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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
(+4.1%)
Cap. Flow
-$287M
Cap. Flow
% of AUM
-0.92%
Top 10 Holdings %
Top 10 Hldgs %
28.36%
Holding
1,819
New
92
Increased
472
Reduced
1,140
Closed
92
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
TSMC
TSM
|
+$211M |
| 2 |
Applovin
APP
|
+$43.1M |
| 3 |
Sea Limited
SE
|
+$26M |
| 4 |
TotalEnergies
TTE
|
+$25.5M |
| 5 |
CRH
CRH
|
+$25.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI Taiwan ETF
EWT
|
+$244M |
| 2 |
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
|
+$88.6M |
| 3 |
iShares 0-5 Year High Yield Corporate Bond ETF
SHYG
|
+$69.2M |
| 4 |
Ferrari
RACE
|
+$54.5M |
| 5 |
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 | |
|---|---|---|---|---|---|---|
1001
AAR Corp
AIR
$5.96B
| $1.68M | 0.01% |
15,902
+2,972
| +23% | +$246K |
|
|
CVSA
1002
Covista Inc
CVSA
$4.36B
| $1.68M | 0.01% |
16,264
-1,732
| -10% | -$198K |
|
1003
Graphic Packaging
GPK
$3.46B
| $1.68M | 0.01% |
114,772
-3,955
| -3% | -$65K |
|
1004
Q2 Holdings
QTWO
$4.13B
| $1.68M | 0.01% |
27,424
+352
| +1% | +$24.2K |
|
1005
Pinnacle West Capital
PNW
$12.2B
| $1.68M | 0.01% |
17,923
-330
| -2% | -$29.6K |
|
1006
Impinj
PI
$5.49B
| $1.68M | 0.01% |
12,140
+1,481
| +14% | +$264K |
|
1007
KB Home
KBH
$3.42B
| $1.67M | 0.01% |
29,005
-1,242
| -4% | -$76.4K |
|
1008
ADMA Biologics
ADMA
$2.19B
| $1.66M | 0.01% |
95,965
-9,899
| -9% | -$167K |
|
|
AMTM
1009
Amentum Holdings
AMTM
$5.51B
| $1.66M | 0.01% |
46,262
-18,660
| -29% | -$477K |
|
1010
Bread Financial
BFH
$4.46B
| $1.65M | 0.01% |
22,779
+4,303
| +23% | +$283K |
|
1011
CNO Financial Group
CNO
$5.02B
| $1.64M | 0.01% |
39,034
-1,671
| -4% | -$68.1K |
|
1012
IDEX
IEX
$17.7B
| $1.64M | 0.01% |
8,262
-222
| -3% | -$37.9K |
|
1013
AppFolio
APPF
$6.97B
| $1.64M | 0.01% |
8,636
-369
| -4% | -$87.7K |
|
1014
Tyler Technologies
TYL
$13B
| $1.64M | 0.01% |
4,436
-5,677
| -56% | -$2.7M |
|
1015
First Financial Bankshares
FFIN
$5.01B
| $1.63M | 0.01% |
51,257
-2,195
| -4% | -$69.2K |
|
1016
Kyndryl
KD
$2.85B
| $1.62M | 0.01% |
70,229
-11,795
| -14% | -$320K |
|
1017
Urban Outfitters
URBN
$6.63B
| $1.61M | 0.01% |
22,763
-458
| -2% | -$32.4K |
|
1018
BGC Group
BGC
$5.12B
| $1.6M | 0.01% |
176,003
-24,472
| -12% | -$220K |
|
1019
Graham Holdings Company
GHC
$5.03B
| $1.6M | 0.01% |
1,373
-58
| -4% | -$62K |
|
1020
Sunrun
RUN
$2.37B
| $1.59M | 0.01% |
83,794
-13,598
| -14% | -$261K |
|
|
PSKY
1021
Paramount Skydance Corp
PSKY
$11.2B
| $1.59M | 0.01% |
141,928
-69,598
| -33% | -$1.09M |
|
|
TXNM
1022
TXNM Energy Inc
TXNM
$5.91B
| $1.59M | 0.01% |
26,937
-1,153
| -4% | -$66.5K |
|
1023
American States Water
AWR
$3.49B
| $1.58M | 0.01% |
21,715
+8,421
| +63% | +$620K |
|
1024
Oceaneering
OII
$5.08B
| $1.58M | 0.01% |
52,577
+3,533
| +7% | +$85.3K |
|
|
CSW
1025
CSW Industrials
CSW
$5.65B
| $1.58M | 0.01% |
5,861
-1,281
| -18% | -$342K |
|
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PCH
N
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.