State of Tennessee, Department of Treasury
Institutional investor · Portfolio as of Q3 2025
Top Holdings1,727 positions
NVIDIA CORP | 8.5M | $1.6B | 5.3% | $11.17 | +1566.79% | 28 qtrssince 2018-Q4 | Decreased 0 |
MICROSOFT | 2.6M | $1.3B | 4.5% | $112.30 | +357.46% | 28 qtrssince 2018-Q4 | Increased 59 |
APPLE INC | 5.2M | $1.3B | 4.4% | $44.24 | +473.45% | 28 qtrssince 2018-Q4 | Decreased 0 |
ISHARES INC | 16.3M | $1B | 3.5% | $30.77 | +97.68% | 28 qtrssince 2018-Q4 | Increased 60 |
AMAZON COM INC | 3.3M | $726.6M | 2.4% | $80.73 | +172.00% | 28 qtrssince 2018-Q4 | Increased 55 |
ISHARES TR | 11.7M | $611.1M | 2.0% | $42.76 | +21.76% | 28 qtrssince 2018-Q4 | Decreased 0 |
ISHARES INC | 7.2M | $578.8M | 1.9% | $53.42 | +46.65% | 28 qtrssince 2018-Q4 | Decreased 0 |
FACEBOOK INC | 756,599 | $555.6M | 1.8% | $147.93 | +394.75% | 28 qtrssince 2018-Q4 | Decreased 0 |
BROADCOM INC | 1.7M | $545.4M | 1.8% | $45.54 | +619.15% | 28 qtrssince 2018-Q4 | Decreased 0 |
VANGUARD INDEX FDS | 1.6M | $516M | 1.7% | $187.08 | +73.44% | 28 qtrssince 2018-Q4 | Decreased 0 |
ALPHABET INC | 2M | $483.8M | 1.6% | $70.73 | +242.82% | 28 qtrssince 2018-Q4 | Decreased 0 |
TESLA INC | 971,473 | $432M | 1.4% | $245.47 | +81.17% | 20 qtrssince 2020-Q4 | Increased 49 |
ALPHABET INC | 1.7M | $406.9M | 1.4% | $53.00 | +358.34% | 28 qtrssince 2018-Q4 | Decreased 0 |
JP MORGAN CHASE & CO | 1M | $317M | 1.1% | $92.41 | +234.92% | 28 qtrssince 2018-Q4 | Increased 50 |
BERKSHIRE HATHAWAY INC DEL | 625,730 | $314.6M | 1.0% | $266.14 | +88.90% | 28 qtrssince 2018-Q4 | Decreased 0 |
SSGA ACTIVE ETF TR | 6.6M | $274.5M | 0.9% | $33.72 | +13.98% | 28 qtrssince 2018-Q4 | Increased 44 |
PROLOGIS INC. | 2.3M | $263.7M | 0.9% | $91.10 | +21.88% | 28 qtrssince 2018-Q4 | Increased 50 |
VANGUARD TAX-MANAGED FDS | 4.4M | $261.1M | 0.9% | $37.67 | +54.96% | 28 qtrssince 2018-Q4 | Decreased 0 |
VANGUARD SCOTTSDALE FDS | 2.7M | $229.3M | 0.8% | $68.45 | +17.13% | 28 qtrssince 2018-Q4 | Increased 44 |
ISHARES INC | 7.3M | $227.5M | 0.8% | $24.65 | +20.35% | 28 qtrssince 2018-Q4 | Decreased 0 |
State of Tennessee, Department of Treasury manages $30B across 1727 positions as of Q3 2025. Top holdings: NVDA (5.3%), MSFT (4.5%), AAPL (4.4%). Fund DNA: Balanced Allocator. HoldingsIntel Score: 3.5/5.0.
Active quarter - 74 new positions, 69 exits, 606 increased. Top move: EWT (INCREASED, conviction 60). Portfolio: $30.0B across 1727 positions.
Top holdings by portfolio weight
Portfolio allocation by GICS sector
Behavioral investing profile
Position Outcomes
Best and worst performing positions by estimated return
Top Winners
Top Losers
Cost basis estimates based on full filing history using quarter-end prices. Actual transaction prices are not disclosed in 13F filings.
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Data sourced from SEC EDGAR 13F filings. Not financial advice. Full disclaimer
Verify source filings on SEC EDGAR