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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
+8.93%
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
$30B
AUM Growth
+$2.08B
Cap. Flow
+$106M
Cap. Flow %
0.35%
Top 10 Hldgs %
29.35%
Holding
1,792
New
70
Increased
606
Reduced
553
Closed
65

Top Buys

Rank Stock Value
1
FLIN icon
Franklin FTSE India ETF
FLIN
+$200M
2
SHYG icon
iShares 0-5 Year High Yield Corporate Bond ETF
SHYG
+$68.8M
3
PLD icon
Prologis
PLD
+$33.9M
4
VNQ icon
Vanguard Real Estate ETF
VNQ
+$26.4M
5
CVX icon
Chevron
CVX
+$21.1M

Top Sells

Rank Stock Value
1
INDA icon
iShares MSCI India ETF
INDA
+$210M
2
JPST icon
JPMorgan Ultra-Short Income ETF
JPST
+$40.1M
3
HYG icon
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
+$36.8M
4
FPE icon
First Trust Preferred Securities and Income ETF
FPE
+$32.6M
5
VTI icon
Vanguard Morningstar Total Stock Market ETF
VTI
+$25.9M

Sector Composition

Rank Sector Weight
1 Technology 25.21%
2 Financials 11.75%
3 Consumer Discretionary 8.67%
4 Communication Services 7.17%
5 Industrials 6.87%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ECHO
626
EchoStar
ECHO
$26.6B
$4.12M 0.01%
54,000
– –
INVH icon
627
Invitation Homes
INVH
$18B
$4.09M 0.01%
139,413
– –
CTRA
628
DELISTED
Coterra Energy
CTRA
$4.08M 0.01%
172,533
-75,452
-30% -$1.82M
SPXC icon
629
SPX Corp
SPXC
$10.6B
$4.08M 0.01%
21,837
-772
-3% -$143K
AVAV icon
630
AeroVironment
AVAV
$9.59B
$4.04M 0.01%
12,844
+1,677
+15% +$434K
DY icon
631
Dycom Industries
DY
$12.3B
$4.01M 0.01%
13,752
-505
-4% -$133K
DINO icon
632
HF Sinclair
DINO
$16.3B
$4.01M 0.01%
76,618
– –
GTLS
633
DELISTED
Chart Industries
GTLS
$4.01M 0.01%
20,019
-826
-4% -$157K
PSKY
634
Paramount Skydance Corp
PSKY
$11.2B
$4M 0.01%
+211,526
New +$3.35M
SSB icon
635
SouthState Bank Corp
SSB
$10.8B
$3.99M 0.01%
40,386
– –
ATR icon
636
AptarGroup
ATR
$8.43B
$3.99M 0.01%
29,822
– –
IP icon
637
International Paper
IP
$21.8B
$3.98M 0.01%
85,843
-54,052
-39% -$2.64M
DCI icon
638
Donaldson
DCI
$11.1B
$3.98M 0.01%
48,595
– –
FSV icon
639
FirstService
FSV
$6.18B
$3.97M 0.01%
20,838
-1,600
-7% -$310K
QRVO icon
640
Qorvo
QRVO
$8.68B
$3.97M 0.01%
43,549
+2,977
+7% +$265K
DOW icon
641
Dow Inc
DOW
$21.9B
$3.96M 0.01%
172,558
+89,100
+107% +$2.22M
PRI icon
642
Primerica
PRI
$9.62B
$3.94M 0.01%
14,180
– –
OVV icon
643
Ovintiv
OVV
$17.2B
$3.93M 0.01%
97,256
– –
LITE icon
644
Lumentum
LITE
$78B
$3.92M 0.01%
24,081
+2,140
+10% +$267K
DAY
645
DELISTED
Dayforce
DAY
$3.9M 0.01%
56,548
+39,084
+224% +$2.43M
BBY icon
646
Best Buy
BBY
$18B
$3.89M 0.01%
51,414
-690
-1% -$49.5K
CNH
647
CNH Industrial
CNH
$16.7B
$3.87M 0.01%
357,056
– –
CHE icon
648
Chemed
CHE
$7.02B
$3.87M 0.01%
8,634
+3,423
+66% +$1.55M
R icon
649
Ryder
R
$10.1B
$3.86M 0.01%
20,454
– –
MEDP icon
650
Medpace
MEDP
$16.2B
$3.85M 0.01%
7,481
-4,923
-40% -$2.15M
24 25
26
27 28

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State of Tennessee, Department of Treasury's Q3 2025 Portfolio in Review

As of Q3 2025, State of Tennessee, Department of Treasury held 1,792 positions worth $30B, up 7.4% from $28B the previous quarter. Its ten largest holdings account for 29% of the portfolio.

State of Tennessee, Department of Treasury's Q3 2025 filing shows 70 new, 606 increased, 553 reduced and 65 closed positions. Its largest new stake was Franklin FTSE India ETF: 5,213,024 shares worth $194M. The largest sale was iShares MSCI India ETF, an estimated $210M.

By sector, the portfolio is most concentrated in Technology at 25% of assets, up from 24% a quarter earlier, followed by Financials and Consumer Discretionary.

  • State of Tennessee, Department of Treasury's largest Q3 2025 buy was Franklin FTSE India ETF: 5,213,024 shares worth $194M.
  • State of Tennessee, Department of Treasury added most to Prologis in Q3 2025, an estimated $33.9M increase.
  • State of Tennessee, Department of Treasury's biggest Q3 2025 reduction was iShares MSCI India ETF, cutting an estimated $210M.
  • State of Tennessee, Department of Treasury fully exited First Trust Preferred Securities and Income ETF in Q3 2025, selling an estimated $32.6M.
  • State of Tennessee, Department of Treasury's ten largest holdings make up 29% of its $30B portfolio in Q3 2025.
  • State of Tennessee, Department of Treasury opened 70 new positions and closed 65 in Q3 2025.
  • State of Tennessee, Department of Treasury's portfolio value rose 7.4% quarter-over-quarter to $30B.

Based on State of Tennessee, Department of Treasury's 13F filing for Q3 2025, filed 14 Nov 2025.