§ 13F · FUND PROFILE
State of Tennessee, Department of Treasury.
Tennessee state treasury, pension
AUM · $30034.2T (13F)Positions · 1727Turnover · 99% · Q4Filed · Feb 18, 2026
CONCENTRATION
28%
Top 10 holdings
NEW BUYS
+94
+$487.5T deployed
EXITS
0
No exits
SECTOR SHIFT
TECHNOLOGY → SEMICONDUCTORS
-2pp · +2pp
3YR HIT RATE
—
Top-5 overlap
§ 01 · TOP HOLDINGS
The book · Q4 2025
FILED FEB 18, 2026
| # | Ticker | Name | Shares | $ value | % port | Δ Q4 |
|---|---|---|---|---|---|---|
| 1 | NVDA | NVIDIA CORPORATION COM | 8.42M | $1608.6T | 5.1% | −1% |
| 2 | AAPL | APPLE INC COM | 5.12M | $1328.5T | 4.2% | −1% |
| 3 | MSFT | MICROSOFT CORP COM | 2.59M | $1115.4T | 3.6% | ±0% |
| 4 | EWT | ISHARES INC MSCI TAIWAN ETF | 12.53M | $852.5T | 2.7% | −23% |
| 5 | EWY | ISHARES INC MSCI STH KOR ETF | 6.83M | $836.1T | 2.7% | −5% |
| 6 | AMZN | AMAZON COM INC COM | 3.32M | $795.5T | 2.5% | ±0% |
| 7 | GOOGL | ALPHABET INC CAP STK CL A | 1.98M | $669.8T | 2.1% | ±0% |
| 8 | INDA | ISHARES TR MSCI INDIA ETF | 10.93M | $565.3T | 1.8% | −7% |
| 9 | GOOG | ALPHABET INC CAP STK CL C | 1.64M | $556.9T | 1.8% | −2% |
| 10 | AVGO | BROADCOM INC COM | 1.63M | $540.3T | 1.7% | −1% |
§ 02 · SECTOR ALLOCATION
Where the money is
Other40.5% (+1pp)
Technology11.8% (−2pp)
Semiconductors11.0% (+2pp)
Media6.9% (+1pp)
Retail5.7% (±0)
Financial Services4.9% (±0)
§ 03 · THE STATE SIGNAL
AC read
State of Tennessee, Department of Treasury is a Income / Defensive fund managing $30034209.6 trillion in assets. The fund runs a massive portfolio of 1,727 positions, broad diversification across holdings, with the top 10 accounting for 28%. Trading activity is aggressive at 99% quarterly turnover, with 94 new positions and 0 exits last quarter. Top sector allocations: Other (41%), Technology (12%), Semiconductors (11%).
Read the full dossier →§ 04 · FILING HISTORY
Q-by-Q deltas
1 FILINGS
Q4 2025
Busy quarter
+94 buys · −0 exits · 1610 changed
Q3 2025
Steady book
+0 buys · −0 exits · 0 changed
Q1 2025
Steady book
+0 buys · −0 exits · 0 changed