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Tennessee Department of Treasury
Michael Brakebill · Pension Fund · Multi-Strategy
The Tennessee Department of Treasury is a state-level agency responsible for managing the financial operations of Tennessee, overseeing more than $125 billion in assets. Its Investment Division focuses primarily on the Tennessee Consolidated Retirement System (TCRS), which was established in 1972 through the consolidation of several separate retirement plans for state employees, teachers, and local government workers. The department is dedicated to providing robust public financial stewardship, seeking to achieve competitive investment returns while maintaining one of the lowest expense ratios among its peers in the Southeast.
Simulated Performance
| Metric | Value |
|---|---|
| Total return | +18.1% |
| YTD return | +12.8% |
| Sharpe ratio | 2.63 |
| Win rate | 56% |
| AUM | $11.9B |
| Inception | Oct 1, 2025 |
| Updated | Sep 21, 2026 |
Institution Status
| Field | Value |
|---|---|
| AUM | $11.9B |
| Turnover | Low (<15%) |
| Avg holding | 18 Months |
| Inception | Oct 1, 2025 |
| Website | https://treasury.tn.gov/ |
Current Holdings
Updated on Sep 21, 2026.
| Ticker | Name | Portfolio % | Return |
|---|---|---|---|
| NVDA | NVIDIA Corporation | 15.5% | +19.6% |
| AAPL | Apple Inc | 14.3% | +29.1% |
| GOOGL | Alphabet Inc Class A | 10.7% | +38.6% |
| MSFT | Microsoft Corporation | 10.7% | -1.2% |
| AMZN | Amazon.com Inc | 7.2% | +16.2% |
| AVGO | Broadcom Inc | 4.9% | +6.8% |
| META | Meta Platforms Inc. | 4.2% | +6.4% |
| TSM | Taiwan Semiconductor Manufacturing | 3.9% | +6.6% |
| MU | Micron Technology Inc | 3.2% | +8.9% |
| TSLA | Tesla Inc | 3.0% | -16.2% |
| PLD | Prologis Inc | 2.9% | +13.7% |
| JPM | JPMorgan Chase & Co | 2.8% | +12.8% |
| LLY | Eli Lilly and Company | 2.7% | +31.6% |
| BRK-A | Berkshire Hathaway Inc | 2.6% | +0.7% |
| AMD | Advanced Micro Devices Inc | 2.6% | +19.7% |
| XOM | Exxon Mobil Corp | 2.0% | +34.4% |
| JNJ | Johnson & Johnson | 2.0% | +37.8% |
| V | Visa Inc. Class A | 1.9% | +5.7% |
| INTC | Intel Corporation | 1.4% | +18.3% |
| ABBV | AbbVie Inc | 1.4% | 0.0% |
Recent activity
| Date | Action | Ticker | Weight |
|---|---|---|---|
| Sep 21, 2026 | BUY | PLD | 3.0% → 2.9% |
| Sep 21, 2026 | BUY | V | 1.9% → 1.9% |
| Sep 21, 2026 | BUY | GOOGL | 10.3% → 10.7% |
| Sep 21, 2026 | SELL | META | 4.2% → 4.2% |
| Sep 21, 2026 | SELL | TSLA | 3.0% → 3.0% |
Investment Style Analysis
Tennessee Department of Treasury is widely recognized for employing a Multi-Strategy strategy. As of Sep 21, 2026, the firm oversees approximately $11.9B in assets under management (AUM). The portfolio demonstrates a clear preference for the Semiconductors and Internet Content & Information sectors, reflecting a high-conviction approach to capital allocation.
Recent Market Moves
During the latest rebalancing period ending Sep 21, Tennessee Department of Treasury made a significant move by increasing exposure to PLD. This adjustment aligns with the fund's dynamic approach to risk management and capital deployment in current market conditions.
Investment Philosophy
The Tennessee Department of Treasury employs a long-term, disciplined investment strategy focused on safety, liquidity, and growth. Its primary objective is to obtain the highest available return consistent with the preservation of principal and the maintenance of sufficient liquidity to meet beneficiary obligations. The department utilizes a diversified asset allocation framework that includes public equities, fixed income, and alternative investments such as private equity and real estate, emphasizing internal management to minimize costs and ensure rigorous oversight of state resources.
Disclaimer
The content provided on this page, including the simulated portfolio performance, holdings analysis, and AI-generated insights, is for informational and educational purposes only. It does not constitute financial advice, investment recommendations, or an offer to buy or sell any securities. All data is derived from historical SEC 13F filings and other public disclosures, which have a reporting lag. The "Simulated Performance" is a hypothetical reconstruction based on past disclosures and does not represent the actual returns of the institution. Past performance is not indicative of future results. Tritonix.ai is not affiliated with Tennessee Department of Treasury.
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Frequently asked questions
How is the simulated portfolio for Tennessee Department of Treasury constructed?
This simulation is powered by Tritonix AI using official SEC filings. We focus on the "Best Ideas" by filtering for only the Top 20 largest holdings and rebalancing them to 100%. The simulation tracks performance starting from Oct 1, 2025. Our AI monitors for updates every Monday to capture major shifts. This concentrated approach highlights the manager's true stock-picking skill and mirrors their actual investment returns.
What is Tennessee Department of Treasury's largest holding?
As of the latest filing, Tennessee Department of Treasury's top position is NVIDIA Corporation (NVDA), representing 15.5% of the portfolio. This reflects a high-conviction bet by the institution.
What is Tennessee Department of Treasury's historical performance and risk profile?
Our simulation indicates a total return of +18.1% with a win rate of 56%. Notably, the portfolio maintains a Sharpe Ratio of 2.63, suggesting an excellent level of risk-adjusted returns compared to the broader market.
What sectors does Tennessee Department of Treasury primarily invest in?
Tennessee Department of Treasury has a strong preference for the Semiconductors sector, which makes up 31.5% of their disclosed assets. The portfolio also has exposure to Internet Content & Information, indicating a specific thematic focus.
Is Tennessee Department of Treasury's portfolio concentrated or diversified?
Tennessee Department of Treasury runs a moderately concentrated portfolio with 20 disclosed positions. The top 3 holdings alone account for 40.6% of the total portfolio weight, suggesting a strategy that favors broader market exposure.
How has Tennessee Department of Treasury performed in 2026?
Our AI-simulated model portfolio for Tennessee Department of Treasury tracks a Year-to-Date (YTD) return of +12.8%. This metric helps investors gauge the institution's effectiveness in the current market environment.
Does Michael Brakebill manage Tennessee Department of Treasury directly?
Yes, Michael Brakebill serves as the key portfolio manager for Tennessee Department of Treasury, overseeing the investment strategy and final capital allocation decisions.