CIK: 0001587973
Total reported value
$29.8B
Reporting period: 2026-03-31 · Number of holdings: 1721
State of Tennessee, Department of Treasury disclosed 1721 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $29.8B and a quarterly turnover rate of 14.1%.
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State of Tennessee, Department of Treasury's disclosed holdings carry a Herfindahl concentration index of 0.011 — mathematically equivalent to about 91 equally-sized positions, well below its 1721 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 4.24), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Add TSM
+48.3% $122.7M
Trim EWT
-23.3% -$171.3M
Trim INDA
-19.1% -$151.2M
Trim MSFT
-0.4% -$159.6M
Trim META
+0.1% -$107.9M
Trim GOOGL
-0.0% -$100.1M
State of Tennessee is executing a sharp momentum rotation within a broadly diversified equity core, rotating capital out of EM ETFs (EWT, INDA) and slower mega-cap tech (MSFT, GOOGL) into higher-momentum semiconductor and platform names (NVDA, TSM, META, AMZN). This is not a broad sector shift but a precision hunt for Alpha via factor-tilted rebalancing, with the index-like 1721-holder diversification masking a concentrated momentum bet.
The flow decodes a macro conviction that the US-centric AI and semiconductor cycle still has room to run, pricing in sustained earnings momentum from the digital infrastructure complex. The opposing thesis: rising discount rates or a growth scare that compresses multiples in the most crowded, high-duration tech names, rendering the momentum factor a crowded exit trade rather than a source of alpha.
The 100.0 momentum score telecasts extreme factor crowding — this portfolio is structurally short volatility and long consensus. The specific vulnerability is that the coefficient of variation of 4.24 reveals a barbell of tiny 1bps positions alongside huge 4-5% tech stakes, meaning a reversal in just a handful of high-momentum names (NVDA, TSM) would rattle the entire performance engine. Pure momentum strategies in low-turnover wrappers like this are reflexive: the more they buy, the more they commit to continued inflows, and the harder the eventual snapback.
This overview is machine-generated from public regulatory data and describes past filings only — it does not constitute financial advice.
Showing top 200 holdings (of 1721 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 4.94% | -0.20% | +0.04% | |
| 2 | AAPL | Apple INC | Stock-Tech | 4.35% | +0.10% | -0.29% | |
| 3 | MSFT | Microsoft CORP | Stock-Tech | 3.21% | -0.36% | -0.39% | |
| 4 | EWY | Ishares Msci South Korea ETF | ETF-Other | 2.56% | -0.11% | -9.24% | |
| 5 | AMZN | Amazon.com INC | Stock-Consumer Disc | 2.36% | -0.18% | +1.49% | |
| 6 | EWT | Ishares Msci Taiwan ETF | ETF-Other | 2.29% | -0.44% | -23.32% | |
| 7 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 1.91% | -0.23% | -0.02% | |
| 8 | VTI | Vanguard Total Stock Mkt ETF | ETF-Other | 1.77% | — | +3.62% | |
| 9 | AVGO | Broadcom INC | Stock-Tech | 1.70% | -0.03% | +0.23% | |
| 10 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 1.59% | -0.19% | +0.29% | |
| 11 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.45% | -0.27% | +0.13% | |
| 12 | INDA | Ishares Msci India ETF | ETF-Other | 1.39% | -0.42% | -19.08% | |
| 13 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 1.21% | +0.45% | +48.30% | |
| 14 | TSLA | Tesla INC | Stock-Consumer Disc | 1.20% | -0.12% | +0.10% | |
| 15 | PLD | Prologis INC | Stock-Real Estate | 1.15% | +0.16% | +8.81% | |
| 16 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 1.01% | — | +0.85% | |
| 17 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.97% | — | -0.01% | |
| 18 | VEA | Vanguard Ftse Developed ETF | ETF-Other | 0.91% | — | -2.28% | |
| 19 | XOM | Exxon Mobil CORP | Stock-Energy | 0.83% | +0.12% | -7.75% | |
| 20 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.83% | -0.06% | +0.41% | |
| 21 | VCIT | Vanguard Int-term Corporate | ETF-Corp Bonds | 0.81% | — | +0.30% | |
| 22 | SRLN | Ss Blackstone Sr Loan ETF | ETF-Other | 0.80% | -0.02% | -5.54% | |
| 23 | VCLT | Vanguard Long-term CORP Bond | ETF-Corp Bonds | 0.79% | — | +1.31% | |
| 24 | MBB | Ishares Mbs ETF | ETF-Other | 0.79% | — | -0.35% | |
| 25 | EWZ | Ishares Msci Brazil ETF | ETF-Other | 0.77% | -0.05% | -14.37% | |
| 26 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.73% | +0.13% | +8.71% | |
| 27 | VNQ | Vanguard Real Estate ETF | ETF-Other | 0.67% | — | -1.75% | |
| 28 | WMT | Walmart INC | Stock-Consumer Staples | 0.63% | — | -0.14% | |
| 29 | EZA | Ishares Msci South Africa Et | ETF-Other | 0.63% | -0.01% | — | |
| 30 | V | Visa Inc-class A Shares | Stock-Financials | 0.63% | — | +5.12% | |
| 31 | FLIN | Franklin Ftse India ETF | ETF-Other | 0.58% | -0.04% | — | |
| 32 | VOO | Vanguard S&p 500 ETF | ETF-Large Cap & Growth | 0.56% | — | — | |
| 33 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.50% | — | -0.12% | |
| 34 | MA | Mastercard INC - A | Stock-Financials | 0.48% | — | -0.88% | |
| 35 | NFLX | Netflix INC | Stock-Comm Services | 0.48% | +0.09% | +0.76% | |
| 36 | ABBV | Abbvie INC | Stock-Healthcare | 0.47% | — | +3.46% | |
| 37 | CVX | Chevron CORP | Stock-Energy | 0.46% | +0.08% | -0.87% | |
| 38 | MU | Micron Technology INC | Stock-Tech | 0.44% | -0.05% | +6.78% | |
| 39 | RY | Royal Bank Of Canada | Stock-Financials | 0.43% | — | -0.54% | |
| 40 | HD | Home Depot INC | Stock-Consumer Disc | 0.40% | — | +3.78% | |
| 41 | CAT | Caterpillar INC | Stock-Industrials | 0.39% | — | -0.36% | |
| 42 | MRK | Merck & Co. INC. | Stock-Healthcare | 0.39% | — | +2.67% | |
| 43 | AMD | Advanced Micro Devices | Stock-Tech | 0.39% | -0.03% | +0.74% | |
| 44 | BAC | Bank Of America CORP | Stock-Financials | 0.38% | — | -0.10% | |
| 45 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.37% | — | — | |
| 46 | PLTR | Palantir Technologies Inc-a | Stock-Tech | 0.36% | — | +0.46% | |
| 47 | CSCO | Cisco Systems INC | Stock-Tech | 0.36% | — | +0.95% | |
| 48 | AMAT | Applied Materials INC | Stock-Tech | 0.35% | — | +2.74% | |
| 49 | LIN | Linde plc | Stock-Materials | 0.35% | -0.09% | -29.06% | |
| 50 | SHOP | Shopify INC - Class A | Stock-Tech | 0.35% | — | +2.43% |
Performance for Q3 2026
+3.3%
Performance Last 4 Quarters
+24.8%
Based on 74% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 1721 | $29.8B | 14 | |
| 2025-12-31 | 1727 | $31.3B | 18 | |
| 2025-09-30 | 1727 | $30.0B | 28 | |
| 2025-06-30 | 1722 | $28.0B | 0 | |
| 2025-03-31 | 1719 | $26.1B | 100 | |
| 2024-12-31 | 1737 | $27.6B | 0 | |
| 2024-09-30 | 1716 | $28.4B | 0 | |
| 2024-06-30 | 1712 | $27.2B | 0 | |
| 2024-03-31 | 1685 | $27.0B | 0 | |
| 2023-12-31 | 1657 | $25.5B | 0 | |
| 2023-09-30 | 1599 | $24.8B | 0 | |
| 2023-06-30 | 1707 | $23.9B | 0 | |
| 2023-03-31 | 2595 | $22.5B | 0 | |
| 2022-12-31 | 2614 | $21.4B | 0 | |
| 2022-09-30 | 2614 | $20.6B | 0 | |
| 2022-06-30 | 2588 | $21.5B | 0 | |
| 2022-03-31 | 2628 | $26.0B | 0 | |
| 2021-12-31 | 2600 | $27.2B | 0 | |
| 2021-09-30 | 2589 | $25.6B | 0 | |
| 2021-06-30 | 2578 | $26.2B | 97 | |
| 2021-03-31 | 2554 | $24.5B | 24 | |
| 2020-12-31 | 2491 | $23.6B | 28 | |
| 2020-09-30 | 2456 | $21.5B | 37 | |
| 2020-06-30 | 2452 | $20.4B | 32 | |
| 2020-03-31 | 2424 | $17.8B | 39 | |
| 2019-12-31 | 2553 | $22.7B | 22 | |
| 2019-09-30 | 2536 | $21.6B | 25 | |
| 2019-06-30 | 2553 | $20.3B | 34 | |
| 2019-03-31 | 2500 | $20.3B | 24 | |
| 2018-12-31 | 2471 | $18.3B | 32 | |
| 2018-09-30 | 2537 | $20.6B | 25 | |
| 2018-06-30 | 2068 | $19.8B | 24 | |
| 2018-03-31 | 2066 | $19.6B | 28 | |
| 2017-12-31 | 2241 | $22.4B | 28 | |
| 2017-09-30 | 2061 | $19.7B | 25 | |
| 2017-06-30 | 2229 | $20.9B | 23 | |
| 2017-03-31 | 2202 | $21.2B | 29 | |
| 2016-12-31 | 2067 | $18.9B | 30 | |
| 2016-09-30 | 2264 | $20.7B | 34 | |
| 2016-06-30 | 2169 | $19.7B | 30 | |
| 2016-03-31 | 2086 | $17.4B | 31 | |
| 2015-12-31 | 2048 | $16.9B | 34 | |
| 2015-09-30 | 1458 | $16.2B | 33 | |
| 2015-06-30 | 2040 | $18.2B | 32 | |
| 2015-03-31 | 2075 | $18.8B | 29 | |
| 2014-12-31 | 2007 | $18.7B | 43 | |
| 2014-09-30 | 1872 | $17.5B | 21 | |
| 2014-06-30 | 1844 | $17.7B | 26 | |
| 2014-03-31 | 1893 | $17.1B | 29 | |
| 2013-12-31 | 1910 | $17.4B | 31 | |
| 2013-09-30 | 1988 | $16.5B | 0 |
State of Tennessee, Department of Treasury's most significant position changes for 2026-03-31: New buy: AstraZeneca PLC (AZN); New buy: Ishares 0-5 Yr Hy CORP Bond (SHYG); New buy: Invesco Senior Loan ETF (BKLN); Add: Taiwan Semiconductor-sp Adr (TSM) — shares +48.30%; Trim: Ishares Msci Taiwan ETF (EWT) — shares -23.32%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | TSM | Taiwan Semiconductor-sp Adr | +0.5% | +48.30% | Add |
| 2 | PLD | Prologis INC | +0.2% | +8.81% | Add |
| 3 | JNJ | Johnson & Johnson | +0.1% | +8.71% | Add |
| 4 | XOM | Exxon Mobil CORP | +0.1% | -7.75% | Trim |
| 5 | JAAA | Janus Henderson Aaa Clo ETF | +0.1% | +693.05% | Add |
| 6 | AAPL | Apple INC | +0.1% | -0.29% | Trim |
| 7 | CNQ | Canadian Natural Resources | +0.1% | +4.16% | Add |
| 8 | NFLX | Netflix INC | +0.1% | +0.76% | Add |
| 9 | VRT | Vertiv Holdings Co-a | +0.1% | +160.55% | Add |
| 10 | JPST | Jpmorgan Ultra-short Income | +0.1% | +236.84% | Add |
| 11 | CVX | Chevron CORP | +0.1% | -0.87% | Trim |
| 12 | GEV | GE Vernova INC | +0.1% | +3.08% | Add |
| 13 | VEA | Vanguard Ftse Developed ETF | — | -2.28% | Trim |
| 14 | EZA | Ishares Msci South Africa Et | 0% | — | Unchanged |
| 15 | SRLN | Ss Blackstone Sr Loan ETF | 0% | -5.54% | Trim |
| 16 | AVGO | Broadcom INC | 0% | +0.23% | Add |
| 17 | AMD | Advanced Micro Devices | 0% | +0.74% | Add |
| 18 | FLIN | Franklin Ftse India ETF | 0% | — | Unchanged |
| 19 | SPGI | S&p Global INC | 0% | +0.08% | Add |
| 20 | WFC | Wells Fargo & Co | 0% | -4.49% | Trim |
| 21 | BA | Boeing Co/the | 0% | -7.41% | Trim |
| 22 | EIDO | Ishares Msci Indonesia ETF | 0% | -17.79% | Trim |
| 23 | EWZ | Ishares Msci Brazil ETF | -0.1% | -14.37% | Trim |
| 24 | MU | Micron Technology INC | -0.1% | +6.78% | Add |
| 25 | ACN | Accenture plc | -0.1% | -4.35% | Trim |
| 26 | ELV | Elevance Health INC | -0.1% | -49.83% | Trim |
| 27 | CRM | Salesforce INC | -0.1% | -11.37% | Trim |
| 28 | LLY | Eli Lilly & Co | -0.1% | +0.41% | Add |
| 29 | SE | Sea Ltd-adr | -0.1% | +3.92% | Add |
| 30 | IBM | Intl Business Machines CORP | -0.1% | -1.32% | Trim |
| 31 | TSEM | Tower Semiconductor Ltd. | -0.1% | -82.88% | Trim |
| 32 | HYG | Ishr Ibx Usd Hiyld Cb Etf-ui | -0.1% | -25.43% | Trim |
| 33 | SPOT | Spotify Technology S.A. | -0.1% | -39.09% | Trim |
| 34 | RACE | Ferrari N.V. | -0.1% | -55.82% | Trim |
| 35 | JNK | Ss Spdr Bb High Yield Bond | -0.1% | -99.81% | Trim |
| 36 | LIN | Linde plc | -0.1% | -29.06% | Trim |
| 37 | EWY | Ishares Msci South Korea ETF | -0.1% | -9.24% | Trim |
| 38 | TSLA | Tesla INC | -0.1% | +0.10% | Add |
| 39 | FALN | Ishares Fallen Angels ETF | -0.1% | -60.23% | Trim |
| 40 | AMZN | Amazon.com INC | -0.2% | +1.49% | Add |
| 41 | GOOG | Alphabet Inc-cl C | -0.2% | +0.29% | Add |
| 42 | NVDA | Nvidia CORP | -0.2% | +0.04% | Add |
| 43 | GOOGL | Alphabet Inc-cl A | -0.2% | -0.02% | Trim |
| 44 | META | Meta Platforms Inc-class A | -0.3% | +0.13% | Add |
| 45 | MSFT | Microsoft CORP | -0.4% | -0.39% | Trim |
| 46 | INDA | Ishares Msci India ETF | -0.4% | -19.08% | Trim |
| 47 | EWT | Ishares Msci Taiwan ETF | -0.4% | -23.32% | Trim |
| 48 | AZN | AstraZeneca PLC | — | NEW | New buy |
| 49 | SHYG | Ishares 0-5 Yr Hy CORP Bond | — | NEW | New buy |
| 50 | BKLN | Invesco Senior Loan ETF | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-18 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-15 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-13 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-13 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-13 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-14 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-15 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-12 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-15 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2023-01-26 | Amendment | View on EDGAR |
| 2022-09-30 | 2022-11-15 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-15 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-11 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-15 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-12 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-11 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-10 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-09 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-16 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-13 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-28 | Amendment | View on EDGAR |
| 2020-03-31 | 2020-05-15 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-06 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-10-30 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-12 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-13 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-11 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-13 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-14 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-11 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-12 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-01 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-09 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-08 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-01-24 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-09 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-12 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-13 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-11 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-13 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-10 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-15 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-05-15 | Amendment | View on EDGAR |
| 2014-12-31 | 2015-02-17 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-14 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-15 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-30 | Amendment | View on EDGAR |
| 2014-03-31 | 2014-05-14 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-05-14 | Amendment | View on EDGAR |
| 2013-12-31 | 2014-02-11 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2014-05-14 | Amendment | View on EDGAR |
| 2013-09-30 | 2013-11-14 | 13F-HR | View on EDGAR |
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