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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
+13.04%
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
$28B
AUM Growth
+$1.89B
Cap. Flow
-$694M
Cap. Flow %
-2.48%
Top 10 Hldgs %
29.49%
Holding
1,782
New
63
Increased
481
Reduced
719
Closed
60

Top Buys

Rank Stock Value
1
PLD icon
Prologis
PLD
+$28.9M
2
COIN icon
Coinbase
COIN
+$16.3M
3
COF icon
Capital One
COF
+$16M
4
MCD icon
McDonald's
MCD
+$15.8M
5
FALN icon
iShares Fallen Angels USD Bond ETF
FALN
+$15.4M

Top Sells

Rank Stock Value
1
MBB icon
iShares MBS ETF
MBB
+$233M
2
TLT icon
iShares 20+ Year Treasury Bond ETF
TLT
+$202M
3
NVDA icon
NVIDIA
NVDA
+$33.5M
4
ICLR icon
Icon
ICLR
+$28.6M
5
MSFT icon
Microsoft
MSFT
+$27.9M

Sector Composition

Rank Sector Weight
1 Technology 24.16%
2 Financials 11.97%
3 Consumer Discretionary 8.55%
4 Industrials 7.22%
5 Communication Services 6.88%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
HCC icon
1351
Warrior Met Coal
HCC
$4.98B
$582K ﹤0.01%
12,700
– –
DOCN icon
1352
DigitalOcean
DOCN
$15.6B
$582K ﹤0.01%
20,372
-8,154
-29% -$238K
WD icon
1353
Walker & Dunlop
WD
$1.47B
$576K ﹤0.01%
8,173
– –
WWW icon
1354
Wolverine World Wide
WWW
$1.63B
$575K ﹤0.01%
31,825
-5,972
-16% -$90.9K
NVEE
1355
DELISTED
NV5 Global
NVEE
$573K ﹤0.01%
24,820
+12,542
+102% +$251K
ARR
1356
Armour Residential REIT
ARR
$2.37B
$573K ﹤0.01%
34,069
+11,625
+52% +$187K
CRI icon
1357
Carter's
CRI
$1.44B
$571K ﹤0.01%
18,965
+10,125
+115% +$343K
XHR
1358
Xenia Hotels & Resorts
XHR
$1.76B
$571K ﹤0.01%
45,396
-1,515
-3% -$17.3K
CGNT icon
1359
Cognyte Software
CGNT
$692M
$566K ﹤0.01%
61,249
+25,953
+74% +$255K
ALEX
1360
DELISTED
Alexander & Baldwin
ALEX
$566K ﹤0.01%
31,739
-2,471
-7% -$43K
SCL icon
1361
Stepan Co
SCL
$1.48B
$561K ﹤0.01%
10,286
– –
WS icon
1362
Worthington Steel
WS
$1.94B
$561K ﹤0.01%
18,808
+6,100
+48% +$157K
OMCL icon
1363
Omnicell
OMCL
$1.72B
$561K ﹤0.01%
19,069
– –
GTY
1364
Getty Realty Corp
GTY
$2.05B
$557K ﹤0.01%
20,141
+268
+1% +$7.68K
ASIX icon
1365
AdvanSix
ASIX
$446M
$550K ﹤0.01%
23,141
+3,285
+17% +$74.4K
UVV icon
1366
Universal Corp
UVV
$1.12B
$549K ﹤0.01%
9,432
+3,374
+56% +$194K
BF.B icon
1367
Brown-Forman Class B
BF.B
$12.9B
$549K ﹤0.01%
20,408
-936
-4% -$30K
TRMK icon
1368
Trustmark
TRMK
$2.8B
$548K ﹤0.01%
15,038
-14,079
-48% -$482K
BLKB icon
1369
Blackbaud
BLKB
$2.1B
$548K ﹤0.01%
8,527
– –
FSM icon
1370
Fortuna Silver Mines
FSM
$3.1B
$547K ﹤0.01%
83,752
+35,469
+73% +$220K
USPH icon
1371
US Physical Therapy
USPH
$1.24B
$546K ﹤0.01%
6,981
– –
UTL icon
1372
Unitil
UTL
$992M
$541K ﹤0.01%
10,383
+180
+2% +$9.98K
PERI icon
1373
Perion Network
PERI
$384M
$539K ﹤0.01%
53,145
-24,203
-31% -$231K
THFF icon
1374
First Financial Corp
THFF
$975M
$538K ﹤0.01%
9,924
-6,221
-39% -$310K
PEB icon
1375
Pebblebrook Hotel Trust
PEB
$2.05B
$530K ﹤0.01%
53,011
+687
+1% +$6.38K
53 54
55
56 57

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State of Tennessee, Department of Treasury's Q2 2025 Portfolio in Review

As of Q2 2025, State of Tennessee, Department of Treasury held 1,782 positions worth $28B, up 7.3% from $26.1B the previous quarter. Its ten largest holdings account for 29% of the portfolio.

State of Tennessee, Department of Treasury's Q2 2025 filing shows 63 new, 481 increased, 719 reduced and 60 closed positions. Its largest new stake was Coinbase: 69,843 shares worth $24.5M. The largest sale was iShares MBS ETF, an estimated $233M.

By sector, the portfolio is most concentrated in Technology at 24% of assets, up from 22% a quarter earlier, followed by Financials and Consumer Discretionary.

  • State of Tennessee, Department of Treasury's largest Q2 2025 buy was Coinbase: 69,843 shares worth $24.5M.
  • State of Tennessee, Department of Treasury added most to Prologis in Q2 2025, an estimated $28.9M increase.
  • State of Tennessee, Department of Treasury's biggest Q2 2025 reduction was iShares MBS ETF, cutting an estimated $233M.
  • State of Tennessee, Department of Treasury fully exited iShares 20+ Year Treasury Bond ETF in Q2 2025, selling an estimated $202M.
  • State of Tennessee, Department of Treasury's ten largest holdings make up 29% of its $28B portfolio in Q2 2025.
  • State of Tennessee, Department of Treasury opened 63 new positions and closed 60 in Q2 2025.
  • State of Tennessee, Department of Treasury's portfolio value rose 7.3% quarter-over-quarter to $28B.

Based on State of Tennessee, Department of Treasury's 13F filing for Q2 2025, filed 15 Aug 2025.