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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
AAON icon
926
Aaon
AAON
$7.03B
$2.08M 0.01%
22,823
-977
-4% -$90.2K
BCO icon
927
Brink's
BCO
$4.69B
$2.08M 0.01%
16,340
-5,043
-24% -$577K
DXC icon
928
DXC Technology
DXC
$1.71B
$2.07M 0.01%
143,140
+48,852
+52% +$672K
CAVA icon
929
CAVA Group
CAVA
$8.11B
$2.06M 0.01%
34,021
+1,543
+5% +$86K
LPX icon
930
Louisiana-Pacific
LPX
$5.15B
$2.06M 0.01%
24,623
-1,491
-6% -$126K
LNTH icon
931
Lantheus
LNTH
$6.57B
$2.06M 0.01%
30,744
-10,684
-26% -$622K
PATH icon
932
UiPath
PATH
$8.64B
$2.06M 0.01%
+163,352
New +$2.54M
PRGO icon
933
Perrigo
PRGO
$1.76B
$2.04M 0.01%
143,736
+90,080
+168% +$1.5M
SIGI icon
934
Selective Insurance
SIGI
$5.59B
$2.03M 0.01%
24,136
-1,033
-4% -$82.9K
MORN icon
935
Morningstar
MORN
$7.41B
$2.03M 0.01%
10,031
-429
-4% -$92.9K
HRB icon
936
H&R Block
HRB
$6.87B
$2.02M 0.01%
51,160
-4,276
-8% -$200K
BSY icon
937
Bentley Systems
BSY
$10.8B
$2.01M 0.01%
+57,362
New +$2.61M
VAL icon
938
Valaris
VAL
$5.92B
$2M 0.01%
34,604
-1,482
-4% -$79.5K
BOOT icon
939
Boot Barn
BOOT
$4.87B
$2M 0.01%
11,187
-1,430
-11% -$267K
KMX icon
940
CarMax
KMX
$8.33B
$2M 0.01%
44,802
-3,983
-8% -$159K
WHD icon
941
Cactus
WHD
$5.8B
$1.99M 0.01%
35,452
+3,823
+12% +$160K
LIVN icon
942
LivaNova
LIVN
$4.53B
$1.99M 0.01%
30,304
+9,396
+45% +$537K
CHRD icon
943
Chord Energy
CHRD
$7.53B
$1.98M 0.01%
19,786
-847
-4% -$78.5K
ITRI icon
944
Itron
ITRI
$4.49B
$1.97M 0.01%
19,929
-1,848
-8% -$201K
OLED icon
945
Universal Display
OLED
$4.23B
$1.96M 0.01%
17,054
-730
-4% -$94.7K
CNR
946
Core Natural Resources Inc
CNR
$4.71B
$1.96M 0.01%
20,503
-1,611
-7% -$137K
WH icon
947
Wyndham Hotels & Resorts
WH
$5.49B
$1.95M 0.01%
26,802
-5,147
-16% -$388K
LW icon
948
Lamb Weston
LW
$7.3B
$1.94M 0.01%
42,201
+25,855
+158% +$1.52M
GATX icon
949
GATX Corp
GATX
$6.34B
$1.94M 0.01%
10,648
-456
-4% -$75.2K
RYAN icon
950
Ryan Specialty Holdings
RYAN
$11B
$1.93M 0.01%
40,038
-1,714
-4% -$94K
36 37
38
39 40

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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.