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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
+8.93%
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
$30B
AUM Growth
+$2.08B
Cap. Flow
+$106M
Cap. Flow %
0.35%
Top 10 Hldgs %
29.35%
Holding
1,792
New
70
Increased
606
Reduced
553
Closed
65

Top Buys

Rank Stock Value
1
FLIN icon
Franklin FTSE India ETF
FLIN
+$200M
2
SHYG icon
iShares 0-5 Year High Yield Corporate Bond ETF
SHYG
+$68.8M
3
PLD icon
Prologis
PLD
+$33.9M
4
VNQ icon
Vanguard Real Estate ETF
VNQ
+$26.4M
5
CVX icon
Chevron
CVX
+$21.1M

Top Sells

Rank Stock Value
1
INDA icon
iShares MSCI India ETF
INDA
+$210M
2
JPST icon
JPMorgan Ultra-Short Income ETF
JPST
+$40.1M
3
HYG icon
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
+$36.8M
4
FPE icon
First Trust Preferred Securities and Income ETF
FPE
+$32.6M
5
VTI icon
Vanguard Morningstar Total Stock Market ETF
VTI
+$25.9M

Sector Composition

Rank Sector Weight
1 Technology 25.21%
2 Financials 11.75%
3 Consumer Discretionary 8.67%
4 Communication Services 7.17%
5 Industrials 6.87%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BANC icon
1401
Banc of California
BANC
$3.11B
$538K ﹤0.01%
32,508
– –
AVNT icon
1402
Avient
AVNT
$4.23B
$535K ﹤0.01%
16,241
-18,700
-54% -$650K
ARCB icon
1403
ArcBest
ARCB
$3.28B
$535K ﹤0.01%
7,656
-2,798
-27% -$210K
DGII icon
1404
Digi International
DGII
$3.23B
$533K ﹤0.01%
14,616
+1,841
+14% +$63.3K
GOLF icon
1405
Acushnet Holdings
GOLF
$5.25B
$533K ﹤0.01%
6,785
– –
MXL icon
1406
MaxLinear
MXL
$6.95B
$533K ﹤0.01%
33,116
+14,433
+77% +$227K
FBNC icon
1407
First Bancorp
FBNC
$2.74B
$529K ﹤0.01%
10,001
-12,589
-56% -$645K
ANIP icon
1408
ANI Pharmaceuticals
ANIP
$1.72B
$528K ﹤0.01%
5,762
– –
LEG icon
1409
Leggett & Platt
LEG
$1.32B
$527K ﹤0.01%
59,361
+5,855
+11% +$55.8K
DVAX
1410
DELISTED
Dynavax Technologies
DVAX
$527K ﹤0.01%
53,084
– –
QXO
1411
QXO Inc
QXO
$16.1B
$524K ﹤0.01%
+27,496
New +$569K
KN icon
1412
Knowles
KN
$3.23B
$523K ﹤0.01%
22,437
-17,344
-44% -$355K
RNG icon
1413
RingCentral
RNG
$5.66B
$522K ﹤0.01%
18,433
+8,430
+84% +$246K
SRCE icon
1414
1st Source
SRCE
$2.13B
$522K ﹤0.01%
8,476
-44
-0.5% -$2.76K
HUBG icon
1415
HUB Group
HUBG
$2.55B
$515K ﹤0.01%
14,957
– –
UCTT
1416
Ultra Clean Holdings
UCTT
$4.21B
$513K ﹤0.01%
18,825
+7,600
+68% +$187K
TNC icon
1417
Tennant Co
TNC
$1.15B
$512K ﹤0.01%
6,312
+1,725
+38% +$141K
KRT icon
1418
Karat Packaging
KRT
$953M
$511K ﹤0.01%
20,279
+2,238
+12% +$58.9K
PERI icon
1419
Perion Network
PERI
$384M
$510K ﹤0.01%
53,145
– –
SDGR icon
1420
Schrodinger
SDGR
$1.38B
$509K ﹤0.01%
25,367
-3,671
-13% -$73.8K
FUN icon
1421
Cedar Fair
FUN
$1.71B
$506K ﹤0.01%
22,292
-4,255
-16% -$113K
THFF icon
1422
First Financial Corp
THFF
$975M
$506K ﹤0.01%
8,965
-959
-10% -$54.3K
EFC
1423
Ellington Financial
EFC
$1.76B
$505K ﹤0.01%
38,880
+703
+2% +$9.36K
USPH icon
1424
US Physical Therapy
USPH
$1.24B
$498K ﹤0.01%
5,861
-1,120
-16% -$89.7K
UTL icon
1425
Unitil
UTL
$992M
$497K ﹤0.01%
10,383
– –
55 56
57
58 59

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State of Tennessee, Department of Treasury's Q3 2025 Portfolio in Review

As of Q3 2025, State of Tennessee, Department of Treasury held 1,792 positions worth $30B, up 7.4% from $28B the previous quarter. Its ten largest holdings account for 29% of the portfolio.

State of Tennessee, Department of Treasury's Q3 2025 filing shows 70 new, 606 increased, 553 reduced and 65 closed positions. Its largest new stake was Franklin FTSE India ETF: 5,213,024 shares worth $194M. The largest sale was iShares MSCI India ETF, an estimated $210M.

By sector, the portfolio is most concentrated in Technology at 25% of assets, up from 24% a quarter earlier, followed by Financials and Consumer Discretionary.

  • State of Tennessee, Department of Treasury's largest Q3 2025 buy was Franklin FTSE India ETF: 5,213,024 shares worth $194M.
  • State of Tennessee, Department of Treasury added most to Prologis in Q3 2025, an estimated $33.9M increase.
  • State of Tennessee, Department of Treasury's biggest Q3 2025 reduction was iShares MSCI India ETF, cutting an estimated $210M.
  • State of Tennessee, Department of Treasury fully exited First Trust Preferred Securities and Income ETF in Q3 2025, selling an estimated $32.6M.
  • State of Tennessee, Department of Treasury's ten largest holdings make up 29% of its $30B portfolio in Q3 2025.
  • State of Tennessee, Department of Treasury opened 70 new positions and closed 65 in Q3 2025.
  • State of Tennessee, Department of Treasury's portfolio value rose 7.4% quarter-over-quarter to $30B.

Based on State of Tennessee, Department of Treasury's 13F filing for Q3 2025, filed 14 Nov 2025.