State of Tennessee, Department of Treasury
Long book
$29.75B
Q1 2026
Positions
1721
Top-10 weight
27%
concentration
Last quarter
+15.0%
SPY +14.8%
Turnover
6%
of book per quarter
Strategy in plain words
auto-generated from filingsState of Tennessee, Department of Treasury is a mechanically diversified allocator, running a $29.75B US long book across 1721 positions.
The portfolio is moderately concentrated (top 10 ≈ 27% of the book). The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: NVIDIA CORP, APPLE INC, MICROSOFT CORP, ISHARES MSCI SOUTH KOREA ETF, AMAZON.COM INC.
Over the last 9 quarters its long book ran on average 0.1pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+2.8%
Q2 2024
+6.3%
Q3 2024
+0.0%
Q4 2024
-3.1%
Q1 2025
+10.5%
Q2 2025
+7.2%
Q3 2025
+3.3%
Q4 2025
-0.8%
Q1 2026
+15.0%
Sector allocation
Technology 36%
Financials 13%
Industrials 12%
Consumer discretionary 9%
Healthcare 8%
Services media 5%
Energy 5%
Utilities 4%
Long book by quarter
What does State of own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NVDA NVIDIA CORP | Technology | 8.4M | $1.47B | 4.9% | 0.0% |
| AAPL APPLE INC | Technology | 5.1M | $1.30B | 4.4% | -0.3% |
| MSFT MICROSOFT CORP | Technology | 2.6M | $955.8M | 3.2% | -0.4% |
| AMZN AMAZON.COM INC | Consumer discretionary | 3.4M | $702.7M | 2.4% | +1.5% |
| GOOGL ALPHABET INC-CL A | Technology | 2.0M | $569.7M | 1.9% | 0.0% |
| AVGO BROADCOM INC | Technology | 1.6M | $505.9M | 1.7% | +0.2% |
| GOOG ALPHABET INC-CL C | Technology | 1.6M | $473.3M | 1.6% | +0.3% |
| META META PLATFORMS INC-CLASS A | Technology | 752.3K | $430.4M | 1.4% | +0.1% |
| TSLA TESLA INC | Industrials | 961.0K | $357.3M | 1.2% | +0.1% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 627.9K | $300.9M | 1.0% | +0.9% |
| JPM JPMORGAN CHASE & CO | Financials | 978.8K | $287.9M | 1.0% | 0.0% |
| XOM EXXON MOBIL CORP | Energy | 1.5M | $246.9M | 0.8% | -7.8% |
| LLY ELI LILLY & CO | Healthcare | 268.4K | $246.9M | 0.8% | +0.4% |
| JNJ JOHNSON & JOHNSON | Healthcare | 893.2K | $218.3M | 0.7% | +8.7% |
| WMT WALMART INC | Consumer discretionary | 1.5M | $187.1M | 0.6% | -0.1% |
| V VISA INC-CLASS A SHARES | Services media | 616.5K | $186.3M | 0.6% | +5.1% |
| COST COSTCO WHOLESALE CORP | Consumer discretionary | 149.1K | $148.6M | 0.5% | -0.1% |
| MA MASTERCARD INC - A | Services media | 287.1K | $143.5M | 0.5% | -0.9% |
| NFLX NETFLIX INC | Services media | 1.5M | $142.9M | 0.5% | +0.8% |
| ABBV ABBVIE INC | Healthcare | 640.7K | $139.4M | 0.5% | +3.5% |
| CVX CHEVRON CORP | Energy | 659.9K | $136.5M | 0.5% | -0.9% |
| MU MICRON TECHNOLOGY INC | Technology | 391.3K | $132.2M | 0.4% | +6.8% |
| RY ROYAL BANK OF CANADA | Financials | 798.1K | $128.6M | 0.4% | -0.5% |
| HD HOME DEPOT INC | Consumer discretionary | 360.9K | $118.7M | 0.4% | +3.8% |
| CAT CATERPILLAR INC | Industrials | 165.2K | $117.0M | 0.4% | -0.4% |
| MRK MERCK & CO. INC. | Healthcare | 964.6K | $116.0M | 0.4% | +2.7% |
| AMD ADVANCED MICRO DEVICES | Technology | 564.8K | $114.9M | 0.4% | +0.7% |
| BAC BANK OF AMERICA CORP | Financials | 2.3M | $112.6M | 0.4% | -0.1% |
| PG PROCTER & GAMBLE CO/THE | Other | 769.7K | $111.2M | 0.4% | Held |
| PLTR PALANTIR TECHNOLOGIES INC-A | Technology | 733.2K | $107.3M | 0.4% | +0.5% |
| CSCO CISCO SYSTEMS INC | Technology | 1.4M | $107.1M | 0.4% | +1.0% |
| AMAT APPLIED MATERIALS INC | Technology | 307.4K | $105.0M | 0.4% | +2.7% |
| LIN LINDE PLC | Materials | 211.4K | $104.8M | 0.4% | -29.1% |
| SHOP SHOPIFY INC - CLASS A | Technology | 884.2K | $104.6M | 0.4% | +2.4% |
| GE GENERAL ELECTRIC | Industrials | 366.8K | $104.1M | 0.3% | -0.4% |
| KO COCA-COLA CO/THE | Consumer staples | 1.3M | $98.5M | 0.3% | -1.5% |
| UNH UNITEDHEALTH GROUP INC | Financials | 357.1K | $96.6M | 0.3% | +15.6% |
| PM PHILIP MORRIS INTERNATIONAL | Consumer staples | 571.4K | $94.5M | 0.3% | +1.7% |
| RTX RTX CORP | Industrials | 483.4K | $93.2M | 0.3% | +0.3% |
| LRCX LAM RESEARCH CORP | Industrials | 420.8K | $89.9M | 0.3% | +11.6% |
| CNQ CANADIAN NATURAL RESOURCES | Energy | 1.8M | $89.7M | 0.3% | +4.2% |
| GS GOLDMAN SACHS GROUP INC | Financials | 105.4K | $89.2M | 0.3% | -4.2% |
| TD TORONTO-DOMINION BANK | Financials | 952.3K | $88.7M | 0.3% | -0.6% |
| WFC WELLS FARGO & CO | Financials | 1.1M | $88.2M | 0.3% | -4.5% |
| GEV GE VERNOVA INC | Industrials | 96.5K | $84.2M | 0.3% | +3.1% |
| ORCL ORACLE CORP | Technology | 565.5K | $83.2M | 0.3% | +1.1% |
| PEP PEPSICO INC | Consumer staples | 505.8K | $78.5M | 0.3% | +2.1% |
| MCD MCDONALD'S CORP | Consumer discretionary | 250.2K | $77.7M | 0.3% | +1.5% |
| CP CANADIAN PACIFIC KANSAS CITY | Industrials | 987.6K | $77.6M | 0.3% | +5.6% |
| INTC INTEL CORP | Technology | 1.7M | $77.0M | 0.3% | +3.0% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 1721 | $29.75B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 18, 2026 | 1727 | $31.27B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 1727 | $30.03B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 15, 2025 | 1722 | $27.96B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 13, 2025 | 1719 | $26.07B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 13, 2025 | 1737 | $27.55B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 1716 | $28.45B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 13, 2024 | 1712 | $27.21B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 14, 2024 | 1685 | $27.04B | canonical | SEC ↗ |
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