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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
PSN icon
1226
Parsons
PSN
$5.08B
$922K ﹤0.01%
13,165
-563
-4% -$44.1K
OLN icon
1227
Olin
OLN
$2.17B
$922K ﹤0.01%
44,319
+35,360
+395% +$763K
MTRN icon
1228
Materion
MTRN
$5.88B
$918K ﹤0.01%
6,638
-4,034
-38% -$497K
KMPR icon
1229
Kemper
KMPR
$1.59B
$916K ﹤0.01%
23,254
-996
-4% -$42.7K
ACMR icon
1230
ACM Research
ACMR
$5.65B
$916K ﹤0.01%
+15,757
New +$587K
SFBS
1231
ServisFirst Bancshares
SFBS
$5B
$915K ﹤0.01%
11,179
-2,791
-20% -$205K
UE icon
1232
Urban Edge Properties
UE
$2.78B
$912K ﹤0.01%
46,937
-6,894
-13% -$134K
ZD icon
1233
Ziff Davis
ZD
$1.92B
$905K ﹤0.01%
23,675
+4,085
+21% +$142K
EPR icon
1234
EPR Properties
EPR
$4.73B
$901K ﹤0.01%
16,615
-711
-4% -$37K
SFD
1235
Smithfield Foods
SFD
$8.85B
$899K ﹤0.01%
37,601
-1,610
-4% -$35.4K
HASI icon
1236
Hannon Armstrong Sustainable Infrastructure Capital
HASI
$5.44B
$897K ﹤0.01%
26,076
-13,511
-34% -$426K
OSIS icon
1237
OSI Systems
OSIS
$3.77B
$897K ﹤0.01%
3,584
-898
-20% -$235K
FVRR icon
1238
Fiverr
FVRR
$324M
$889K ﹤0.01%
53,063
+7,973
+18% +$172K
VC icon
1239
Visteon
VC
$2.86B
$883K ﹤0.01%
9,720
-1,916
-16% -$203K
PAG icon
1240
Penske Automotive Group
PAG
$14.4B
$882K ﹤0.01%
5,623
-240
-4% -$39.5K
CURB
1241
Curbline Properties
CURB
$3.46B
$881K ﹤0.01%
36,326
-4,913
-12% -$115K
FCPT icon
1242
Four Corners Property Trust
FCPT
$2.76B
$879K ﹤0.01%
35,669
-4,888
-12% -$116K
CASH icon
1243
Pathward Financial
CASH
$1.79B
$879K ﹤0.01%
9,734
+3,763
+63% +$270K
LNN icon
1244
Lindsay Corp
LNN
$1.17B
$874K ﹤0.01%
6,979
+310
+5% +$37.3K
LBRT icon
1245
Liberty Energy
LBRT
$3.45B
$873K ﹤0.01%
35,434
-23,544
-40% -$393K
PRG icon
1246
PROG Holdings
PRG
$1.7B
$872K ﹤0.01%
26,887
+1,680
+7% +$50.1K
EXTR icon
1247
Extreme Networks
EXTR
$3.16B
$870K ﹤0.01%
59,705
-11,896
-17% -$218K
NSA
1248
DELISTED
National Storage Affiliates Trust
NSA
$869K ﹤0.01%
27,305
-1,169
-4% -$34.8K
PHIN icon
1249
Phinia Inc
PHIN
$2.7B
$864K ﹤0.01%
12,146
-3,097
-20% -$171K
KW
1250
DELISTED
Kennedy-Wilson Holdings
KW
$857K ﹤0.01%
86,957
-3,694
-4% -$33.1K
48 49
50
51 52

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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.