State of Tennessee, Department of Treasury
Reported US equity positions for Q1 2026 — $29.8B across 1,721 positions.
| Holding | Reported value | Share of portfolio | Shares |
|---|---|---|---|
| NVDA NVIDIA Corporation | $1.5B | 4.9% | 8,419,829 |
| AAPL Apple Inc. | $1.3B | 4.4% | 5,105,030 |
| MSFT Microsoft Corporation | $955.8M | 3.2% | 2,582,031 |
| EWY iShares MSCI South Korea ETF | $762.6M | 2.6% | 6,199,718 |
| AMZN Amazon.com, Inc. | $702.7M | 2.4% | 3,373,797 |
| EWT iShares MSCI Taiwan ETF | $681.2M | 2.3% | 9,604,842 |
| GOOGL Alphabet Inc. | $569.7M | 1.9% | 1,981,131 |
| VTI Vanguard Morningstar Total Stock Market ETF | $526.1M | 1.8% | 1,639,763 |
| AVGO Broadcom Inc. | $505.9M | 1.7% | 1,634,512 |
| GOOG Alphabet Inc. - Class C Capital Stock | $473.3M | 1.6% | 1,649,828 |
| META Meta Platforms, Inc. | $430.4M | 1.4% | 752,330 |
| INDA iShares MSCI India ETF | $414.1M | 1.4% | 8,840,761 |
| TSM Taiwan Semiconductor Manufacturing Company Ltd. | $360.3M | 1.2% | 1,066,212 |
| TSLA Tesla, Inc. | $357.3M | 1.2% | 961,005 |
| PLD Prologis, Inc. | $341.4M | 1.1% | 2,583,012 |
| BRK.B Berkshire Hathaway Inc. | $300.9M | 1.0% | 627,873 |
| JPM JP Morgan Chase & Co. | $287.9M | 1.0% | 978,763 |
| VEA Vanguard FTSE Developed Markets ETF | $270.6M | 0.9% | 4,222,808 |
| XOM ExxonMobil Holdings Corporation | $246.9M | 0.8% | 1,455,134 |
| LLY Eli Lilly and Company | $246.9M | 0.8% | 268,388 |
| VCIT Vanguard Intermediate-Term Corporate Bond ETF | $241.9M | 0.8% | 2,923,588 |
| SRLN State Street Blackstone Senior Loan ETF | $238.5M | 0.8% | 5,941,320 |
| VCLT Vanguard Long-Term Corporate Bond ETF | $235.6M | 0.8% | 3,152,697 |
| MBB iShares MBS ETF | $235.3M | 0.8% | 2,478,109 |
| EWZ iShares MSCI Brazil ETF | $227.8M | 0.8% | 5,932,713 |
| JNJ Johnson & Johnson | $218.3M | 0.7% | 893,163 |
| VNQ Vanguard Real Estate ETF | $198.2M | 0.7% | 2,234,023 |
| WMT Walmart Inc. | $187.1M | 0.6% | 1,505,267 |
| EZA iShares MSCI South Africa Index Fund | $186.7M | 0.6% | 2,754,119 |
| V Visa Inc. | $186.3M | 0.6% | 616,473 |
| FLIN Franklin FTSE India ETF | $173.2M | 0.6% | 5,213,024 |
| VOO Vanguard S&P 500 ETF | $166.1M | 0.6% | 277,910 |
| COST Costco Wholesale Corporation | $148.6M | 0.5% | 149,093 |
| MA Mastercard Incorporated | $143.5M | 0.5% | 287,108 |
| NFLX Netflix, Inc. | $142.9M | 0.5% | 1,486,053 |
| ABBV AbbVie Inc. | $139.4M | 0.5% | 640,722 |
| CVX Chevron Corporation | $136.5M | 0.5% | 659,941 |
| MU Micron Technology, Inc. | $132.2M | 0.4% | 391,334 |
| RY Royal Bank Of Canada | $128.6M | 0.4% | 798,095 |
| HD The Home Depot, Inc. | $118.7M | 0.4% | 360,906 |
| CAT Caterpillar, Inc. | $117.0M | 0.4% | 165,199 |
| MRK Merck & Company, Inc. Common Stock (new) | $116.0M | 0.4% | 964,590 |
| AMD Advanced Micro Devices, Inc. | $114.9M | 0.4% | 564,752 |
| BAC Bank of America Corporation | $112.6M | 0.4% | 2,309,563 |
| PG The Procter & Gamble Company | $111.2M | 0.4% | 769,696 |
| PLTR Palantir Technologies Inc. | $107.3M | 0.4% | 733,241 |
| CSCO Cisco Systems, Inc. | $107.1M | 0.4% | 1,380,448 |
| AMAT Applied Materials, Inc. | $105.0M | 0.4% | 307,351 |
| G54950103 Linde PLC Shs | $104.8M | 0.4% | 211,382 |
| SHOP Shopify Inc. - Class A Subordinate Voting Shares | $104.6M | 0.4% | 884,154 |
| GE GE Aerospace | $104.1M | 0.3% | 366,796 |
| KO The Coca-Cola Company | $98.5M | 0.3% | 1,295,019 |
| UNH UnitedHealth Group Incorporated Common Stock (DE) | $96.6M | 0.3% | 357,148 |
| PM Philip Morris International Inc | $94.5M | 0.3% | 571,410 |
| RTX RTX Corporation | $93.2M | 0.3% | 483,369 |
| LRCX Lam Research Corporation | $89.9M | 0.3% | 420,767 |
| CRC California Resources Corporation | $89.7M | 0.3% | 1,844,681 |
| GS The Goldman Sachs Group, Inc. | $89.2M | 0.3% | 105,404 |
| TD The Toronto Dominion Bank | $88.7M | 0.3% | 952,292 |
| WFC Wells Fargo & Company | $88.2M | 0.3% | 1,107,968 |
Long US equity positions only, as filed. 13F does not cover short positions, cash, bonds or non-US listings, so this is not the whole portfolio.
What changed last quarter
| Holding | Change | Now | Was | Shares |
|---|---|---|---|---|
| EWY iShares MSCI South Korea ETF | Trim | $762.6M | $836.1M | -9% |
| AMZN Amazon.com, Inc. | Add | $702.7M | $795.5M | +1% |
| EWT iShares MSCI Taiwan ETF | Trim | $681.2M | $852.5M | -23% |
| VTI Vanguard Morningstar Total Stock Market ETF | Add | $526.1M | $539.0M | +4% |
| INDA iShares MSCI India ETF | Trim | $414.1M | $565.3M | -19% |
| TSM Taiwan Semiconductor Manufacturing Company Ltd. | Add | $360.3M | $237.7M | +48% |
| PLD Prologis, Inc. | Add | $341.4M | $309.9M | +9% |
| VEA Vanguard FTSE Developed Markets ETF | Trim | $270.6M | $286.1M | -2% |
| XOM ExxonMobil Holdings Corporation | Trim | $246.9M | $223.0M | -8% |
| SRLN State Street Blackstone Senior Loan ETF | Trim | $238.5M | $257.6M | -6% |
| VCLT Vanguard Long-Term Corporate Bond ETF | Add | $235.6M | $237.2M | +1% |
| EWZ iShares MSCI Brazil ETF | Trim | $227.8M | $256.6M | -14% |
| JNJ Johnson & Johnson | Add | $218.3M | $186.7M | +9% |
| VNQ Vanguard Real Estate ETF | Trim | $198.2M | $206.5M | -2% |
| V Visa Inc. | Add | $186.3M | $188.7M | +5% |
| ABBV AbbVie Inc. | Add | $139.4M | $138.1M | +3% |
| MU Micron Technology, Inc. | Add | $132.2M | $152.1M | +7% |
| HD The Home Depot, Inc. | Add | $118.7M | $130.3M | +4% |
| MRK Merck & Company, Inc. Common Stock (new) | Add | $116.0M | $103.6M | +3% |
| AMAT Applied Materials, Inc. | Add | $105.0M | $96.4M | +3% |
| G54950103 Linde PLC Shs | Trim | $104.8M | $136.2M | -29% |
| SHOP Shopify Inc. - Class A Subordinate Voting Shares | Add | $104.6M | $113.8M | +2% |
| KO The Coca-Cola Company | Trim | $98.5M | $98.4M | -2% |
| UNH UnitedHealth Group Incorporated Common Stock (DE) | Add | $96.6M | $88.7M | +16% |
| PM Philip Morris International Inc | Add | $94.5M | $100.8M | +2% |
| LRCX Lam Research Corporation | Add | $89.9M | $88.0M | +12% |
| CRC California Resources Corporation | Add | $89.7M | $66.2M | +4% |
| GS The Goldman Sachs Group, Inc. | Trim | $89.2M | $102.9M | -4% |
| WFC Wells Fargo & Company | Trim | $88.2M | $105.0M | -4% |
| GEV GE Vernova Inc. | Add | $84.2M | $68.0M | +3% |
| ORCL Oracle Corporation | Add | $83.2M | $92.1M | +1% |
| PEP PepsiCo, Inc. | Add | $78.5M | $76.1M | +2% |
| MCD McDonald's Corporation | Add | $77.7M | $77.6M | +2% |
| CP Canadian Pacific Kansas City Limited | Add | $77.6M | $69.7M | +6% |
| INTC Intel Corporation | Add | $77.0M | $78.7M | +3% |
| AVBC Avalonbay Cmntys INC Com | Add | $75.4M | $70.7M | +16% |
| H42097107 Ubs Group Ag Shs | Add | $74.1M | $87.0M | +5% |
| BAC Bank of America Corporation | Add | $73.5M | $63.8M | +2% |
| ABT Abbott Laboratories | Add | $72.7M | $70.9M | +9% |
| IBM International Business Machines Corporation | Trim | $72.3M | $92.7M | -1% |
New and exited positions are only shown for managers whose entire filed portfolio fits inside the positions stored here. For a manager filing more than that, a holding leaving the stored set is indistinguishable from a holding being sold, so those are reported as adds and trims only.
What a 13F is
Any institutional manager exercising discretion over more than $100 million in US-listed equities must file a Form 13F with the SEC within 45 days of each quarter end, listing what they held on the last day of that quarter. The threshold was set in 1975 and has never been raised, so the filer population now runs to several thousand.
The four things it does not tell you
- It is stale. A filing describes positions as of quarter end and can arrive 45 days later. A manager who sold everything in week one of the new quarter files the same document as one who held.
- Long US equities only. No short positions, no cash, no bonds, no commodities, no foreign listings. A fund that looks heavily long in a 13F may be hedged in instruments that never appear.
- Not the whole firm. Assets are reported by the entity with discretion, so one manager can file under several CIKs, and the figure here is what that entity reported.
- Confidential treatment exists. A manager can apply to delay disclosing a position while building it. Those holdings appear later, if at all.
Why the biggest filers are not the interesting ones
The largest managers by reported value are index providers — they hold nearly everything, in proportion to the indices they track, because clients asked them to. Reading their filings for conviction is a category error. The filings worth attention are concentrated ones, where a small number of positions make up most of the portfolio, since that reflects a decision rather than a mandate.
The share-of-portfolio column is the one to read for this. A position that is 15% of a fund says something; the same dollar amount at 0.2% of an index tracker does not.
Where this comes from
The SEC's own quarterly Form 13F structured data sets, parsed here rather than bought from a vendor. Holdings are identified in the filings by CUSIP, and the mapping from CUSIP to ticker is the awkward part — that identifier is licensed rather than public, so the mapping is resolved through OpenFIGI and built up over time. Around 95% of reported value currently sits on a resolved ticker; the rest shows its CUSIP.
The rest of the section is on the Markets overview — including insider transactions, which are the same idea at the individual level, and the correlation finder, where each ticker's page carries its institutional ownership.