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State of Tennessee, Treasury Department
The Tennessee Department of Treasury manages the State Pooled Investment Fund (SPIF) and other investment vehicles for state and local government entities. Its primary objective is to obtain the highest possible return on investments consistent with preservation of principal and liquidity, while supporting state expenditures and withdrawals. The department also oversees the Tennessee Consolidated Retirement System (TCRS), among the largest public pension funds in the US.
Investment Strategy
Short-term, low-risk investment strategy focused on preservation of principal and liquidity. The SPIF and Local Government Investment Pool (LGIP) invest in highly liquid assets such as U.S. Treasuries, US agency securities, commercial paper, and repurchase agreements, with strict limits on maturity and ample liquidity reserves for daily and weekly withdrawals. The fund complies with Governmental Accounting Standards Board (GASB) Statement 79, and actively manages funds to earn competitive returns while minimizing expense.
Latest 13F Filing Activity
State of Tennessee, Treasury Department filed their most recent 13F report on Jun 30, 2025 disclosing 710 equity positions with a total 13F market value of $28B. The fund increased holdings in Microsoft Corp. Com, Ishares Inc. Msci Taiwan Etf, Amazon Com Inc. Com among other positions. State of Tennessee, Treasury Department reduced exposure to Ishares TR 20 YR TR BD Etf, Berkshire Hathaway Inc. Del CL B New, Icon PLC SHS among others.
Top Holdings
Equity Positions (710)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
M MSFT | MICROSOFT CORP COM | 4.58% | $1.28B | 2,576,377 | $83.19 | $497.41 | +$290.2M |
E EWT | ISHARES INC MSCI TAIWAN ETF | 3.29% | $918.8M | 16,006,156 | $39.70 | $57.40 | +$160.0M |
I INDA | ISHARES TR MSCI INDIA ETF | 3.12% | $872.3M | 15,666,367 | $43.24 | $55.68 | +$67.7M |
A AMZN | AMAZON COM INC COM | 2.56% | $714.5M | 3,256,549 | $46.60 | $219.39 | +$83.2M |
V VTI | VANGUARD INDEX FDS TOTAL STK MKT | 1.80% | $502.9M | 1,654,571 | $195.30 | $303.93 | +$46.2M |
Industry Allocation
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