State of Tennessee, Department of Treasury
Institutional investor · Portfolio as of Q4 2025
Top Holdings1,727 positions
Stock | Shares | Value | Weight | Avg Buy | Est. P&L | Held | Conviction |
|---|---|---|---|---|---|---|---|
NVIDIA CORP | 8.4M | $1.6B | 5.1% | $112.73 | +66.37% | 29 qtrssince 2018-Q4 | Decreased 0 |
APPLE INC | 5.1M | $1.3B | 4.2% | $95.31 | +184.47% | 29 qtrssince 2018-Q4 | Decreased 0 |
MICROSOFT CORP | 2.6M | $1.1B | 3.6% | $112.38 | +333.77% | 29 qtrssince 2018-Q4 | Decreased 0 |
ISHARES INC MSCI TAIWAN ETF | 12.5M | $852.5M | 2.7% | $30.80 | +106.85% | 29 qtrssince 2018-Q4 | Decreased 0 |
ISHARES MSCI SOUTH KOREA ETF | 6.8M | $836.1M | 2.7% | $53.57 | +84.08% | 29 qtrssince 2018-Q4 | Decreased 0 |
AMAZON.COM INC | 3.3M | $795.5M | 2.5% | $109.82 | +111.75% | 29 qtrssince 2018-Q4 | Increased 54 |
ALPHABET INC-CL A | 2M | $669.8M | 2.1% | $103.87 | +202.15% | 29 qtrssince 2018-Q4 | Decreased 0 |
ISHARES MSCI INDIA ETF | 10.9M | $565.3M | 1.8% | $42.70 | +25.61% | 29 qtrssince 2018-Q4 | Decreased 0 |
ALPHABET INC-CL C | 1.6M | $556.9M | 1.8% | $95.14 | +230.63% | 29 qtrssince 2018-Q4 | Decreased 0 |
BROADCOM INC | 1.6M | $540.3M | 1.7% | $158.14 | +121.23% | 29 qtrssince 2018-Q4 | Decreased 0 |
VANGUARD TOTAL STOCK MARKET VIPERS | 1.6M | $539M | 1.7% | $189.62 | +78.17% | 29 qtrssince 2018-Q4 | Increased 50 |
META PLATFORMS INC-CLASS A | 751,330 | $538.3M | 1.7% | $149.64 | +345.05% | 29 qtrssince 2018-Q4 | Decreased 0 |
TESLA INC | 960,005 | $413.2M | 1.3% | $257.44 | +76.52% | 21 qtrssince 2020-Q4 | Decreased 0 |
PROLOGIS INC | 2.4M | $309.9M | 1.0% | $94.46 | +36.57% | 29 qtrssince 2018-Q4 | Increased 45 |
JPMORGAN CHASE & CO | 978,881 | $299.4M | 1.0% | $92.98 | +246.29% | 29 qtrssince 2018-Q4 | Decreased 0 |
BERKSHIRE HATHAWAY INC-CL B | 622,564 | $299.2M | 1.0% | $265.77 | +89.53% | 29 qtrssince 2018-Q4 | Decreased 0 |
VANGUARD FTSE DEVELOPED ETF | 4.3M | $286.1M | 0.9% | $38.06 | +64.99% | 29 qtrssince 2018-Q4 | Decreased 0 |
ELI LILLY & CO | 267,279 | $277.2M | 0.9% | $289.79 | +269.06% | 29 qtrssince 2018-Q4 | Decreased 0 |
SSGA ACTIVE ETF TR | 6.3M | $257.6M | 0.8% | $34.14 | +16.02% | 29 qtrssince 2018-Q4 | Decreased 0 |
ISHARES MSCI BRAZIL ETF | 6.9M | $256.6M | 0.8% | $24.88 | +28.60% | 29 qtrssince 2018-Q4 | Decreased 0 |
State of Tennessee, Department of Treasury manages $31.3B across 1727 positions as of Q4 2025. Top holdings: NVDA (5.1%), AAPL (4.2%), MSFT (3.6%). Fund DNA: Balanced Allocator. HoldingsIntel Rating: 4/5.0.
Active quarter - 93 new positions, 93 exits, 477 increased. Top move: AMZN (INCREASED, conviction 54). Portfolio: $31.3B 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
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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