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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
DVN icon
376
Devon Energy
DVN
$48.8B
$12.1M 0.04%
329,264
-60,349
-15% -$2.11M
CHTR icon
377
Charter Communications
CHTR
$18.7B
$12M 0.04%
57,633
-4,682
-8% -$1.05M
COHR icon
378
Coherent
COHR
$64B
$12M 0.04%
65,089
-3,886
-6% -$581K
MTD icon
379
Mettler-Toledo International
MTD
$28.7B
$12M 0.04%
8,615
-734
-8% -$1.03M
ALAB icon
380
Astera Labs
ALAB
$56B
$11.9M 0.04%
71,823
-3,896
-5% -$652K
LPLA icon
381
LPL Financial
LPLA
$29.5B
$11.9M 0.04%
33,383
-2,444
-7% -$864K
MTG icon
382
MGIC Investment
MTG
$6.33B
$11.9M 0.04%
406,775
-58,346
-13% -$1.64M
CSGP icon
383
CoStar Group
CSGP
$13.4B
$11.8M 0.04%
174,964
-12,784
-7% -$906K
CTRA
384
DELISTED
Coterra Energy
CTRA
$11.7M 0.04%
444,533
-23,337
-5% -$588K
DBX icon
385
Dropbox
DBX
$7.81B
$11.5M 0.04%
413,573
+52,931
+15% +$1.54M
EXR icon
386
Extra Space Storage
EXR
$31.6B
$11.5M 0.04%
88,272
-6,443
-7% -$879K
OMC icon
387
Omnicom Group
OMC
$24.2B
$11.5M 0.04%
141,890
+54,988
+63% +$4.2M
SCCO icon
388
Southern Copper
SCCO
$158B
$11.5M 0.04%
82,299
-45,232
-35% -$5.92M
EME icon
389
Emcor
EME
$36.7B
$11.3M 0.04%
18,528
-1,354
-7% -$877K
EXEL icon
390
Exelixis
EXEL
$12.5B
$11.3M 0.04%
257,975
-55,616
-18% -$2.3M
TEAM icon
391
Atlassian
TEAM
$42.1B
$11.3M 0.04%
69,490
-3,279
-5% -$515K
HBAN icon
392
Huntington Bancshares
HBAN
$35.9B
$11.3M 0.04%
648,802
-1,438
-0.2% -$23.6K
ATO icon
393
Atmos Energy
ATO
$28.7B
$11.2M 0.04%
67,057
-4,093
-6% -$708K
MKL icon
394
Markel Group
MKL
$22.8B
$11.2M 0.04%
5,218
-384
-7% -$778K
DTE icon
395
DTE Energy
DTE
$29B
$11.2M 0.04%
86,821
-6,340
-7% -$861K
HSY icon
396
Hershey
HSY
$37.4B
$11.1M 0.04%
61,040
-4,455
-7% -$814K
DOV icon
397
Dover
DOV
$27.8B
$11.1M 0.04%
56,811
-4,158
-7% -$757K
EFX icon
398
Equifax
EFX
$21.8B
$11.1M 0.04%
51,116
-4,545
-8% -$995K
TPR icon
399
Tapestry
TPR
$25.9B
$11.1M 0.04%
86,653
-6,327
-7% -$723K
CBOE icon
400
Cboe Global Markets
CBOE
$30.6B
$11M 0.04%
43,900
-3,208
-7% -$798K
14 15
16
17 18

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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.