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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 | |
|---|---|---|---|---|---|---|
1676
Oportun Financial
OPRT
$357M
| $145K | ﹤0.01% |
+26,802
| New | +$141K |
|
|
CBK
1677
Commercial Bancgroup
CBK
$489M
| $145K | ﹤0.01% |
+5,500
| New | +$135K |
|
1678
Tootsie Roll Industries
TR
$3.05B
| $145K | ﹤0.01% |
3,932
-310
| -7% | -$11.7K |
|
1679
Sturm, Ruger & Co
RGR
$603M
| $145K | ﹤0.01% |
3,940
-419
| -10% | -$15.5K |
|
1680
OneSpan
OSPN
$603M
| $142K | ﹤0.01% |
12,058
-5,087
| -30% | -$69K |
|
1681
Perimeter Solutions
PRM
$5.69B
| $139K | ﹤0.01% |
+5,308
| New | +$134K |
|
|
KREF
1682
KKR Real Estate Finance Trust
KREF
$498M
| $139K | ﹤0.01% |
16,753
-7,444
| -31% | -$63K |
|
1683
Hertz
HTZ
$905M
| $136K | ﹤0.01% |
27,821
-2,199
| -7% | -$12K |
|
1684
Shenandoah Telecom
SHEN
$741M
| $136K | ﹤0.01% |
11,454
-905
| -7% | -$10.7K |
|
1685
MediaAlpha
MAX
$798M
| $132K | ﹤0.01% |
+12,903
| New | +$158K |
|
1686
Dave & Buster's
PLAY
$375M
| $130K | ﹤0.01% |
6,938
-548
| -7% | -$9.17K |
|
1687
Monro
MNRO
$365M
| $128K | ﹤0.01% |
6,849
-541
| -7% | -$9.96K |
|
1688
RPC Inc
RES
$1.39B
| $127K | ﹤0.01% |
19,044
-1,505
| -7% | -$7.82K |
|
1689
MarineMax
HZO
$1.15B
| $126K | ﹤0.01% |
4,664
-368
| -7% | -$9.08K |
|
1690
Oxford Industries
OXM
$547M
| $124K | ﹤0.01% |
3,372
-266
| -7% | -$9.89K |
|
1691
HealthStream
HSTM
$837M
| $123K | ﹤0.01% |
5,522
-436
| -7% | -$11K |
|
|
GDEN
1692
DELISTED
Golden Entertainment
GDEN
| $121K | ﹤0.01% |
4,513
-901
| -17% | -$23.3K |
|
1693
Dream Finders Homes
DFH
$1.33B
| $120K | ﹤0.01% |
6,506
-514
| -7% | -$10.5K |
|
1694
Grid Dynamics Holdings
GDYN
$632M
| $119K | ﹤0.01% |
14,374
-1,136
| -7% | -$9.84K |
|
1695
Forward Air
FWRD
$681M
| $117K | ﹤0.01% |
4,210
-332
| -7% | -$7.47K |
|
|
MCW
1696
DELISTED
Mister Car Wash
MCW
| $116K | ﹤0.01% |
20,860
-1,649
| -7% | -$8.68K |
|
1697
Sabre
SABR
$880M
| $115K | ﹤0.01% |
88,736
-104,244
| -54% | -$180K |
|
1698
Cytek Biosciences
CTKB
$637M
| $115K | ﹤0.01% |
22,900
-35,983
| -61% | -$167K |
|
1699
PRA Group
PRAA
$777M
| $114K | ﹤0.01% |
8,912
-704
| -7% | -$11K |
|
1700
Alpha and Omega Semiconductor
AOSL
$916M
| $112K | ﹤0.01% |
5,076
-401
| -7% | -$9.47K |
|
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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.