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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
+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
Cap. Flow
-$287M
Cap. Flow %
-0.92%
Top 10 Hldgs %
28.36%
Holding
1,819
New
92
Increased
472
Reduced
1,140
Closed
92

Top Buys

Rank Stock Value
1
TSM icon
TSMC
TSM
+$211M
2
APP icon
Applovin
APP
+$43.1M
3
SE icon
Sea Limited
SE
+$26M
4
TTE icon
TotalEnergies
TTE
+$25.5M
5
CRH icon
CRH
CRH
+$25.3M

Top Sells

Rank Stock Value
1
EWT icon
iShares MSCI Taiwan ETF
EWT
+$244M
2
HYG icon
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
+$88.6M
3
SHYG icon
iShares 0-5 Year High Yield Corporate Bond ETF
SHYG
+$69.2M
4
RACE icon
Ferrari
RACE
+$54.5M
5
INDA icon
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
CPT icon
151
Camden Property Trust
CPT
$11.1B
$38.3M 0.12%
351,574
+64,656
+23% +$6.72M
BXP icon
152
Boston Properties
BXP
$11.1B
$38.2M 0.12%
591,091
+42,827
+8% +$3.04M
SYK icon
153
Stryker
SYK
$131B
$37.9M 0.12%
102,682
-3,274
-3% -$1.19M
VRTX icon
154
Vertex Pharmaceuticals
VRTX
$133B
$37.8M 0.12%
80,373
-6,388
-7% -$2.75M
SNPS icon
155
Synopsys
SNPS
$79.5B
$37.7M 0.12%
81,075
+19,234
+31% +$8.54M
SBUX icon
156
Starbucks
SBUX
$125B
$37.1M 0.12%
403,953
+68,362
+20% +$5.77M
PSA icon
157
Public Storage
PSA
$61.1B
$36.9M 0.12%
133,666
+40,196
+43% +$11.2M
CME icon
158
CME Group
CME
$95B
$36.7M 0.12%
127,027
+2,348
+2% +$638K
CMCSA icon
159
Comcast
CMCSA
$91.9B
$36.1M 0.12%
1,215,091
+2,366
+0.2% +$67.5K
JCI icon
160
Johnson Controls International
JCI
$92.4B
$36M 0.12%
301,672
+3,504
+1% +$402K
MCK icon
161
McKesson
MCK
$100B
$34.7M 0.11%
41,705
-7,151
-15% -$5.84M
CVS icon
162
CVS Health
CVS
$121B
$34.6M 0.11%
464,968
+113,482
+32% +$8.95M
TRP icon
163
TC Energy
TRP
$65.7B
$34.6M 0.11%
586,578
-4,631
-0.8% -$247K
ADP icon
164
Automatic Data Processing
ADP
$107B
$34.6M 0.11%
140,068
-6,633
-5% -$1.77M
ORLY icon
165
O'Reilly Automotive
ORLY
$74.9B
$34.1M 0.11%
346,629
-972
-0.3% -$95K
WPM icon
166
Wheaton Precious Metals
WPM
$59.9B
$34M 0.11%
256,441
-2,902
-1% -$311K
CRWD icon
167
CrowdStrike
CRWD
$229B
$33.9M 0.11%
307,604
+22,308
+8% +$2.84M
ICE icon
168
Intercontinental Exchange
ICE
$85.6B
$33.9M 0.11%
194,818
+53,549
+38% +$8.39M
PNC icon
169
PNC Financial Services
PNC
$102B
$33.5M 0.11%
149,936
+11,796
+9% +$2.28M
WMB icon
170
Williams Companies
WMB
$90B
$33.3M 0.11%
494,611
-3,560
-0.7% -$215K
LHX icon
171
L3Harris
LHX
$53.7B
$33.1M 0.11%
96,451
+20,975
+28% +$6.06M
DUK icon
172
Duke Energy
DUK
$96.8B
$32.8M 0.11%
270,654
-708
-0.3% -$86.5K
NOC icon
173
Northrop Grumman
NOC
$81.6B
$32.7M 0.1%
47,260
-8,213
-15% -$4.77M
ECH icon
174
iShares MSCI Chile ETF
ECH
$1.02B
$31.9M 0.1%
704,840
+3,982
+0.6% +$144K
TT icon
175
Trane Technologies
TT
$106B
$31.8M 0.1%
75,629
-11,290
-13% -$4.67M
5 6
7
8 9

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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.