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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
(+4.1%)
Cap. Flow
-$287M
Cap. Flow
% of AUM
-0.92%
Top 10 Holdings %
Top 10 Hldgs %
28.36%
Holding
1,819
New
92
Increased
472
Reduced
1,140
Closed
92
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
TSMC
TSM
|
+$211M |
| 2 |
Applovin
APP
|
+$43.1M |
| 3 |
Sea Limited
SE
|
+$26M |
| 4 |
TotalEnergies
TTE
|
+$25.5M |
| 5 |
CRH
CRH
|
+$25.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI Taiwan ETF
EWT
|
+$244M |
| 2 |
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
|
+$88.6M |
| 3 |
iShares 0-5 Year High Yield Corporate Bond ETF
SHYG
|
+$69.2M |
| 4 |
Ferrari
RACE
|
+$54.5M |
| 5 |
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 | |
|---|---|---|---|---|---|---|
1301
First Interstate BancSystem
FIBK
$3.7B
| $705K | ﹤0.01% |
+19,865
| New | +$650K |
|
1302
Boise Cascade
BCC
$2.94B
| $704K | ﹤0.01% |
8,714
-688
| -7% | -$50.2K |
|
1303
Douglas Emmett
DEI
$1.99B
| $702K | ﹤0.01% |
66,507
-8,451
| -11% | -$106K |
|
1304
Mercury Insurance
MCY
$5.81B
| $700K | ﹤0.01% |
7,997
-3,756
| -32% | -$326K |
|
1305
Virtus Investment Partners
VRTS
$1.14B
| $699K | ﹤0.01% |
4,282
-1,799
| -30% | -$304K |
|
1306
Sunstone Hotel Investors
SHO
$2.02B
| $698K | ﹤0.01% |
79,638
-9,131
| -10% | -$83.7K |
|
1307
Columbia Sportswear
COLM
$2.96B
| $695K | ﹤0.01% |
12,565
-538
| -4% | -$28.7K |
|
1308
LeMaitre Vascular
LMAT
$1.87B
| $694K | ﹤0.01% |
8,173
-141
| -2% | -$12.1K |
|
1309
Insight Enterprises
NSIT
$4.6B
| $694K | ﹤0.01% |
8,262
-2,390
| -22% | -$224K |
|
1310
Concentrix
CNXC
$1.52B
| $691K | ﹤0.01% |
18,503
-6,788
| -27% | -$275K |
|
1311
Alarm.com
ALRM
$2.74B
| $691K | ﹤0.01% |
14,156
-7,715
| -35% | -$393K |
|
1312
Sylvamo
SLVM
$1.55B
| $690K | ﹤0.01% |
14,095
-4,220
| -23% | -$192K |
|
1313
ONE Gas
OGS
$5.09B
| $687K | ﹤0.01% |
8,635
-369
| -4% | -$29.7K |
|
1314
ABM Industries
ABM
$2.82B
| $685K | ﹤0.01% |
14,886
-1,176
| -7% | -$51.7K |
|
1315
Integer Holdings
ITGR
$4.25B
| $684K | ﹤0.01% |
7,872
-4,046
| -34% | -$322K |
|
1316
DaVita
DVA
$11.4B
| $682K | ﹤0.01% |
6,241
-168
| -3% | -$20.4K |
|
1317
Phibro Animal Health
PAHC
$1.38B
| $682K | ﹤0.01% |
16,986
-2,112
| -11% | -$85.8K |
|
1318
Acadia Healthcare
ACHC
$2.82B
| $681K | ﹤0.01% |
50,673
-2,919
| -5% | -$55.2K |
|
1319
Clearway Energy Class C
CWEN
$7.02B
| $675K | ﹤0.01% |
18,681
-1,476
| -7% | -$49.1K |
|
1320
Minerals Technologies
MTX
$2.26B
| $675K | ﹤0.01% |
10,260
-586
| -5% | -$34.7K |
|
1321
DXP Enterprises
DXPE
$3B
| $673K | ﹤0.01% |
5,178
-370
| -7% | -$40.3K |
|
1322
S&T Bancorp
STBA
$1.82B
| $668K | ﹤0.01% |
15,666
-409
| -3% | -$15.8K |
|
1323
Agilysys
AGYS
$3.25B
| $667K | ﹤0.01% |
7,690
+53
| +0.7% | +$6.38K |
|
1324
Bank of Hawaii
BOH
$3.15B
| $666K | ﹤0.01% |
8,908
-704
| -7% | -$46.4K |
|
1325
DoubleVerify
DV
$2.04B
| $666K | ﹤0.01% |
61,546
-21,972
| -26% | -$242K |
|
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PCH
N
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.