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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
NEXN
1776
Nexxen International
NEXN
$582M
– –
-5,764
Closed -$53.3K
NGD
1777
DELISTED
New Gold Inc
NGD
– –
-31,000
Closed -$222K
ODC icon
1778
Oil-Dri
ODC
$1.27B
– –
-3,869
Closed -$236K
OMF icon
1779
OneMain Financial
OMF
$7.46B
– –
-11,425
Closed -$645K
OOMA icon
1780
Ooma
OOMA
$559M
– –
-18,760
Closed -$225K
PAY icon
1781
Paymentus
PAY
$5.2B
– –
-4,986
Closed -$153K
PINC
1782
DELISTED
Premier
PINC
– –
-20,115
Closed -$559K
PKE icon
1783
Park Aerospace
PKE
$802M
– –
-6,581
Closed -$134K
PMTS icon
1784
CPI Card Group
PMTS
$333M
– –
-10,769
Closed -$163K
PNFP icon
1785
Pinnacle Financial Partners Inc
PNFP
$16.3B
– –
-31,615
Closed -$2.97M
QGEN icon
1786
Qiagen
QGEN
$8.93B
– –
-70,699
Closed -$3.13M
RM icon
1787
Regional Management Corp
RM
$301M
– –
-5,016
Closed -$195K
SHOE
1788
Shoe Station Group
SHOE
$420M
– –
-4,224
Closed -$87.8K
SENEA icon
1789
Seneca Foods Class A
SENEA
$1.31B
– –
-1,492
Closed -$161K
SHYG icon
1790
iShares 0-5 Year High Yield Corporate Bond ETF
SHYG
$7.62B
– –
-1,597,400
Closed -$69.2M
SIBN icon
1791
SI-BONE Inc
SIBN
$846M
– –
-8,486
Closed -$125K
SJNK icon
1792
State Street SPDR Bloomberg Short Term High Yield Bond ETF
SJNK
$4.81B
– –
-475,800
Closed -$12.2M
SLP icon
1793
Simulations Plus
SLP
$371M
– –
-3,956
Closed -$59.6K
SMWB icon
1794
Similarweb
SMWB
$770M
– –
-13,617
Closed -$127K
SNV
1795
DELISTED
Synovus
SNV
– –
-72,023
Closed -$3.53M
SPH icon
1796
Suburban Propane Partners
SPH
$1.18B
– –
-10,658
Closed -$199K
SRAD icon
1797
Sportradar
SRAD
$3.97B
– –
-27,263
Closed -$733K
SRCE icon
1798
1st Source
SRCE
$2.15B
– –
-8,476
Closed -$522K
SSRM icon
1799
SSR Mining
SSRM
$6.48B
– –
-15,500
Closed -$379K
THRY icon
1800
Thryv Holdings
THRY
$94.2M
– –
-8,893
Closed -$107K
69 70 71
72
73

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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.