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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
AVB icon
76
AvalonBay Communities
AVB
$26.4B
$70.7M 0.23%
398,173
+85,189
+27% +$15.5M
DIS icon
77
Walt Disney
DIS
$181B
$70.5M 0.23%
625,194
+4,301
+0.7% +$474K
CP icon
78
Canadian Pacific Kansas City
CP
$82.4B
$69.7M 0.22%
935,393
-55,030
-6% -$4.05M
GILD icon
79
Gilead Sciences
GILD
$170B
$69.4M 0.22%
488,599
+62,567
+15% +$7.6M
AXP icon
80
American Express
AXP
$232B
$68.8M 0.22%
195,460
-3,318
-2% -$1.19M
ACN icon
81
Accenture
ACN
$114B
$68.6M 0.22%
260,109
+56,699
+28% +$14.4M
GEV icon
82
GE Vernova
GEV
$274B
$68M 0.22%
93,576
-4,061
-4% -$2.47M
T icon
83
AT&T
T
$167B
$67.3M 0.22%
2,567,444
-168,637
-6% -$4.27M
KLAC icon
84
KLA
KLAC
$274B
$66.6M 0.21%
466,490
-67,090
-13% -$7.87M
NEE icon
85
NextEra Energy
NEE
$179B
$66.5M 0.21%
756,917
+54,555
+8% +$4.52M
CNQ icon
86
Canadian Natural Resources
CNQ
$96.7B
$66.2M 0.21%
1,771,015
-68,797
-4% -$2.23M
UBER icon
87
Uber
UBER
$154B
$66.1M 0.21%
825,880
-3,360
-0.4% -$303K
EQR icon
88
Equity Residential
EQR
$24.9B
$65.9M 0.21%
1,058,213
+227,806
+27% +$14M
FALN icon
89
iShares Fallen Angels USD Bond ETF
FALN
$1.61B
$64.2M 0.21%
2,328,300
-218,200
-9% -$5.99M
EWM icon
90
iShares MSCI Malaysia ETF
EWM
$332M
$64M 0.2%
2,193,944
-136,615
-6% -$3.6M
SCHW
91
Charles Schwab
SCHW
$190B
$64M 0.2%
615,980
-14,906
-2% -$1.41M
VZ icon
92
Verizon
VZ
$197B
$63.8M 0.2%
1,432,194
+35,801
+3% +$1.45M
ASML icon
93
ASML
ASML
$709B
$60.6M 0.19%
42,600
-2,745
-6% -$2.86M
APH icon
94
Amphenol
APH
$207B
$60.3M 0.19%
418,854
+476
+0.1% +$63.7K
ENB icon
95
Enbridge
ENB
$112B
$60.3M 0.19%
1,228,082
-24,265
-2% -$1.16M
TJX icon
96
TJX Companies
TJX
$169B
$60.2M 0.19%
401,621
+8,124
+2% +$1.2M
SPOT icon
97
Spotify
SPOT
$102B
$59.5M 0.19%
118,956
+29,491
+33% +$18.4M
AMGN icon
98
Amgen
AMGN
$226B
$59.3M 0.19%
173,489
-12,288
-7% -$3.9M
ADI icon
99
Analog Devices
ADI
$189B
$57M 0.18%
183,233
-16,029
-8% -$4.03M
BKNG icon
100
Booking.com
BKNG
$161B
$56.3M 0.18%
281,475
-23,800
-8% -$4.9M
2 3
4
5 6

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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.