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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
+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
Cap. Flow
-$287M
Cap. Flow %
-0.92%
Top 10 Hldgs %
28.36%
Holding
1,819
New
92
Increased
472
Reduced
1,140
Closed
92

Top Buys

Rank Stock Value
1
TSM icon
TSMC
TSM
+$211M
2
APP icon
Applovin
APP
+$43.1M
3
SE icon
Sea Limited
SE
+$26M
4
TTE icon
TotalEnergies
TTE
+$25.5M
5
CRH icon
CRH
CRH
+$25.3M

Top Sells

Rank Stock Value
1
EWT icon
iShares MSCI Taiwan ETF
EWT
+$244M
2
HYG icon
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
+$88.6M
3
SHYG icon
iShares 0-5 Year High Yield Corporate Bond ETF
SHYG
+$69.2M
4
RACE icon
Ferrari
RACE
+$54.5M
5
INDA icon
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
FIX icon
326
Comfort Systems
FIX
$60.8B
$14.2M 0.05%
12,444
-2,601
-17% -$2.4M
MOH icon
327
Molina Healthcare
MOH
$10.7B
$14.2M 0.05%
78,995
+66,230
+519% +$10.9M
EA
328
DELISTED
Electronic Arts
EA
$14.2M 0.05%
69,485
-683
-1% -$138K
ACGL icon
329
Arch Capital
ACGL
$33.5B
$14.2M 0.05%
147,496
+36,424
+33% +$3.33M
MSI icon
330
Motorola Solutions
MSI
$77B
$14.1M 0.05%
35,132
-7,078
-17% -$2.84M
TFC icon
331
Truist Financial
TFC
$64.7B
$14M 0.04%
271,371
-3,942
-1% -$182K
MLM icon
332
Martin Marietta Materials
MLM
$32.7B
$13.9M 0.04%
21,321
+8,253
+63% +$5.13M
IBKR icon
333
Interactive Brokers
IBKR
$41.4B
$13.9M 0.04%
185,482
+95,482
+106% +$6.39M
AEE icon
334
Ameren
AEE
$30.2B
$13.9M 0.04%
134,280
+21,777
+19% +$2.23M
NRG icon
335
NRG Energy
NRG
$25.2B
$13.8M 0.04%
90,729
+4,489
+5% +$743K
TECK icon
336
Teck Resources
TECK
$31.3B
$13.8M 0.04%
255,923
+17,642
+7% +$764K
CUZ icon
337
Cousins Properties
CUZ
$4.93B
$13.6M 0.04%
538,666
+41,349
+8% +$1.07M
NI icon
338
NiSource
NI
$20.2B
$13.6M 0.04%
306,782
+17,096
+6% +$730K
KRC icon
339
Kilroy Realty
KRC
$4.3B
$13.6M 0.04%
393,798
+26,817
+7% +$1.1M
BRX icon
340
Brixmor Property Group
BRX
$9.21B
$13.6M 0.04%
505,921
+20,991
+4% +$554K
TGT icon
341
Target
TGT
$70.6B
$13.5M 0.04%
128,274
+76,100
+146% +$7.01M
ROP icon
342
Roper Technologies
ROP
$39.3B
$13.5M 0.04%
36,349
+9,317
+34% +$4.32M
PCAR icon
343
PACCAR
PCAR
$68.8B
$13.4M 0.04%
109,377
-49,102
-31% -$5.03M
COR icon
344
Cencora
COR
$59.2B
$13.3M 0.04%
37,135
-290
-0.8% -$98.9K
UPS icon
345
United Parcel Service
UPS
$89.8B
$13.3M 0.04%
124,983
-13,430
-10% -$1.26M
CTSH icon
346
Cognizant
CTSH
$26.7B
$13.3M 0.04%
161,542
+7,122
+5% +$533K
CIEN icon
347
Ciena
CIEN
$62.7B
$13.2M 0.04%
52,389
-2,243
-4% -$435K
PBA icon
348
Pembina Pipeline
PBA
$28.4B
$13.1M 0.04%
313,508
-13,968
-4% -$537K
BCE icon
349
BCE
BCE
$21.7B
$13M 0.04%
500,476
-7,838
-2% -$183K
YUM icon
350
Yum! Brands
YUM
$41.2B
$13M 0.04%
83,579
+443
+0.5% +$65.6K
12 13
14
15 16

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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.