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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
+13.04%
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
$28B
AUM Growth
+$1.89B
Cap. Flow
-$694M
Cap. Flow %
-2.48%
Top 10 Hldgs %
29.49%
Holding
1,782
New
63
Increased
481
Reduced
719
Closed
60

Top Buys

Rank Stock Value
1
PLD icon
Prologis
PLD
+$28.9M
2
COIN icon
Coinbase
COIN
+$16.3M
3
COF icon
Capital One
COF
+$16M
4
MCD icon
McDonald's
MCD
+$15.8M
5
FALN icon
iShares Fallen Angels USD Bond ETF
FALN
+$15.4M

Top Sells

Rank Stock Value
1
MBB icon
iShares MBS ETF
MBB
+$233M
2
TLT icon
iShares 20+ Year Treasury Bond ETF
TLT
+$202M
3
NVDA icon
NVIDIA
NVDA
+$33.5M
4
ICLR icon
Icon
ICLR
+$28.6M
5
MSFT icon
Microsoft
MSFT
+$27.9M

Sector Composition

Rank Sector Weight
1 Technology 24.16%
2 Financials 11.97%
3 Consumer Discretionary 8.55%
4 Industrials 7.22%
5 Communication Services 6.88%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NFLX icon
26
Netflix
NFLX
$321B
$202M 0.72%
1,505,910
-112,240
-7% -$12.7M
VNQ icon
27
Vanguard Real Estate ETF
VNQ
$39.1B
$188M 0.67%
2,111,185
+58,287
+3% +$5.14M
XOM icon
28
ExxonMobil
XOM
$651B
$172M 0.62%
1,595,936
-45,900
-3% -$4.91M
VOO icon
29
Vanguard S&P 500 ETF
VOO
$1.04T
$167M 0.6%
294,150
– –
MA icon
30
Mastercard
MA
$492B
$160M 0.57%
283,935
+640
+0.2% +$354K
LIN icon
31
Linde
LIN
$222B
$152M 0.54%
323,104
-2,532
-0.8% -$1.16M
COST icon
32
Costco
COST
$422B
$149M 0.53%
150,461
-1,949
-1% -$1.94M
EZA icon
33
iShares MSCI South Africa ETF
EZA
$563M
$148M 0.53%
2,754,119
– –
WMT icon
34
Walmart Inc
WMT
$918B
$145M 0.52%
1,480,702
-52,027
-3% -$4.96M
PG icon
35
Procter & Gamble
PG
$338B
$132M 0.47%
830,496
+7,482
+0.9% +$1.22M
JNJ icon
36
Johnson & Johnson
JNJ
$627B
$128M 0.46%
834,810
+7,816
+0.9% +$1.2M
HD icon
37
Home Depot
HD
$344B
$127M 0.46%
346,973
-4,977
-1% -$1.8M
RACE icon
38
Ferrari
RACE
$72.4B
$124M 0.44%
253,301
-39,688
-14% -$18.4M
ABBV icon
39
AbbVie
ABBV
$446B
$122M 0.44%
656,273
+30,199
+5% +$5.61M
ORCL icon
40
Oracle
ORCL
$456B
$114M 0.41%
522,661
-25,042
-5% -$4.04M
BAC icon
41
Bank of America
BAC
$452B
$109M 0.39%
2,310,448
-102,802
-4% -$4.32M
RY icon
42
Royal Bank of Canada
RY
$298B
$109M 0.39%
826,207
– –
UNH icon
43
UnitedHealth
UNH
$362B
$106M 0.38%
340,735
+14,425
+4% +$5.51M
PM icon
44
Philip Morris
PM
$298B
$103M 0.37%
562,970
-21,470
-4% -$3.69M
CRM icon
45
Salesforce
CRM
$160B
$100M 0.36%
367,993
-8,314
-2% -$2.22M
GE icon
46
GE Aerospace
GE
$375B
$100M 0.36%
389,418
-1,483
-0.4% -$325K
KO icon
47
Coca-Cola
KO
$376B
$98.7M 0.35%
1,395,090
-31,942
-2% -$2.28M
CSCO icon
48
Cisco
CSCO
$449B
$95.9M 0.34%
1,381,911
-35,116
-2% -$2.16M
FALN icon
49
iShares Fallen Angels USD Bond ETF
FALN
$1.61B
$93.1M 0.33%
3,428,800
+582,591
+20% +$15.4M
PLTR icon
50
Palantir
PLTR
$422B
$93M 0.33%
682,540
-102,311
-13% -$12M
1
2
3 4 5

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State of Tennessee, Department of Treasury's Q2 2025 Portfolio in Review

As of Q2 2025, State of Tennessee, Department of Treasury held 1,782 positions worth $28B, up 7.3% from $26.1B the previous quarter. Its ten largest holdings account for 29% of the portfolio.

State of Tennessee, Department of Treasury's Q2 2025 filing shows 63 new, 481 increased, 719 reduced and 60 closed positions. Its largest new stake was Coinbase: 69,843 shares worth $24.5M. The largest sale was iShares MBS ETF, an estimated $233M.

By sector, the portfolio is most concentrated in Technology at 24% of assets, up from 22% a quarter earlier, followed by Financials and Consumer Discretionary.

  • State of Tennessee, Department of Treasury's largest Q2 2025 buy was Coinbase: 69,843 shares worth $24.5M.
  • State of Tennessee, Department of Treasury added most to Prologis in Q2 2025, an estimated $28.9M increase.
  • State of Tennessee, Department of Treasury's biggest Q2 2025 reduction was iShares MBS ETF, cutting an estimated $233M.
  • State of Tennessee, Department of Treasury fully exited iShares 20+ Year Treasury Bond ETF in Q2 2025, selling an estimated $202M.
  • State of Tennessee, Department of Treasury's ten largest holdings make up 29% of its $28B portfolio in Q2 2025.
  • State of Tennessee, Department of Treasury opened 63 new positions and closed 60 in Q2 2025.
  • State of Tennessee, Department of Treasury's portfolio value rose 7.3% quarter-over-quarter to $28B.

Based on State of Tennessee, Department of Treasury's 13F filing for Q2 2025, filed 15 Aug 2025.