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Treasurer of the State of North Carolina

Treasurer of the State of North Carolina Portfolio holdings

AUM $31.8B
1-Year Est. Return 28.93%
This Fund
S&P 500
This Quarter Est. Return
+3.93%
1 Year Est. Return
+28.93%
3 Year Est. Return
+100.69%
5 Year Est. Return
+135.6%
10 Year Est. Return
–
AUM
$31.2B
AUM Growth
-$1.27B
Cap. Flow
-$1.92B
Cap. Flow %
-6.15%
Top 10 Hldgs %
34.36%
Holding
1,016
New
6
Increased
92
Reduced
912
Closed
6

Top Buys

Rank Stock Value
1
BAC icon
Bank of America
BAC
+$33.2M
2
IVV icon
iShares Core S&P 500 ETF
IVV
+$33.2M
3
DUK icon
Duke Energy
DUK
+$29.4M
4
L icon
Loews
L
+$18M
5
PTC icon
PTC
PTC
+$17.5M

Top Sells

Rank Stock Value
1
AAPL icon
Apple
AAPL
+$140M
2
NVDA icon
NVIDIA
NVDA
+$125M
3
MSFT icon
Microsoft
MSFT
+$98.5M
4
AMZN icon
Amazon
AMZN
+$70.4M
5
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$67.9M

Sector Composition

Rank Sector Weight
1 Technology 33.48%
2 Financials 13.06%
3 Consumer Discretionary 10.4%
4 Communication Services 10.34%
5 Healthcare 9.59%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BDX icon
226
Becton Dickinson
BDX
$49.6B
$23.3M 0.07%
119,851
-8,758
-7% -$1.67M
ALLE icon
227
Allegion
ALLE
$14.2B
$23.1M 0.07%
144,907
-2,841
-2% -$474K
ALL icon
228
Allstate
ALL
$66B
$23M 0.07%
110,563
-8,079
-7% -$1.65M
APD icon
229
Air Products & Chemicals
APD
$68B
$23M 0.07%
93,085
-6,795
-7% -$1.72M
LHX icon
230
L3Harris
LHX
$53.7B
$23M 0.07%
78,247
-5,717
-7% -$1.65M
VST icon
231
Vistra
VST
$49.1B
$22.9M 0.07%
141,757
-10,353
-7% -$1.89M
WSM icon
232
Williams-Sonoma
WSM
$28.6B
$22.8M 0.07%
127,898
-3,771
-3% -$707K
FOXA icon
233
Fox Class A
FOXA
$27.4B
$22.7M 0.07%
310,688
-9,266
-3% -$605K
CCL icon
234
Carnival Corporation Ltd
CCL
$39.1B
$22.7M 0.07%
742,991
-262,927
-26% -$7.33M
EHC icon
235
Encompass Health
EHC
$12.2B
$22.7M 0.07%
213,601
-3,371
-2% -$391K
ZM icon
236
Zoom
ZM
$32.2B
$22.5M 0.07%
260,467
-14,611
-5% -$1.23M
KMI icon
237
Kinder Morgan
KMI
$71.5B
$22.4M 0.07%
814,801
-59,543
-7% -$1.61M
DLR icon
238
Digital Realty Trust
DLR
$73.2B
$22.3M 0.07%
144,159
-7,500
-5% -$1.23M
AFL icon
239
Aflac
AFL
$60.7B
$22.2M 0.07%
201,221
-17,800
-8% -$1.96M
PSX icon
240
Phillips 66
PSX
$92.3B
$21.8M 0.07%
168,853
-14,432
-8% -$1.94M
O icon
241
Realty Income
O
$59.7B
$21.6M 0.07%
383,673
-22,975
-6% -$1.33M
GEN icon
242
Gen Digital
GEN
$17.7B
$21.5M 0.07%
790,331
-105,218
-12% -$2.83M
F icon
243
Ford
F
$55.3B
$21.5M 0.07%
1,635,711
-119,518
-7% -$1.54M
DELL icon
244
Dell
DELL
$319B
$21.4M 0.07%
170,210
+34,436
+25% +$4.85M
GEHC icon
245
GE HealthCare
GEHC
$33.3B
$21.2M 0.07%
257,904
-75,516
-23% -$5.88M
ALNY icon
246
Alnylam Pharmaceuticals
ALNY
$30.3B
$21.1M 0.07%
53,114
-3,009
-5% -$1.33M
COIN icon
247
Coinbase
COIN
$40.6B
$21.1M 0.07%
93,375
-1,106
-1% -$330K
RBLX icon
248
Roblox
RBLX
$27.3B
$21.1M 0.07%
259,883
-14,805
-5% -$1.57M
UTHR icon
249
United Therapeutics
UTHR
$21.4B
$21M 0.07%
43,095
-801
-2% -$373K
D icon
250
Dominion Energy
D
$60.4B
$21M 0.07%
357,595
-26,131
-7% -$1.57M
8 9
10
11 12

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Treasurer of the State of North Carolina's Q4 2025 Portfolio in Review

As of Q4 2025, Treasurer of the State of North Carolina held 1,016 positions worth $31.2B, down 3.9% from $32.5B the previous quarter. Its ten largest holdings account for 34% of the portfolio.

Treasurer of the State of North Carolina withdrew a net $1.92B in Q4 2025, closing 6 positions and reducing 912 holdings. Its most notable exit was Kellanova, an estimated $10.2M position sold in full.

By sector, the portfolio is most concentrated in Technology at 33% of assets, down from 34% a quarter earlier, followed by Financials and Consumer Discretionary.

Against the trend, Treasurer of the State of North Carolina opened a new position in Qnity Electronics Inc worth $7.16M.

  • Treasurer of the State of North Carolina's largest Q4 2025 buy was Qnity Electronics Inc: 87,692 shares worth $7.16M.
  • Treasurer of the State of North Carolina added most to Bank of America in Q4 2025, an estimated $33.2M increase.
  • Treasurer of the State of North Carolina's biggest Q4 2025 reduction was Apple, cutting an estimated $140M.
  • Treasurer of the State of North Carolina fully exited Kellanova in Q4 2025, selling an estimated $10.2M.
  • Treasurer of the State of North Carolina's ten largest holdings make up 34% of its $31.2B portfolio in Q4 2025.
  • Treasurer of the State of North Carolina opened 6 new positions and closed 6 in Q4 2025.
  • Treasurer of the State of North Carolina's portfolio value fell 3.9% quarter-over-quarter to $31.2B.

Based on Treasurer of the State of North Carolina's 13F filing for Q4 2025, filed 13 Feb 2026.