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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
ROIV icon
851
Roivant Sciences
ROIV
$26.2B
$2.41M 0.01%
111,274
-64,212
-37% -$1.27M
THG icon
852
Hanover Insurance
THG
$7.77B
$2.4M 0.01%
13,808
-591
-4% -$106K
EPRT icon
853
Essential Properties Realty Trust
EPRT
$6.71B
$2.4M 0.01%
79,004
-7,849
-9% -$239K
HBM icon
854
Hudbay
HBM
$11.8B
$2.4M 0.01%
100,750
-14,392
-12% -$243K
LEA icon
855
Lear
LEA
$8.16B
$2.39M 0.01%
20,438
-2,126
-9% -$227K
TKR icon
856
Timken Company
TKR
$9.1B
$2.39M 0.01%
25,673
-1,099
-4% -$87.4K
VIRT icon
857
Virtu Financial
VIRT
$5.05B
$2.39M 0.01%
57,483
+7,477
+15% +$256K
ARW icon
858
Arrow Electronics
ARW
$10.6B
$2.38M 0.01%
17,944
-768
-4% -$87.2K
CYTK icon
859
Cytokinetics
CYTK
$10.2B
$2.37M 0.01%
37,506
-10,955
-23% -$681K
SARO
860
StandardAero Inc
SARO
$8.97B
$2.36M 0.01%
+76,402
New +$2.08M
OGE icon
861
OGE Energy
OGE
$9.71B
$2.35M 0.01%
53,815
-2,305
-4% -$103K
TNL icon
862
Travel + Leisure Co
TNL
$4.58B
$2.34M 0.01%
33,710
-4,034
-11% -$264K
TFX icon
863
Teleflex
TFX
$5.82B
$2.34M 0.01%
22,374
+998
+5% +$121K
PCTY icon
864
Paylocity
PCTY
$8.1B
$2.33M 0.01%
17,237
-2,513
-13% -$374K
CALM icon
865
Cal-Maine
CALM
$3.87B
$2.32M 0.01%
27,767
+4,012
+17% +$352K
GSL icon
866
Global Ship Lease
GSL
$1.49B
$2.31M 0.01%
61,554
-6,261
-9% -$203K
MMSI icon
867
Merit Medical Systems
MMSI
$5.4B
$2.31M 0.01%
28,492
+2,689
+10% +$229K
VICR icon
868
Vicor
VICR
$10.4B
$2.3M 0.01%
14,615
+1,388
+10% +$118K
TMHC
869
DELISTED
Taylor Morrison
TMHC
$2.3M 0.01%
37,792
-1,618
-4% -$98.9K
CART icon
870
Maplebear
CART
$11.6B
$2.3M 0.01%
61,966
-2,654
-4% -$109K
NEU icon
871
NewMarket
NEU
$8.72B
$2.3M 0.01%
3,425
-714
-17% -$545K
RHP icon
872
Ryman Hospitality Properties
RHP
$7.87B
$2.29M 0.01%
24,190
-2,249
-9% -$208K
CROX icon
873
Crocs
CROX
$6.36B
$2.29M 0.01%
27,282
+5,372
+25% +$449K
ETSY icon
874
Etsy
ETSY
$7.4B
$2.29M 0.01%
43,189
-4,214
-9% -$257K
FBIN icon
875
Fortune Brands Innovations
FBIN
$5.78B
$2.29M 0.01%
42,259
-1,810
-4% -$90.9K
33 34
35
36 37

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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.