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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 | |
|---|---|---|---|---|---|---|
201
Howmet Aerospace
HWM
$113B
| $28.7M | 0.09% |
137,725
-1,201
| -0.9% | -$239K |
|
|
SNDK
202
Sandisk
SNDK
$227B
| $28.5M | 0.09% |
49,539
-12,566
| -20% | -$2.52M |
|
203
iShares MSCI Canada ETF
EWC
$6.52B
| $28.5M | 0.09% |
525,777
-8,014
| -2% | -$414K |
|
204
Sherwin-Williams
SHW
$87.4B
| $28.5M | 0.09% |
80,335
+18,102
| +29% | +$6.06M |
|
|
MRSH
205
Marsh
MRSH
$89.4B
| $28.3M | 0.09% |
150,454
+25,829
| +21% | +$4.83M |
|
206
Equinix
EQIX
$106B
| $28.3M | 0.09% |
34,482
+9,664
| +39% | +$7.58M |
|
207
American Electric Power
AEP
$68.2B
| $28.1M | 0.09% |
234,762
+38,986
| +20% | +$4.6M |
|
208
Cadence Design Systems
CDNS
$89.4B
| $27.8M | 0.09% |
93,681
-11,278
| -11% | -$3.68M |
|
209
Southern Company
SO
$107B
| $27.4M | 0.09% |
307,078
-82,184
| -21% | -$7.5M |
|
210
Arthur J. Gallagher & Co
AJG
$64.4B
| $27.3M | 0.09% |
109,468
+23,628
| +28% | +$6.26M |
|
211
Corning
GLW
$141B
| $27.2M | 0.09% |
263,287
+838
| +0.3% | +$72.2K |
|
212
DoorDash
DASH
$93.4B
| $26.3M | 0.08% |
128,297
+10,811
| +9% | +$2.54M |
|
|
213
CRH
CRH
$65.7B
| $26M | 0.08% |
+212,090
| New | +$25.3M |
|
214
Franco-Nevada
FNV
$44.7B
| $25.6M | 0.08% |
108,819
-1,722
| -2% | -$349K |
|
215
TransDigm Group
TDG
$68.6B
| $25.6M | 0.08% |
17,924
-1,486
| -8% | -$1.95M |
|
216
Marriott International
MAR
$92.2B
| $25.2M | 0.08% |
80,010
-3,887
| -5% | -$1.11M |
|
217
Extra Space Storage
EXR
$31.4B
| $25.2M | 0.08% |
182,315
+49,905
| +38% | +$6.8M |
|
218
Travelers Companies
TRV
$77.3B
| $25.1M | 0.08% |
88,149
+3,477
| +4% | +$979K |
|
219
Tower Semiconductor
TSEM
$29.5B
| $25M | 0.08% |
185,915
+86,292
| +87% | +$8.31M |
|
220
KKR & Co
KKR
$101B
| $25M | 0.08% |
218,709
-19,607
| -8% | -$2.44M |
|
221
CSX Corp
CSX
$93.5B
| $25M | 0.08% |
661,713
-119,718
| -15% | -$4.28M |
|
222
Quanta Services
PWR
$103B
| $25M | 0.08% |
52,587
+1,102
| +2% | +$484K |
|
223
Ecolab
ECL
$77.5B
| $24.9M | 0.08% |
88,395
-30,427
| -26% | -$8.1M |
|
224
Rexford Industrial Realty
REXR
$8.13B
| $24.8M | 0.08% |
611,184
+1,301
| +0.2% | +$53.7K |
|
225
Autodesk
ADSK
$51.8B
| $24.7M | 0.08% |
97,608
+6,717
| +7% | +$2.03M |
|
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PCH
N
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.