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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
HWC icon
876
Hancock Whitney
HWC
$6.37B
$2.28M 0.01%
33,144
-1,419
-4% -$86.2K
KBR icon
877
KBR
KBR
$4.81B
$2.28M 0.01%
53,254
-2,281
-4% -$97.8K
FHI icon
878
Federated Hermes
FHI
$4.74B
$2.27M 0.01%
42,683
+2,995
+8% +$152K
MOG.A icon
879
Moog Inc Class A
MOG.A
$13.5B
$2.27M 0.01%
7,426
-3,871
-34% -$850K
ELF icon
880
e.l.f. Beauty
ELF
$5.43B
$2.25M 0.01%
26,516
+5,265
+25% +$518K
ALKS icon
881
Alkermes
ALKS
$8.3B
$2.25M 0.01%
66,414
-7,401
-10% -$222K
MTDR icon
882
Matador Resources
MTDR
$6.39B
$2.25M 0.01%
49,709
-2,129
-4% -$89.4K
GBCI icon
883
Glacier Bancorp
GBCI
$6.48B
$2.25M 0.01%
44,346
-1,899
-4% -$83.3K
HOMB icon
884
Home BancShares
HOMB
$6.27B
$2.25M 0.01%
77,717
+2,587
+3% +$71.7K
BAX icon
885
Baxter International
BAX
$14B
$2.24M 0.01%
111,858
+55,674
+99% +$1.11M
CHWY icon
886
Chewy
CHWY
$9.2B
$2.24M 0.01%
77,054
-3,300
-4% -$115K
ACA icon
887
Arcosa
ACA
$7.12B
$2.23M 0.01%
19,498
-1,744
-8% -$176K
NXST icon
888
Nexstar Media Group
NXST
$5.81B
$2.23M 0.01%
10,499
-449
-4% -$87.7K
GNRC icon
889
Generac Holdings
GNRC
$12.8B
$2.22M 0.01%
13,191
-36,854
-74% -$5.95M
MUR icon
890
Murphy Oil
MUR
$4.99B
$2.2M 0.01%
73,118
-3,131
-4% -$94.2K
FTDR icon
891
Frontdoor
FTDR
$5.83B
$2.2M 0.01%
37,160
-894
-2% -$52.6K
HXL icon
892
Hexcel
HXL
$7.74B
$2.19M 0.01%
26,503
-1,135
-4% -$80.2K
SBAC icon
893
SBA Communications
SBAC
$19.8B
$2.19M 0.01%
11,899
-11,885
-50% -$2.3M
HLNE icon
894
Hamilton Lane
HLNE
$5.91B
$2.19M 0.01%
15,479
-663
-4% -$83.4K
FCN icon
895
FTI Consulting
FCN
$4.24B
$2.19M 0.01%
12,514
-536
-4% -$88.4K
GPC icon
896
Genuine Parts
GPC
$18.7B
$2.18M 0.01%
15,720
-423
-3% -$54.7K
GFF icon
897
Griffon
GFF
$4.8B
$2.18M 0.01%
26,812
+6,648
+33% +$494K
INMD icon
898
InMode
INMD
$875M
$2.18M 0.01%
138,505
+64,273
+87% +$946K
GTES icon
899
Gates Industrial Corporation Ltd.
GTES
$7B
$2.17M 0.01%
94,177
-5,327
-5% -$123K
THO icon
900
Thor Industries
THO
$4.11B
$2.16M 0.01%
19,324
-3,956
-17% -$411K
34 35
36
37 38

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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.