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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
PFE icon
126
Pfizer
PFE
$153B
$46.7M 0.15%
1,766,771
-306,669
-15% -$7.73M
LMT icon
127
Lockheed Martin
LMT
$138B
$46.3M 0.15%
72,971
-4,071
-5% -$1.95M
DE icon
128
Deere & Co
DE
$166B
$46.1M 0.15%
87,337
-4,268
-5% -$2M
MDT icon
129
Medtronic
MDT
$116B
$45.9M 0.15%
445,785
+20,969
+5% +$2.04M
B
130
Barrick Mining
B
$67.1B
$45.5M 0.15%
990,010
-29,543
-3% -$1.11M
APP icon
131
Applovin
APP
$105B
$44.9M 0.14%
94,803
+68,353
+258% +$43.1M
NOW icon
132
ServiceNow
NOW
$127B
$44.8M 0.14%
383,296
+24,741
+7% +$4.24M
BSX icon
133
Boston Scientific
BSX
$74.5B
$44.5M 0.14%
475,936
-55,546
-10% -$5.45M
PH icon
134
Parker-Hannifin
PH
$134B
$44.3M 0.14%
47,333
+627
+1% +$513K
MO icon
135
Altria Group
MO
$109B
$44M 0.14%
710,501
-94,314
-12% -$5.69M
MAA icon
136
Mid-America Apartment Communities
MAA
$15.6B
$43.7M 0.14%
325,406
+70,729
+28% +$9.42M
ADBE icon
137
Adobe
ADBE
$102B
$43.1M 0.14%
146,812
-15,909
-10% -$5.41M
ETN icon
138
Eaton
ETN
$178B
$43M 0.14%
122,464
-16,712
-12% -$5.92M
WELL icon
139
Welltower
WELL
$169B
$41.6M 0.13%
220,752
+5,092
+2% +$951K
SU icon
140
Suncor Energy
SU
$76.1B
$41.3M 0.13%
777,195
+41,702
+6% +$1.76M
WCN
141
Waste Connections
WCN
$41.6B
$41.2M 0.13%
245,455
-13,560
-5% -$2.34M
RACE icon
142
Ferrari
RACE
$72.1B
$41.1M 0.13%
123,019
-136,182
-53% -$54.5M
PANW icon
143
Palo Alto Networks
PANW
$320B
$40.7M 0.13%
229,939
+1,277
+0.6% +$258K
BMY icon
144
Bristol-Myers Squibb
BMY
$133B
$40.5M 0.13%
736,417
-64,807
-8% -$3.12M
CB icon
145
Chubb
CB
$133B
$40.1M 0.13%
129,531
-3,209
-2% -$938K
GD icon
146
General Dynamics
GD
$106B
$39.8M 0.13%
113,408
+3,845
+4% +$1.31M
UDR icon
147
UDR
UDR
$12.1B
$39.5M 0.13%
1,062,428
+206,214
+24% +$7.33M
MFC icon
148
Manulife Financial
MFC
$72.5B
$39.2M 0.13%
1,023,048
-92,280
-8% -$3.13M
BX icon
149
Blackstone
BX
$110B
$39.1M 0.13%
274,408
-30,490
-10% -$4.63M
ALC icon
150
Alcon
ALC
$35.3B
$38.8M 0.12%
479,128
+166,790
+53% +$12.8M
4 5
6
7 8

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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.