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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 | |
|---|---|---|---|---|---|---|
1701
Titan International
TWI
$446M
| $111K | ﹤0.01% |
11,638
-920
| -7% | -$7.21K |
|
1702
Sutro Biopharma
STRO
$356M
| $111K | ﹤0.01% |
+7,400
| New | +$70.2K |
|
1703
Heartland Express
HTLD
$978M
| $107K | ﹤0.01% |
10,649
-841
| -7% | -$7K |
|
1704
Angi Inc
ANGI
$182M
| $107K | ﹤0.01% |
8,255
-8,636
| -51% | -$111K |
|
1705
Fate Therapeutics
FATE
$310M
| $107K | ﹤0.01% |
+90,000
| New | +$108K |
|
|
BDN
1706
Brandywine Realty Trust
BDN
$549M
| $107K | ﹤0.01% |
37,751
-32,366
| -46% | -$110K |
|
|
CMRC
1707
Commerce.com Inc Series 1
CMRC
$180M
| $106K | ﹤0.01% |
+34,074
| New | +$157K |
|
|
BWAY
1708
Brainsway
BWAY
$668M
| $103K | ﹤0.01% |
8,812
| – | – |
|
1709
World Acceptance Corp
WRLD
$887M
| $91.9K | ﹤0.01% |
758
-59
| -7% | -$8.88K |
|
1710
MGP Ingredients
MGPI
$388M
| $87.7K | ﹤0.01% |
3,521
-278
| -7% | -$6.78K |
|
1711
Helen of Troy
HELE
$701M
| $79K | ﹤0.01% |
4,773
-10,102
| -68% | -$206K |
|
1712
Central Garden & Pet Co
CENT
$2.79B
| $75.3K | ﹤0.01% |
2,225
-175
| -7% | -$5.59K |
|
|
MTLS
1713
Materialise
MTLS
$390M
| $71.6K | ﹤0.01% |
12,995
| – | – |
|
1714
SITE Centers
SITC
$158M
| $63.9K | ﹤0.01% |
10,435
-10,318
| -50% | -$78K |
|
1715
Gogo Inc
GOGO
$375M
| $62.8K | ﹤0.01% |
13,690
-16,082
| -54% | -$118K |
|
|
MGIC
1716
DELISTED
Magic Software Enterprises
MGIC
| $61.4K | ﹤0.01% |
2,389
| – | – |
|
1717
Colliers International
CIGI
$5.19B
| $59.6K | ﹤0.01% |
436
-1,514
| -78% | -$227K |
|
1718
Kornit Digital
KRNT
$845M
| $52.3K | ﹤0.01% |
4,037
-2,630
| -39% | -$36K |
|
1719
Corsair Gaming
CRSR
$1.48B
| $46.8K | ﹤0.01% |
9,176
-725
| -7% | -$5.04K |
|
|
ELME
1720
Elme Communities
ELME
$144M
| $44K | ﹤0.01% |
20,009
-19,008
| -49% | -$322K |
|
|
RC
1721
Ready Capital
RC
$294M
| $43.7K | ﹤0.01% |
20,508
-48,952
| -70% | -$137K |
|
1722
Immunocore
IMCR
$1.73B
| $39.9K | ﹤0.01% |
1,227
| – | – |
|
1723
TechTarget
TTGT
$273M
| $31.9K | ﹤0.01% |
6,084
-481
| -7% | -$2.59K |
|
|
CHCT
1724
Community Healthcare Trust
CHCT
$438M
| $31.6K | ﹤0.01% |
1,828
-144
| -7% | -$2.15K |
|
|
ACH
1725
Accendra Health
ACH
$85.4M
| $30.9K | ﹤0.01% |
14,001
-3,824
| -21% | -$13.7K |
|
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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.