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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
BBWI icon
976
Bath & Body Works
BBWI
$3.91B
$1.84M 0.01%
84,313
-13,842
-14% -$306K
SON icon
977
Sonoco
SON
$5.76B
$1.84M 0.01%
38,277
+2,250
+6% +$93.1K
MTN icon
978
Vail Resorts
MTN
$5.28B
$1.84M 0.01%
13,803
-591
-4% -$87K
MGM icon
979
MGM Resorts International
MGM
$11.1B
$1.83M 0.01%
54,600
+29,182
+115% +$990K
MAC icon
980
Macerich
MAC
$7.01B
$1.82M 0.01%
96,277
-10,663
-10% -$188K
QLYS icon
981
Qualys
QLYS
$6.44B
$1.82M 0.01%
13,798
-1,633
-11% -$225K
RLI icon
982
RLI Corp
RLI
$5.85B
$1.82M 0.01%
31,102
-1,332
-4% -$83.7K
MRP
983
Millrose Properties Inc
MRP
$5.04B
$1.81M 0.01%
60,851
+7,896
+15% +$248K
TMDX icon
984
Transmedics
TMDX
$3.07B
$1.81M 0.01%
13,533
-1,379
-9% -$173K
SAIC icon
985
Saic
SAIC
$5.36B
$1.81M 0.01%
17,783
-761
-4% -$72.7K
RYN icon
986
Rayonier
RYN
$6.49B
$1.8M 0.01%
79,288
-3,474
-4% -$78.5K
PECO icon
987
Phillips Edison & Co
PECO
$5.21B
$1.8M 0.01%
49,557
-5,566
-10% -$193K
ERIE icon
988
Erie Indemnity
ERIE
$13.4B
$1.79M 0.01%
6,338
-76
-1% -$22.7K
LOPE icon
989
Grand Canyon Education
LOPE
$3.76B
$1.78M 0.01%
10,260
-2,925
-22% -$529K
CWK icon
990
Cushman & Wakefield Ltd
CWK
$3.38B
$1.78M 0.01%
108,132
-4,539
-4% -$71.9K
ENPH icon
991
Enphase Energy
ENPH
$5.35B
$1.77M 0.01%
47,802
+747
+2% +$24.2K
ANF icon
992
Abercrombie & Fitch
ANF
$4.8B
$1.76M 0.01%
17,994
+1,315
+8% +$115K
DLX icon
993
Deluxe
DLX
$1.1B
$1.74M 0.01%
66,040
+23,103
+54% +$465K
WMG icon
994
Warner Music
WMG
$13.4B
$1.74M 0.01%
58,138
-2,490
-4% -$76.1K
KTB icon
995
Kontoor Brands
KTB
$4.69B
$1.74M 0.01%
29,164
+1,707
+6% +$127K
CRC icon
996
California Resources
CRC
$4.73B
$1.72M 0.01%
32,225
-5,393
-14% -$256K
HIMS icon
997
Hims & Hers Health
HIMS
$6.57B
$1.7M 0.01%
62,823
-15,789
-20% -$676K
BCPC
998
Balchem Corp
BCPC
$5.69B
$1.69M 0.01%
9,943
-43
-0.4% -$6.56K
ECG
999
Everus Construction Group
ECG
$7.2B
$1.69M 0.01%
19,080
-4,586
-19% -$410K
MATX icon
1000
Matsons
MATX
$6.5B
$1.69M 0.01%
10,526
-2,104
-17% -$226K
38 39
40
41 42

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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.