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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
RF icon
426
Regions Financial
RF
$27B
$10M 0.03%
370,551
-33,368
-8% -$852K
EQR icon
427
Equity Residential
EQR
$24.7B
$10M 0.03%
158,689
-11,594
-7% -$711K
SSD icon
428
Simpson Manufacturing
SSD
$8B
$10M 0.03%
61,922
+43,092
+229% +$7.28M
VMI icon
429
Valmont Industries
VMI
$9.5B
$10M 0.03%
24,849
-28,803
-54% -$11.7M
PEGA icon
430
Pegasystems
PEGA
$5.51B
$9.98M 0.03%
167,081
+127,990
+327% +$7.5M
VLTO icon
431
Veralto
VLTO
$23.8B
$9.97M 0.03%
99,893
-7,303
-7% -$739K
HUBB icon
432
Hubbell
HUBB
$26.8B
$9.96M 0.03%
22,418
-1,635
-7% -$716K
TDY icon
433
Teledyne Technologies
TDY
$31.2B
$9.95M 0.03%
19,475
-1,428
-7% -$752K
HAL icon
434
Halliburton
HAL
$27.4B
$9.94M 0.03%
351,641
-33,805
-9% -$893K
SNX icon
435
TD Synnex
SNX
$20.4B
$9.76M 0.03%
64,955
-2,838
-4% -$435K
STLD icon
436
Steel Dynamics
STLD
$37.3B
$9.72M 0.03%
57,340
-5,816
-9% -$924K
PPG icon
437
PPG Industries
PPG
$25.5B
$9.64M 0.03%
94,135
-8,052
-8% -$809K
BRO icon
438
Brown & Brown
BRO
$24B
$9.64M 0.03%
120,997
-4,439
-4% -$370K
LDOS icon
439
Leidos
LDOS
$17.9B
$9.64M 0.03%
53,433
-3,896
-7% -$738K
EIX icon
440
Edison International
EIX
$27.2B
$9.59M 0.03%
159,699
-11,662
-7% -$669K
WAT icon
441
Waters Corp
WAT
$40.6B
$9.48M 0.03%
24,956
-1,822
-7% -$670K
LYV icon
442
Live Nation Entertainment
LYV
$43.3B
$9.45M 0.03%
66,309
-4,843
-7% -$696K
ZS icon
443
Zscaler
ZS
$30.4B
$9.41M 0.03%
41,855
-2,047
-5% -$578K
OHI icon
444
Omega Healthcare
OHI
$13.9B
$9.38M 0.03%
211,432
-293,754
-58% -$12.7M
LFUS icon
445
Littelfuse
LFUS
$11.4B
$9.33M 0.03%
36,886
+25,843
+234% +$6.58M
TROW icon
446
T. Rowe Price
TROW
$23.7B
$9.28M 0.03%
90,609
-7,745
-8% -$799K
QSR icon
447
Restaurant Brands International
QSR
$26.7B
$9.25M 0.03%
135,566
-9,904
-7% -$682K
LEN icon
448
Lennar Class A
LEN
$21.1B
$9.21M 0.03%
89,640
-11,004
-11% -$1.33M
DRI icon
449
Darden Restaurants
DRI
$25.4B
$9.01M 0.03%
48,952
-35,450
-42% -$6.46M
QGEN icon
450
Qiagen
QGEN
$8.93B
$8.9M 0.03%
197,810
-6,732
-3% -$311K
16 17
18
19 20

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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.