State of Tennessee, Treasury Department recently filed their 13F report for the fourth quarter of 2022, which ended on 2022-12-31.
The 13F report details which stocks were in a guru’s equity portfolio at the end of the quarter, though investors should note that these filings are limited in scope, containing only a snapshot of long positions in U.S.-listed stocks and American depository receipts as of the quarter’s end. They are not required to include international holdings, short positions or other types of investments. Still, even this limited filing can provide valuable information.
The Treasury Department of the State of Tennessee is one of the three legislative agencies within the state of Tennessee. Its main functions are to receive and disburse public funds, manage all state investments, administer three major employee benefit programs including the Tennessee Consolidated Retirement System, the Deferred Compensation Program, and the Flexible Benefits Plan, operate the Unclaimed Property, College Savings, and Small and Minority-Owned Business programs, and oversee the risk management program and handle and adjudicate all claims made against the state. David H. Lillard, Jr. is the current Tennessee treasurer and was first elected to office in 2009, being the 41st state treasurer since the system began back in 2836. Membership within the retirement system of Tennessee is given to full-time state employees, teachers, general employees in higher education and the employees of local governments that participate in the Tennessee Consolidated Retirement System (TCRS) and there are currently over 200,000 active members within the system. The system paid out over $1.9 billion in total benefits in 2014 to over 125,000 retirees. The investment objective of the TCRS investment division is to “obtain the highest available return on investments consistent with the preservation of principal, while maintaining sufficient liquidity to react to the changing environment and to pay beneficiaries in a timely manner.” The department emphasizes a conservative investment strategy and high quality securities with a long term perspective. The funds within this system are actively managed with a diversified portfolio of high-quality domestic and international bonds, domestic and international stocks, real estate, private equity and money market instruments. The treasury invests over $36 billion in its various selections with over $28 billion in domestic allocations and over $8.5 billion in international allocations. The assets are allocated in the financial sector, which along makes up over a quarter of total assets allocated, technology, services, and health care sectors, among many others, in order of decreasing amount allocated.
As of the latest 13F report, the guru’s equity portfolio contained 1618 stocks valued at a total of $21.27Bil. The top holdings were AAPL(3.92%), MSFT(3.62%), and EWT(2.19%).
According to GuruFocus data, these were State of Tennessee, Treasury Department’s top five trades of the quarter.
Technology Select Sector SPDR ETF
State of Tennessee, Treasury Department reduced their investment in ARCA:XLK by 2,296,881 shares. The trade had a 1.37% impact on the equity portfolio. During the quarter, the stock traded for an average price of $135.81.
On 02/20/2023, Technology Select Sector SPDR ETF traded for a price of $139.82 per share and a market cap of $41.45Bil. The stock has returned -8.31% over the past year.
There is insufficient data to calculate the stock’s financial strength and profitability ratings.
In terms of valuation, Technology Select Sector SPDR ETF has a price-earnings ratio of 26.50 and a price-book ratio of 7.52.
Consumer Staples Select Sector SPDR
The guru established a new position worth 959,934 shares in ARCA:XLP, giving the stock a 0.31% weight in the equity portfolio. Shares traded for an average price of $72.34999999999999 during the quarter.
On 02/20/2023, Consumer Staples Select Sector SPDR traded for a price of $73.68000000000001 per share and a market cap of $16.81Bil. The stock has returned -0.39% over the past year.
There is insufficient data to calculate the stock’s financial strength and profitability ratings.
In terms of valuation, Consumer Staples Select Sector SPDR has a price-earnings ratio of 25.30 and a price-book ratio of 5.45.
Vanguard Total Stock Market ETF
During the quarter, State of Tennessee, Treasury Department bought 335,318 shares of ARCA:VTI for a total holding of 1,910,133. The trade had a 0.29% impact on the equity portfolio. During the quarter, the stock traded for an average price of $197.58.
On 02/20/2023, Vanguard Total Stock Market ETF traded for a price of $205.08 per share and a market cap of $282.69Bil. The stock has returned -5.75% over the past year.
There is insufficient data to calculate the stock’s financial strength and profitability ratings.
In terms of valuation, Vanguard Total Stock Market ETF has a price-earnings ratio of 19.20 and a price-book ratio of 3.48.
Apple Inc
During the quarter, State of Tennessee, Treasury Department bought 393,070 shares of NAS:AAPL for a total holding of 6,751,877. The trade had a 0.27% impact on the equity portfolio. During the quarter, the stock traded for an average price of $156.95.
On 02/20/2023, Apple Inc traded for a price of $152.55 per share and a market cap of $2,413.64Bil. The stock has returned -9.12% over the past year.
GuruFocus gives the company a financial strength rating of 6 out of 10 and a profitability rating of 10 out of 10.
In terms of valuation, Apple Inc has a price-earnings ratio of 25.90, a price-book ratio of 42.59, a price-earnings-to-growth (PEG) ratio of 1.49, a EV-to-Ebitda ratio of 19.32 and a price-sales ratio of 6.37.
The price-to-GF Value ratio is 0.89, earning the stock a GF Value rank of 7.
Microsoft Corp
During the quarter, State of Tennessee, Treasury Department bought 230,097 shares of NAS:MSFT for a total holding of 3,411,461. The trade had a 0.26% impact on the equity portfolio. During the quarter, the stock traded for an average price of $264.05.
On 02/20/2023, Microsoft Corp traded for a price of $258.06 per share and a market cap of $1,920.95Bil. The stock has returned -10.34% over the past year.
GuruFocus gives the company a financial strength rating of 8 out of 10 and a profitability rating of 10 out of 10.
In terms of valuation, Microsoft Corp has a price-earnings ratio of 28.67, a price-book ratio of 10.49, a price-earnings-to-growth (PEG) ratio of 1.39, a EV-to-Ebitda ratio of 19.05 and a price-sales ratio of 9.48.
The price-to-GF Value ratio is 0.82, earning the stock a GF Value rank of 9.
Please note, the numbers and facts quoted are as of the writing of this article and may not factor in the latest trading data or company announcements.
When GuruFocus covers insider information, we only track open market or the private purchase and sale of common stock with the transaction code of P or S. Therefore, all the transactions mentioned in this article are only the ones with transaction code of P or S.
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