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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 | |
|---|---|---|---|---|---|---|
|
TRVG
1726
trivago
TRVG
$373M
| $17.1K | ﹤0.01% |
5,988
| – | – |
|
1727
Movado Group
MOV
$807M
| $1.85K | ﹤0.01% |
81
-9,761
| -99% | -$190K |
|
1728
American Coastal Insurance
ACIC
$461M
| – | – |
-15,000
| Closed | -$171K |
|
1729
AC Immune
ACIU
$268M
| – | – |
-5,126
| Closed | -$14.8K |
|
|
ADAP
1730
DELISTED
Adaptimmune Therapeutics
ADAP
| – | – |
-73,376
| Closed | -$9.54K |
|
1731
Alamos Gold
AGI
$13.7B
| – | – |
-151,134
| Closed | -$5.27M |
|
|
ALE
1732
DELISTED
Allete
ALE
| – | – |
-25,328
| Closed | -$1.68M |
|
1733
Amcor
AMCR
$21.5B
| – | – |
-241,966
| Closed | -$9.9M |
|
1734
Appian
APPN
$2.44B
| – | – |
-7,337
| Closed | -$224K |
|
1735
Algonquin Power & Utilities
AQN
$4.46B
| – | – |
-335,111
| Closed | -$1.8M |
|
1736
Arhaus
ARHS
$1.39B
| – | – |
-12,061
| Closed | -$128K |
|
1737
AdvanSix
ASIX
$442M
| – | – |
-23,141
| Closed | -$448K |
|
1738
AtriCure
ATRC
$2.21B
| – | – |
-4,077
| Closed | -$144K |
|
|
BAND
1739
Bandwidth Inc
BAND
$1.73B
| – | – |
-12,808
| Closed | -$214K |
|
1740
B&G Foods
BGS
$294M
| – | – |
-17,693
| Closed | -$78.4K |
|
1741
Backblaze
BLZE
$1.25B
| – | – |
-25,213
| Closed | -$234K |
|
1742
B2Gold
BTG
$6.71B
| – | – |
-92,600
| Closed | -$458K |
|
1743
Caleres
CAL
$462M
| – | – |
-8,741
| Closed | -$114K |
|
1744
CNB Financial Corp
CCNE
$1.04B
| – | – |
-6,543
| Closed | -$158K |
|
1745
CEVA Inc
CEVA
$865M
| – | – |
-5,721
| Closed | -$151K |
|
|
CIVI
1746
DELISTED
Civitas Resources
CIVI
| – | – |
-36,174
| Closed | -$1.18M |
|
|
COOP
1747
DELISTED
Mr. Cooper
COOP
| – | – |
-24,938
| Closed | -$5.26M |
|
1748
Coursera
COUR
$1.49B
| – | – |
-21,711
| Closed | -$254K |
|
1749
Coty
COTY
$2.42B
| – | – |
-134,377
| Closed | -$543K |
|
|
DCBO
1750
Docebo
DCBO
$565M
| – | – |
-5,329
| Closed | -$146K |
|
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PCH
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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.