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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
SAIA icon
776
Saia
SAIA
$10.1B
$2.86M 0.01%
8,537
-365
-4% -$110K
IDA icon
777
Idacorp
IDA
$8.16B
$2.86M 0.01%
21,505
+3,329
+18% +$433K
TTC icon
778
Toro Company
TTC
$9.21B
$2.86M 0.01%
31,203
-1,336
-4% -$98.8K
UCB
779
United Community Banks
UCB
$4.43B
$2.85M 0.01%
82,688
+13,434
+19% +$415K
KRYS icon
780
Krystal Biotech
KRYS
$9.72B
$2.85M 0.01%
10,193
-925
-8% -$195K
WING icon
781
Wingstop
WING
$3.1B
$2.84M 0.01%
10,713
-458
-4% -$113K
MAS icon
782
Masco
MAS
$14.7B
$2.84M 0.01%
42,914
+17,235
+67% +$1.12M
VOYA icon
783
Voya Financial
VOYA
$9.16B
$2.83M 0.01%
36,873
-7,474
-17% -$544K
TGB
784
Trekor Metals
TGB
$3.08B
$2.82M 0.01%
+369,629
New +$1.74M
HBAN icon
785
Huntington Bancshares
HBAN
$35.9B
$2.81M 0.01%
160,527
-133,573
-45% -$2.19M
OLLI icon
786
Ollie's Bargain Outlet
OLLI
$4.7B
$2.79M 0.01%
25,298
-1,083
-4% -$131K
GKOS icon
787
Glaukos
GKOS
$11.2B
$2.79M 0.01%
23,344
-2,014
-8% -$192K
SSD icon
788
Simpson Manufacturing
SSD
$8B
$2.78M 0.01%
15,733
-3,611
-19% -$610K
AXTA icon
789
Axalta
AXTA
$7.93B
$2.78M 0.01%
82,730
+11,152
+16% +$327K
FND icon
790
Floor & Decor
FND
$6.27B
$2.77M 0.01%
41,968
-1,797
-4% -$116K
DOC icon
791
Healthpeak Properties
DOC
$14.3B
$2.75M 0.01%
159,416
-2,118
-1% -$37.3K
AWK icon
792
American Water Works
AWK
$27.1B
$2.75M 0.01%
21,274
-572
-3% -$76.4K
HR icon
793
Healthcare Realty
HR
$6.58B
$2.74M 0.01%
163,294
-6,994
-4% -$124K
MAT icon
794
Mattel
MAT
$4.25B
$2.74M 0.01%
131,194
-5,619
-4% -$109K
AGCO icon
795
AGCO
AGCO
$6.96B
$2.74M 0.01%
24,164
-1,035
-4% -$110K
EHC icon
796
Encompass Health
EHC
$12.2B
$2.74M 0.01%
28,988
-5,299
-15% -$614K
TRNO icon
797
Terreno Realty
TRNO
$7.5B
$2.74M 0.01%
44,443
-418
-0.9% -$25.2K
SMTC icon
798
Semtech
SMTC
$12.4B
$2.73M 0.01%
34,222
-2,472
-7% -$175K
EFX icon
799
Equifax
EFX
$21.8B
$2.73M 0.01%
13,534
-3,182
-19% -$697K
BKH icon
800
Black Hills Corp
BKH
$5.64B
$2.72M 0.01%
37,333
+13,562
+57% +$914K
30 31
32
33 34

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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.