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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
SKY icon
1026
Champion Homes
SKY
$5.13B
$1.58M 0.01%
20,179
-2,424
-11% -$191K
BLDR icon
1027
Builders FirstSource
BLDR
$7.8B
$1.58M 0.01%
13,804
-5,551
-29% -$624K
TGTX icon
1028
TG Therapeutics
TGTX
$7.46B
$1.58M 0.01%
53,623
-5,198
-9% -$170K
KMT icon
1029
Kennametal
KMT
$2.38B
$1.57M 0.01%
45,745
+11,805
+35% +$302K
MHO icon
1030
M/I Homes
MHO
$3.85B
$1.57M 0.01%
11,759
+3,180
+37% +$420K
ODD icon
1031
ODDITY Tech
ODD
$605M
$1.57M 0.01%
47,850
+12,424
+35% +$562K
SPSC icon
1032
SPS Commerce
SPSC
$2.86B
$1.56M 0.01%
17,442
+175
+1% +$16.2K
WHR icon
1033
Whirlpool
WHR
$2.7B
$1.55M 0.01%
19,400
-830
-4% -$61.3K
ASB icon
1034
Associated Banc-Corp
ASB
$6.11B
$1.55M ﹤0.01%
56,704
-2,428
-4% -$62.5K
TAP icon
1035
Molson Coors Class B
TAP
$7.97B
$1.54M ﹤0.01%
32,130
-957
-3% -$44.1K
MLKN icon
1036
MillerKnoll
MLKN
$1.62B
$1.54M ﹤0.01%
76,562
+49,640
+184% +$809K
PRDO icon
1037
Perdoceo Education
PRDO
$2B
$1.54M ﹤0.01%
47,929
+13,642
+40% +$431K
VVV icon
1038
Valvoline
VVV
$4.36B
$1.53M ﹤0.01%
46,818
-2,005
-4% -$64.4K
AEO icon
1039
American Eagle Outfitters
AEO
$2.71B
$1.51M ﹤0.01%
64,637
-7,673
-11% -$152K
CORT icon
1040
Corcept Therapeutics
CORT
$12.4B
$1.5M ﹤0.01%
37,524
-4,921
-12% -$387K
TEX icon
1041
Terex
TEX
$7.76B
$1.49M ﹤0.01%
26,188
-1,121
-4% -$56.6K
CBT icon
1042
Cabot Corp
CBT
$4.54B
$1.49M ﹤0.01%
20,628
+2,748
+15% +$183K
WSFS icon
1043
WSFS Financial
WSFS
$4.17B
$1.49M ﹤0.01%
22,990
-2,594
-10% -$142K
KFY icon
1044
Korn Ferry
KFY
$4.32B
$1.48M ﹤0.01%
21,362
+6,480
+44% +$436K
VNOM icon
1045
Viper Energy
VNOM
$15.2B
$1.48M ﹤0.01%
34,946
-1,496
-4% -$56.6K
MZTI
1046
The Marzetti Company
MZTI
$3.18B
$1.48M ﹤0.01%
8,622
-369
-4% -$61.6K
SM icon
1047
SM Energy
SM
$8.03B
$1.48M ﹤0.01%
75,969
+48,270
+174% +$978K
KNF icon
1048
Knife River
KNF
$3.77B
$1.48M ﹤0.01%
21,992
+2,768
+14% +$194K
FOUR icon
1049
Shift4
FOUR
$3.58B
$1.47M ﹤0.01%
24,959
-1,069
-4% -$75.5K
CARG icon
1050
CarGurus
CARG
$3.33B
$1.47M ﹤0.01%
45,427
-9,682
-18% -$349K
40 41
42
43 44

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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.