State of Tennessee, Department of Treasury
Institutional investor · Portfolio as of Q4 2025
Top Holdings1,727 positions
NVIDIA CORPORATION | 8.4M | $1.6B | 5.1% | $11.17 | +1566.17% | 29 qtrssince 2018-Q4 | Decreased 0 |
APPLE INC | 5.1M | $1.3B | 4.2% | $44.24 | +512.85% | 29 qtrssince 2018-Q4 | Decreased 0 |
MICROSOFT CORP | 2.6M | $1.1B | 3.6% | $112.30 | +327.94% | 29 qtrssince 2018-Q4 | Decreased 0 |
ISHARES INC | 12.5M | $852.5M | 2.7% | $30.77 | +106.47% | 29 qtrssince 2018-Q4 | Decreased 0 |
ISHARES INC | 6.8M | $836.1M | 2.7% | $53.42 | +81.99% | 29 qtrssince 2018-Q4 | Decreased 0 |
AMAZON COM INC | 3.3M | $795.5M | 2.5% | $81.40 | +183.57% | 29 qtrssince 2018-Q4 | Increased 54 |
ALPHABET INC | 2M | $669.8M | 2.1% | $70.73 | +341.68% | 29 qtrssince 2018-Q4 | Decreased 0 |
ISHARES TR | 10.9M | $565.3M | 1.8% | $42.76 | +26.42% | 29 qtrssince 2018-Q4 | Decreased 0 |
ALPHABET INC | 1.6M | $556.9M | 1.8% | $53.00 | +490.93% | 29 qtrssince 2018-Q4 | Decreased 0 |
BROADCOM INC | 1.6M | $540.3M | 1.7% | $45.54 | +655.88% | 29 qtrssince 2018-Q4 | Decreased 0 |
VANGUARD INDEX FDS | 1.6M | $539M | 1.7% | $188.00 | +76.82% | 29 qtrssince 2018-Q4 | Increased 50 |
META PLATFORMS INC | 751,330 | $538.3M | 1.7% | $147.93 | +345.06% | 29 qtrssince 2018-Q4 | Decreased 0 |
TESLA INC | 960,005 | $413.2M | 1.3% | $245.47 | +83.20% | 21 qtrssince 2020-Q4 | Decreased 0 |
PROLOGIS INC. | 2.4M | $309.9M | 1.0% | $92.10 | +35.43% | 29 qtrssince 2018-Q4 | Increased 45 |
JPMORGAN CHASE & CO. | 978,881 | $299.4M | 1.0% | $92.41 | +243.79% | 29 qtrssince 2018-Q4 | Decreased 0 |
BERKSHIRE HATHAWAY INC DEL | 622,564 | $299.2M | 1.0% | $266.14 | +88.87% | 29 qtrssince 2018-Q4 | Decreased 0 |
VANGUARD TAX-MANAGED FDS | 4.3M | $286.1M | 0.9% | $37.67 | +64.29% | 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% | $33.72 | +16.02% | 29 qtrssince 2018-Q4 | Decreased 0 |
ISHARES INC | 6.9M | $256.6M | 0.8% | $24.65 | +27.66% | 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 Score: 3.5/5.0.
Active quarter - 94 new positions, 94 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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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