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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
EGO icon
1751
Eldorado Gold
EGO
$10.1B
– –
-10,000
Closed -$289K
ERII icon
1752
Energy Recovery
ERII
$397M
– –
-13,770
Closed -$212K
FMBH icon
1753
First Mid Bancshares
FMBH
$1.38B
– –
-6,686
Closed -$253K
FMNB icon
1754
Farmers National Banc Corp
FMNB
$968M
– –
-12,486
Closed -$180K
FYBR
1755
DELISTED
Frontier Communications
FYBR
– –
-93,059
Closed -$3.48M
GDRX icon
1756
GoodRx Holdings
GDRX
$1.23B
– –
-42,088
Closed -$178K
GES
1757
DELISTED
Guess Inc
GES
– –
-28,203
Closed -$471K
GILT icon
1758
Gilat Satellite Networks
GILT
$890M
– –
-20,877
Closed -$272K
GLBE icon
1759
Global E Online
GLBE
$6.98B
– –
-10,812
Closed -$387K
HBI
1760
DELISTED
Hanesbrands
HBI
– –
-158,930
Closed -$1.05M
HSII
1761
DELISTED
Heidrick & Struggles
HSII
– –
-4,899
Closed -$244K
IDR icon
1762
Idaho Strategic Resources
IDR
$497M
– –
-12,900
Closed -$436K
IPG
1763
DELISTED
Interpublic Group of Companies
IPG
– –
-43,953
Closed -$1.23M
JACK icon
1764
Jack in the Box
JACK
$359M
– –
-5,071
Closed -$100K
K
1765
DELISTED
Kellanova
K
– –
-28,154
Closed -$2.31M
KE
1766
Kimball Electronics
KE
$589M
– –
-8,378
Closed -$250K
KRNY icon
1767
Kearny Financial
KRNY
$607M
– –
-36,500
Closed -$240K
KRT icon
1768
Karat Packaging
KRT
$958M
– –
-20,279
Closed -$511K
LNW
1769
DELISTED
Light & Wonder
LNW
– –
-34,177
Closed -$2.87M
LYFT icon
1770
Lyft
LYFT
$6.34B
– –
-10,700
Closed -$236K
LYTS icon
1771
LSI Industries
LYTS
$899M
– –
-9,370
Closed -$221K
LZ icon
1772
LegalZoom.com
LZ
$951M
– –
-16,933
Closed -$176K
METCB icon
1773
Ramaco Resources Class B
METCB
$425M
– –
-18,486
Closed -$299K
MLAB icon
1774
Mesa Laboratories
MLAB
$630M
– –
-1,238
Closed -$83K
NATR icon
1775
Nature's Sunshine
NATR
$275M
– –
-8,397
Closed -$130K
69 70
71
72 73

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PCH
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N
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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.