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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
NTAP icon
251
NetApp
NTAP
$40.4B
$20.9M 0.07%
195,393
+105,560
+118% +$12.1M
DLTR icon
252
Dollar Tree
DLTR
$24.9B
$20.8M 0.07%
169,350
-8,073
-5% -$865K
VLO icon
253
Valero Energy
VLO
$98.4B
$20.7M 0.07%
127,370
-12,974
-9% -$2.2M
MPC icon
254
Marathon Petroleum
MPC
$100B
$20.7M 0.07%
127,426
-10,747
-8% -$2.01M
FERG icon
255
Ferguson
FERG
$47.9B
$20.6M 0.07%
92,731
-8,622
-9% -$2.06M
MLI icon
256
Mueller Industries
MLI
$14.8B
$20.6M 0.07%
359,518
+262,006
+269% +$14.1M
EW icon
257
Edwards Lifesciences
EW
$53.3B
$20.6M 0.07%
241,156
-17,617
-7% -$1.45M
CAH icon
258
Cardinal Health
CAH
$53.6B
$20.5M 0.07%
99,987
-7,299
-7% -$1.37M
CMG icon
259
Chipotle Mexican Grill
CMG
$41.4B
$20.4M 0.07%
551,575
-51,537
-9% -$1.86M
SNA icon
260
Snap-on
SNA
$20.9B
$20.2M 0.06%
58,628
-18,012
-24% -$6.16M
AYI icon
261
Acuity Brands
AYI
$10.8B
$20.1M 0.06%
55,967
-1,031
-2% -$373K
DOX icon
262
Amdocs
DOX
$6.24B
$20.1M 0.06%
249,307
-4,671
-2% -$376K
VICI icon
263
VICI Properties
VICI
$29.1B
$20M 0.06%
712,774
-245,094
-26% -$7.28M
CBRE icon
264
CBRE Group
CBRE
$43.9B
$20M 0.06%
124,586
-9,104
-7% -$1.43M
R icon
265
Ryder
R
$10.1B
$19.9M 0.06%
103,832
-2,787
-3% -$501K
AIG icon
266
American International
AIG
$39.8B
$19.9M 0.06%
232,066
-26,987
-10% -$2.16M
EVR icon
267
Evercore
EVR
$12B
$19.8M 0.06%
58,135
-1,216
-2% -$391K
NUE icon
268
Nucor
NUE
$61.8B
$19.6M 0.06%
120,390
+17,120
+17% +$2.57M
TTWO icon
269
Take-Two Interactive
TTWO
$45.5B
$19.5M 0.06%
76,331
-5,579
-7% -$1.39M
RPRX icon
270
Royalty Pharma
RPRX
$25.9B
$19.5M 0.06%
505,485
-8,137
-2% -$310K
KR icon
271
Kroger
KR
$35.2B
$19.4M 0.06%
310,739
-158,619
-34% -$10.4M
WDAY icon
272
Workday
WDAY
$50.6B
$19.4M 0.06%
90,157
-6,589
-7% -$1.5M
OKE icon
273
Oneok
OKE
$58.5B
$19.2M 0.06%
261,836
-19,128
-7% -$1.36M
KMB icon
274
Kimberly-Clark
KMB
$36.8B
$19.2M 0.06%
189,874
-51,428
-21% -$5.62M
DG icon
275
Dollar General
DG
$27B
$19.1M 0.06%
143,536
+44,776
+45% +$4.99M
9 10
11
12 13

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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.