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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
ABBV icon
26
AbbVie
ABBV
$447B
$175M 0.56%
767,134
-29,411
-4% -$6.7M
COST icon
27
Costco
COST
$422B
$160M 0.51%
185,983
-13,586
-7% -$12.3M
IBM icon
28
IBM
IBM
$224B
$160M 0.51%
540,450
-78,608
-13% -$23.5M
LRCX icon
29
Lam Research
LRCX
$413B
$150M 0.48%
878,764
-55,303
-6% -$8.6M
UNH icon
30
UnitedHealth
UNH
$362B
$149M 0.48%
452,856
-29,855
-6% -$10.1M
AMD icon
31
Advanced Micro Devices
AMD
$809B
$145M 0.46%
674,787
-49,304
-7% -$11.1M
HD icon
32
Home Depot
HD
$344B
$144M 0.46%
417,192
-30,484
-7% -$11.2M
GE icon
33
GE Aerospace
GE
$375B
$138M 0.44%
447,227
-25,588
-5% -$7.71M
KLAC icon
34
KLA
KLAC
$274B
$125M 0.4%
1,031,520
-68,970
-6% -$8.09M
AMAT icon
35
Applied Materials
AMAT
$441B
$125M 0.4%
486,879
-39,275
-7% -$9.42M
QCOM icon
36
Qualcomm
QCOM
$174B
$124M 0.4%
724,159
-33,580
-4% -$5.76M
WFC icon
37
Wells Fargo
WFC
$267B
$123M 0.39%
1,317,165
-132,851
-9% -$11.5M
CVX icon
38
Chevron
CVX
$382B
$120M 0.38%
785,006
-78,598
-9% -$12M
DIS icon
39
Walt Disney
DIS
$180B
$120M 0.38%
1,051,029
-45,428
-4% -$5M
MRK icon
40
Merck
MRK
$331B
$119M 0.38%
1,131,565
-1,324
-0.1% -$124K
AXP icon
41
American Express
AXP
$232B
$115M 0.37%
310,989
-6,275
-2% -$2.25M
INTU icon
42
Intuit
INTU
$93.8B
$115M 0.37%
172,937
-11,556
-6% -$7.64M
KO icon
43
Coca-Cola
KO
$376B
$114M 0.37%
1,629,472
-119,065
-7% -$8.3M
MCD icon
44
McDonald's
MCD
$196B
$114M 0.36%
371,389
-86,106
-19% -$26.4M
PM icon
45
Philip Morris
PM
$298B
$113M 0.36%
701,632
-158,744
-18% -$24.6M
CRM icon
46
Salesforce
CRM
$160B
$112M 0.36%
424,175
+4,387
+1% +$1.09M
CAT icon
47
Caterpillar
CAT
$392B
$111M 0.36%
194,018
-14,168
-7% -$7.87M
ABT icon
48
Abbott
ABT
$193B
$111M 0.36%
886,063
-53,313
-6% -$6.79M
TMO icon
49
Thermo Fisher Scientific
TMO
$222B
$109M 0.35%
187,529
+17,731
+10% +$10M
GS icon
50
Goldman Sachs
GS
$305B
$108M 0.35%
123,120
-12,040
-9% -$9.82M
1
2
3 4 5

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GAM
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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.