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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
+4.74%
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
$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
CAR icon
1251
Avis
CAR
$4.84B
$854K ﹤0.01%
7,426
-318
-4% -$44.4K
CENX icon
1252
Century Aluminum
CENX
$4.71B
$851K ﹤0.01%
18,772
+6,152
+49% +$192K
NBHC icon
1253
National Bank Holdings
NBHC
$1.94B
$850K ﹤0.01%
21,165
-16,442
-44% -$619K
DOCN icon
1254
DigitalOcean
DOCN
$15.3B
$848K ﹤0.01%
15,356
-9,671
-39% -$426K
GTM
1255
ZoomInfo Technologies
GTM
$1.2B
$848K ﹤0.01%
105,381
-4,513
-4% -$46.5K
KAI icon
1256
Kadant
KAI
$3.93B
$848K ﹤0.01%
2,642
-719
-21% -$204K
OTTR icon
1257
Otter Tail
OTTR
$3.9B
$846K ﹤0.01%
9,490
-2,435
-20% -$197K
ARLO icon
1258
Arlo Technologies
ARLO
$1.57B
$838K ﹤0.01%
66,071
-116
-0.2% -$1.83K
IOSP icon
1259
Innospec
IOSP
$2.3B
$831K ﹤0.01%
10,163
-4,403
-30% -$332K
SXI icon
1260
Standex International
SXI
$3.99B
$825K ﹤0.01%
3,438
-216
-6% -$50.1K
SMPL icon
1261
Simply Good Foods
SMPL
$996M
$823K ﹤0.01%
43,838
+9,806
+29% +$204K
WSC icon
1262
WillScot Mobile Mini Holdings
WSC
$4.34B
$822K ﹤0.01%
41,050
-27,888
-40% -$562K
PSMT icon
1263
Pricesmart
PSMT
$5.5B
$814K ﹤0.01%
5,724
-452
-7% -$55.2K
SRPT icon
1264
Sarepta Therapeutics
SRPT
$1.89B
$812K ﹤0.01%
39,905
-2,565
-6% -$54.1K
CNMD icon
1265
CONMED
CNMD
$1.5B
$812K ﹤0.01%
21,139
+873
+4% +$38K
CSGS
1266
DELISTED
CSG Systems International
CSGS
$809K ﹤0.01%
10,150
-7,865
-44% -$580K
INDB icon
1267
Independent Bank
INDB
$4.07B
$807K ﹤0.01%
9,985
-11,986
-55% -$852K
SHAK icon
1268
Shake Shack
SHAK
$3.01B
$793K ﹤0.01%
8,949
-7,237
-45% -$638K
STRA icon
1269
Strategic Education
STRA
$1.84B
$789K ﹤0.01%
9,281
+3,907
+73% +$312K
EXPO icon
1270
Exponent
EXPO
$3.2B
$787K ﹤0.01%
10,945
-468
-4% -$32.9K
RNST icon
1271
Renasant Corp
RNST
$3.98B
$784K ﹤0.01%
20,801
-5,819
-22% -$206K
KSS icon
1272
Kohl's
KSS
$2.2B
$781K ﹤0.01%
44,726
-6,846
-13% -$128K
GNW icon
1273
Genworth Financial
GNW
$3.82B
$779K ﹤0.01%
93,428
-74,961
-45% -$653K
DRH icon
1274
Diamondrock Hospitality Co
DRH
$2.53B
$774K ﹤0.01%
84,339
-8,098
-9% -$69K
HOG icon
1275
Harley-Davidson
HOG
$2.91B
$773K ﹤0.01%
39,038
-1,672
-4% -$41.1K
49 50
51
52 53

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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.