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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
NVDA icon
1
NVIDIA
NVDA
$5.43T
$1.61B 5.14%
8,416,478
-83,780
-1% -$15.6M
AAPL icon
2
Apple
AAPL
$4.41T
$1.33B 4.25%
5,119,921
-44,375
-0.9% -$11.9M
MSFT icon
3
Microsoft
MSFT
$3.66T
$1.12B 3.57%
2,592,119
-2,162
-0.1% -$1.08M
EWT icon
4
iShares MSCI Taiwan ETF
EWT
$11.4B
$853M 2.73%
12,525,798
-3,784,595
-23% -$244M
EWY icon
5
iShares MSCI South Korea ETF
EWY
$27.2B
$836M 2.67%
6,830,675
-395,879
-5% -$36.2M
AMZN icon
6
Amazon
AMZN
$2.88T
$795M 2.54%
3,324,166
+14,887
+0.4% +$3.41M
GOOGL icon
7
Alphabet (Google) Class A
GOOGL
$4.2T
$670M 2.14%
1,981,613
-8,330
-0.4% -$2.38M
INDA icon
8
iShares MSCI India ETF
INDA
$6.58B
$565M 1.81%
10,925,403
-813,540
-7% -$43.8M
GOOG icon
9
Alphabet (Google) Class C
GOOG
$4.19T
$557M 1.78%
1,644,985
-25,620
-2% -$7.34M
AVGO icon
10
Broadcom
AVGO
$1.98T
$540M 1.73%
1,630,746
-22,363
-1% -$8M
VTI icon
11
Vanguard Morningstar Total Stock Market ETF
VTI
$691B
$539M 1.72%
1,582,521
+10,072
+0.6% +$3.35M
META icon
12
Meta Platforms (Facebook)
META
$1.47T
$538M 1.72%
751,330
-5,269
-0.7% -$3.52M
TSLA icon
13
Tesla
TSLA
$1.29T
$413M 1.32%
960,005
-11,468
-1% -$5.08M
PLD icon
14
Prologis
PLD
$134B
$310M 0.99%
2,373,939
+70,916
+3% +$8.84M
JPM icon
15
JPMorgan Chase
JPM
$971B
$299M 0.96%
978,881
-25,991
-3% -$8.05M
BRK.B icon
16
Berkshire Hathaway Class B
BRK.B
$1.09T
$299M 0.96%
622,564
-3,166
-0.5% -$1.58M
VEA icon
17
Vanguard FTSE Developed Markets ETF
VEA
$238B
$286M 0.91%
4,321,161
-35,526
-0.8% -$2.18M
LLY icon
18
Eli Lilly
LLY
$1.09T
$277M 0.89%
267,279
-722
-0.3% -$690K
SRLN icon
19
State Street Blackstone Senior Loan ETF
SRLN
$5.37B
$258M 0.82%
6,289,986
-310,992
-5% -$12.8M
EWZ icon
20
iShares MSCI Brazil ETF
EWZ
$8.57B
$257M 0.82%
6,928,103
-409,445
-6% -$12.9M
VCIT icon
21
Vanguard Intermediate-Term Corporate Bond ETF
VCIT
$67.6B
$245M 0.78%
2,914,914
+189,013
+7% +$15.9M
MBB icon
22
iShares MBS ETF
MBB
$39B
$238M 0.76%
2,486,872
+147,972
+6% +$14.1M
TSM icon
23
TSMC
TSM
$2.23T
$238M 0.76%
+718,960
New +$211M
VCLT icon
24
Vanguard Long-Term Corporate Bond ETF
VCLT
$8.75B
$237M 0.76%
3,112,025
+235,758
+8% +$18.2M
XOM icon
25
ExxonMobil
XOM
$657B
$223M 0.71%
1,577,417
-32,684
-2% -$3.79M
1
2 3 4 5

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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.