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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
TRIN icon
1801
Trinity Capital Inc.
TRIN
$1.74B
– –
-11,011
Closed -$170K
USLM icon
1802
United States Lime & Minerals
USLM
$3.42B
– –
-2,770
Closed -$364K
UVSP icon
1803
Univest Financial
UVSP
$1.2B
– –
-4,892
Closed -$147K
VBTX
1804
DELISTED
Veritex Holdings
VBTX
– –
-13,324
Closed -$447K
VRNA
1805
DELISTED
Verona Pharma
VRNA
– –
-27,400
Closed -$2.92M
VTLE
1806
DELISTED
Vital Energy
VTLE
– –
-11,541
Closed -$195K
WIX icon
1807
WIX.com
WIX
$3.07B
– –
-10,384
Closed -$1.84M
WRBY icon
1808
Warby Parker
WRBY
$3.18B
– –
-5,761
Closed -$159K
XLK icon
1809
State Street Technology Select Sector SPDR ETF
XLK
$125B
– –
-67,876
Closed -$9.57M
XRX icon
1810
Xerox
XRX
$414M
– –
-27,606
Closed -$104K
MRX
1811
Marex Group Limited Ordinary Shares
MRX
$5.3B
– –
-39,520
Closed -$1.33M
RAPP
1812
Rapport Therapeutics
RAPP
$2.27B
– –
-5,400
Closed -$160K
GRDN
1813
Guardian Pharmacy Services
GRDN
$2.46B
– –
-9,379
Closed -$246K
NAGE
1814
Niagen Bioscience
NAGE
$245M
– –
-20,491
Closed -$191K
AII
1815
American Integrity Insurance
AII
$462M
– –
-18,300
Closed -$408K
HNGE
1816
Hinge Health
HNGE
$7.11B
– –
-6,547
Closed -$321K
OTF
1817
Blue Owl Technology Finance Corp
OTF
$5.28B
– –
-11,000
Closed -$152K
AMRZ
1818
Amrize Ltd
AMRZ
$25.4B
– –
-64,407
Closed -$3.11M
FLY
1819
Firefly Aerospace
FLY
$4.58B
– –
-6,100
Closed -$179K
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.