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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
SRPT icon
1301
Sarepta Therapeutics
SRPT
$1.95B
$680K ﹤0.01%
39,744
– –
LBRT icon
1302
Liberty Energy
LBRT
$3.45B
$680K ﹤0.01%
59,192
+20,957
+55% +$254K
INDB icon
1303
Independent Bank
INDB
$4.05B
$678K ﹤0.01%
10,774
-8,788
-45% -$534K
CERT icon
1304
Certara
CERT
$1.24B
$675K ﹤0.01%
57,665
– –
JBGS
1305
JBG SMITH
JBGS
$692M
$675K ﹤0.01%
38,993
+798
+2% +$13K
TNDM icon
1306
Tandem Diabetes Care
TNDM
$1.61B
$675K ﹤0.01%
36,189
+6,353
+21% +$126K
KALU icon
1307
Kaiser Aluminum
KALU
$2.99B
$675K ﹤0.01%
8,442
+4,510
+115% +$307K
UNFI icon
1308
United Natural Foods
UNFI
$2.94B
$674K ﹤0.01%
28,931
-6,652
-19% -$173K
ASTE icon
1309
Astec Industries
ASTE
$975M
$673K ﹤0.01%
16,150
+3,546
+28% +$135K
TBBK icon
1310
The Bancorp
TBBK
$2.82B
$666K ﹤0.01%
11,692
– –
THRM icon
1311
Gentherm
THRM
$1.32B
$664K ﹤0.01%
23,455
+6,955
+42% +$185K
BKU icon
1312
Bankunited
BKU
$3.41B
$662K ﹤0.01%
18,606
-20,950
-53% -$703K
PENN icon
1313
PENN Entertainment
PENN
$2.53B
$661K ﹤0.01%
37,000
– –
KW
1314
DELISTED
Kennedy-Wilson Holdings
KW
$660K ﹤0.01%
97,082
+68,285
+237% +$455K
CBRL icon
1315
Cracker Barrel
CBRL
$1.31B
$652K ﹤0.01%
10,670
+5,211
+95% +$263K
BJRI icon
1316
BJ's Restaurants
BJRI
$1.42B
$652K ﹤0.01%
14,611
+4,850
+50% +$191K
CNXN icon
1317
PC Connection
CNXN
$2.04B
$652K ﹤0.01%
9,906
-726
-7% -$46.9K
POWI icon
1318
Power Integrations
POWI
$3.48B
$652K ﹤0.01%
11,656
– –
MHK icon
1319
Mohawk Industries
MHK
$9.42B
$651K ﹤0.01%
6,214
-285
-4% -$29.7K
ZIM icon
1320
ZIM Integrated Shipping Services
ZIM
$3.23B
$650K ﹤0.01%
+40,418
New +$637K
BOH icon
1321
Bank of Hawaii
BOH
$3.15B
$649K ﹤0.01%
9,612
– –
GNL icon
1322
Global Net Lease
GNL
$1.9B
$647K ﹤0.01%
85,757
-5,424
-6% -$41.1K
OGS icon
1323
ONE Gas
OGS
$5.09B
$647K ﹤0.01%
9,004
– –
KLIC icon
1324
Kulicke & Soffa
KLIC
$5.01B
$646K ﹤0.01%
18,675
+4,727
+34% +$154K
CWEN icon
1325
Clearway Energy Class C
CWEN
$7.02B
$645K ﹤0.01%
20,157
– –
51 52
53
54 55

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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.