State of Tennessee, Treasury Department recently filed their 13F report for the first quarter of 2022, which ended on 2022-03-31.
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 1674 stocks valued at a total of $25,737,000,000. The top holdings were AAPL(4.36%), MSFT(3.86%), and EWT(2.99%).
According to GuruFocus data, these were State of Tennessee, Treasury Department’s top five trades of the quarter.
PIMCO Enhanced Short Maturity Active Exchange-Trad
The guru established a new position worth 1,050,400 shares in ARCA:MINT, giving the stock a 0.41% weight in the equity portfolio. Shares traded for an average price of $100.86 during the quarter.
On 05/11/2022, PIMCO Enhanced Short Maturity Active Exchange-Trad traded for a price of $99.685 per share and a market cap of $12,255,655,000. The stock has returned -1.79% over the past year.
There is insufficient data to calculate the stock’s financial strength and profitability ratings.
JPMorgan Ultra-Short Income ETF
The guru sold out of their 2,158,100-share investment in BATS:JPST. Previously, the stock had a 0.4% weight in the equity portfolio. Shares traded for an average price of $50.32 during the quarter.
On 05/11/2022, JPMorgan Ultra-Short Income ETF traded for a price of $50.165 per share and a market cap of $19,006,018,000. The stock has returned -0.47% over the past year.
There is insufficient data to calculate the stock’s financial strength and profitability ratings.
Shopify Inc
State of Tennessee, Treasury Department reduced their investment in NYSE:SHOP by 55,790 shares. The trade had a 0.28% impact on the equity portfolio. During the quarter, the stock traded for an average price of $822.89.
On 05/11/2022, Shopify Inc traded for a price of $319.17 per share and a market cap of $39,989,359,000. The stock has returned -68.95% over the past year.
GuruFocus gives the company a financial strength rating of 9 out of 10 and a profitability rating of 4 out of 10.
In terms of valuation, Shopify Inc has a price-earnings ratio of 347.79, a price-book ratio of 4.44, a EV-to-Ebitda ratio of 247.51 and a price-sales ratio of 9.08.
The price-to-GF Value ratio is 0.19, earning the stock a GF Value rank of 2.
IHS Markit Ltd
The guru sold out of their 505,013-share investment in NYSE:INFO. Previously, the stock had a 0.25% weight in the equity portfolio. Shares traded for an average price of $116.3 during the quarter.
On 05/11/2022, IHS Markit Ltd traded for a price of $108.61 per share and a market cap of $43,344,119,000. The stock has returned 21.07% over the past year.
There is insufficient data to calculate the stock’s financial strength and profitability ratings.
In terms of valuation, IHS Markit Ltd has a price-earnings ratio of 36.20, a price-book ratio of 4.57, a price-earnings-to-growth (PEG) ratio of 1.59, a EV-to-Ebitda ratio of 22.35 and a price-sales ratio of 9.36.
Prologis Inc
During the quarter, State of Tennessee, Treasury Department bought 356,608 shares of NYSE:PLD for a total holding of 1,747,000. The trade had a 0.22% impact on the equity portfolio. During the quarter, the stock traded for an average price of $152.45.
On 05/11/2022, Prologis Inc traded for a price of $124.02 per share and a market cap of $94,328,847,000. The stock has returned 10.23% over the past year.
GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 8 out of 10.
In terms of valuation, Prologis Inc has a price-earnings ratio of 25.54, a price-book ratio of 2.75, a price-earnings-to-growth (PEG) ratio of 6.23, a EV-to-Ebitda ratio of 18.60 and a price-sales ratio of 20.18.
The price-to-GF Value ratio is 1.08, earning the stock a GF Value rank of 3.
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.
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