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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
KGS icon
1126
Kodiak Gas Services
KGS
$6.3B
$1.21M ﹤0.01%
28,736
+16,495
+135% +$583K
CLSK icon
1127
CleanSpark
CLSK
$2.96B
$1.19M ﹤0.01%
100,800
+33,130
+49% +$497K
DLB icon
1128
Dolby
DLB
$5.84B
$1.19M ﹤0.01%
18,575
-795
-4% -$53.4K
VCYT icon
1129
Veracyte
VCYT
$3.42B
$1.19M ﹤0.01%
31,245
-3,654
-10% -$147K
RH icon
1130
RH
RH
$3.4B
$1.19M ﹤0.01%
5,967
-255
-4% -$43.6K
SLG icon
1131
SL Green Realty
SLG
$4.08B
$1.18M ﹤0.01%
26,428
-3,442
-12% -$170K
DAY
1132
DELISTED
Dayforce
DAY
$1.18M ﹤0.01%
17,007
-39,541
-70% -$2.72M
SNEX icon
1133
StoneX
SNEX
$8.05B
$1.17M ﹤0.01%
23,411
-5,679
-20% -$238K
HCSG icon
1134
Healthcare Services Group
HCSG
$1.45B
$1.16M ﹤0.01%
61,837
+3,923
+7% +$70.6K
RAMP icon
1135
LiveRamp
RAMP
$2.31B
$1.16M ﹤0.01%
47,737
+12,086
+34% +$347K
PCH
1136
DELISTED
PotlatchDeltic
PCH
$1.16M ﹤0.01%
27,739
-1,188
-4% -$48.1K
SFNC icon
1137
Simmons First National
SFNC
$3.46B
$1.16M ﹤0.01%
56,924
-42,246
-43% -$783K
ICUI icon
1138
ICU Medical
ICUI
$4.58B
$1.16M ﹤0.01%
7,717
-2,322
-23% -$311K
WDFC icon
1139
WD-40
WDFC
$3.09B
$1.15M ﹤0.01%
4,974
-141
-3% -$27.8K
STEP icon
1140
StepStone Group
STEP
$4.28B
$1.15M ﹤0.01%
16,247
-2,184
-12% -$138K
CUBI icon
1141
Customers Bancorp
CUBI
$2.82B
$1.15M ﹤0.01%
14,531
-1,720
-11% -$118K
DORM icon
1142
Dorman Products
DORM
$3.95B
$1.15M ﹤0.01%
9,245
-1,777
-16% -$240K
AUB icon
1143
Atlantic Union Bankshares
AUB
$6.09B
$1.14M ﹤0.01%
29,240
-30,826
-51% -$1.06M
CZR icon
1144
Caesars Entertainment
CZR
$6.04B
$1.13M ﹤0.01%
54,824
+30,536
+126% +$686K
UPWK icon
1145
Upwork
UPWK
$1.08B
$1.13M ﹤0.01%
+56,587
New +$1.04M
PII icon
1146
Polaris
PII
$3.91B
$1.13M ﹤0.01%
17,720
-759
-4% -$50K
EEFT icon
1147
Euronet Worldwide
EEFT
$2.78B
$1.13M ﹤0.01%
15,603
-668
-4% -$52.1K
ADEA icon
1148
Adeia
ADEA
$3.16B
$1.13M ﹤0.01%
62,492
-11,083
-15% -$164K
MSGS icon
1149
Madison Square Garden
MSGS
$9.94B
$1.13M ﹤0.01%
3,985
-85
-2% -$19.3K
MTH icon
1150
Meritage Homes
MTH
$4.8B
$1.12M ﹤0.01%
16,135
-1,275
-7% -$88.3K
44 45
46
47 48

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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.