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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
(+4.1%)
Cap. Flow
-$287M
Cap. Flow
% of AUM
-0.92%
Top 10 Holdings %
Top 10 Hldgs %
28.36%
Holding
1,819
New
92
Increased
472
Reduced
1,140
Closed
92
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
TSMC
TSM
|
+$211M |
| 2 |
Applovin
APP
|
+$43.1M |
| 3 |
Sea Limited
SE
|
+$26M |
| 4 |
TotalEnergies
TTE
|
+$25.5M |
| 5 |
CRH
CRH
|
+$25.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI Taiwan ETF
EWT
|
+$244M |
| 2 |
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
|
+$88.6M |
| 3 |
iShares 0-5 Year High Yield Corporate Bond ETF
SHYG
|
+$69.2M |
| 4 |
Ferrari
RACE
|
+$54.5M |
| 5 |
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 | |
|---|---|---|---|---|---|---|
|
NXRT
1576
NexPoint Residential Trust
NXRT
$636M
| $254K | ﹤0.01% |
8,421
-1,537
| -15% | -$47.1K |
|
1577
Myers Industries
MYE
$1.25B
| $254K | ﹤0.01% |
12,289
-5,261
| -30% | -$93.4K |
|
|
WSR
1578
DELISTED
Whitestone REIT
WSR
| $253K | ﹤0.01% |
17,784
-2,524
| -12% | -$32.5K |
|
1579
Dime Commercial Bancshares
DCOM
$1.82B
| $252K | ﹤0.01% |
7,408
-6,048
| -45% | -$175K |
|
1580
Innoviva
INVA
$1.5B
| $250K | ﹤0.01% |
12,516
-989
| -7% | -$19.3K |
|
1581
Under Armour
UAA
$2.3B
| $250K | ﹤0.01% |
40,490
-86,491
| -68% | -$400K |
|
1582
US Physical Therapy
USPH
$1.24B
| $249K | ﹤0.01% |
2,973
-2,888
| -49% | -$234K |
|
|
NAVN
1583
Navan Inc
NAVN
$7.56B
| $248K | ﹤0.01% |
+21,611
| New | +$343K |
|
1584
SIGA Technologies
SIGA
$207M
| $244K | ﹤0.01% |
36,398
+13,154
| +57% | +$93.6K |
|
1585
Bloomin' Brands
BLMN
$924M
| $243K | ﹤0.01% |
40,570
+21,843
| +117% | +$152K |
|
1586
Trupanion
TRUP
$1.36B
| $243K | ﹤0.01% |
7,594
-600
| -7% | -$23.6K |
|
1587
AdaptHealth
AHCO
$760M
| $241K | ﹤0.01% |
24,022
-1,899
| -7% | -$18.1K |
|
1588
Certara
CERT
$1.24B
| $241K | ﹤0.01% |
27,454
-23,485
| -46% | -$242K |
|
1589
Byline Bancorp
BY
$1.78B
| $241K | ﹤0.01% |
7,533
+1,683
| +29% | +$47.3K |
|
|
SEZL
1590
Sezzle
SEZL
$4.37B
| $238K | ﹤0.01% |
+3,770
| New | +$257K |
|
1591
LGI Homes
LGIH
$1.37B
| $235K | ﹤0.01% |
4,686
-370
| -7% | -$17.4K |
|
1592
United Parks & Resorts
PRKS
$2.04B
| $234K | ﹤0.01% |
+6,228
| New | +$259K |
|
1593
Vital Farms
VITL
$498M
| $234K | ﹤0.01% |
+8,235
| New | +$290K |
|
1594
EverQuote
EVER
$864M
| $233K | ﹤0.01% |
10,245
-45
| -0.4% | -$1.09K |
|
|
ADAM
1595
Adamas Trust
ADAM
$907M
| $232K | ﹤0.01% |
29,039
-9,768
| -25% | -$69.3K |
|
1596
REX American Resources
REX
$1.44B
| $232K | ﹤0.01% |
6,871
-2,057
| -23% | -$67K |
|
|
SLDE
1597
Slide Insurance Holdings
SLDE
$2.52B
| $232K | ﹤0.01% |
13,479
+3,079
| +30% | +$51.3K |
|
1598
Ambarella
AMBA
$3.6B
| $232K | ﹤0.01% |
3,624
-204
| -5% | -$16.5K |
|
|
SAFE
1599
Safehold
SAFE
$1.1B
| $231K | ﹤0.01% |
16,380
-2,546
| -13% | -$36.2K |
|
1600
Ichor Holdings
ICHR
$2.67B
| $230K | ﹤0.01% |
7,580
-8,899
| -54% | -$165K |
|
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PCH
N
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.