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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
XIFR
1626
XPLR Infrastructure LP
XIFR
$1.09B
$196K ﹤0.01%
+19,273
New +$186K
FRSH icon
1627
Freshworks
FRSH
$3.51B
$196K ﹤0.01%
16,628
-4,201
-20% -$56.6K
RM icon
1628
Regional Management Corp
RM
$301M
$195K ﹤0.01%
+5,016
New +$189K
VTLE
1629
DELISTED
Vital Energy
VTLE
$195K ﹤0.01%
11,541
-2,800
-20% -$47.3K
NAGE
1630
Niagen Bioscience
NAGE
$241M
$191K ﹤0.01%
+20,491
New +$207K
XPEL icon
1631
XPEL
XPEL
$1.39B
$190K ﹤0.01%
5,736
-5,800
-50% -$206K
RGR icon
1632
Sturm, Ruger & Co
RGR
$601M
$189K ﹤0.01%
4,359
– –
SITC icon
1633
SITE Centers
SITC
$158M
$187K ﹤0.01%
20,753
+500
+2% +$5.32K
MOV icon
1634
Movado Group
MOV
$796M
$187K ﹤0.01%
9,842
+9,755
+11,213% +$169K
HAFC icon
1635
Hanmi Financial
HAFC
$963M
$186K ﹤0.01%
7,521
-11,226
-60% -$277K
PRSU
1636
Pursuit Attractions and Hospitality Inc
PRSU
$1.29B
$184K ﹤0.01%
5,099
– –
ALNT icon
1637
Allient
ALNT
$1.86B
$184K ﹤0.01%
4,118
+361
+10% +$15.4K
BHC icon
1638
Bausch Health
BHC
$2.37B
$184K ﹤0.01%
28,518
+1,606
+6% +$11K
MATW icon
1639
Matthews International
MATW
$722M
$183K ﹤0.01%
7,551
– –
DFH icon
1640
Dream Finders Homes
DFH
$1.35B
$182K ﹤0.01%
7,020
– –
FMNB icon
1641
Farmers National Banc Corp
FMNB
$970M
$180K ﹤0.01%
+12,486
New +$179K
MMI icon
1642
Marcus & Millichap
MMI
$1.2B
$180K ﹤0.01%
6,118
– –
FLY
1643
Firefly Aerospace
FLY
$4.48B
$179K ﹤0.01%
+6,100
New +$274K
GDRX icon
1644
GoodRx Holdings
GDRX
$1.27B
$178K ﹤0.01%
42,088
+13,009
+45% +$57.2K
BFS
1645
Saul Centers
BFS
$865M
$178K ﹤0.01%
5,576
+89
+2% +$2.94K
LZ icon
1646
LegalZoom.com
LZ
$993M
$176K ﹤0.01%
16,933
+2,393
+16% +$23.9K
TR icon
1647
Tootsie Roll Industries
TR
$3.02B
$173K ﹤0.01%
4,242
– –
NECB icon
1648
Northeast Community Bancorp
NECB
$371M
$172K ﹤0.01%
+8,362
New +$184K
ACIC icon
1649
American Coastal Insurance
ACIC
$461M
$171K ﹤0.01%
+15,000
New +$163K
TRIN icon
1650
Trinity Capital Inc.
TRIN
$1.75B
$170K ﹤0.01%
+11,011
New +$171K
64 65
66
67 68

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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.