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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
BKR icon
301
Baker Hughes
BKR
$63B
$14M 0.05%
287,081
+54,816
+24% +$2.42M
NRG icon
302
NRG Energy
NRG
$25.2B
$14M 0.05%
86,240
-9,666
-10% -$1.51M
DHI icon
303
D.R. Horton
DHI
$41.9B
$13.8M 0.05%
81,530
-1,314
-2% -$207K
PHM icon
304
Pultegroup
PHM
$24.9B
$13.8M 0.05%
104,549
+6,000
+6% +$745K
WRB icon
305
W.R. Berkley
WRB
$26.2B
$13.7M 0.05%
179,211
+52,245
+41% +$3.72M
STT icon
306
State Street
STT
$52.2B
$13.7M 0.05%
118,075
– –
CMG icon
307
Chipotle Mexican Grill
CMG
$41.3B
$13.7M 0.05%
348,831
-156,091
-31% -$7.03M
OR icon
308
OR Royalties Inc
OR
$6.15B
$13.6M 0.05%
339,060
+35,700
+12% +$1.11M
VTR icon
309
Ventas
VTR
$46.3B
$13.6M 0.05%
194,053
+29,878
+18% +$2.01M
ABNB icon
310
Airbnb
ABNB
$111B
$13.5M 0.05%
111,227
-40,789
-27% -$5.28M
ROP icon
311
Roper Technologies
ROP
$39.3B
$13.5M 0.04%
27,032
-19,102
-41% -$10.2M
FTNT icon
312
Fortinet
FTNT
$121B
$13.5M 0.04%
160,309
-63,453
-28% -$5.66M
KDP icon
313
Keurig Dr Pepper
KDP
$42.3B
$13.5M 0.04%
527,707
+126,400
+31% +$3.96M
BRX icon
314
Brixmor Property Group
BRX
$9.21B
$13.4M 0.04%
484,930
+89,518
+23% +$2.4M
PBA icon
315
Pembina Pipeline
PBA
$28.4B
$13.2M 0.04%
327,476
-8,000
-2% -$302K
L icon
316
Loews
L
$23B
$13.2M 0.04%
131,473
+50,671
+63% +$4.79M
LEN icon
317
Lennar Class A
LEN
$21.1B
$13.2M 0.04%
104,700
– –
UAL icon
318
United Airlines
UAL
$41B
$13.2M 0.04%
136,695
+3,540
+3% +$340K
F icon
319
Ford
F
$55.4B
$13.1M 0.04%
1,092,570
– –
WEC icon
320
WEC Energy
WEC
$35.9B
$13M 0.04%
113,617
-31,154
-22% -$3.38M
SOLV icon
321
Solventum
SOLV
$14.7B
$13M 0.04%
178,081
+135,171
+315% +$9.91M
AXON
322
Axon Enterprise
AXON
$50B
$12.9M 0.04%
18,027
-4,725
-21% -$3.59M
CBOE icon
323
Cboe Global Markets
CBOE
$30.6B
$12.9M 0.04%
52,472
+10,148
+24% +$2.44M
TDY icon
324
Teledyne Technologies
TDY
$31.2B
$12.8M 0.04%
21,762
+5,259
+32% +$2.88M
ULTA icon
325
Ulta Beauty
ULTA
$22.2B
$12.7M 0.04%
23,292
+4,018
+21% +$2.06M
11 12
13
14 15

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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.