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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
BR icon
401
Broadridge
BR
$19.6B
$10.9M 0.03%
48,823
-3,570
-7% -$814K
UI icon
402
Ubiquiti
UI
$35.3B
$10.9M 0.03%
19,689
+4,743
+32% +$3M
LITE icon
403
Lumentum
LITE
$78B
$10.9M 0.03%
29,505
-1,389
-4% -$357K
DXCM icon
404
DexCom
DXCM
$34.5B
$10.9M 0.03%
163,829
-11,972
-7% -$774K
PPL
405
PPL Corp
PPL
$26.8B
$10.9M 0.03%
310,107
-22,655
-7% -$817K
LULU icon
406
lululemon athletica
LULU
$13.6B
$10.8M 0.03%
52,016
+4,696
+10% +$851K
AVB icon
407
AvalonBay Communities
AVB
$26.3B
$10.8M 0.03%
59,588
-4,352
-7% -$790K
EL icon
408
Estee Lauder
EL
$31.6B
$10.8M 0.03%
102,673
-2,411
-2% -$234K
AWK icon
409
American Water Works
AWK
$27.1B
$10.6M 0.03%
81,605
-5,957
-7% -$796K
PR
410
Permian Resources
PR
$17.7B
$10.6M 0.03%
756,683
-6,447
-0.8% -$86.6K
ON icon
411
ON Semiconductor
ON
$31.8B
$10.6M 0.03%
195,787
-196,663
-50% -$10.1M
BYD icon
412
Boyd Gaming
BYD
$6.05B
$10.6M 0.03%
124,263
-2,521
-2% -$208K
AWI icon
413
Armstrong World Industries
AWI
$7.68B
$10.6M 0.03%
55,368
-3,824
-6% -$730K
CINF icon
414
Cincinnati Financial
CINF
$26.5B
$10.5M 0.03%
64,544
-4,716
-7% -$764K
EXE
415
Expand Energy Corp
EXE
$21.9B
$10.5M 0.03%
95,280
-3,517
-4% -$390K
CFG icon
416
Citizens Financial Group
CFG
$31.2B
$10.5M 0.03%
179,849
-15,728
-8% -$845K
ES icon
417
Eversource Energy
ES
$27.2B
$10.5M 0.03%
155,631
-9,556
-6% -$671K
CNP icon
418
CenterPoint Energy
CNP
$26.7B
$10.5M 0.03%
273,009
-19,954
-7% -$778K
STE icon
419
Steris
STE
$23B
$10.4M 0.03%
41,136
-3,004
-7% -$754K
GIS icon
420
General Mills
GIS
$20.8B
$10.4M 0.03%
223,497
-22,711
-9% -$1.08M
FE icon
421
FirstEnergy
FE
$27.1B
$10.3M 0.03%
229,913
-16,797
-7% -$771K
RGA icon
422
Reinsurance Group of America
RGA
$16.4B
$10.3M 0.03%
50,540
+10,351
+26% +$2M
IRM icon
423
Iron Mountain
IRM
$37.7B
$10.2M 0.03%
122,929
-8,975
-7% -$840K
INGR icon
424
Ingredion
INGR
$6.63B
$10.2M 0.03%
92,367
-2,081
-2% -$235K
JBL icon
425
Jabil
JBL
$38.8B
$10.1M 0.03%
44,194
-3,231
-7% -$689K
15 16
17
18 19

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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.