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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
TROW icon
451
T. Rowe Price
TROW
$23.7B
$7.97M 0.03%
75,407
-11,577
-13% -$1.19M
RCI icon
452
Rogers Communications
RCI
$19.7B
$7.95M 0.03%
209,385
+4,331
+2% +$162K
OR icon
453
OR Royalties Inc
OR
$6.15B
$7.89M 0.03%
199,060
-140,000
-41% -$4.91M
AXON
454
Axon Enterprise
AXON
$50B
$7.89M 0.03%
16,313
-1,714
-10% -$1.06M
FOXA icon
455
Fox Class A
FOXA
$27.5B
$7.84M 0.03%
107,661
+33,997
+46% +$2.22M
BWXT icon
456
BWX Technologies
BWXT
$15.6B
$7.73M 0.02%
37,610
-2,900
-7% -$544K
BEN icon
457
Franklin Resources
BEN
$17.2B
$7.68M 0.02%
288,387
+18,695
+7% +$429K
WRB icon
458
W.R. Berkley
WRB
$26.2B
$7.67M 0.02%
111,802
-67,409
-38% -$4.97M
RMD icon
459
ResMed
RMD
$32.9B
$7.64M 0.02%
29,565
-11,250
-28% -$2.88M
FIS icon
460
Fidelity National Information Services
FIS
$22.8B
$7.61M 0.02%
137,712
-1,585
-1% -$105K
SW
461
Smurfit Westrock
SW
$26.2B
$7.59M 0.02%
182,297
+83,060
+84% +$3.17M
ED icon
462
Consolidated Edison
ED
$40.1B
$7.59M 0.02%
71,149
+8,624
+14% +$856K
KTOS icon
463
Kratos Defense & Security Solutions
KTOS
$11.8B
$7.36M 0.02%
71,408
+3,539
+5% +$290K
NVT icon
464
nVent Electric
NVT
$27.5B
$7.34M 0.02%
65,359
-2,799
-4% -$291K
OMC icon
465
Omnicom Group
OMC
$24.2B
$7.34M 0.02%
95,238
+34,093
+56% +$2.6M
BURL icon
466
Burlington
BURL
$22.4B
$7.33M 0.02%
24,785
-1,061
-4% -$288K
WWD icon
467
Woodward
WWD
$21.2B
$7.32M 0.02%
23,026
-2,883
-11% -$793K
LULU icon
468
lululemon athletica
LULU
$13.6B
$7.28M 0.02%
41,743
+8,711
+26% +$1.58M
ATI icon
469
ATI
ATI
$30.9B
$7.28M 0.02%
60,515
-2,592
-4% -$253K
TSCO icon
470
Tractor Supply
TSCO
$18.8B
$7.25M 0.02%
142,554
-58,606
-29% -$3.16M
NXT icon
471
Nextpower Inc
NXT
$15.9B
$7.25M 0.02%
61,904
-2,651
-4% -$240K
WST icon
472
West Pharmaceutical
WST
$24.4B
$7.2M 0.02%
31,169
+15,115
+94% +$4.13M
CSGP icon
473
CoStar Group
CSGP
$13.4B
$7.16M 0.02%
116,497
-9,993
-8% -$708K
USFD icon
474
US Foods
USFD
$23.8B
$7.16M 0.02%
85,600
-8,866
-9% -$666K
GEHC icon
475
GE HealthCare
GEHC
$33.3B
$7.16M 0.02%
90,605
-176,229
-66% -$13.7M
17 18
19
20 21

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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.