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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
ROL icon
301
Rollins
ROL
$17.4B
$16.4M 0.05%
273,668
+147,477
+117% +$8.66M
TRGP icon
302
Targa Resources
TRGP
$57.2B
$16.4M 0.05%
88,996
-7,566
-8% -$1.27M
GRMN
303
Garmin
GRMN
$60.2B
$16.3M 0.05%
80,270
+6,994
+10% +$1.52M
SNDK
304
Sandisk
SNDK
$223B
$16.3M 0.05%
68,476
+7,846
+13% +$1.57M
A icon
305
Agilent Technologies
A
$42.2B
$16.2M 0.05%
119,391
-8,722
-7% -$1.25M
CCI icon
306
Crown Castle
CCI
$32.2B
$16.2M 0.05%
181,794
-13,282
-7% -$1.22M
IQV icon
307
IQVIA
IQV
$39.8B
$16M 0.05%
70,779
-5,169
-7% -$1.12M
DHI icon
308
D.R. Horton
DHI
$41.9B
$15.9M 0.05%
110,203
-9,516
-8% -$1.45M
VMC icon
309
Vulcan Materials
VMC
$36B
$15.8M 0.05%
55,393
-4,048
-7% -$1.19M
MLM icon
310
Martin Marietta Materials
MLM
$32.7B
$15.6M 0.05%
25,129
-1,835
-7% -$1.14M
DKS icon
311
Dick's Sporting Goods
DKS
$18.1B
$15.6M 0.05%
78,932
-2,032
-3% -$443K
INSM icon
312
Insmed
INSM
$27.6B
$15.3M 0.05%
87,740
+3,988
+5% +$728K
KDP icon
313
Keurig Dr Pepper
KDP
$42.3B
$15.2M 0.05%
542,623
-39,654
-7% -$1.09M
VTR icon
314
Ventas
VTR
$46.3B
$15.2M 0.05%
196,179
-7,503
-4% -$566K
FIVE icon
315
Five Below
FIVE
$13.4B
$15.2M 0.05%
80,573
-1,756
-2% -$285K
PAYX icon
316
Paychex
PAYX
$44.6B
$15.2M 0.05%
135,206
-73,744
-35% -$8.63M
WAB icon
317
Wabtec
WAB
$50.3B
$15.2M 0.05%
71,044
-18,070
-20% -$3.71M
FISV
318
Fiserv Inc
FISV
$29.5B
$15.1M 0.05%
224,264
-18,955
-8% -$1.59M
STT icon
319
State Street
STT
$52.2B
$15.1M 0.05%
116,763
-10,501
-8% -$1.26M
RJF icon
320
Raymond James Financial
RJF
$34.8B
$15M 0.05%
93,703
-7,530
-7% -$1.22M
ED icon
321
Consolidated Edison
ED
$40.1B
$15M 0.05%
151,024
-11,041
-7% -$1.1M
SYY icon
322
Sysco
SYY
$40B
$14.8M 0.05%
200,819
-17,327
-8% -$1.32M
G icon
323
Genpact
G
$5.78B
$14.8M 0.05%
315,674
-5,390
-2% -$233K
PCG icon
324
PG&E
PCG
$38.5B
$14.8M 0.05%
918,622
-67,119
-7% -$1.07M
RMD icon
325
ResMed
RMD
$32.9B
$14.7M 0.05%
61,166
-4,475
-7% -$1.14M
11 12
13
14 15

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GAM
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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.