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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
EPOL icon
101
iShares MSCI Poland ETF
EPOL
$814M
$56.2M 0.18%
1,495,603
-66,927
-4% -$2.26M
EIDO icon
102
iShares MSCI Indonesia ETF
EIDO
$485M
$55.6M 0.18%
3,148,771
-162,251
-5% -$2.97M
BN icon
103
Brookfield
BN
$109B
$55.6M 0.18%
1,212,422
-26,167
-2% -$1.19M
ISRG icon
104
Intuitive Surgical
ISRG
$141B
$55M 0.18%
109,050
-25,841
-19% -$13.8M
AEM icon
105
Agnico Eagle Mines
AEM
$91.1B
$54.8M 0.18%
286,846
-63,350
-18% -$10.6M
BMO icon
106
Bank of Montreal
BMO
$128B
$54.7M 0.17%
399,601
-18,138
-4% -$2.3M
THD icon
107
iShares MSCI Thailand ETF
THD
$355M
$53.1M 0.17%
840,661
-37,558
-4% -$2.24M
BNS icon
108
Scotiabank
BNS
$110B
$52.2M 0.17%
694,739
-13,801
-2% -$938K
SPG icon
109
Simon Property Group
SPG
$71.9B
$52.1M 0.17%
272,221
+27,673
+11% +$5.03M
CNI icon
110
Canadian National Railway
CNI
$77.2B
$51.9M 0.17%
537,779
-178,758
-25% -$17.2M
QCOM icon
111
Qualcomm
QCOM
$174B
$51.5M 0.16%
340,050
-16,847
-5% -$2.89M
SCZ icon
112
iShares MSCI EAFE Small-Cap ETF
SCZ
$13.6B
$51.2M 0.16%
625,957
+1,665
+0.3% +$128K
ESS icon
113
Essex Property Trust
ESS
$18.5B
$51M 0.16%
202,446
+39,681
+24% +$10.3M
LOW icon
114
Lowe's Companies
LOW
$122B
$50.7M 0.16%
189,957
+2,902
+2% +$697K
PGR icon
115
Progressive
PGR
$121B
$50.7M 0.16%
243,699
-1,737
-0.7% -$392K
ANET icon
116
Arista Networks
ANET
$262B
$50.1M 0.16%
353,607
-850
-0.2% -$117K
HON icon
117
Honeywell
HON
$74.1B
$50.1M 0.16%
220,076
-12,719
-5% -$2.49M
UNP icon
118
Union Pacific
UNP
$177B
$48.9M 0.16%
208,074
-1,809
-0.9% -$413K
COF icon
119
Capital One
COF
$136B
$48.9M 0.16%
223,434
-8,614
-4% -$1.92M
CM icon
120
Canadian Imperial Bank of Commerce
CM
$111B
$48.6M 0.16%
522,647
-19,182
-4% -$1.65M
AON icon
121
Aon
AON
$74.5B
$48.5M 0.16%
138,801
+3,814
+3% +$1.33M
DHR icon
122
Danaher
DHR
$144B
$48.4M 0.15%
220,985
-20,888
-9% -$4.59M
INTU icon
123
Intuit
INTU
$92.5B
$48.4M 0.15%
96,922
+8,165
+9% +$5.4M
NEM icon
124
Newmont
NEM
$121B
$47.2M 0.15%
420,062
-100,578
-19% -$9.09M
COP icon
125
ConocoPhillips
COP
$151B
$46.9M 0.15%
450,435
+20,028
+5% +$1.81M
3 4
5
6 7

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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.