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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
+13.04%
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
$28B
AUM Growth
+$1.89B
Cap. Flow
-$694M
Cap. Flow %
-2.48%
Top 10 Hldgs %
29.49%
Holding
1,782
New
63
Increased
481
Reduced
719
Closed
60

Top Buys

Rank Stock Value
1
PLD icon
Prologis
PLD
+$28.9M
2
COIN icon
Coinbase
COIN
+$16.3M
3
COF icon
Capital One
COF
+$16M
4
MCD icon
McDonald's
MCD
+$15.8M
5
FALN icon
iShares Fallen Angels USD Bond ETF
FALN
+$15.4M

Top Sells

Rank Stock Value
1
MBB icon
iShares MBS ETF
MBB
+$233M
2
TLT icon
iShares 20+ Year Treasury Bond ETF
TLT
+$202M
3
NVDA icon
NVIDIA
NVDA
+$33.5M
4
ICLR icon
Icon
ICLR
+$28.6M
5
MSFT icon
Microsoft
MSFT
+$27.9M

Sector Composition

Rank Sector Weight
1 Technology 24.16%
2 Financials 11.97%
3 Consumer Discretionary 8.55%
4 Industrials 7.22%
5 Communication Services 6.88%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MWA icon
851
Mueller Water Products
MWA
$4.09B
$2.2M 0.01%
91,676
+11,054
+14% +$273K
CSW
852
CSW Industrials
CSW
$5.65B
$2.2M 0.01%
7,668
-182
-2% -$55K
SEE
853
DELISTED
Sealed Air
SEE
$2.2M 0.01%
70,809
+5,290
+8% +$157K
SHAK icon
854
Shake Shack
SHAK
$2.94B
$2.2M 0.01%
15,622
-1,827
-10% -$199K
GTES icon
855
Gates Industrial Corporation Ltd.
GTES
$7.05B
$2.19M 0.01%
95,067
+11,979
+14% +$241K
EIX icon
856
Edison International
EIX
$26.7B
$2.19M 0.01%
42,391
-69,067
-62% -$3.79M
AN icon
857
AutoNation
AN
$6.9B
$2.18M 0.01%
10,991
– –
SIGI icon
858
Selective Insurance
SIGI
$5.59B
$2.18M 0.01%
25,169
– –
GAP
859
The Gap Inc
GAP
$7.29B
$2.18M 0.01%
99,990
+9,542
+11% +$213K
MIDD icon
860
Middleby
MIDD
$5.38B
$2.18M 0.01%
15,133
– –
FNB icon
861
FNB Corp
FNB
$6.86B
$2.17M 0.01%
148,801
– –
AQN icon
862
Algonquin Power & Utilities
AQN
$4.44B
$2.16M 0.01%
379,111
-31,456
-8% -$173K
SR icon
863
Spire
SR
$4.89B
$2.16M 0.01%
29,530
+19,627
+198% +$1.47M
CE icon
864
Celanese
CE
$4.75B
$2.15M 0.01%
38,801
+11,676
+43% +$582K
UFPI icon
865
UFP Industries
UFPI
$5.06B
$2.15M 0.01%
21,596
-3,414
-14% -$345K
HOMB icon
866
Home BancShares
HOMB
$6.23B
$2.14M 0.01%
75,130
– –
PAYC icon
867
Paycom
PAYC
$9.52B
$2.14M 0.01%
9,236
-2,762
-23% -$655K
INSP icon
868
Inspire Medical Systems
INSP
$1.68B
$2.13M 0.01%
16,445
+1,666
+11% +$242K
BIO icon
869
Bio-Rad Laboratories Class A
BIO
$9.68B
$2.13M 0.01%
8,814
– –
EL icon
870
Estee Lauder
EL
$31.6B
$2.12M 0.01%
26,283
-1,205
-4% -$77.5K
GMS
871
DELISTED
GMS Inc
GMS
$2.11M 0.01%
19,386
-661
-3% -$51.1K
FCN icon
872
FTI Consulting
FCN
$4.22B
$2.11M 0.01%
13,050
– –
WEX icon
873
WEX
WEX
$6.48B
$2.11M 0.01%
14,331
-2,500
-15% -$336K
BCPC
874
Balchem Corp
BCPC
$5.65B
$2.1M 0.01%
13,203
-1,101
-8% -$179K
KNX icon
875
Knight Transportation
KNX
$11.6B
$2.1M 0.01%
47,481
– –
33 34
35
36 37

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State of Tennessee, Department of Treasury's Q2 2025 Portfolio in Review

As of Q2 2025, State of Tennessee, Department of Treasury held 1,782 positions worth $28B, up 7.3% from $26.1B the previous quarter. Its ten largest holdings account for 29% of the portfolio.

State of Tennessee, Department of Treasury's Q2 2025 filing shows 63 new, 481 increased, 719 reduced and 60 closed positions. Its largest new stake was Coinbase: 69,843 shares worth $24.5M. The largest sale was iShares MBS ETF, an estimated $233M.

By sector, the portfolio is most concentrated in Technology at 24% of assets, up from 22% a quarter earlier, followed by Financials and Consumer Discretionary.

  • State of Tennessee, Department of Treasury's largest Q2 2025 buy was Coinbase: 69,843 shares worth $24.5M.
  • State of Tennessee, Department of Treasury added most to Prologis in Q2 2025, an estimated $28.9M increase.
  • State of Tennessee, Department of Treasury's biggest Q2 2025 reduction was iShares MBS ETF, cutting an estimated $233M.
  • State of Tennessee, Department of Treasury fully exited iShares 20+ Year Treasury Bond ETF in Q2 2025, selling an estimated $202M.
  • State of Tennessee, Department of Treasury's ten largest holdings make up 29% of its $28B portfolio in Q2 2025.
  • State of Tennessee, Department of Treasury opened 63 new positions and closed 60 in Q2 2025.
  • State of Tennessee, Department of Treasury's portfolio value rose 7.3% quarter-over-quarter to $28B.

Based on State of Tennessee, Department of Treasury's 13F filing for Q2 2025, filed 15 Aug 2025.