State of Tennessee, Department of Treasury
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 15, 2025), State of Tennessee, Department of Treasury reported 1,722 stock positions worth $28.0 billion. Its top holding was Nvidia (NVDA) at 4.8% of the portfolio, followed by Microsoft (MSFT, 4.6%) and Apple (AAPL, 3.8%). Compared with Q1 2025, it opened 62 new positions, sold out of 60, added to 481 and reduced 718. The biggest buy was iShares MSCI Taiwan ETF (EWT, shares +0%) and the biggest sale iShares MBS ETF (MBB, shares −53%).
- Most Recent 13F
- Q2 2026
- Location
- NASHVILLE, TN
- CIK
- 0001587973
- Portfolio Value
- $28.0B (Q2 2025)
- SEC Filing
- 0001587973-25-000004 ↗ filed Aug 15, 2025
Holdings Value
Holdings 1,722 stocks · $28.0B
| NVDA Nvidia Corp. | 4.82% | 8,535,057 | $1.3B | Reduce -3.0% |
| MSFT Microsoft Corp. | 4.58% | 2,576,377 | $1.3B | Reduce -2.4% |
| AAPL Apple Inc. | 3.82% | 5,204,956 | $1.1B | Reduce -2.0% |
| EWT iShares MSCI Taiwan ETF | 3.29% | 16,006,156 | $918.8M | Add +0.2% |
| INDA iShares MSCI India ETF | 3.12% | 15,666,367 | $872.3M | Add +0.2% |
| AMZN Amazon.com Inc. | 2.56% | 3,256,549 | $714.5M | Reduce -1.8% |
| META Meta Platforms Inc. Class A | 2.01% | 762,224 | $562.6M | Reduce -4.3% |
| EWY iShares MSCI South Korea ETF | 1.86% | 7,253,614 | $520.7M | Reduce -2.3% |
| VTI VG Morningstar TS MKT ETF-US | 1.80% | 1,654,571 | $502.9M | Reduce -0.4% |
| AVGO Broadcom Inc. | 1.63% | 1,656,920 | $456.7M | Reduce -3.6% |
| GOOGL Alphabet Inc. Class A | 1.26% | 1,993,938 | $351.4M | Reduce -3.0% |
| TSLA Tesla Inc. | 1.10% | 965,634 | $306.7M | Reduce -4.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.09% | 626,627 | $304.4M | Reduce -1.7% |
| GOOG Alphabet Inc. Class C | 1.07% | 1,691,885 | $300.1M | Reduce -2.4% |
| JPM JPMorgan Chase & Co. | 1.01% | 974,872 | $282.6M | Reduce -2.7% |
| SRLN SS Blackstone Sr Loan ETF | 0.96% | 6,446,331 | $268.1M | Reduce -1.9% |
| VEA Vanguard Ftse Developed ETF | 0.89% | 4,367,054 | $249.0M | Reduce -6.6% |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | 0.79% | 2,755,245 | $222.2M | Reduce -8.6% |
| VCIT Vanguard Int-Term Corporate | 0.79% | 2,649,104 | $219.7M | Add +2.4% |
| LLY Eli Lilly & Co. | 0.78% | 278,199 | $216.9M | Add +1.4% |
| VCLT Vanguard Long-Term Corp. Bond | 0.77% | 2,827,927 | $214.6M | Add +3.9% |
| EWZ iShares MSCI Brazil ETF | 0.76% | 7,397,615 | $213.4M | Reduce -0.6% |
| MBB iShares MBS ETF | 0.76% | 2,269,439 | $213.1M | Reduce -52.5% |
| V Visa Inc. Class A | 0.76% | 599,527 | $212.9M | Add +1.6% |
| PLD Prologis Inc. | 0.75% | 1,994,333 | $209.6M | Add +16.1% |
| NFLX Netflix Inc. | 0.72% | 150,591 | $201.7M | Reduce -6.9% |
| VNQ Vanguard Real Estate ETF | 0.67% | 2,111,185 | $188.0M | Add +2.8% |
| XOM Exxon Mobil Corp. | 0.62% | 1,595,936 | $172.0M | Reduce -2.8% |
| VOO Vanguard S&P 500 ETF | 0.60% | 294,150 | $167.1M | No change |
| MA Mastercard Inc. Class A | 0.57% | 283,935 | $159.6M | Add +0.2% |
| LIN Linde PLC | 0.54% | 323,104 | $151.6M | Reduce -0.8% |
| COST Costco Wholesale Corp. | 0.53% | 150,461 | $148.9M | Reduce -1.3% |
| EZA iShares MSCI South Africa Et | 0.53% | 2,754,119 | $148.0M | No change |
| WMT Walmart Inc. | 0.52% | 1,480,702 | $144.8M | Reduce -3.4% |
| PG The Procter & Gamble Co. | 0.47% | 830,496 | $132.3M | Add +0.9% |
| JNJ Johnson & Johnson | 0.46% | 834,810 | $127.5M | Add +0.9% |
| HD Home Depot Inc. | 0.46% | 346,973 | $127.2M | Reduce -1.4% |
| RACE Ferrari NV | 0.44% | 253,301 | $123.7M | Reduce -13.6% |
| ABBV Abbvie Inc. | 0.44% | 656,273 | $121.8M | Add +4.8% |
| ORCL Oracle Corp. | 0.41% | 522,661 | $114.3M | Reduce -4.6% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.39% | 2,310,448 | $109.3M | Reduce -4.3% |
| RY Royal Bank of Canada | 0.39% | 826,207 | $108.7M | No change |
| UNH Unitedhealth Group Inc. | 0.38% | 340,735 | $106.3M | Add +4.4% |
| PM Philip Morris International | 0.37% | 562,970 | $102.5M | Reduce -3.7% |
| CRM Salesforce Inc. | 0.36% | 367,993 | $100.3M | Reduce -2.2% |
| GE General Electric filed as GE AEROSPACE | 0.36% | 389,418 | $100.2M | Reduce -0.4% |
| KO The Coca-Cola Co. | 0.35% | 1,395,090 | $98.7M | Reduce -2.2% |
| CSCO Cisco Systems Inc. | 0.34% | 1,381,911 | $95.9M | Reduce -2.5% |
| FALN iShares Fallen Angels ETF | 0.33% | 3,428,800 | $93.1M | Add +20.5% |
| PLTR Palantir Technologies Inc. Class A | 0.33% | 682,540 | $93.0M | Reduce -13.0% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.33% | 315,477 | $93.0M | Reduce -3.2% |
| WFC Wells Fargo & Co. | 0.33% | 1,153,114 | $92.4M | Reduce -7.0% |
| SPGI S&P Global Inc. | 0.33% | 173,123 | $91.3M | Reduce -1.8% |
| SE Sea Ltd.-ADR | 0.31% | 543,203 | $86.9M | Add +5.4% |
| SHOP Shopify Inc. Class A | 0.31% | 741,888 | $85.4M | No change |
| ABT Abbott Laboratories | 0.30% | 622,959 | $84.7M | Add +1.1% |
| GS Goldman Sachs Group Inc. | 0.29% | 116,089 | $82.2M | Reduce -15.6% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.29% | 645,537 | $80.1M | Reduce -4.7% |
| AMD Advanced Micro Devices | 0.28% | 556,516 | $79.0M | Reduce -1.1% |
| CP Canadian Pacific Kansas City | 0.28% | 991,923 | $78.6M | Add +2.2% |
| CVX Chevron Corp. | 0.28% | 538,919 | $77.2M | Reduce -1.3% |
| INTU Intuit Inc. | 0.28% | 97,649 | $76.9M | Reduce -1.9% |
| SPOT Spotify Technology SA | 0.27% | 99,152 | $76.1M | Add +4.4% |
| TXN Texas Instruments Inc. | 0.27% | 362,862 | $75.3M | Add +8.3% |
| ISRG Intuitive Surgical Inc. | 0.27% | 137,927 | $75.0M | Add +7.4% |
| CNI Canadian Natl Railway Co. | 0.27% | 718,137 | $74.7M | Add +7.8% |
| T AT&T Inc. | 0.26% | 2,543,914 | $73.6M | Reduce -0.0% |
| TD Toronto-Dominion Bank | 0.26% | 997,813 | $73.2M | No change |
| MCD McDonald's Corp. | 0.26% | 248,326 | $72.6M | Add +26.0% |
| NOW ServiceNow Inc. | 0.26% | 70,184 | $72.2M | Reduce -4.4% |
| BKNG Booking Holdings Inc. | 0.25% | 12,025 | $69.6M | Reduce -4.1% |
| UBER Uber Technologies Inc. | 0.24% | 727,579 | $67.9M | Reduce -15.1% |
| MRK Merck & Co. Inc. | 0.24% | 852,960 | $67.5M | Reduce -4.5% |
| RTX RTX Corp. | 0.24% | 459,884 | $67.2M | Reduce -12.8% |
| UBS UBS Group AG-Reg | 0.23% | 1,906,828 | $64.3M | Add +2.4% |
| CAT Caterpillar Inc. | 0.23% | 165,553 | $64.3M | Reduce -9.5% |
| ADBE Adobe Inc. | 0.23% | 165,087 | $63.9M | Reduce -3.0% |
| AXP American Express Co. | 0.23% | 198,778 | $63.4M | Reduce -6.9% |
| BA The Boeing Co. | 0.22% | 298,367 | $62.5M | Add +0.1% |
| MS Morgan Stanley | 0.22% | 442,369 | $62.3M | Reduce -3.2% |
| ACN Accenture PLC Class A | 0.22% | 207,977 | $62.2M | Reduce -6.5% |
| VZ Verizon Communications Inc. | 0.22% | 1,422,282 | $61.5M | Add +19.0% |
| BSX Boston Scientific Corp. | 0.22% | 562,611 | $60.4M | Add +13.0% |
| TMO Thermo Fisher Scientific Inc. | 0.22% | 148,856 | $60.4M | Reduce -1.4% |
| EWM iShares MSCI Malaysia ETF | 0.22% | 2,475,806 | $60.3M | Add +0.8% |
| JPST JPMorgan Ultra-Short Income | 0.21% | 1,181,800 | $59.9M | Reduce -13.1% |
| QCOM Qualcomm Inc. | 0.21% | 367,177 | $58.5M | Reduce -7.3% |
| CNQ Canadian Natural Resources | 0.21% | 1,843,412 | $57.8M | Add +1.6% |
| SCHW Schwab (charles) Corp. | 0.21% | 630,886 | $57.6M | Add +2.3% |
| ENB Enbridge Inc. | 0.20% | 1,254,747 | $56.8M | No change |
| C Citigroup Inc. | 0.20% | 657,535 | $56.0M | Reduce -8.0% |
| PEP Pepsico Inc. | 0.20% | 416,938 | $55.1M | Add +24.3% |
| EIDO iShares MSCI Indonesia ETF | 0.20% | 3,118,162 | $55.0M | Reduce -1.7% |
| PGR Progressive Corp. | 0.19% | 202,979 | $54.2M | Reduce -1.5% |
| SYK Stryker Corp. | 0.19% | 135,095 | $53.4M | Add +5.6% |
| EPOL iShares MSCI Poland ETF | 0.19% | 1,646,796 | $53.1M | Add +8.8% |
| AVB Avalonbay Communities Inc. | 0.19% | 259,122 | $52.7M | Add +5.3% |
| AMAT Applied Materials Inc. | 0.19% | 284,986 | $52.2M | Reduce -2.8% |
| DHR Danaher Corp. | 0.19% | 264,033 | $52.2M | Add +8.8% |
| HON Honeywell International Inc. | 0.18% | 221,737 | $51.6M | Add +10.8% |
Portfolio Sells Q1 2025 → Q2 2025
| MBB iShares MBS ETF | Reduce -52.5% | 0.76% | −0.96 |
| TLT iShares 20+ Year Treasury BD | Sold out | 0.00% | −0.77 |
| AAPL Apple Inc. | Reduce -2.0% | 3.82% | −0.71 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -1.7% | 1.09% | −0.21 |
| XOM Exxon Mobil Corp. | Reduce -2.8% | 0.62% | −0.13 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Reduce -8.6% | 0.79% | −0.12 |
| ICLR Icon PLC | Sold out | 0.00% | −0.11 |
| SRLN SS Blackstone Sr Loan ETF | Reduce -1.9% | 0.96% | −0.08 |
| CVX Chevron Corp. | Reduce -1.3% | 0.28% | −0.07 |
| TMO Thermo Fisher Scientific Inc. | Reduce -1.4% | 0.22% | −0.07 |
| FISV Fiserv Inc. | Reduce -12.5% | 0.12% | −0.07 |
| BMY Bristol-Myers Squibb Co. | Reduce -13.6% | 0.11% | −0.07 |
| BBRE JPM Betabldrs MSCI US REIT | Sold out | 0.00% | −0.07 |
| MRK Merck & Co. Inc. | Reduce -4.5% | 0.24% | −0.07 |
| DFS Discover Financial Services | Sold out | 0.00% | −0.06 |
| AMGN Amgen Inc. | Reduce -12.6% | 0.17% | −0.06 |
| PFE Pfizer Inc. | Reduce -20.2% | 0.15% | −0.06 |
| BDX Becton Dickinson and Co. | Reduce -44.6% | 0.04% | −0.06 |
| SLB SLB Ltd. | Reduce -25.6% | 0.07% | −0.05 |
| FLUT Flutter Entertainment PLC-Di | Sold out | 0.00% | −0.05 |
| COP Conocophillips | Reduce -8.2% | 0.14% | −0.05 |
| JPST JPMorgan Ultra-Short Income | Reduce -13.1% | 0.21% | −0.05 |
| MDT Medtronic PLC | Reduce -19.2% | 0.13% | −0.05 |
| HAL Halliburton Co. | Reduce -51.4% | 0.03% | −0.05 |
| ACN Accenture PLC Class A | Reduce -6.5% | 0.22% | −0.04 |
| TMUS T-Mobile US Inc. | Reduce -8.3% | 0.14% | −0.04 |
| UNP Union Pacific Corp. | Reduce -10.6% | 0.17% | −0.04 |
| HD Home Depot Inc. | Reduce -1.4% | 0.46% | −0.04 |
| LIN Linde PLC | Reduce -0.8% | 0.54% | −0.04 |
| KO The Coca-Cola Co. | Reduce -2.2% | 0.35% | −0.04 |
| ELV Elevance Health Inc. | Reduce -10.6% | 0.11% | −0.04 |
| GILD Gilead Sciences Inc. | Reduce -12.7% | 0.15% | −0.04 |
| EOG EOG Resources Inc. | Reduce -14.9% | 0.10% | −0.04 |
| MRSH Marsh & McLennan Cos | Reduce -4.5% | 0.13% | −0.03 |
| RACE Ferrari NV | Reduce -13.6% | 0.44% | −0.03 |
| CTRA Coterra Energy Inc. | Reduce -49.5% | 0.02% | −0.03 |
| CMI Cummins Inc. | Reduce -34.0% | 0.05% | −0.03 |
| PGR Progressive Corp. | Reduce -1.5% | 0.19% | −0.03 |
| KEYS Keysight Technologies Inc. | Reduce -48.0% | 0.03% | −0.03 |
| COO The Cooper Cos Inc. | Reduce -79.3% | 0.01% | −0.03 |
| CRM Salesforce Inc. | Reduce -2.2% | 0.36% | −0.03 |
| WM Waste Management Inc. | Reduce -16.5% | 0.10% | −0.03 |
| IQV Iqvia Holdings Inc. | Reduce -45.2% | 0.02% | −0.03 |
| RTX RTX Corp. | Reduce -12.8% | 0.24% | −0.03 |
| CI The Cigna Group | Reduce -14.5% | 0.10% | −0.03 |
| ZBH Zimmer Biomet Holdings Inc. | Reduce -54.1% | 0.01% | −0.03 |
| NXPI NXP Semiconductors NV | Reduce -41.0% | 0.04% | −0.02 |
| QCOM Qualcomm Inc. | Reduce -7.3% | 0.21% | −0.02 |
| THD iShares MSCI Thailand ETF | Reduce -3.4% | 0.17% | −0.02 |
| SBUX Starbucks Corp. | Reduce -3.2% | 0.13% | −0.02 |
Portfolio Buys Q1 2025 → Q2 2025
| EWT iShares MSCI Taiwan ETF | Add +0.2% | 3.29% | +0.38 |
| COIN Coinbase Global Inc. Class A | New | 0.09% | +0.09 |
| COF Capital One Financial Corp. | Add +61.9% | 0.17% | +0.08 |
| SPOT Spotify Technology SA | Add +4.4% | 0.27% | +0.07 |
| SE Sea Ltd.-ADR | Add +5.4% | 0.31% | +0.05 |
| MTD Mettler-Toledo International | Add +451.2% | 0.06% | +0.05 |
| WMB Williams Cos Inc. | Add +84.9% | 0.11% | +0.05 |
| IDXX Idexx Laboratories Inc. | Add +120.6% | 0.07% | +0.05 |
| ADI Analog Devices Inc. | Add +23.3% | 0.17% | +0.04 |
| FALN iShares Fallen Angels ETF | Add +20.5% | 0.33% | +0.04 |
| TXN Texas Instruments Inc. | Add +8.3% | 0.27% | +0.04 |
| FPE FT-Preferred Secur & Inc. ETF | Add +58.0% | 0.12% | +0.04 |
| CDNS Cadence Design SYS Inc. | Add +34.9% | 0.10% | +0.04 |
| INDA iShares MSCI India ETF | Add +0.2% | 3.12% | +0.03 |
| OTIS Otis Worldwide Corp. | Add +188.3% | 0.05% | +0.03 |
| ROK Rockwell Automation Inc. | Add +45.8% | 0.07% | +0.03 |
| MOH Molina Healthcare Inc. | Add +199.7% | 0.05% | +0.03 |
| JCI Johnson Controls Internation | Add +7.0% | 0.12% | +0.03 |
| BA The Boeing Co. | Add +0.1% | 0.22% | +0.03 |
| CARR Carrier Global Corp. | Add +29.7% | 0.10% | +0.03 |
| EMA Emera Inc. | New | 0.03% | +0.03 |
| EPOL iShares MSCI Poland ETF | Add +8.8% | 0.19% | +0.03 |
| VRSK Verisk Analytics Inc. | Add +93.6% | 0.06% | +0.03 |
| OKTA Okta Inc. | New | 0.03% | +0.03 |
| AMRZ Amrize Ltd. | New | 0.03% | +0.03 |
| MNDY Monday.com Ltd. | Add +4.9% | 0.12% | +0.02 |
| ISRG Intuitive Surgical Inc. | Add +7.4% | 0.27% | +0.02 |
| BSX Boston Scientific Corp. | Add +13.0% | 0.22% | +0.02 |
| MCD McDonald's Corp. | Add +26.0% | 0.26% | +0.02 |
| PODD Insulet Corp. | Add +64.5% | 0.05% | +0.02 |
| TDG Transdigm Group Inc. | Add +18.2% | 0.13% | +0.02 |
| HON Honeywell International Inc. | Add +10.8% | 0.18% | +0.02 |
| EMR Emerson Electric Co. | Add +6.5% | 0.12% | +0.02 |
| OKE Oneok Inc. | Add +86.4% | 0.07% | +0.02 |
| TRGP Targa Resources Corp. | Add +88.8% | 0.06% | +0.02 |
| AMT American Tower Corp. | Add +24.1% | 0.14% | +0.02 |
| SCHW Schwab (charles) Corp. | Add +2.3% | 0.21% | +0.02 |
| EFA iShares MSCI Eafe ETF | New | 0.02% | +0.02 |
| TYL Tyler Technologies Inc. | Add +86.9% | 0.05% | +0.02 |
| CP Canadian Pacific Kansas City | Add +2.2% | 0.28% | +0.02 |
| ZTS Zoetis Inc. | Add +38.3% | 0.11% | +0.02 |
| GRAB Grab Holdings Ltd. Class A | New | 0.02% | +0.02 |
| MSI Motorola Solutions Inc. | Add +53.6% | 0.07% | +0.02 |
| ADSK Autodesk Inc. | Add +9.3% | 0.11% | +0.02 |
| CNI Canadian Natl Railway Co. | Add +7.8% | 0.27% | +0.02 |
| RBRK Rubrik Inc. Class A | Add +25.1% | 0.04% | +0.02 |
| ASML ASML Holding NV-NY Reg SHS | Add +4.9% | 0.12% | +0.02 |
| NSC Norfolk Southern Corp. | Add +24.4% | 0.09% | +0.02 |
| APG Api Group Corp. | New | 0.02% | +0.02 |
| RSG Republic Services Inc. | Add +44.5% | 0.06% | +0.02 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 1,721 | $33.7B | NVDA, AAPL, EWY, MSFT, EWT |
| Q1 2026 | 1,721 | $29.8B | NVDA, AAPL, MSFT, EWY, AMZN |
| Q4 2025 | 1,727 | $31.3B | NVDA, AAPL, MSFT, EWT, EWY |
| Q3 2025 | 1,727 | $30.0B | NVDA, MSFT, AAPL, EWT, AMZN |
| Q2 2025 | 1,722 | $28.0B | NVDA, MSFT, AAPL, EWT, INDA |
| Q1 2025 | 1,719 | $26.1B | AAPL, MSFT, NVDA, INDA, EWT |
| Q4 2024 | 1,737 | $27.6B | AAPL, NVDA, MSFT, EWT, AMZN |
| Q3 2024 | 1,716 | $28.4B | AAPL, MSFT, NVDA, EWT, VTI |
| Q2 2024 | 1,712 | $27.2B | MSFT, AAPL, NVDA, EWT, AMZN |
| Q1 2024 | 1,685 | $27.0B | MSFT, AAPL, NVDA, EWT, AMZN |