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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
GMED icon
676
Globus Medical
GMED
$11.5B
$3.68M 0.01%
40,588
-25,449
-39% -$1.93M
INVH icon
677
Invitation Homes
INVH
$18B
$3.68M 0.01%
137,675
-1,738
-1% -$48.5K
AFG icon
678
American Financial Group
AFG
$12.1B
$3.67M 0.01%
28,143
-1,205
-4% -$165K
WFRD icon
679
Weatherford International
WFRD
$6.6B
$3.65M 0.01%
38,829
-3,229
-8% -$234K
CHD icon
680
Church & Dwight Co
CHD
$24B
$3.64M 0.01%
37,828
-1,106
-3% -$94.5K
AMG icon
681
Affiliated Managers Group
AMG
$9.7B
$3.63M 0.01%
11,610
+257
+2% +$66.4K
DECK icon
682
Deckers Outdoor
DECK
$12.7B
$3.62M 0.01%
30,347
-464
-2% -$43.5K
PAYX icon
683
Paychex
PAYX
$44.6B
$3.6M 0.01%
34,895
-939
-3% -$110K
SNA icon
684
Snap-on
SNA
$20.9B
$3.6M 0.01%
9,826
+3,781
+63% +$1.29M
UMBF icon
685
UMB Financial
UMBF
$11.5B
$3.59M 0.01%
28,248
-1,209
-4% -$137K
PRI icon
686
Primerica
PRI
$9.62B
$3.58M 0.01%
13,598
-582
-4% -$152K
AIT icon
687
Applied Industrial Technologies
AIT
$13.2B
$3.58M 0.01%
13,735
-588
-4% -$150K
NOV icon
688
NOV
NOV
$7.36B
$3.57M 0.01%
194,780
-8,343
-4% -$124K
RRC icon
689
Range Resources
RRC
$9.33B
$3.57M 0.01%
94,364
-4,041
-4% -$151K
OSK icon
690
Oshkosh
OSK
$9.41B
$3.57M 0.01%
24,798
-1,062
-4% -$137K
SMCI icon
691
Super Micro Computer
SMCI
$25.3B
$3.56M 0.01%
122,276
-1,501
-1% -$61.8K
ONTO icon
692
Onto Innovation
ONTO
$20.6B
$3.55M 0.01%
17,575
+7,591
+76% +$1.08M
MANH icon
693
Manhattan Associates
MANH
$11.7B
$3.55M 0.01%
23,496
-1,006
-4% -$184K
CHE icon
694
Chemed
CHE
$7.02B
$3.54M 0.01%
8,280
-354
-4% -$154K
SITM icon
695
SiTime
SITM
$20.7B
$3.53M 0.01%
9,734
+345
+4% +$108K
DTM icon
696
DT Midstream
DTM
$13.8B
$3.53M 0.01%
28,039
-1,200
-4% -$138K
ELAN icon
697
Elanco Animal Health
ELAN
$11.2B
$3.53M 0.01%
146,658
+11,012
+8% +$240K
OPCH icon
698
Option Care Health
OPCH
$3.61B
$3.53M 0.01%
103,812
-4,446
-4% -$130K
HPQ icon
699
HP
HPQ
$28.6B
$3.52M 0.01%
180,994
+69,042
+62% +$1.76M
CR icon
700
Crane Co
CR
$12.7B
$3.51M 0.01%
19,206
-822
-4% -$152K
26 27
28
29 30

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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.