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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
BIIB icon
351
Biogen
BIIB
$31.1B
$12.9M 0.04%
71,467
-13,996
-16% -$2.29M
TER icon
352
Teradyne
TER
$64.2B
$12.7M 0.04%
52,573
+13,512
+35% +$2.32M
MTB icon
353
M&T Bank
MTB
$36.6B
$12.6M 0.04%
57,036
-3,514
-6% -$671K
BKR icon
354
Baker Hughes
BKR
$63B
$12.6M 0.04%
224,259
-62,822
-22% -$2.98M
WEC icon
355
WEC Energy
WEC
$35.9B
$12.5M 0.04%
112,693
-924
-0.8% -$102K
SOLV icon
356
Solventum
SOLV
$14.7B
$12.4M 0.04%
161,501
-16,580
-9% -$1.27M
CCL icon
357
Carnival Corporation Ltd
CCL
$38.9B
$12.4M 0.04%
412,904
+17,880
+5% +$499K
FITB
358
Fifth Third Bancorp
FITB
$52.5B
$12.3M 0.04%
245,706
+7,422
+3% +$327K
MSCI icon
359
MSCI
MSCI
$41.8B
$12.3M 0.04%
20,171
-237
-1% -$133K
IVZ icon
360
Invesco
IVZ
$14.3B
$12.2M 0.04%
447,334
+6,308
+1% +$154K
COHR icon
361
Coherent
COHR
$64B
$12.2M 0.04%
57,520
-1,533
-3% -$229K
ADM icon
362
Archer Daniels Midland
ADM
$38.6B
$12.2M 0.04%
180,682
-149,503
-45% -$8.93M
PSX icon
363
Phillips 66
PSX
$92.8B
$12.2M 0.04%
84,707
-1,262
-1% -$170K
CHRW icon
364
C.H. Robinson
CHRW
$17.5B
$12.1M 0.04%
62,002
-733
-1% -$108K
DHI icon
365
D.R. Horton
DHI
$41.9B
$12M 0.04%
80,700
-830
-1% -$126K
FAST icon
366
Fastenal
FAST
$58.9B
$11.8M 0.04%
272,371
+36,415
+15% +$1.53M
FTNT icon
367
Fortinet
FTNT
$121B
$11.6M 0.04%
142,592
-17,717
-11% -$1.47M
QSR icon
368
Restaurant Brands International
QSR
$26.7B
$11.5M 0.04%
171,261
-6,214
-4% -$428K
FTI icon
369
TechnipFMC
FTI
$30.1B
$11.5M 0.04%
207,002
-11,338
-5% -$479K
SYY icon
370
Sysco
SYY
$40B
$11.4M 0.04%
136,534
-16,568
-11% -$1.26M
CDP icon
371
COPT Defense Properties
CDP
$4.23B
$11.4M 0.04%
370,872
+26,453
+8% +$763K
PHM icon
372
Pultegroup
PHM
$24.9B
$11.4M 0.04%
91,185
-13,364
-13% -$1.64M
NVMI
373
Nova
NVMI
$13.1B
$11.4M 0.04%
24,900
-3,026
-11% -$973K
TDY icon
374
Teledyne Technologies
TDY
$31.2B
$11.4M 0.04%
18,334
-3,428
-16% -$1.81M
WTW icon
375
Willis Towers Watson
WTW
$31B
$11.3M 0.04%
35,715
-311
-0.9% -$102K
13 14
15
16 17

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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.