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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
CPK icon
1351
Chesapeake Utilities
CPK
$3.26B
$617K ﹤0.01%
4,797
-379
-7% -$50K
DIOD icon
1352
Diodes
DIOD
$4.48B
$613K ﹤0.01%
10,359
-9,996
-49% -$506K
GOLF icon
1353
Acushnet Holdings
GOLF
$5.25B
$610K ﹤0.01%
6,288
-497
-7% -$40.3K
ALEX
1354
DELISTED
Alexander & Baldwin
ALEX
$608K ﹤0.01%
29,326
-2,945
-9% -$51.2K
SEDG icon
1355
SolarEdge
SEDG
$1.98B
$608K ﹤0.01%
19,638
-4,893
-20% -$171K
XHR
1356
Xenia Hotels & Resorts
XHR
$1.76B
$607K ﹤0.01%
41,133
-3,977
-9% -$54.2K
HWKN icon
1357
Hawkins
HWKN
$2.67B
$606K ﹤0.01%
4,650
-3,174
-41% -$467K
NVGS icon
1358
Navigator Holdings
NVGS
$1.27B
$606K ﹤0.01%
32,680
-2,728
-8% -$45.6K
ACLS icon
1359
Axcelis
ACLS
$4.42B
$605K ﹤0.01%
6,867
-4,937
-42% -$413K
ECPG icon
1360
Encore Capital Group
ECPG
$2.15B
$604K ﹤0.01%
10,933
-6,155
-36% -$297K
BANC icon
1361
Banc of California
BANC
$3.11B
$602K ﹤0.01%
30,127
-2,381
-7% -$42.7K
UNIT
1362
Uniti Group
UNIT
$2.38B
$601K ﹤0.01%
72,275
+8,948
+14% +$56.7K
PTEN icon
1363
Patterson-UTI
PTEN
$4.16B
$599K ﹤0.01%
79,572
-6,291
-7% -$37.6K
GIII icon
1364
G-III Apparel Group
GIII
$1.43B
$599K ﹤0.01%
20,396
+10,581
+108% +$302K
THFF icon
1365
First Financial Corp
THFF
$975M
$597K ﹤0.01%
9,165
+200
+2% +$11.5K
PRVA icon
1366
Privia Health
PRVA
$2.78B
$594K ﹤0.01%
25,583
-7,879
-24% -$192K
NATL icon
1367
NCR Atleos
NATL
$3.47B
$594K ﹤0.01%
15,924
-14,033
-47% -$526K
ABR icon
1368
Arbor Realty Trust
ABR
$981M
$594K ﹤0.01%
77,096
+207
+0.3% +$2.03K
TRMK icon
1369
Trustmark
TRMK
$2.8B
$593K ﹤0.01%
13,937
-4,615
-25% -$180K
CVBF icon
1370
CVB Financial
CVBF
$4.08B
$592K ﹤0.01%
30,047
-2,375
-7% -$45.4K
CAKE icon
1371
Cheesecake Factory
CAKE
$5.57B
$592K ﹤0.01%
10,217
-4,496
-31% -$226K
WAFD icon
1372
WaFd
WAFD
$2.81B
$589K ﹤0.01%
18,067
-31,108
-63% -$961K
NEO icon
1373
NeoGenomics
NEO
$2.11B
$587K ﹤0.01%
48,658
-9,424
-16% -$102K
TBBK icon
1374
The Bancorp
TBBK
$2.82B
$583K ﹤0.01%
9,806
-3,742
-28% -$258K
NBTB icon
1375
NBT Bancorp
NBTB
$2.79B
$583K ﹤0.01%
13,116
-2,832
-18% -$118K
53 54
55
56 57

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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.