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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
-11.86%
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
$18.3B
AUM Growth
-$2.24B
Cap. Flow
+$606M
Cap. Flow %
3.3%
Top 10 Hldgs %
18.13%
Holding
1,660
New
81
Increased
925
Reduced
519
Closed
95

Top Buys

Rank Stock Value
1
MRK icon
Merck
MRK
+$105M
2
VZ icon
Verizon
VZ
+$93.1M
3
CI icon
Cigna
CI
+$65M
4
BAX icon
Baxter International
BAX
+$51.6M
5
MMM icon
3M
MMM
+$50.6M

Top Sells

Rank Stock Value
1
RY icon
Royal Bank of Canada
RY
+$91.6M
2
PX
Praxair Inc
PX
+$81.6M
3
MDT icon
Medtronic
MDT
+$75.1M
4
T icon
AT&T
T
+$64.2M
5
VRTX icon
Vertex Pharmaceuticals
VRTX
+$59.4M

Sector Composition

Rank Sector Weight
1 Technology 14.41%
2 Financials 13.34%
3 Healthcare 12.47%
4 Industrials 8.69%
5 Consumer Discretionary 7.92%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CHH icon
1576
Choice Hotels
CHH
$4.67B
– –
-1,800
Closed -$150K
CVLT icon
1577
Commault Systems
CVLT
$6B
– –
-808
Closed -$57K
CWB icon
1578
State Street SPDR Bloomberg Convertible Securities ETF
CWB
$5.77B
– –
-26,500
Closed -$1.43M
EAF icon
1579
GrafTech
EAF
$203M
– –
-652
Closed -$127K
EQT icon
1580
EQT Corp
EQT
$33.8B
– –
-108,258
Closed -$2.61M
FTK icon
1581
Flotek Industries
FTK
$1.32B
– –
-5,274
Closed -$76K
GIB icon
1582
CGI
GIB
$15.2B
– –
-200,238
Closed -$12.9M
GSBD icon
1583
Goldman Sachs BDC
GSBD
$1.1B
– –
-12,400
Closed -$275K
HE icon
1584
Hawaiian Electric Industries
HE
$2.08B
– –
-26,510
Closed -$943K
HESM icon
1585
Hess Midstream
HESM
$5.15B
– –
-2,138
Closed -$49K
HYT icon
1586
BlackRock Corporate High Yield Fund
HYT
$1.38B
– –
-28,600
Closed -$301K
IBKR icon
1587
Interactive Brokers
IBKR
$41.7B
– –
-312,556
Closed -$4.32M
INGN icon
1588
Inogen
INGN
$154M
– –
-12,321
Closed -$3.01M
ITT icon
1589
ITT
ITT
$19.2B
– –
-155,934
Closed -$9.55M
JAZZ icon
1590
Jazz Pharmaceuticals
JAZZ
$16.1B
– –
-420
Closed -$71K
KRE icon
1591
State Street SPDR S&P Regional Banking ETF
KRE
$4.66B
– –
-69,737
Closed -$4.14M
LADR
1592
Ladder Capital
LADR
$1.27B
– –
-595
Closed -$10K
LEN.B icon
1593
Lennar Class B
LEN.B
$20.7B
– –
-1,144
Closed -$42K
LFUS icon
1594
Littelfuse
LFUS
$11.6B
– –
-29,302
Closed -$5.8M
LOPE icon
1595
Grand Canyon Education
LOPE
$3.74B
– –
-1,179
Closed -$133K
MBUU icon
1596
Malibu Boats
MBUU
$581M
– –
-722
Closed -$40K
MDXG icon
1597
MiMedx Group
MDXG
$619M
– –
-66,657
Closed -$412K
MFIC icon
1598
MidCap Financial Investment
MFIC
$806M
– –
-13,066
Closed -$213K
NRC icon
1599
NRC Health Common Stock
NRC
$465M
– –
-2,086
Closed -$81K
PENN icon
1600
PENN Entertainment
PENN
$2.54B
– –
-50,699
Closed -$1.67M
62 63
64
65 66

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PCH
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N
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State of Tennessee, Department of Treasury's Q4 2018 Portfolio in Review

As of Q4 2018, State of Tennessee, Department of Treasury held 1,660 positions worth $18.3B, down 11% from $20.6B the previous quarter. Its ten largest holdings account for 18% of the portfolio.

State of Tennessee, Department of Treasury deployed $606M of net new capital in Q4 2018, opening 81 new positions and adding to 925 existing holdings. Its largest new stake was iShares Biotechnology ETF: 422,400 shares worth $40.7M.

By sector, the portfolio is most concentrated in Technology at 14% of assets, down from 16% a quarter earlier, followed by Financials and Healthcare.

On the sell side, the largest reduction was Medtronic, an estimated $75.1M trimmed.

  • State of Tennessee, Department of Treasury's largest Q4 2018 buy was iShares Biotechnology ETF: 422,400 shares worth $40.7M.
  • State of Tennessee, Department of Treasury added most to Merck in Q4 2018, an estimated $105M increase.
  • State of Tennessee, Department of Treasury's biggest Q4 2018 reduction was Medtronic, cutting an estimated $75.1M.
  • State of Tennessee, Department of Treasury fully exited Royal Bank of Canada in Q4 2018, selling an estimated $91.6M.
  • State of Tennessee, Department of Treasury's ten largest holdings make up 18% of its $18.3B portfolio in Q4 2018.
  • State of Tennessee, Department of Treasury opened 81 new positions and closed 95 in Q4 2018.
  • State of Tennessee, Department of Treasury's portfolio value fell 11% quarter-over-quarter to $18.3B.

Based on State of Tennessee, Department of Treasury's 13F filing for Q4 2018, filed 11 Feb 2019.