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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
ADM icon
351
Archer Daniels Midland
ADM
$38.6B
$13.4M 0.04%
232,960
+18,057
+8% +$1.08M
SOFI icon
352
SoFi Technologies
SOFI
$23.8B
$13.3M 0.04%
508,060
-1,154
-0.2% -$32.2K
IR icon
353
Ingersoll Rand
IR
$32.7B
$13.2M 0.04%
166,587
-14,870
-8% -$1.17M
WTW icon
354
Willis Towers Watson
WTW
$31B
$13.2M 0.04%
40,100
-3,883
-9% -$1.27M
VRSK icon
355
Verisk Analytics
VRSK
$24.2B
$13.1M 0.04%
58,643
-4,279
-7% -$966K
TSCO icon
356
Tractor Supply
TSCO
$18.8B
$13M 0.04%
259,813
+20,798
+9% +$1.12M
MTB icon
357
M&T Bank
MTB
$36.6B
$13M 0.04%
64,408
-5,977
-8% -$1.14M
HUM icon
358
Humana
HUM
$46.2B
$13M 0.04%
50,578
-3,695
-7% -$969K
UHS icon
359
Universal Health Services
UHS
$10.1B
$13M 0.04%
59,417
-2,052
-3% -$454K
CPNG icon
360
Coupang
CPNG
$29.3B
$12.9M 0.04%
548,168
-10,059
-2% -$286K
BIIB icon
361
Biogen
BIIB
$31.1B
$12.8M 0.04%
72,614
+6,932
+11% +$1.13M
ELAN icon
362
Elanco Animal Health
ELAN
$11.2B
$12.7M 0.04%
563,177
+210,529
+60% +$4.58M
ARES icon
363
Ares Management
ARES
$33.7B
$12.7M 0.04%
78,840
-5,763
-7% -$898K
TER icon
364
Teradyne
TER
$64.2B
$12.7M 0.04%
65,612
-6,696
-9% -$1.15M
INCY icon
365
Incyte
INCY
$24.4B
$12.7M 0.04%
128,201
+57,069
+80% +$5.52M
SF
366
Stifel
SF
$12.9B
$12.6M 0.04%
150,905
-5,415
-3% -$433K
CF icon
367
CF Industries
CF
$17.7B
$12.6M 0.04%
162,507
-5,108
-3% -$420K
TIGO icon
368
Millicom
TIGO
$15.8B
$12.6M 0.04%
226,611
+171,498
+311% +$8.64M
NRG icon
369
NRG Energy
NRG
$25.2B
$12.6M 0.04%
78,859
-6,681
-8% -$1.11M
NTRA icon
370
Natera
NTRA
$44.8B
$12.5M 0.04%
54,404
-3,971
-7% -$828K
FANG icon
371
Diamondback Energy
FANG
$55.9B
$12.3M 0.04%
81,736
-7,094
-8% -$1.05M
ODFL icon
372
Old Dominion Freight Line
ODFL
$44.7B
$12.2M 0.04%
78,081
-5,704
-7% -$818K
OXY icon
373
Occidental Petroleum
OXY
$57.7B
$12.2M 0.04%
295,501
-21,595
-7% -$901K
BOKF icon
374
BOK Financial
BOKF
$8.85B
$12.1M 0.04%
102,535
-858
-0.8% -$96.2K
RKLB icon
375
Rocket Lab Corp
RKLB
$51.2B
$12.1M 0.04%
173,343
-12,668
-7% -$726K
13 14
15
16 17

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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.