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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
APPN icon
1601
Appian
APPN
$2.65B
$224K ﹤0.01%
7,337
+3,023
+70% +$90.8K
OLN icon
1602
Olin
OLN
$2.17B
$224K ﹤0.01%
8,959
-27,100
-75% -$602K
NGD
1603
DELISTED
New Gold Inc
NGD
$222K ﹤0.01%
+31,000
New +$168K
UHT
1604
Universal Health Realty Income Trust
UHT
$573M
$222K ﹤0.01%
5,668
+90
+2% +$3.62K
LYTS icon
1605
LSI Industries
LYTS
$912M
$221K ﹤0.01%
+9,370
New +$190K
RDCM icon
1606
Radcom
RDCM
$170M
$220K ﹤0.01%
15,209
+10,200
+204% +$139K
KREF
1607
KKR Real Estate Finance Trust
KREF
$502M
$218K ﹤0.01%
24,197
+1,389
+6% +$12.9K
BLFS icon
1608
BioLife Solutions
BLFS
$1.72B
$215K ﹤0.01%
8,441
– –
BAND
1609
Bandwidth Inc
BAND
$1.74B
$214K ﹤0.01%
12,808
– –
CXM icon
1610
Sprinklr
CXM
$1.65B
$213K ﹤0.01%
27,576
-32,000
-54% -$270K
SIGA icon
1611
SIGA Technologies
SIGA
$207M
$213K ﹤0.01%
23,244
-7,464
-24% -$59.7K
FIZZ icon
1612
National Beverage
FIZZ
$2.93B
$213K ﹤0.01%
5,756
– –
ERII icon
1613
Energy Recovery
ERII
$399M
$212K ﹤0.01%
13,770
– –
HFWA icon
1614
Heritage Financial
HFWA
$1.23B
$209K ﹤0.01%
8,660
– –
SBSI icon
1615
Southside Bancshares
SBSI
$984M
$208K ﹤0.01%
7,369
– –
AMSF icon
1616
AMERISAFE
AMSF
$504M
$207K ﹤0.01%
4,725
– –
CTKB icon
1617
Cytek Biosciences
CTKB
$636M
$204K ﹤0.01%
58,883
+34,173
+138% +$128K
HTZ icon
1618
Hertz
HTZ
$838M
$204K ﹤0.01%
30,020
– –
CPF icon
1619
Central Pacific Financial
CPF
$1B
$204K ﹤0.01%
6,717
-7,514
-53% -$220K
ORRF icon
1620
Orrstown Financial Services
ORRF
$855M
$203K ﹤0.01%
+5,976
New +$203K
CABO icon
1621
Cable One
CABO
$206M
$202K ﹤0.01%
1,142
– –
AGNT
1622
AGNT Inc
AGNT
$752M
$201K ﹤0.01%
18,827
– –
INTA icon
1623
Intapp
INTA
$3.16B
$199K ﹤0.01%
+4,876
New +$211K
SPH icon
1624
Suburban Propane Partners
SPH
$1.17B
$199K ﹤0.01%
+10,658
New +$197K
USNA icon
1625
Usana Health Sciences
USNA
$252M
$198K ﹤0.01%
7,182
+4,434
+161% +$136K
63 64
65
66 67

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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.