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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
SLGN icon
1051
Silgan Holdings
SLGN
$4.3B
$1.47M ﹤0.01%
34,035
-2,559
-7% -$104K
ULS icon
1052
UL Solutions
ULS
$15.5B
$1.46M ﹤0.01%
+20,841
New +$1.67M
CALX icon
1053
Calix
CALX
$2.51B
$1.46M ﹤0.01%
32,606
-39
-0.1% -$2.27K
CWEN.A
1054
DELISTED
Clearway Energy Class A
CWEN.A
$1.45M ﹤0.01%
43,060
+3,580
+9% +$112K
BBY icon
1055
Best Buy
BBY
$17.5B
$1.45M ﹤0.01%
22,331
-29,083
-57% -$2.22M
CVLT icon
1056
Commault Systems
CVLT
$6.26B
$1.45M ﹤0.01%
16,953
-726
-4% -$102K
WAY
1057
Waystar Holding Corp
WAY
$4.81B
$1.45M ﹤0.01%
54,465
+35,565
+188% +$1.27M
IBOC icon
1058
International Bancshares
IBOC
$4.52B
$1.45M ﹤0.01%
20,768
-889
-4% -$60.2K
AM icon
1059
Antero Midstream
AM
$10.6B
$1.44M ﹤0.01%
76,713
-3,285
-4% -$59.2K
KALU icon
1060
Kaiser Aluminum
KALU
$2.99B
$1.44M ﹤0.01%
11,747
+4,039
+52% +$384K
TDC icon
1061
Teradata
TDC
$2.49B
$1.44M ﹤0.01%
50,482
+9,754
+24% +$255K
CRTO icon
1062
Criteo S.A. Ordinary Shares
CRTO
$872M
$1.44M ﹤0.01%
74,963
– –
EVTC icon
1063
Evertec
EVTC
$1.91B
$1.43M ﹤0.01%
47,594
+17,407
+58% +$517K
OGN icon
1064
Organon & Co
OGN
$3.59B
$1.43M ﹤0.01%
167,061
+33,588
+25% +$265K
BKE icon
1065
Buckle
BKE
$2.33B
$1.42M ﹤0.01%
29,981
+7,592
+34% +$423K
SKT icon
1066
Tanger
SKT
$4.42B
$1.42M ﹤0.01%
43,327
-4,787
-10% -$160K
MARA icon
1067
Marathon Digital Holdings
MARA
$3.56B
$1.42M ﹤0.01%
148,988
-7,568
-5% -$112K
CATY icon
1068
Cathay General Bancorp
CATY
$4.31B
$1.41M ﹤0.01%
27,643
-2,486
-8% -$120K
LCII icon
1069
LCI Industries
LCII
$2.6B
$1.41M ﹤0.01%
9,629
-246
-2% -$26.2K
BDC icon
1070
Belden
BDC
$5.39B
$1.41M ﹤0.01%
11,994
-513
-4% -$59.8K
NMIH icon
1071
NMI Holdings
NMIH
$3.38B
$1.41M ﹤0.01%
36,365
+1,084
+3% +$41K
LSTR icon
1072
Landstar System
LSTR
$6.4B
$1.41M ﹤0.01%
9,412
-403
-4% -$53.7K
NE icon
1073
Noble Corp
NE
$7.04B
$1.4M ﹤0.01%
+39,277
New +$1.16M
CWST icon
1074
Casella Waste Systems
CWST
$5.76B
$1.4M ﹤0.01%
+13,830
New +$1.28M
BRBR icon
1075
BellRing Brands
BRBR
$1.26B
$1.39M ﹤0.01%
55,974
-2,397
-4% -$74.4K
41 42
43
44 45

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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.