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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
PFE icon
126
Pfizer
PFE
$153B
$41.2M 0.15%
1,697,697
-430,600
-20% -$10M
BX icon
127
Blackstone
BX
$110B
$41M 0.15%
273,879
-3,680
-1% -$506K
CRWD icon
128
CrowdStrike
CRWD
$227B
$40.6M 0.15%
318,512
-70,892
-18% -$7.68M
CB icon
129
Chubb
CB
$132B
$39.9M 0.14%
137,740
-4,335
-3% -$1.25M
AEM icon
130
Agnico Eagle Mines
AEM
$91B
$39.6M 0.14%
333,096
-37,100
-10% -$4.31M
TMUS icon
131
T-Mobile US
TMUS
$194B
$39.4M 0.14%
165,274
-14,861
-8% -$3.63M
ESS icon
132
Essex Property Trust
ESS
$18.5B
$39.2M 0.14%
138,340
+12,066
+10% +$3.39M
BNS icon
133
Scotiabank
BNS
$110B
$39.1M 0.14%
708,840
– –
AMT icon
134
American Tower
AMT
$80.7B
$38.9M 0.14%
176,018
+34,185
+24% +$7.38M
COP icon
135
ConocoPhillips
COP
$151B
$38.6M 0.14%
430,407
-38,460
-8% -$3.46M
CM icon
136
Canadian Imperial Bank of Commerce
CM
$111B
$38.4M 0.14%
541,829
– –
ICE icon
137
Intercontinental Exchange
ICE
$85.9B
$37.5M 0.13%
204,353
+3,902
+2% +$670K
MRSH
138
Marsh
MRSH
$89.7B
$37.5M 0.13%
171,388
-8,003
-4% -$1.81M
LRCX icon
139
Lam Research
LRCX
$423B
$37M 0.13%
379,646
-83,423
-18% -$6.62M
MDT icon
140
Medtronic
MDT
$117B
$36.8M 0.13%
421,661
-100,297
-19% -$8.51M
TDG icon
141
TransDigm Group
TDG
$68.2B
$36.1M 0.13%
23,720
+3,647
+18% +$5.12M
SBUX icon
142
Starbucks
SBUX
$125B
$35.8M 0.13%
390,630
-12,895
-3% -$1.12M
MCK icon
143
McKesson
MCK
$100B
$35.5M 0.13%
48,509
-1,718
-3% -$1.21M
TT icon
144
Trane Technologies
TT
$106B
$35.4M 0.13%
81,026
-3,876
-5% -$1.53M
MO icon
145
Altria Group
MO
$110B
$35.3M 0.13%
602,089
+9,735
+2% +$572K
SO icon
146
Southern Company
SO
$107B
$35.2M 0.13%
383,341
+11,267
+3% +$1.01M
ANET icon
147
Arista Networks
ANET
$262B
$35.2M 0.13%
344,037
-134,668
-28% -$11.7M
SPG icon
148
Simon Property Group
SPG
$71.9B
$35.1M 0.13%
218,155
-2,255
-1% -$356K
CME icon
149
CME Group
CME
$95.5B
$35.1M 0.13%
127,177
+3,217
+3% +$875K
CEG icon
150
Constellation Energy
CEG
$98.8B
$34.9M 0.12%
108,187
-16,235
-13% -$4.3M
4 5
6
7 8

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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.