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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
CMS icon
451
CMS Energy
CMS
$22.1B
$8.87M 0.03%
126,801
-6,948
-5% -$505K
HPQ icon
452
HP
HPQ
$28.6B
$8.8M 0.03%
395,190
-28,871
-7% -$736K
LH icon
453
Labcorp
LH
$26.2B
$8.78M 0.03%
35,013
-2,561
-7% -$680K
GTES icon
454
Gates Industrial Corporation Ltd.
GTES
$7B
$8.74M 0.03%
407,045
-8,334
-2% -$192K
P
455
Everpure Inc
P
$39B
$8.72M 0.03%
130,130
-9,503
-7% -$794K
SBAC icon
456
SBA Communications
SBAC
$19.8B
$8.7M 0.03%
44,995
-3,283
-7% -$634K
CW icon
457
Curtiss-Wright
CW
$25.4B
$8.68M 0.03%
15,751
-1,149
-7% -$641K
KHC icon
458
Kraft Heinz
KHC
$30.1B
$8.68M 0.03%
357,739
-26,142
-7% -$650K
FWONK icon
459
Liberty Media Series C
FWONK
$26B
$8.66M 0.03%
87,885
-6,423
-7% -$630K
IP icon
460
International Paper
IP
$21.8B
$8.65M 0.03%
219,605
-16,039
-7% -$659K
NNN icon
461
NNN REIT
NNN
$8.87B
$8.63M 0.03%
217,776
-157,095
-42% -$6.44M
AFRM icon
462
Affirm
AFRM
$26.2B
$8.57M 0.03%
115,160
-5,472
-5% -$394K
CASY icon
463
Casey's General Stores
CASY
$31.6B
$8.57M 0.03%
15,504
-1,130
-7% -$622K
CPAY icon
464
Corpay
CPAY
$27.9B
$8.57M 0.03%
28,473
-2,084
-7% -$605K
HUBS icon
465
HubSpot
HUBS
$12B
$8.55M 0.03%
21,302
-1,559
-7% -$646K
WRB icon
466
W.R. Berkley
WRB
$26.2B
$8.53M 0.03%
121,584
-8,881
-7% -$654K
VRSN icon
467
VeriSign
VRSN
$26B
$8.47M 0.03%
34,872
-53,825
-61% -$13.5M
BWXT icon
468
BWX Technologies
BWXT
$15.6B
$8.45M 0.03%
48,894
+7,881
+19% +$1.48M
CNC icon
469
Centene
CNC
$32.6B
$8.45M 0.03%
205,333
-15,005
-7% -$562K
CHD icon
470
Church & Dwight Co
CHD
$24B
$8.44M 0.03%
100,691
-10,049
-9% -$858K
ILMN icon
471
Illumina
ILMN
$29.1B
$8.44M 0.03%
64,371
-6,751
-9% -$793K
SW
472
Smurfit Westrock
SW
$26.2B
$8.44M 0.03%
218,289
-15,947
-7% -$608K
EXPD icon
473
Expeditors International
EXPD
$24.3B
$8.43M 0.03%
56,591
-5,046
-8% -$687K
TWLO icon
474
Twilio
TWLO
$38.3B
$8.43M 0.03%
59,245
-4,326
-7% -$536K
FTAI icon
475
FTAI Aviation
FTAI
$22.2B
$8.4M 0.03%
42,675
-3,124
-7% -$532K
17 18
19
20 21

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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.