelp
YELP
$1.28B
$1.64M 0.01%
47,902
-8,557
-15% -$309K
MATX icon
965
Matsons
MATX
$6.41B
$1.64M 0.01%
14,713
-882
-6% -$96.5K
PNW icon
966
Pinnacle West Capital
PNW
$12.2B
$1.63M 0.01%
18,253
-577
-3% -$52.8K
TNL icon
967
Travel + Leisure Co
TNL
$4.58B
$1.63M 0.01%
31,511
– –
ABG icon
968
Asbury Automotive
ABG
$3.76B
$1.63M 0.01%
6,816
-1,016
-13% -$232K
ALE
969
DELISTED
Allete
ALE
$1.62M 0.01%
25,328
– –
BRC icon
970
Brady Corp
BRC
$4.48B
$1.62M 0.01%
23,823
– –
BCO icon
971
Brink's
BCO
$4.69B
$1.62M 0.01%
18,106
– –
WHD icon
972
Cactus
WHD
$5.78B
$1.61M 0.01%
36,929
-1,203
-3% -$50.2K
CRC icon
973
California Resources
CRC
$4.69B
$1.61M 0.01%
35,284
+12,523
+55% +$512K
CNR
974
Core Natural Resources Inc
CNR
$4.71B
$1.6M 0.01%
23,014
-964
-4% -$68.6K
KBH icon
975
KB Home
KBH
$3.42B
$1.6M 0.01%
30,247
– –
37 38
39
40 41

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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.