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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
FOX icon
326
Fox Class B
FOX
$24.4B
$14.7M 0.05%
226,665
-4,878
-2% -$285K
FIS icon
327
Fidelity National Information Services
FIS
$22.8B
$14.7M 0.05%
220,630
-16,119
-7% -$1.06M
HPE icon
328
Hewlett Packard
HPE
$79.2B
$14.7M 0.05%
610,459
-227,840
-27% -$5.37M
KEYS icon
329
Keysight
KEYS
$60.5B
$14.6M 0.05%
72,093
-67,721
-48% -$12.6M
XYZ
330
Block Inc
XYZ
$49.9B
$14.6M 0.05%
224,105
-20,743
-8% -$1.43M
GLPI icon
331
Gaming and Leisure Properties
GLPI
$12.7B
$14.5M 0.05%
324,944
-197,146
-38% -$8.74M
CPRT icon
332
Copart
CPRT
$27.2B
$14.5M 0.05%
370,522
-27,072
-7% -$1.12M
WEC icon
333
WEC Energy
WEC
$35.9B
$14.4M 0.05%
136,425
-7,179
-5% -$795K
RNR icon
334
RenaissanceRe
RNR
$13.3B
$14.3M 0.05%
50,851
-1,869
-4% -$492K
OTIS icon
335
Otis Worldwide
OTIS
$27.8B
$14.3M 0.05%
163,493
-14,187
-8% -$1.27M
FLUT icon
336
Flutter Entertainment
FLUT
$17.1B
$14.2M 0.05%
66,161
-12,613
-16% -$2.84M
RL icon
337
Ralph Lauren
RL
$23.1B
$14.2M 0.05%
40,216
-13,021
-24% -$4.44M
OZK icon
338
Bank OZK
OZK
$5.7B
$14.1M 0.05%
306,250
-3,751
-1% -$175K
MCHP icon
339
Microchip Technology
MCHP
$42.2B
$14.1M 0.05%
221,132
-16,157
-7% -$997K
THC icon
340
Tenet Healthcare
THC
$21.5B
$14M 0.05%
70,656
-11,525
-14% -$2.33M
EQT icon
341
EQT Corp
EQT
$33.8B
$14M 0.04%
260,399
-19,027
-7% -$1.07M
XYL icon
342
Xylem
XYL
$28.1B
$13.9M 0.04%
101,952
-7,452
-7% -$1.07M
MDB icon
343
MongoDB
MDB
$38B
$13.9M 0.04%
33,042
-2,418
-7% -$880K
CIEN icon
344
Ciena
CIEN
$62.7B
$13.8M 0.04%
59,103
-4,315
-7% -$837K
RDDT icon
345
Reddit
RDDT
$30.4B
$13.8M 0.04%
60,112
+7,699
+15% +$1.62M
VEEV icon
346
Veeva Systems
VEEV
$41B
$13.8M 0.04%
61,853
-4,518
-7% -$1.2M
KVUE icon
347
Kenvue
KVUE
$36.9B
$13.7M 0.04%
796,210
-58,173
-7% -$951K
CRUS icon
348
Cirrus Logic
CRUS
$6.08B
$13.6M 0.04%
115,018
-30,887
-21% -$3.8M
FIX icon
349
Comfort Systems
FIX
$60.8B
$13.6M 0.04%
14,575
-1,069
-7% -$987K
AEE icon
350
Ameren
AEE
$30.2B
$13.4M 0.04%
134,218
+12,887
+11% +$1.32M
12 13
14
15 16

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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.