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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
VNQ icon
26
Vanguard Real Estate ETF
VNQ
$39B
$206M 0.66%
2,273,759
-128,064
-5% -$11.5M
EZA icon
27
iShares MSCI South Africa ETF
EZA
$558M
$202M 0.64%
2,754,119
– –
FLIN icon
28
Franklin FTSE India ETF
FLIN
$2.67B
$193M 0.62%
5,213,024
– –
V icon
29
Visa
V
$672B
$189M 0.6%
586,473
-23,330
-4% -$7.95M
JNJ icon
30
Johnson & Johnson
JNJ
$630B
$187M 0.6%
821,632
+17,150
+2% +$3.39M
WMT icon
31
Walmart Inc
WMT
$917B
$180M 0.57%
1,507,396
+16,093
+1% +$1.73M
VOO icon
32
Vanguard S&P 500 ETF
VOO
$1.04T
$177M 0.57%
277,910
-15,261
-5% -$9.48M
MA icon
33
Mastercard
MA
$490B
$156M 0.5%
289,663
+5,425
+2% +$3.03M
MU icon
34
Micron Technology
MU
$1.1T
$152M 0.49%
366,502
-48,873
-12% -$11.2M
COST icon
35
Costco
COST
$422B
$140M 0.45%
149,272
-853
-0.6% -$773K
ABBV icon
36
AbbVie
ABBV
$443B
$138M 0.44%
619,322
+7,616
+1% +$1.73M
LIN icon
37
Linde
LIN
$220B
$136M 0.44%
297,963
-22,071
-7% -$9.45M
RY icon
38
Royal Bank of Canada
RY
$298B
$134M 0.43%
802,436
-16,161
-2% -$2.48M
AMD icon
39
Advanced Micro Devices
AMD
$805B
$133M 0.42%
560,601
+25,776
+5% +$5.79M
HD icon
40
Home Depot
HD
$340B
$130M 0.42%
347,763
-551
-0.2% -$202K
NFLX icon
41
Netflix
NFLX
$320B
$123M 0.39%
1,474,868
-44,392
-3% -$4.79M
BAC icon
42
Bank of America
BAC
$448B
$123M 0.39%
2,311,932
+1,484
+0.1% +$78.4K
CVX icon
43
Chevron
CVX
$387B
$118M 0.38%
665,738
-9,675
-1% -$1.47M
PG icon
44
Procter & Gamble
PG
$335B
$117M 0.37%
769,696
-11,100
-1% -$1.64M
SHOP icon
45
Shopify
SHOP
$196B
$114M 0.36%
863,216
+143,813
+20% +$23.1M
GE icon
46
GE Aerospace
GE
$375B
$113M 0.36%
368,181
-20,391
-5% -$6.14M
CAT icon
47
Caterpillar
CAT
$395B
$109M 0.35%
165,794
-1,502
-0.9% -$835K
CSCO icon
48
Cisco
CSCO
$443B
$107M 0.34%
1,367,451
-108,320
-7% -$8.04M
PLTR icon
49
Palantir
PLTR
$421B
$107M 0.34%
729,867
+8,075
+1% +$1.46M
WFC icon
50
Wells Fargo
WFC
$266B
$105M 0.34%
1,160,064
+432
+0% +$37.5K
1
2
3 4 5

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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.