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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
TREX icon
1101
Trex
TREX
$5.06B
$1.29M ﹤0.01%
31,055
-1,330
-4% -$53.8K
OMCL icon
1102
Omnicell
OMCL
$1.7B
$1.29M ﹤0.01%
26,504
+3,470
+15% +$127K
SHOO icon
1103
Steven Madden
SHOO
$3.45B
$1.28M ﹤0.01%
29,284
-9,504
-25% -$367K
OPLN
1104
Openlane
OPLN
$4.36B
$1.28M ﹤0.01%
42,736
-10,692
-20% -$289K
PIPR icon
1105
Piper Sandler
PIPR
$5.41B
$1.28M ﹤0.01%
14,808
-4,820
-25% -$407K
MGEE icon
1106
MGE Energy Inc
MGEE
$3.09B
$1.28M ﹤0.01%
16,009
+925
+6% +$76K
UNFI icon
1107
United Natural Foods
UNFI
$2.93B
$1.28M ﹤0.01%
34,340
+5,609
+20% +$209K
SYNA icon
1108
Synaptics
SYNA
$4.25B
$1.27M ﹤0.01%
15,402
-659
-4% -$46.3K
TDW icon
1109
Tidewater
TDW
$4.69B
$1.27M ﹤0.01%
20,323
-5,271
-21% -$278K
INSP icon
1110
Inspire Medical Systems
INSP
$1.65B
$1.27M ﹤0.01%
16,697
-600
-3% -$57.4K
VRRM icon
1111
Verra Mobility
VRRM
$717M
$1.26M ﹤0.01%
65,447
-18,527
-22% -$423K
HAE icon
1112
Haemonetics
HAE
$4.13B
$1.26M ﹤0.01%
18,945
-14,113
-43% -$948K
PVH icon
1113
PVH
PVH
$3.8B
$1.26M ﹤0.01%
20,249
-867
-4% -$67.8K
RDNT icon
1114
RadNet
RDNT
$6.01B
$1.26M ﹤0.01%
17,921
-7,030
-28% -$543K
FBP icon
1115
First Bancorp
FBP
$4.53B
$1.25M ﹤0.01%
56,672
-24,918
-31% -$513K
BXMT icon
1116
Blackstone Mortgage Trust
BXMT
$2.44B
$1.25M ﹤0.01%
65,027
-5,617
-8% -$107K
PGNY icon
1117
Progyny
PGNY
$2.02B
$1.25M ﹤0.01%
52,211
-639
-1% -$14.7K
ACAD icon
1118
Acadia Pharmaceuticals
ACAD
$4.87B
$1.24M ﹤0.01%
49,505
-4,613
-9% -$110K
SMP icon
1119
Standard Motor Products
SMP
$870M
$1.23M ﹤0.01%
30,901
-3,961
-11% -$152K
MGY icon
1120
Magnolia Oil & Gas
MGY
$6.22B
$1.23M ﹤0.01%
48,121
-9,914
-17% -$225K
AVA icon
1121
Avista
AVA
$3.28B
$1.23M ﹤0.01%
29,718
-56
-0.2% -$2.19K
LRN icon
1122
Stride
LRN
$3.46B
$1.21M ﹤0.01%
14,357
-3,922
-21% -$356K
FUL icon
1123
H.B. Fuller
FUL
$3.38B
$1.21M ﹤0.01%
20,200
-6,754
-25% -$397K
PLXS icon
1124
Plexus
PLXS
$7.13B
$1.21M ﹤0.01%
6,068
-6,234
-51% -$914K
GVA icon
1125
Granite Construction
GVA
$5.56B
$1.21M ﹤0.01%
9,999
-6,210
-38% -$667K
43 44
45
46 47

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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.