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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
+8.93%
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
$30B
AUM Growth
+$2.08B
Cap. Flow
+$106M
Cap. Flow %
0.35%
Top 10 Hldgs %
29.35%
Holding
1,792
New
70
Increased
606
Reduced
553
Closed
65

Top Buys

Rank Stock Value
1
FLIN icon
Franklin FTSE India ETF
FLIN
+$200M
2
SHYG icon
iShares 0-5 Year High Yield Corporate Bond ETF
SHYG
+$68.8M
3
PLD icon
Prologis
PLD
+$33.9M
4
VNQ icon
Vanguard Real Estate ETF
VNQ
+$26.4M
5
CVX icon
Chevron
CVX
+$21.1M

Top Sells

Rank Stock Value
1
INDA icon
iShares MSCI India ETF
INDA
+$210M
2
JPST icon
JPMorgan Ultra-Short Income ETF
JPST
+$40.1M
3
HYG icon
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
+$36.8M
4
FPE icon
First Trust Preferred Securities and Income ETF
FPE
+$32.6M
5
VTI icon
Vanguard Morningstar Total Stock Market ETF
VTI
+$25.9M

Sector Composition

Rank Sector Weight
1 Technology 25.21%
2 Financials 11.75%
3 Consumer Discretionary 8.67%
4 Communication Services 7.17%
5 Industrials 6.87%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CDNS icon
151
Cadence Design Systems
CDNS
$89.9B
$36.9M 0.12%
104,959
+10,552
+11% +$3.63M
TT icon
152
Trane Technologies
TT
$106B
$36.7M 0.12%
86,919
+5,893
+7% +$2.52M
MDLZ icon
153
Mondelez International
MDLZ
$80.9B
$36.4M 0.12%
582,608
-33,607
-5% -$2.17M
BMY icon
154
Bristol-Myers Squibb
BMY
$133B
$36.1M 0.12%
801,224
+144,047
+22% +$6.73M
MAA icon
155
Mid-America Apartment Communities
MAA
$15.6B
$35.6M 0.12%
254,677
+28,624
+13% +$4.14M
PH icon
156
Parker-Hannifin
PH
$134B
$35.4M 0.12%
46,706
+1,078
+2% +$795K
CRWD icon
157
CrowdStrike
CRWD
$229B
$35M 0.12%
285,296
-33,216
-10% -$3.78M
MFC icon
158
Manulife Financial
MFC
$72.5B
$34.8M 0.12%
1,115,328
+91,561
+9% +$2.82M
NKE icon
159
Nike
NKE
$61B
$34.2M 0.11%
489,960
+60,758
+14% +$4.53M
VRTX icon
160
Vertex Pharmaceuticals
VRTX
$133B
$34M 0.11%
86,761
-18,998
-18% -$7.94M
NOC icon
161
Northrop Grumman
NOC
$81.6B
$33.8M 0.11%
55,473
+8,097
+17% +$4.59M
CME icon
162
CME Group
CME
$95B
$33.7M 0.11%
124,679
-2,498
-2% -$680K
DUK icon
163
Duke Energy
DUK
$96.8B
$33.6M 0.11%
271,362
+5,638
+2% +$684K
B
164
Barrick Mining
B
$67.1B
$33.5M 0.11%
1,019,553
+12,900
+1% +$327K
AMT icon
165
American Tower
AMT
$81.1B
$32.9M 0.11%
170,970
-5,048
-3% -$1.05M
ELV icon
166
Elevance Health
ELV
$86.7B
$32.8M 0.11%
101,603
+24,018
+31% +$7.47M
JCI icon
167
Johnson Controls International
JCI
$92.4B
$32.8M 0.11%
298,168
-17,826
-6% -$1.9M
ECL icon
168
Ecolab
ECL
$77.3B
$32.5M 0.11%
118,822
+7,167
+6% +$1.95M
TRP icon
169
TC Energy
TRP
$65.7B
$32.2M 0.11%
591,209
-5,000
-0.8% -$251K
DASH icon
170
DoorDash
DASH
$93.3B
$32M 0.11%
117,486
+12,529
+12% +$3.14M
MMM icon
171
3M
MMM
$93.5B
$31.9M 0.11%
205,820
+17,702
+9% +$2.73M
UDR icon
172
UDR
UDR
$12.1B
$31.9M 0.11%
856,214
+164,432
+24% +$6.41M
WMB icon
173
Williams Companies
WMB
$89.9B
$31.6M 0.11%
498,171
+21,770
+5% +$1.28M
RCL icon
174
Royal Caribbean
RCL
$83B
$31.1M 0.1%
96,148
-7,838
-8% -$2.62M
KKR icon
175
KKR & Co
KKR
$102B
$31M 0.1%
238,316
+1,630
+0.7% +$231K
5 6
7
8 9

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State of Tennessee, Department of Treasury's Q3 2025 Portfolio in Review

As of Q3 2025, State of Tennessee, Department of Treasury held 1,792 positions worth $30B, up 7.4% from $28B the previous quarter. Its ten largest holdings account for 29% of the portfolio.

State of Tennessee, Department of Treasury's Q3 2025 filing shows 70 new, 606 increased, 553 reduced and 65 closed positions. Its largest new stake was Franklin FTSE India ETF: 5,213,024 shares worth $194M. The largest sale was iShares MSCI India ETF, an estimated $210M.

By sector, the portfolio is most concentrated in Technology at 25% of assets, up from 24% a quarter earlier, followed by Financials and Consumer Discretionary.

  • State of Tennessee, Department of Treasury's largest Q3 2025 buy was Franklin FTSE India ETF: 5,213,024 shares worth $194M.
  • State of Tennessee, Department of Treasury added most to Prologis in Q3 2025, an estimated $33.9M increase.
  • State of Tennessee, Department of Treasury's biggest Q3 2025 reduction was iShares MSCI India ETF, cutting an estimated $210M.
  • State of Tennessee, Department of Treasury fully exited First Trust Preferred Securities and Income ETF in Q3 2025, selling an estimated $32.6M.
  • State of Tennessee, Department of Treasury's ten largest holdings make up 29% of its $30B portfolio in Q3 2025.
  • State of Tennessee, Department of Treasury opened 70 new positions and closed 65 in Q3 2025.
  • State of Tennessee, Department of Treasury's portfolio value rose 7.4% quarter-over-quarter to $30B.

Based on State of Tennessee, Department of Treasury's 13F filing for Q3 2025, filed 14 Nov 2025.