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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
(+4.1%)
Cap. Flow
-$287M
Cap. Flow
% of AUM
-0.92%
Top 10 Holdings %
Top 10 Hldgs %
28.36%
Holding
1,819
New
92
Increased
472
Reduced
1,140
Closed
92
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
TSMC
TSM
|
+$211M |
| 2 |
Applovin
APP
|
+$43.1M |
| 3 |
Sea Limited
SE
|
+$26M |
| 4 |
TotalEnergies
TTE
|
+$25.5M |
| 5 |
CRH
CRH
|
+$25.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI Taiwan ETF
EWT
|
+$244M |
| 2 |
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
|
+$88.6M |
| 3 |
iShares 0-5 Year High Yield Corporate Bond ETF
SHYG
|
+$69.2M |
| 4 |
Ferrari
RACE
|
+$54.5M |
| 5 |
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 | |
|---|---|---|---|---|---|---|
651
AeroVironment
AVAV
$9.59B
| $3.95M | 0.01% |
14,187
+1,343
| +10% | +$422K |
|
652
Charter Communications
CHTR
$18.7B
| $3.93M | 0.01% |
19,063
-3,292
| -15% | -$741K |
|
|
SOLS
653
Solstice Advanced Materials
SOLS
$9.94B
| $3.92M | 0.01% |
+63,420
| New | +$2.99M |
|
654
Hafnia
HAFN
$3.8B
| $3.92M | 0.01% |
634,966
| – | – |
|
655
Domino's
DPZ
$11.6B
| $3.92M | 0.01% |
9,545
-2,104
| -18% | -$877K |
|
656
Lincoln National
LNC
$8.67B
| $3.91M | 0.01% |
94,066
+3,303
| +4% | +$138K |
|
657
Tetra Tech
TTEK
$9.33B
| $3.9M | 0.01% |
103,595
-4,437
| -4% | -$150K |
|
658
Arrowhead Research
ARWR
$12.1B
| $3.86M | 0.01% |
55,642
+1,092
| +2% | +$53.5K |
|
659
Advanced Energy
AEIS
$13.2B
| $3.86M | 0.01% |
15,097
-1,311
| -8% | -$267K |
|
660
UGI
UGI
$7.56B
| $3.85M | 0.01% |
96,084
-4,115
| -4% | -$146K |
|
661
Zions Bancorporation
ZION
$10.5B
| $3.83M | 0.01% |
63,886
+4,247
| +7% | +$231K |
|
662
Celsius Holdings
CELH
$7.28B
| $3.82M | 0.01% |
72,851
+8,873
| +14% | +$447K |
|
663
HF Sinclair
DINO
$16.3B
| $3.82M | 0.01% |
73,471
-3,147
| -4% | -$162K |
|
664
Gartner
IT
$11.6B
| $3.82M | 0.01% |
18,204
-8,791
| -33% | -$2.12M |
|
665
EnerSys
ENS
$7.2B
| $3.81M | 0.01% |
21,129
+3,903
| +23% | +$521K |
|
666
Open Text
OTEX
$6.02B
| $3.8M | 0.01% |
147,862
+584
| +0.4% | +$20.8K |
|
667
Wintrust Financial
WTFC
$11B
| $3.79M | 0.01% |
25,705
-1,100
| -4% | -$146K |
|
668
Advanced Drainage Systems
WMS
$11.3B
| $3.78M | 0.01% |
24,882
-1,065
| -4% | -$154K |
|
669
Medpace
MEDP
$16.2B
| $3.78M | 0.01% |
6,490
-991
| -13% | -$563K |
|
670
Jefferies Financial Group
JEF
$12.9B
| $3.78M | 0.01% |
61,714
-2,643
| -4% | -$152K |
|
671
GameStop
GME
$8.33B
| $3.77M | 0.01% |
157,881
-6,762
| -4% | -$152K |
|
672
Western Alliance Bancorporation
WAL
$8.92B
| $3.76M | 0.01% |
42,145
-1,805
| -4% | -$147K |
|
673
Kenvue
KVUE
$36.9B
| $3.7M | 0.01% |
212,578
-5,728
| -3% | -$93.6K |
|
674
Fortive
FTV
$18.7B
| $3.69M | 0.01% |
69,799
+29,406
| +73% | +$1.53M |
|
|
CNH
675
CNH Industrial
CNH
$16.7B
| $3.68M | 0.01% |
342,391
-14,665
| -4% | -$146K |
|
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PCH
N
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.