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Institution

State Of Tennessee, Department Of Treasury

13F for the quarter to June 30, 2026, filed August 14, 2026 · SEC CIK 1587973

Reported value
$33.7bn
79% in companies we cover
Positions we cover
1,634
Largest NVDA 5.0%
Copy, a year
+13.4%
S&P 500 +13.7%
Copy Sharpe ratio
0.72
S&P 500 0.74

How copying its 13F would have done

$10.0k$20.0k$40.0k 2014201620182020202220242026 $49.6k$47.9k
CopyS&P 500 $10,000 copying State Of Tennessee, Department Of Treasury's filed holdings in companies we cover from May 16, 2014, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −33.0% (S&P 500 −31.8%); beta 1.01; alpha −0.3% a year (t = −0.72); last 12 months +13.3% against +12.1%.

Reported value by quarter

State Of Tennessee, Department Of Treasury: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).
$0 $10B $20B $30B $40B Reported value, 2013-09-30: $16.5B Reported value, 2013-12-31: $17.4B Reported value, 2014-03-31: $17.1B Reported value, 2014-06-30: $17.7B Reported value, 2014-09-30: $17.5B Reported value, 2014-12-31: $18.7B Reported value, 2015-03-31: $18.8B Reported value, 2015-06-30: $18.2B Reported value, 2015-09-30: $16.2B Reported value, 2015-12-31: $16.9B Reported value, 2016-03-31: $17.4B Reported value, 2016-06-30: $19.7B Reported value, 2016-09-30: $20.6B Reported value, 2016-12-31: $18.5B Reported value, 2017-03-31: $20.6B Reported value, 2017-06-30: $20.9B Reported value, 2017-09-30: $19.7B Reported value, 2017-12-31: $22.4B Reported value, 2018-03-31: $19.6B Reported value, 2018-06-30: $19.8B Reported value, 2018-09-30: $20.6B Reported value, 2018-12-31: $18.3B Reported value, 2019-03-31: $20.3B Reported value, 2019-06-30: $20.3B Reported value, 2019-09-30: $21.6B Reported value, 2019-12-31: $22.7B Reported value, 2020-03-31: $17.8B Reported value, 2020-06-30: $20.4B Reported value, 2020-09-30: $21.5B Reported value, 2020-12-31: $23.6B Reported value, 2021-03-31: $24.5B Reported value, 2021-06-30: $26.2B Reported value, 2021-09-30: $25.6B Reported value, 2021-12-31: $27.2B Reported value, 2022-03-31: $26B Reported value, 2022-06-30: $21.5B Reported value, 2022-09-30: $20.6B Reported value, 2022-12-31: $21.4B Reported value, 2023-03-31: $22.5B Reported value, 2023-06-30: $23.9B Reported value, 2023-09-30: $24.8B Reported value, 2023-12-31: $25.5B Reported value, 2024-03-31: $27B Reported value, 2024-06-30: $27.2B Reported value, 2024-09-30: $28.4B Reported value, 2024-12-31: $27.6B Reported value, 2025-03-31: $26.1B Reported value, 2025-06-30: $28B Reported value, 2025-09-30: $30B Reported value, 2025-12-31: $31.3B Reported value, 2026-03-31: $29.8B Reported value, 2026-06-30: $33.7B 2013-09-30 2016-06-30 2019-03-31 2021-12-31 2026-06-30 $33.7B
View chart data
Period Reported value
2013-09-30 $16.5B
2013-12-31 $17.4B
2014-03-31 $17.1B
2014-06-30 $17.7B
2014-09-30 $17.5B
2014-12-31 $18.7B
2015-03-31 $18.8B
2015-06-30 $18.2B
2015-09-30 $16.2B
2015-12-31 $16.9B
2016-03-31 $17.4B
2016-06-30 $19.7B
2016-09-30 $20.6B
2016-12-31 $18.5B
2017-03-31 $20.6B
2017-06-30 $20.9B
2017-09-30 $19.7B
2017-12-31 $22.4B
2018-03-31 $19.6B
2018-06-30 $19.8B
2018-09-30 $20.6B
2018-12-31 $18.3B
2019-03-31 $20.3B
2019-06-30 $20.3B
2019-09-30 $21.6B
2019-12-31 $22.7B
2020-03-31 $17.8B
2020-06-30 $20.4B
2020-09-30 $21.5B
2020-12-31 $23.6B
2021-03-31 $24.5B
2021-06-30 $26.2B
2021-09-30 $25.6B
2021-12-31 $27.2B
2022-03-31 $26B
2022-06-30 $21.5B
2022-09-30 $20.6B
2022-12-31 $21.4B
2023-03-31 $22.5B
2023-06-30 $23.9B
2023-09-30 $24.8B
2023-12-31 $25.5B
2024-03-31 $27B
2024-06-30 $27.2B
2024-09-30 $28.4B
2024-12-31 $27.6B
2025-03-31 $26.1B
2025-06-30 $28B
2025-09-30 $30B
2025-12-31 $31.3B
2026-03-31 $29.8B
2026-06-30 $33.7B

Holdings and moves

CompanyShare of portfolioValueSharesChange in shares
NVDANVIDIA Corporation4.99%$1.7bn8.39M−0.3%
AAPLApple Inc.4.37%$1.5bn5.08M−0.5% Reduced
MSFTMicrosoft Corporation2.85%$960.3m2.57M−0.3%
AMZNAmazon2.38%$802.9m3.37M−0.2%
GOOGLAlphabet Inc. (Class A)2.12%$713.5m2.00M+0.8% Added
AVGOBroadcom1.83%$617.0m1.63M−0.1%
TSMTaiwan Semiconductor Manufacturing Co LTD1.52%$511.1m1.07M+0.4%
MUMicron Technology1.33%$447.1m387.3K−1.0% Reduced
METAMeta Platforms1.26%$422.9m750.8K−0.2%
TSLATesla, Inc.1.21%$406.0m965.3K+0.5%
PLDPrologis1.04%$350.1m2.58M+0.1%
LLYLilly (Eli)0.98%$329.5m274.7K+2.4% Added
AMDAdvanced Micro Devices0.97%$327.3m563.4K−0.2%
JPMJPMorgan Chase0.94%$316.5m966.9K−1.2% Reduced
INTCIntel0.66%$223.2m1.60M−8.4% Reduced
JNJJohnson & Johnson0.65%$220.2m867.0K−2.9% Reduced
VVisa Inc.0.63%$210.6m613.8K−0.4%
AMATApplied Materials0.61%$205.7m284.5K−7.4% Reduced
LRCXLam Research0.57%$191.4m441.8K+5.0% Added
CATCaterpillar Inc.0.51%$171.8m161.3K−2.3% Reduced
WMTWalmart0.51%$170.1m1.50M−0.2%
RYRoyal Bank Of Canada0.49%$164.9m796.8K−0.2%
CSCOCisco0.48%$161.3m1.37M−0.5% Reduced
ABBVAbbVie0.47%$158.3m629.1K−1.8% Reduced
MAMastercard0.43%$145.3m282.9K−1.5% Reduced
COSTCostco0.41%$138.0m147.5K−1.1% Reduced
GEGE Aerospace0.41%$136.2m364.4K−0.7% Reduced
KLACKLA Corporation0.40%$136.1m451.2K+893.3% Added
BACBank of America0.39%$130.2m2.29M−1.0% Reduced
UNHUnitedHealth Group0.37%$125.6m302.2K−15.4% Reduced
HDThe Home Depot0.37%$123.4m349.9K−3.1% Reduced
SNDKSandisk0.35%$116.3m51.2K−3.2% Reduced
TDToronto Dominion Bank0.34%$116.0m954.4K+0.2%
MRKMerck & Co.0.34%$115.7m900.2K−6.7% Reduced
GEVGE Vernova0.34%$114.1m97.1K+0.7% Added
LINLinde plc0.33%$112.2m216.3K+2.3% Added
PGProcter & Gamble0.33%$110.4m752.6K−2.2% Reduced
CVXChevron Corporation0.32%$108.7m655.5K−0.7% Reduced
GSGoldman Sachs0.32%$108.1m106.9K+1.4% Added
KOThe Coca-Cola Company0.31%$104.6m1.29M−0.6% Reduced
NFLXNetflix0.31%$104.4m1.46M−1.6% Reduced
TXNTexas Instruments0.30%$100.3m336.4K−1.5% Reduced
PMPhilip Morris International0.30%$99.5m549.8K−3.8% Reduced
PANWPalo Alto Networks0.29%$99.0m290.3K+10.9% Added
UBSUBS Group AG0.28%$92.4m1.86M−3.9% Reduced
WFCWells Fargo0.27%$90.3m1.09M−1.4% Reduced
MRVLMarvell Technology0.27%$89.3m299.6KNew
MSMorgan Stanley0.26%$88.4m422.8K+1.3% Added
CCitigroup0.26%$87.8m627.5K−0.6% Reduced
RTXRTX Corporation0.26%$87.4m460.4K−4.7% Reduced
IBMIBM0.26%$86.3m306.8K+2.9% Added
PLTRPalantir Technologies Inc.0.26%$86.0m737.0K+0.5% Added
ORCLOracle Corporation0.25%$84.6m577.0K+2.0% Added
CPCanadian Pacific Kansas City LTD0.25%$84.0m969.7K−1.8% Reduced
VMRKVivmark Residential0.25%$83.6m1.23M+3.1% Added
SHOPShopify Inc.0.24%$80.5m703.6K−20.4% Reduced
ASMLAsml Holding NV0.24%$80.1m40.3K−4.0% Reduced
APHAmphenol0.23%$77.7m440.7K+7.3% Added
WDCWestern Digital0.22%$74.4m116.6K−3.0% Reduced
STXSeagate Technology0.22%$73.5m76.2K+2.3% Added
CNQCanadian Natural Resources Ltd0.21%$71.8m1.81M−1.7% Reduced
BMOBank Of Montreal0.21%$71.4m403.8K+0.4%
TRPTC Energy Corp0.21%$69.3m1.05M+78.3% Added
SESea Ltd0.20%$68.7m717.4K−4.0% Reduced
GLWCorning Inc.0.20%$68.5m268.4K−2.2% Reduced
SPGIS&P Global0.20%$68.3m167.6K−2.7% Reduced
PEPPepsiCo0.20%$68.0m502.1K−0.7% Reduced
ESSEssex Property Trust0.20%$67.8m232.5K+2.9% Added
NEENextEra Energy0.20%$67.7m771.0K+1.7% Added
ADIAnalog Devices0.20%$67.5m169.9K−7.3% Reduced
MCDMcDonald's0.20%$67.1m248.4K−0.7% Reduced
CRWDCrowdStrike0.20%$66.6m87.3K−3.2% Reduced
ENBEnbridge Inc0.20%$66.6m1.23M0.0%
AXPAmerican Express0.19%$65.0m192.3K−0.7% Reduced
BABoeing0.19%$64.4m297.6K+3.1% Added
AMGNAmgen0.19%$63.8m176.2K−4.7% Reduced
TJXTJX Companies0.18%$62.3m411.3K+0.7% Added
SPGSimon Property Group0.18%$62.3m278.5K−1.3% Reduced
VZVerizon0.18%$62.1m1.47M+0.2%
UNPUnion Pacific Corporation0.18%$62.0m228.0K+9.6% Added
QCOMQualcomm0.18%$61.4m332.2K+1.0% Added
TMOThermo Fisher Scientific0.18%$61.4m122.4K−11.3% Reduced
ANETArista Networks0.18%$61.0m359.1K−3.7% Reduced
BNSBank Of Nova Scotia0.18%$61.0m702.1K+1.1% Added
ABTAbbott Laboratories0.18%$60.9m671.4K−5.2% Reduced
CMCanadian Imperial Bank Of Commerce0.18%$60.1m522.1K−0.4%
ETNEaton Corporation0.18%$59.8m140.4K+15.4% Added
DISThe Walt Disney Company0.17%$58.7m610.1K−0.7% Reduced
PGRProgressive Corporation0.17%$57.1m261.3K−0.9% Reduced
DEDeere & Company0.16%$55.0m86.7K−3.1% Reduced
UBERUber0.16%$54.9m761.0K−0.8% Reduced
GILDGilead Sciences0.16%$54.3m429.6K−8.9% Reduced
ISRGIntuitive Surgical0.16%$52.9m133.1K+7.1% Added
SCHWCharles Schwab Corporation0.16%$52.9m573.3K−2.3% Reduced
AONAon plc0.15%$51.5m155.2K+1.2% Added
MAAMid-America Apartment Communities0.15%$51.0m367.1K0.0%
TAT&T0.15%$50.9m2.46M−0.8% Reduced
WELLWelltower0.15%$49.6m218.6K+2.0% Added
BKNGBooking Holdings0.15%$49.3m276.6K+2526.5% Added
ALCAlcon Inc0.14%$48.8m721.7K+2.6% Added
COFCapital One0.14%$48.5m241.6K−0.8% Reduced
APPApplovin Corp0.14%$47.9m93.1K+9.6% Added
UDRUDR, Inc.0.14%$47.3m1.18M−0.1%
VRTVertiv0.14%$47.1m140.7K+3.1% Added
DHRDanaher Corporation0.14%$47.0m246.8K+4.0% Added
CRMSalesforce0.14%$46.9m299.6K−7.1% Reduced
COPConocoPhillips0.14%$46.7m449.1K−0.7% Reduced
VRTXVertex Pharmaceuticals0.14%$46.2m93.0K+13.9% Added
BXPBXP, Inc.0.14%$46.1m695.3K−0.1%
MOAltria0.14%$45.9m637.6K−5.8% Reduced
CPTCamden Property Trust0.14%$45.8m400.3K+2.7% Added
CBChubb Limited0.14%$45.5m133.5K+0.8% Added
PHParker Hannifin0.13%$44.9m45.9K−1.9% Reduced
PSAPublic Storage0.13%$44.9m140.9K−0.1%
AEMAgnico Eagle Mines LTD0.13%$44.4m286.0K−0.3%
TTTrane Technologies0.13%$44.0m89.6K+18.5% Added
DELLDell Technologies0.13%$43.9m101.7K−2.5% Reduced
LOWLowe's0.13%$43.5m197.5K+1.3% Added
PFEPfizer0.13%$43.2m1.79M+4.8% Added
WCNWaste Connections, Inc.0.13%$42.6m255.7K−1.2% Reduced
AZNAstrazeneca PLC0.13%$42.3m226.0K−12.1% Reduced
CVSCVS Health0.13%$42.0m405.5K−32.3% Reduced
SUSuncor Energy Inc0.12%$41.7m776.1K−2.4% Reduced
MDTMedtronic0.12%$41.2m526.3K−1.5% Reduced
SBUXStarbucks0.12%$40.8m399.6K+0.8% Added
CMICummins0.12%$40.0m56.0K−6.8% Reduced
SPOTSpotify Technology S.a.0.12%$39.3m85.5K+18.1% Added
MFCManulife Financial Corp0.12%$38.9m960.5K0.0%
JCIJohnson Controls0.12%$38.8m265.6K+4.5% Added
SOSouthern Company0.11%$37.5m392.0K+27.7% Added
HWMHowmet Aerospace0.11%$37.4m139.1K+1.0% Added
BNYBNY Mellon0.11%$37.2m257.4K−1.5% Reduced
PWRQuanta Services0.11%$36.9m51.2K−0.7% Reduced
SYKStryker Corporation0.11%$36.6m116.1K−5.7% Reduced
EQIXEquinix0.11%$36.3m34.8K+1.0% Added
DDOGDatadog, Inc.0.11%$36.2m139.0K+25.2% Added
BMYBristol Myers Squibb0.11%$35.8m620.9K−4.6% Reduced
MCKMcKesson0.10%$35.4m46.9K−1.3% Reduced
CDNSCadence Design Systems Inc0.10%$35.4m94.2K−0.6% Reduced
NOWServiceNow0.10%$35.3m356.0K−0.2%
BBarrick Mining Corp0.10%$35.3m961.3K−0.8% Reduced
LMTLockheed Martin0.10%$35.0m68.7K−5.1% Reduced
NEMNewmont0.10%$34.8m373.0K−1.6% Reduced
EOGEOG Resources0.10%$34.6m266.9K−0.9% Reduced
FTNTFortinet0.10%$34.3m223.4K+3.3% Added
DUKDuke Energy0.10%$34.0m268.8K−0.7% Reduced
PNCPNC Financial Services0.10%$34.0m138.1K+1.0% Added
ELVElevance Health0.10%$33.9m87.6K+90.2% Added
WMWaste Management0.10%$33.6m150.7K−3.2% Reduced
TEVATeva Pharmaceutical Industries LTD0.10%$33.3m981.7K−3.9% Reduced
CompanyBought (value)Shares
KLACKLA Corporation$122.4m405.8K
MRVLMarvell Technology$89.3m299.6K
BKNGBooking Holdings$47.4m266.0K
TRPTC Energy Corp$30.4m459.6K
HONHoneywell Technologies$24.5m109.5K
HONAHoneywell Aerospace$24.2m109.5K
DVNDevon Energy$18.5m448.7K
ELVElevance Health$16.1m41.6K
CVNACarvana$12.4m188.5K
VEEVVeeva Systems Inc$11.5m64.6K
SRESempra$11.2m121.0K
CCLCarnival Corporation$10.4m362.9K
CCEPCoca-cola Europacific Partners plc$10.1m101.4K
PANWPalo Alto Networks$9.7m28.6K
LRCXLam Research$9.1m21.0K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanySold (value)Shares
UNHUnitedHealth Group−$22.8m−55.0K
SHOPShopify Inc.−$20.7m−180.6K
INTCIntel−$20.4m−146.4K
CVSCVS Health−$20.0m−193.2K
AMATApplied Materials−$16.5m−22.9K
BDXBecton Dickinson−$15.9m−104.8K
ROKRockwell Automation−$9.0m−18.2K
EMREmerson Electric−$9.0m−62.6K
MRKMerck & Co.−$8.3m−64.4K
TMOThermo Fisher Scientific−$7.8m−15.6K
CICigna−$7.7m−28.1K
AAPLApple Inc.−$7.7m−26.6K
FEFirstEnergy−$7.1m−149.1K
JNJJohnson & Johnson−$6.6m−26.2K
BENFranklin Resources−$6.3m−189.6K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanyValue last quarterShares
BGSIBoyd Group Services Inc.$2.3m17.9K
BRBRBellring Brands, Inc.$1.2m72.0K
SAMBoston Beer Co Inc$712,8583.1K
GPORGulfport Energy Corp$602,9752.9K
XIFRXplr Infrastructure, LP$552,12452.0K
RNGRRanger Energy Services, Inc.$526,52430.7K
CNXCConcentrix Corp$506,24318.5K
DACDanaos Corp$488,9714.3K
KELYAKelly Services Inc$471,27253.3K
LIFEEthos Technologies Inc.$289,30325.9K
ZIMZIM Integrated Shipping Services Ltd.$286,92610.9K
STNStantec Inc$275,7573.2K
CARSCars.com Inc.$253,05231.2K
ETDEthan Allen Interiors Inc$249,66911.2K
OSPNOnespan Inc.$235,25122.3K
AGFirst Majestic Silver Corp$234,19710.9K
SIISprott Inc.$214,9441.5K
LXFRLuxfer Holdings PLC$211,64017.4K
DINDine Brands Global, Inc.$200,8417.7K
TZOOTravelzoo$198,50433.5K
BANDBandwidth Inc.$192,84910.8K
MAXMediaalpha, Inc.$192,77120.7K
AMBAAmbarella Inc$186,5463.6K
IHSIHS Holding Ltd$184,66522.4K
STROSutro Biopharma, Inc.$184,3347.4K
EGHT8x8 Inc$179,923108.4K
CTGOContango Silver & Gold Inc.$145,1447.7K
FIVNFive9, Inc.$127,0498.4K
SXCSuncoke Energy, Inc.$124,13319.1K
RPDRapid7, Inc.$121,82722.1K
  • Technology35.9%
  • Financials12.6%
  • Industrials9.8%
  • Consumer Discretionary8.9%
  • Health Care8.7%
  • Communication Services6.4%
  • Real Estate5.5%
  • Consumer Staples4.1%
  • Energy3.4%
  • Materials2.6%
  • Utilities2.1%

Share of the value held in companies we cover, by sector.

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestMay 16, 2014 to November 2, 2026+13.4%+13.7%0.720.74−33.0%1.01
2018 onwardsJanuary 5, 2018 to November 2, 2026+13.0%+13.9%0.610.66−33.0%1.00
Last three yearsNovember 3, 2023 to November 2, 2026+20.9%+21.8%1.131.16−16.9%0.97
Last yearNovember 7, 2025 to November 2, 2026+15.2%+14.2%0.960.84−8.0%0.91

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.