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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
FHB icon
1276
First Hawaiian
FHB
$3.39B
$771K ﹤0.01%
29,023
-2,294
-7% -$57K
FBK icon
1277
FB Financial Corp
FBK
$3.1B
$769K ﹤0.01%
13,370
+4,687
+54% +$262K
CBU icon
1278
Community Bank
CBU
$3.46B
$768K ﹤0.01%
12,286
-4,293
-26% -$247K
ASTE icon
1279
Astec Industries
ASTE
$975M
$767K ﹤0.01%
15,740
-410
-3% -$18.7K
VCTR icon
1280
Victory Capital Holdings
VCTR
$7.27B
$764K ﹤0.01%
10,834
+1,749
+19% +$111K
ARR
1281
Armour Residential REIT
ARR
$2.37B
$764K ﹤0.01%
43,899
+7,281
+20% +$121K
NWN icon
1282
Northwest Natural Holdings
NWN
$2.14B
$764K ﹤0.01%
16,401
-10,258
-38% -$478K
HP icon
1283
Helmerich & Payne
HP
$4.3B
$758K ﹤0.01%
22,370
-21,423
-49% -$569K
VTOL icon
1284
Bristow Group
VTOL
$1.38B
$755K ﹤0.01%
17,178
+3,990
+30% +$150K
HRL icon
1285
Hormel Foods
HRL
$13.4B
$755K ﹤0.01%
30,670
-826
-3% -$19.3K
ANDE icon
1286
Andersons Inc
ANDE
$2.21B
$751K ﹤0.01%
12,120
-2,872
-19% -$141K
SBH icon
1287
Sally Beauty Holdings
SBH
$1.55B
$750K ﹤0.01%
49,290
+2,424
+5% +$36.5K
GNL icon
1288
Global Net Lease
GNL
$1.9B
$750K ﹤0.01%
79,294
-6,463
-8% -$51.8K
DAN icon
1289
Dana Inc
DAN
$3.26B
$748K ﹤0.01%
25,878
-27,157
-51% -$575K
WOR icon
1290
Worthington Enterprises
WOR
$2.85B
$747K ﹤0.01%
13,438
-4,647
-26% -$256K
SUPN icon
1291
Supernus Pharmaceuticals
SUPN
$2.74B
$746K ﹤0.01%
15,490
-6,132
-28% -$298K
UNF icon
1292
Unifirst Corp
UNF
$5.21B
$741K ﹤0.01%
3,448
-2,456
-42% -$414K
PPC icon
1293
Pilgrim's Pride
PPC
$6.57B
$740K ﹤0.01%
17,069
-731
-4% -$28.1K
PAYC icon
1294
Paycom
PAYC
$10.1B
$736K ﹤0.01%
5,465
-5,364
-50% -$950K
RCUS icon
1295
Arcus Biosciences
RCUS
$3.67B
$733K ﹤0.01%
34,855
+8,886
+34% +$181K
NOG icon
1296
Northern Oil and Gas
NOG
$2.61B
$733K ﹤0.01%
29,316
+5,156
+21% +$116K
GEF icon
1297
Greif
GEF
$5.03B
$722K ﹤0.01%
10,225
-4,275
-29% -$268K
QXO
1298
QXO Inc
QXO
$16.1B
$715K ﹤0.01%
32,255
+4,759
+17% +$91.2K
TGNA
1299
DELISTED
TEGNA Inc
TGNA
$712K ﹤0.01%
37,152
-45,276
-55% -$895K
VCEL icon
1300
Vericel Corp
VCEL
$2.28B
$705K ﹤0.01%
19,597
-1,887
-9% -$69.3K
50 51
52
53 54

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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.