State of Tennessee, Department of Treasury
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 18, 2026), State of Tennessee, Department of Treasury reported 1,727 stock positions worth $31.3 billion. Its top holding was Nvidia (NVDA) at 5.1% of the portfolio, followed by Apple (AAPL, 4.2%) and Microsoft (MSFT, 3.6%). Compared with Q3 2025, it opened 90 new positions, sold out of 92, added to 476 and reduced 1,138. The biggest buy was a new position in Taiwan Semiconductor-SP ADR (TSM) and the biggest sale Microsoft (MSFT, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- NASHVILLE, TN
- CIK
- 0001587973
- Portfolio Value
- $31.3B (Q4 2025)
- SEC Filing
- 0001587973-26-000001 ↗ filed Feb 18, 2026
Holdings Value
Holdings 1,727 stocks · $31.3B
| NVDA Nvidia Corp. | 5.14% | 8,416,478 | $1.6B | Reduce -1.0% |
| AAPL Apple Inc. | 4.25% | 5,119,921 | $1.3B | Reduce -0.9% |
| MSFT Microsoft Corp. | 3.57% | 2,592,119 | $1.1B | Reduce -0.1% |
| EWT iShares MSCI Taiwan ETF | 2.73% | 12,525,798 | $852.5M | Reduce -23.2% |
| EWY iShares MSCI South Korea ETF | 2.67% | 6,830,675 | $836.1M | Reduce -5.5% |
| AMZN Amazon.com Inc. | 2.54% | 3,324,166 | $795.5M | Add +0.5% |
| GOOGL Alphabet Inc. Class A | 2.14% | 1,981,613 | $669.8M | Reduce -0.4% |
| INDA iShares MSCI India ETF | 1.81% | 10,925,403 | $565.3M | Reduce -6.9% |
| GOOG Alphabet Inc. Class C | 1.78% | 1,644,985 | $556.9M | Reduce -1.5% |
| AVGO Broadcom Inc. | 1.73% | 1,630,746 | $540.3M | Reduce -1.4% |
| VTI VG Morningstar TS MKT ETF-US | 1.72% | 1,582,521 | $539.0M | Add +0.6% |
| META Meta Platforms Inc. Class A | 1.72% | 751,330 | $538.3M | Reduce -0.7% |
| TSLA Tesla Inc. | 1.32% | 960,005 | $413.2M | Reduce -1.2% |
| PLD Prologis Inc. | 0.99% | 2,373,939 | $309.9M | Add +3.1% |
| JPM JPMorgan Chase & Co. | 0.96% | 978,881 | $299.4M | Reduce -2.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.96% | 622,564 | $299.2M | Reduce -0.5% |
| VEA Vanguard Ftse Developed ETF | 0.91% | 4,321,161 | $286.1M | Reduce -0.8% |
| LLY Eli Lilly & Co. | 0.89% | 267,279 | $277.2M | Reduce -0.3% |
| SRLN SS Blackstone Sr Loan ETF | 0.82% | 6,289,986 | $257.6M | Reduce -4.7% |
| EWZ iShares MSCI Brazil ETF | 0.82% | 6,928,103 | $256.6M | Reduce -5.6% |
| VCIT Vanguard Int-Term Corporate | 0.78% | 2,914,914 | $244.7M | Add +6.9% |
| MBB iShares MBS ETF | 0.76% | 2,486,872 | $238.0M | Add +6.3% |
| TSM Taiwan Semiconductor-SP ADR | 0.76% | 718,960 | $237.7M | New |
| VCLT Vanguard Long-Term Corp. Bond | 0.76% | 3,112,025 | $237.2M | Add +8.2% |
| XOM Exxon Mobil Corp. | 0.71% | 1,577,417 | $223.0M | Reduce -2.0% |
| VNQ Vanguard Real Estate ETF | 0.66% | 2,273,759 | $206.5M | Reduce -5.3% |
| EZA iShares MSCI South Africa Et | 0.64% | 2,754,119 | $201.6M | No change |
| FLIN Franklin Ftse India ETF | 0.62% | 5,213,024 | $193.1M | No change |
| V Visa Inc. Class A | 0.60% | 586,473 | $188.7M | Reduce -3.8% |
| JNJ Johnson & Johnson | 0.60% | 821,632 | $186.7M | Add +2.1% |
| WMT Walmart Inc. | 0.57% | 1,507,396 | $179.6M | Add +1.1% |
| VOO Vanguard S&P 500 ETF | 0.57% | 277,910 | $176.8M | Reduce -5.2% |
| MA Mastercard Inc. Class A | 0.50% | 289,663 | $156.1M | Add +1.9% |
| MU Micron Technology Inc. | 0.49% | 366,502 | $152.1M | Reduce -11.8% |
| COST Costco Wholesale Corp. | 0.45% | 149,272 | $140.4M | Reduce -0.6% |
| ABBV Abbvie Inc. | 0.44% | 619,322 | $138.1M | Add +1.3% |
| LIN Linde PLC | 0.44% | 297,963 | $136.2M | Reduce -6.9% |
| RY Royal Bank of Canada | 0.43% | 802,436 | $134.3M | Reduce -2.0% |
| AMD Advanced Micro Devices | 0.42% | 560,601 | $132.7M | Add +4.8% |
| HD Home Depot Inc. | 0.42% | 347,763 | $130.3M | Reduce -0.2% |
| NFLX Netflix Inc. | 0.39% | 1,474,868 | $123.1M | Reduce -2.9% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.39% | 2,311,932 | $123.0M | Add +0.1% |
| CVX Chevron Corp. | 0.38% | 665,738 | $117.8M | Reduce -1.4% |
| PG The Procter & Gamble Co. | 0.37% | 769,696 | $116.8M | Reduce -1.4% |
| SHOP Shopify Inc. Class A | 0.36% | 863,216 | $113.8M | Add +20.0% |
| GE General Electric filed as GE AEROSPACE | 0.36% | 368,181 | $113.0M | Reduce -5.3% |
| CAT Caterpillar Inc. | 0.35% | 165,794 | $109.0M | Reduce -0.9% |
| CSCO Cisco Systems Inc. | 0.34% | 1,367,451 | $107.1M | Reduce -7.3% |
| PLTR Palantir Technologies Inc. Class A | 0.34% | 729,867 | $107.0M | Add +1.1% |
| WFC Wells Fargo & Co. | 0.34% | 1,160,064 | $105.0M | Add +0.0% |
| MRK Merck & Co. Inc. | 0.33% | 939,521 | $103.6M | Reduce -1.2% |
| GS Goldman Sachs Group Inc. | 0.33% | 110,029 | $102.9M | Reduce -3.6% |
| PM Philip Morris International | 0.32% | 561,754 | $100.8M | Reduce -7.2% |
| KO The Coca-Cola Co. | 0.31% | 1,315,403 | $98.4M | Reduce -8.8% |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | 0.31% | 1,198,867 | $97.3M | Reduce -47.8% |
| RTX RTX Corp. | 0.31% | 481,915 | $96.8M | Reduce -1.4% |
| AMAT Applied Materials Inc. | 0.31% | 299,164 | $96.4M | Add +4.0% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.30% | 302,201 | $92.7M | Reduce -9.4% |
| ORCL Oracle Corp. | 0.29% | 559,534 | $92.1M | Add +2.5% |
| SPGI S&P Global Inc. | 0.29% | 172,187 | $90.9M | Reduce -0.5% |
| TD Toronto-Dominion Bank | 0.29% | 958,040 | $90.0M | Reduce -3.8% |
| UNH Unitedhealth Group Inc. | 0.28% | 309,011 | $88.7M | Reduce -9.5% |
| LRCX Lam Research Corp. | 0.28% | 376,865 | $88.0M | Reduce -6.0% |
| UBS UBS Group AG-Reg | 0.28% | 1,841,257 | $87.0M | Reduce -4.7% |
| SE Sea Ltd.-ADR | 0.27% | 718,949 | $83.8M | Add +32.4% |
| MS Morgan Stanley | 0.25% | 431,847 | $78.9M | Reduce -0.8% |
| INTC Intel Corp. | 0.25% | 1,694,188 | $78.7M | Add +10.6% |
| MCD McDonald's Corp. | 0.25% | 246,443 | $77.6M | Reduce -3.4% |
| CRM Salesforce Inc. | 0.25% | 363,903 | $77.3M | Add +0.5% |
| PEP Pepsico Inc. | 0.24% | 495,514 | $76.1M | Add +25.9% |
| TXN Texas Instruments Inc. | 0.24% | 350,240 | $75.5M | Add +17.5% |
| TMO Thermo Fisher Scientific Inc. | 0.24% | 129,644 | $75.0M | Reduce -8.3% |
| C Citigroup Inc. | 0.23% | 631,632 | $73.1M | Reduce -3.9% |
| BA The Boeing Co. | 0.23% | 311,889 | $72.9M | Add +9.2% |
| ABT Abbott Laboratories | 0.23% | 648,929 | $70.9M | Add +5.5% |
| AVB Avalonbay Communities Inc. | 0.23% | 398,173 | $70.7M | Add +27.2% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.23% | 625,194 | $70.5M | Add +0.7% |
| CP Canadian Pacific Kansas City | 0.22% | 935,393 | $69.7M | Reduce -5.6% |
| GILD Gilead Sciences Inc. | 0.22% | 488,599 | $69.4M | Add +14.7% |
| AXP American Express Co. | 0.22% | 195,460 | $68.8M | Reduce -1.7% |
| ACN Accenture PLC Class A | 0.22% | 260,109 | $68.6M | Add +27.9% |
| GEV GE Vernova Inc. | 0.22% | 93,576 | $68.0M | Reduce -4.2% |
| T AT&T Inc. | 0.22% | 2,567,444 | $67.3M | Reduce -6.2% |
| KLAC KLA Corp. | 0.21% | 46,649 | $66.6M | Reduce -12.6% |
| NEE Nextera Energy Inc. | 0.21% | 756,917 | $66.5M | Add +7.8% |
| CNQ Canadian Natural Resources | 0.21% | 1,771,015 | $66.2M | Reduce -3.7% |
| UBER Uber Technologies Inc. | 0.21% | 825,880 | $66.1M | Reduce -0.4% |
| VMRK Vivmark Residential filed as EQUITY RESIDENTIAL | 0.21% | 1,058,213 | $65.9M | Add +27.4% |
| FALN iShares Fallen Angels ETF | 0.21% | 2,328,300 | $64.2M | Reduce -8.6% |
| EWM iShares MSCI Malaysia ETF | 0.20% | 2,193,944 | $64.0M | Reduce -5.9% |
| SCHW Schwab (charles) Corp. | 0.20% | 615,980 | $64.0M | Reduce -2.4% |
| VZ Verizon Communications Inc. | 0.20% | 1,432,194 | $63.8M | Add +2.6% |
| ASML ASML Holding NV-NY Reg SHS | 0.19% | 42,600 | $60.6M | Reduce -6.0% |
| APH Amphenol Corp. Class A | 0.19% | 418,854 | $60.3M | Add +0.1% |
| ENB Enbridge Inc. | 0.19% | 1,228,082 | $60.3M | Reduce -1.9% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.19% | 401,621 | $60.2M | Add +2.1% |
| SPOT Spotify Technology SA | 0.19% | 118,956 | $59.5M | Add +33.0% |
| AMGN Amgen Inc. | 0.19% | 173,489 | $59.3M | Reduce -6.6% |
| ADI Analog Devices Inc. | 0.18% | 183,233 | $57.0M | Reduce -8.0% |
| BKNG Booking Holdings Inc. | 0.18% | 11,259 | $56.3M | Reduce -7.8% |
Portfolio Sells Q3 2025 → Q4 2025
| MSFT Microsoft Corp. | Reduce -0.1% | 3.57% | −0.91 |
| EWT iShares MSCI Taiwan ETF | Reduce -23.2% | 2.73% | −0.73 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Reduce -47.8% | 0.31% | −0.31 |
| RACE Ferrari NV | Reduce -52.5% | 0.13% | −0.29 |
| SHYG iShares 0-5 YR HY Corp. Bond | Sold out | 0.00% | −0.23 |
| INDA iShares MSCI India ETF | Reduce -6.9% | 1.81% | −0.23 |
| NFLX Netflix Inc. | Reduce -2.9% | 0.39% | −0.21 |
| NVDA Nvidia Corp. | Reduce -1.0% | 5.14% | −0.14 |
| AAPL Apple Inc. | Reduce -0.9% | 4.25% | −0.13 |
| META Meta Platforms Inc. Class A | Reduce -0.7% | 1.72% | −0.13 |
| TSLA Tesla Inc. | Reduce -1.2% | 1.32% | −0.12 |
| UNH Unitedhealth Group Inc. | Reduce -9.5% | 0.28% | −0.11 |
| JPM JPMorgan Chase & Co. | Reduce -2.6% | 0.96% | −0.10 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.5% | 0.96% | −0.09 |
| SRLN SS Blackstone Sr Loan ETF | Reduce -4.7% | 0.82% | −0.09 |
| V Visa Inc. Class A | Reduce -3.8% | 0.60% | −0.09 |
| AVGO Broadcom Inc. | Reduce -1.4% | 1.73% | −0.09 |
| VNQ Vanguard Real Estate ETF | Reduce -5.3% | 0.66% | −0.07 |
| LIN Linde PLC | Reduce -6.9% | 0.44% | −0.07 |
| CNI Canadian Natl Railway Co. | Reduce -24.9% | 0.17% | −0.06 |
| UBER Uber Technologies Inc. | Reduce -0.4% | 0.21% | −0.06 |
| ADBE Adobe Inc. | Reduce -9.8% | 0.14% | −0.05 |
| HD Home Depot Inc. | Reduce -0.2% | 0.42% | −0.05 |
| MDLZ Mondelez International Inc. Class A | Reduce -34.8% | 0.07% | −0.05 |
| BX Blackstone Inc. | Reduce -10.0% | 0.13% | −0.05 |
| GEHC GE Healthcare Technology | Reduce -66.0% | 0.02% | −0.04 |
| T AT&T Inc. | Reduce -6.2% | 0.22% | −0.04 |
| KR Kroger Co. | Reduce -37.8% | 0.05% | −0.04 |
| SJNK SS SPDR BB St Hi Yield ETF | Sold out | 0.00% | −0.04 |
| MNDY Monday.com Ltd. | Reduce -29.6% | 0.03% | −0.04 |
| PGR Progressive Corp. | Reduce -0.7% | 0.16% | −0.04 |
| BKNG Booking Holdings Inc. | Reduce -7.8% | 0.18% | −0.04 |
| MO Altria Group Inc. | Reduce -11.7% | 0.14% | −0.04 |
| TMUS T-Mobile US Inc. | Reduce -8.7% | 0.09% | −0.04 |
| ETN Eaton Corp. PLC | Reduce -12.0% | 0.14% | −0.04 |
| SO The Southern Co. | Reduce -21.1% | 0.09% | −0.04 |
| JPST JPMorgan Ultra-Short Income | Reduce -50.6% | 0.03% | −0.03 |
| ZTS Zoetis Inc. | Reduce -22.0% | 0.06% | −0.03 |
| CDNS Cadence Design SYS Inc. | Reduce -10.8% | 0.09% | −0.03 |
| FISV Fiserv Inc. | Reduce -1.2% | 0.03% | −0.03 |
| AMCR Amcor PLC | Sold out | 0.00% | −0.03 |
| QCOM Qualcomm Inc. | Reduce -4.7% | 0.16% | −0.03 |
| ADP Automatic Data Processing | Reduce -4.5% | 0.11% | −0.03 |
| VOO Vanguard S&P 500 ETF | Reduce -5.2% | 0.57% | −0.03 |
| XLK SS Technology Select Sector | Sold out | 0.00% | −0.03 |
| BSX Boston Scientific Corp. | Reduce -10.4% | 0.14% | −0.03 |
| FALN iShares Fallen Angels ETF | Reduce -8.6% | 0.21% | −0.03 |
| DD Dupont DE Nemours Inc. | Reduce -26.6% | 0.02% | −0.03 |
| WDAY Workday Inc. Class A | Reduce -5.8% | 0.06% | −0.03 |
| PYPL PayPal Holdings Inc. | Reduce -17.8% | 0.05% | −0.03 |
Portfolio Buys Q3 2025 → Q4 2025
| TSM Taiwan Semiconductor-SP ADR | New | 0.76% | +0.76 |
| AMD Advanced Micro Devices | Add +4.8% | 0.42% | +0.14 |
| AMZN Amazon.com Inc. | Add +0.5% | 2.54% | +0.12 |
| PLD Prologis Inc. | Add +3.1% | 0.99% | +0.11 |
| AMAT Applied Materials Inc. | Add +4.0% | 0.31% | +0.11 |
| JNJ Johnson & Johnson | Add +2.1% | 0.60% | +0.10 |
| TEVA Teva Pharmaceutical-SP ADR | New | 0.10% | +0.10 |
| TTE Totalenergies SE | New | 0.09% | +0.09 |
| CRH CRH PLC | New | 0.08% | +0.08 |
| INTC Intel Corp. | Add +10.6% | 0.25% | +0.08 |
| APP AppLovin Corp. Class A | Add +258.4% | 0.14% | +0.08 |
| JNK SS SPDR BB High Yield Bond | New | 0.07% | +0.07 |
| GILD Gilead Sciences Inc. | Add +14.7% | 0.22% | +0.06 |
| WMT Walmart Inc. | Add +1.1% | 0.57% | +0.06 |
| CVNA Carvana Co. | New | 0.06% | +0.06 |
| PEP Pepsico Inc. | Add +25.9% | 0.24% | +0.06 |
| TXN Texas Instruments Inc. | Add +17.5% | 0.24% | +0.06 |
| CLS Celestica Inc. | New | 0.06% | +0.06 |
| TSEM Tower Semiconductor Ltd. | Add +86.6% | 0.08% | +0.06 |
| ACN Accenture PLC Class A | Add +27.9% | 0.22% | +0.05 |
| WDC Western Digital Corp. | Add +1.4% | 0.10% | +0.05 |
| DXCM Dexcom Inc. | Add +460.8% | 0.06% | +0.05 |
| ALC Alcon Inc. | Add +53.4% | 0.12% | +0.05 |
| SLB SLB Ltd. | Add +38.1% | 0.10% | +0.05 |
| BG Bunge Global SA | Add +669.2% | 0.05% | +0.04 |
| HII Huntington Ingalls Industrie | Add +660.4% | 0.05% | +0.04 |
| APD Air Products & Chemicals Inc. | Add +174.4% | 0.06% | +0.04 |
| STX Seagate Technology Holdings | Add +2.9% | 0.10% | +0.04 |
| VTRS Viatris Inc. | Add +303.7% | 0.05% | +0.04 |
| MOH Molina Healthcare Inc. | Add +518.8% | 0.05% | +0.04 |
| NEE Nextera Energy Inc. | Add +7.8% | 0.21% | +0.04 |
| TU Telus Corp. | Add +3858.0% | 0.04% | +0.03 |
| HSY The Hershey Co. | Add +144.6% | 0.06% | +0.03 |
| VMRK Vivmark Residential | Add +27.4% | 0.21% | +0.03 |
| VRT Vertiv Holdings Co. Class A | New | 0.03% | +0.03 |
| DOV Dover Corp. | Add +129.4% | 0.05% | +0.03 |
| AME Ametek Inc. | Add +77.7% | 0.06% | +0.03 |
| SU Suncor Energy Inc. | Add +5.7% | 0.13% | +0.03 |
| FERG Ferguson Enterprises Inc. | New | 0.03% | +0.03 |
| ICE Intercontinental Exchange Inc. | Add +37.9% | 0.11% | +0.03 |
| LHX L3HARRIS Technologies Inc. | Add +27.8% | 0.11% | +0.03 |
| PSA Public Storage | Add +43.0% | 0.12% | +0.03 |
| BA The Boeing Co. | Add +9.2% | 0.23% | +0.03 |
| CMI Cummins Inc. | Add +6.9% | 0.10% | +0.03 |
| TGT Target Corp. | Add +145.9% | 0.04% | +0.03 |
| HUM Humana Inc. | Add +221.9% | 0.05% | +0.03 |
| EQIX Equinix Inc. | Add +38.9% | 0.09% | +0.03 |
| CNP Centerpoint Energy Inc. | Add +109.5% | 0.05% | +0.03 |
| ROST Ross Stores Inc. | Add +38.3% | 0.07% | +0.03 |
| ECH iShares MSCI Chile ETF | Add +0.6% | 0.10% | +0.03 |
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 |