1y return+21.2%S&P 500 +20.9%
3y return+59.3%S&P 500 +68.5%
5y return+55.3%S&P 500 +74.5%
10y return+196.2%S&P 500 +256.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since June 30, 2016: $296 against $357 in the S&P 500.2
State of Tennessee, Department of TreasuryS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| NVDANvidia Corporation Com | $1.7B | 5.0% | |
| AAPLApple Inc Com | $1.5B | 4.4% | |
| EWYIshares Inc Msci Sth Kor Etf | $1.1B | 3.2% | −15.2% |
| MSFTMicrosoft Corp Com | $960.3M | 2.9% | |
| EWTIshares Inc Msci Taiwan Etf | $846.9M | 2.5% | −18.8% |
| AMZNAmazon Com Inc Com | $802.9M | 2.4% | |
| GOOGLAlphabet Inc Cap Stk Cl A | $713.5M | 2.1% | |
| AVGOBroadcom Inc Com | $617.0M | 1.8% | |
| GOOGAlphabet Inc Cap Stk Cl C | $582.4M | 1.7% | |
| VTIVanguard Index Fds Total Stk Mkt | $560.5M | 1.7% | −7.6% |
| TSMTaiwan Semiconductor Manufac Sponsored Ads | $511.1M | 1.5% | |
| MUMicron Technology Inc Com | $447.1M | 1.3% | −1.0% |
| METAMeta Platforms Inc Cl A | $422.9M | 1.3% | |
| TSLATesla Inc Com | $406.0M | 1.2% | |
| PLDPrologis Inc Com | $350.1M | 1.0% | |
| INDAIshares Tr Msci India Etf | $343.0M | 1.0% | −21.4% |
| LLYEli Lilly & Co Com | $329.5M | 1.0% | +2.4% |
| AMDAdvanced Micro Devices Inc Com | $327.3M | 1.0% | |
| JPMJpmorgan Chase & Co Com | $316.5M | 0.9% | −1.2% |
| BRK/BBerkshire Hathaway Inc Del Cl B New | $309.1M | 0.9% | −1.6% |
| VEAVanguard Tax-managed Fds Van Ftse Dev Mkt | $283.5M | 0.8% | −5.8% |
| VCITVanguard Scottsdale Fds Int-term Corp | $259.0M | 0.8% | +7.2% |
| MBBIshares Tr Mbs Etf | $250.9M | 0.7% | +7.1% |
| VCLTVanguard Scottsdale Fds Lg-term Cor Bd | $250.8M | 0.7% | +5.7% |
| INTCIntel Corp Com | $223.2M | 0.7% | −8.4% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| NVDANvidia Corporation Com | June 30, 2020 | +2006.7% | $1.7B |
| AVGOBroadcom Inc Com | June 30, 2020 | +1096.9% | $617.0M |
| AMATApplied Matls Inc Com | June 30, 2020 | +1096.1% | $205.7M |
| AMDAdvanced Micro Devices Inc Com | June 30, 2020 | +1004.1% | $327.3M |
| CATCaterpillar Inc Com | June 30, 2020 | +741.8% | $171.8M |
| LLYEli Lilly & Co Com | June 30, 2020 | +630.6% | $329.5M |
| LRCXLam Research Corp Com New | December 31, 2024 | +499.9% | $191.4M |
| GOOGLAlphabet Inc Cap Stk Cl A | June 30, 2020 | +404.0% | $713.5M |
| GOOGAlphabet Inc Cap Stk Cl C | June 30, 2020 | +399.9% | $582.4M |
| EWYIshares Inc Msci Sth Kor Etf | June 30, 2020 | +253.4% | $1.1B |
Sold off last quarter
- Honeywell Intl Inc ComCUSIP 438516106 was $53.6M
- SHYGIshares Tr 0-5yr Hi Yl Cp was $49.2M
- JAAAJanus Detroit Str Tr Hendrson Aaa Cl was $39.9M
- JPSTJ P Morgan Exchange Traded F Ultra Shrt Etf was $32.9M
- FALNIshares Tr Faln Angls Usd was $24.7M
- NOKNokia Corp Sponsored Adr was $15.8M
- EPHEIshares Tr Msci Philips Etf was $15.7M
- XLKSelect Sector Spdr Tr State Street Tec was $14.1M
- XLFSelect Sector Spdr Tr State Street Fin was $10.9M
- Carnival Corp Common StockCUSIP 143658300 was $8.6M
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +13.3% | +14.8% |
| March 31, 2026 | −2.3% | −4.6% |
| December 31, 2025 | +2.5% | +2.4% |
| September 30, 2025 | +6.9% | +7.8% |
| June 30, 2025 | +10.1% | +10.5% |
| March 31, 2025 | −3.4% | −4.6% |
| December 31, 2024 | −0.6% | +2.1% |
| September 30, 2024 | +5.8% | +5.4% |
| June 30, 2024 | +2.2% | +4.0% |
| March 31, 2024 | +8.3% | +10.0% |
| December 31, 2023 | +10.6% | +11.2% |
| September 30, 2023 | −4.0% | −3.6% |
| June 30, 2023 | +6.9% | +8.3% |
| March 31, 2023 | +6.0% | +7.0% |
| December 31, 2022 | +6.1% | +7.1% |
| September 30, 2022 | −5.7% | −5.3% |
| June 30, 2022 | −16.6% | −16.5% |
| March 31, 2022 | −4.2% | −4.9% |
| December 31, 2021 | +8.3% | +10.7% |
| September 30, 2021 | −0.6% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: State of Tennessee, Department of Treasury Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1587973&type=13F-HR&dateb=&owner=include&count=40CIK 1587973
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1587973/000158797326000006/Filed August 14, 2026 · accession 0001587973-26-000006