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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
KOP icon
1451
Koppers
KOP
$874M
$449K ﹤0.01%
15,256
+4,123
+37% +$115K
FMC icon
1452
FMC
FMC
$1.27B
$443K ﹤0.01%
28,025
-32,630
-54% -$622K
BLKB icon
1453
Blackbaud
BLKB
$2.1B
$439K ﹤0.01%
8,177
-350
-4% -$21.6K
PAAS icon
1454
Pan American Silver
PAAS
$19.9B
$438K ﹤0.01%
8,000
– –
TWO
1455
Two Harbors Investment
TWO
$1.26B
$438K ﹤0.01%
38,194
-3,859
-9% -$38.6K
PENG
1456
Penguin Solutions Inc
PENG
$3.12B
$436K ﹤0.01%
22,703
-134
-0.6% -$2.87K
FOXF icon
1457
Fox Factory Holding Corp
FOXF
$886M
$432K ﹤0.01%
23,472
+10,345
+79% +$197K
TNDM icon
1458
Tandem Diabetes Care
TNDM
$1.61B
$428K ﹤0.01%
21,514
-10,784
-33% -$195K
CRK icon
1459
Comstock Resources
CRK
$3.99B
$427K ﹤0.01%
17,539
-4,986
-22% -$110K
HLX icon
1460
Helix Energy Solutions
HLX
$1.49B
$426K ﹤0.01%
53,671
+18,464
+52% +$123K
TNET icon
1461
TriNet
TNET
$3.22B
$425K ﹤0.01%
+6,946
New +$413K
CGNT icon
1462
Cognyte Software
CGNT
$692M
$425K ﹤0.01%
47,066
– –
FFIC
1463
DELISTED
Flushing Financial
FFIC
$425K ﹤0.01%
+26,892
New +$407K
FCF icon
1464
First Commonwealth Financial
FCF
$2.19B
$423K ﹤0.01%
23,436
-37,542
-62% -$615K
BHE icon
1465
Benchmark Electronics
BHE
$2.89B
$419K ﹤0.01%
8,043
-635
-7% -$27.5K
CARS icon
1466
Cars.com
CARS
$672M
$419K ﹤0.01%
36,904
+1,859
+5% +$21.6K
CHCO icon
1467
City Holding Co
CHCO
$2.08B
$418K ﹤0.01%
3,397
-268
-7% -$32.6K
STC icon
1468
Stewart Information Services
STC
$2.07B
$418K ﹤0.01%
6,201
-490
-7% -$35.3K
THS
1469
DELISTED
Treehouse Foods
THS
$416K ﹤0.01%
16,894
+4,436
+36% +$96.8K
WT icon
1470
WisdomTree
WT
$3.44B
$412K ﹤0.01%
25,460
-2,012
-7% -$24.3K
NWS icon
1471
News Corp Class B
NWS
$17.8B
$412K ﹤0.01%
13,251
-356
-3% -$10.6K
PZZA icon
1472
Papa John's
PZZA
$804M
$411K ﹤0.01%
11,685
-2,020
-15% -$89.2K
STRT icon
1473
STRATTEC Security
STRT
$338M
$410K ﹤0.01%
+5,178
New +$371K
BFST icon
1474
Business First Bancshares
BFST
$1.05B
$408K ﹤0.01%
+14,469
New +$366K
FUN icon
1475
Cedar Fair
FUN
$1.71B
$407K ﹤0.01%
22,614
+322
+1% +$5.82K
57 58
59
60 61

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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.