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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
(+4.1%)
Cap. Flow
-$287M
Cap. Flow
% of AUM
-0.92%
Top 10 Holdings %
Top 10 Hldgs %
28.36%
Holding
1,819
New
92
Increased
472
Reduced
1,140
Closed
92
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
TSMC
TSM
|
+$211M |
| 2 |
Applovin
APP
|
+$43.1M |
| 3 |
Sea Limited
SE
|
+$26M |
| 4 |
TotalEnergies
TTE
|
+$25.5M |
| 5 |
CRH
CRH
|
+$25.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI Taiwan ETF
EWT
|
+$244M |
| 2 |
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
|
+$88.6M |
| 3 |
iShares 0-5 Year High Yield Corporate Bond ETF
SHYG
|
+$69.2M |
| 4 |
Ferrari
RACE
|
+$54.5M |
| 5 |
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 | |
|---|---|---|---|---|---|---|
251
Sun Life Financial
SLF
$44.7B
| $20.5M | 0.07% |
322,936
-5,616
| -2% | -$339K |
|
252
Ross Stores
ROST
$78.6B
| $20.4M | 0.07% |
108,262
+29,993
| +38% | +$5.01M |
|
253
Realty Income
O
$59.7B
| $20.2M | 0.06% |
329,624
+26,753
| +9% | +$1.55M |
|
254
Air Products & Chemicals
APD
$68B
| $20.1M | 0.06% |
73,758
+46,879
| +174% | +$11.9M |
|
255
Leidos
LDOS
$17.9B
| $20M | 0.06% |
106,343
-2,459
| -2% | -$466K |
|
256
Oneok
OKE
$58.5B
| $19.9M | 0.06% |
251,189
+28,924
| +13% | +$2.05M |
|
257
First Industrial Realty Trust
FR
$8.4B
| $19.8M | 0.06% |
341,454
+5,675
| +2% | +$317K |
|
258
Dollar General
DG
$27.1B
| $19.7M | 0.06% |
137,352
-20,802
| -13% | -$2.32M |
|
259
Xylem
XYL
$28.2B
| $19.5M | 0.06% |
141,307
+13,650
| +11% | +$1.96M |
|
260
iShares MSCI Philippines ETF
EPHE
$146M
| $19.3M | 0.06% |
742,696
-42,363
| -5% | -$1.05M |
|
261
Zoetis
ZTS
$31.2B
| $19.1M | 0.06% |
153,157
-43,216
| -22% | -$5.64M |
|
262
Cintas
CTAS
$80.6B
| $19M | 0.06% |
99,316
-4,099
| -4% | -$772K |
|
263
HCA Healthcare
HCA
$89.4B
| $18.9M | 0.06% |
38,765
-12,466
| -24% | -$5.79M |
|
264
Cardinal Health
CAH
$53.6B
| $18.9M | 0.06% |
87,922
-30,864
| -26% | -$5.81M |
|
265
Nutrien
NTR
$32.1B
| $18.9M | 0.06% |
272,559
-2,674
| -1% | -$157K |
|
266
Ametek
AME
$58.8B
| $18.8M | 0.06% |
83,961
+36,699
| +78% | +$7.14M |
|
267
Carvana
CVNA
$81.9B
| $18.8M | 0.06% |
+234,095
| New | +$17.4M |
|
268
Monolithic Power Systems
MPWR
$67.6B
| $18.7M | 0.06% |
16,659
+5,119
| +44% | +$4.93M |
|
269
Chipotle Mexican Grill
CMG
$41.4B
| $18.6M | 0.06% |
477,815
+128,984
| +37% | +$4.67M |
|
270
Aflac
AFL
$60.7B
| $18.5M | 0.06% |
167,088
-1,125
| -0.7% | -$124K |
|
271
Nokia
NOK
$58.8B
| $18.5M | 0.06% |
2,871,190
-716,812
| -20% | -$4.44M |
|
272
AutoZone
AZO
$49.8B
| $18.4M | 0.06% |
4,974
-427
| -8% | -$1.61M |
|
273
Airbnb
ABNB
$111B
| $18.4M | 0.06% |
142,272
+31,045
| +28% | +$3.87M |
|
274
Robinhood
HOOD
$89.4B
| $18.2M | 0.06% |
183,009
+107,554
| +143% | +$14M |
|
275
DexCom
DXCM
$34.5B
| $18.2M | 0.06% |
248,954
+204,559
| +461% | +$13.2M |
|
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PCH
N
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.