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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
BAM icon
476
Brookfield Asset Management
BAM
$89.2B
$8.39M 0.03%
160,214
-360,942
-69% -$19.4M
HEI.A icon
477
HEICO Corp Class A
HEI.A
$38.1B
$8.39M 0.03%
33,241
-472
-1% -$117K
LVS icon
478
Las Vegas Sands
LVS
$29.6B
$8.36M 0.03%
128,407
-11,492
-8% -$704K
PODD icon
479
Insulet
PODD
$10.2B
$8.35M 0.03%
29,382
-2,144
-7% -$670K
NI icon
480
NiSource
NI
$20.2B
$8.35M 0.03%
199,915
-11,641
-6% -$497K
NVR icon
481
NVR
NVR
$17B
$8.34M 0.03%
1,143
-121
-10% -$905K
WST icon
482
West Pharmaceutical
WST
$24.4B
$8.25M 0.03%
29,994
-2,192
-7% -$600K
STZ icon
483
Constellation Brands
STZ
$23.3B
$8.21M 0.03%
59,530
-5,437
-8% -$746K
TYL icon
484
Tyler Technologies
TYL
$13.5B
$8.19M 0.03%
18,033
-1,316
-7% -$627K
KEY icon
485
KeyCorp
KEY
$24.6B
$8.18M 0.03%
396,204
-28,950
-7% -$539K
FCNCA icon
486
First Citizens BancShares
FCNCA
$25.6B
$8.14M 0.03%
3,794
-478
-11% -$901K
LOPE icon
487
Grand Canyon Education
LOPE
$3.79B
$8.14M 0.03%
48,936
-193
-0.4% -$34.9K
NTNX icon
488
Nutanix
NTNX
$18.4B
$8.07M 0.03%
156,142
+41,446
+36% +$2.53M
AMCR icon
489
Amcor
AMCR
$21.4B
$8.05M 0.03%
193,137
-14,112
-7% -$582K
PFG icon
490
Principal Financial Group
PFG
$24.6B
$8.04M 0.03%
91,182
-8,663
-9% -$731K
RBA icon
491
RB Global
RBA
$16B
$7.99M 0.03%
77,667
-5,672
-7% -$576K
LUV icon
492
Southwest Airlines
LUV
$22B
$7.98M 0.03%
193,050
-18,770
-9% -$656K
EXAS
493
DELISTED
Exact Sciences
EXAS
$7.93M 0.03%
78,041
-5,712
-7% -$459K
CHRW icon
494
C.H. Robinson
CHRW
$17.5B
$7.91M 0.03%
49,219
-3,589
-7% -$530K
TRMB icon
495
Trimble
TRMB
$13.4B
$7.82M 0.03%
99,817
-7,297
-7% -$581K
GPN icon
496
Global Payments
GPN
$25.1B
$7.81M 0.03%
100,941
-8,828
-8% -$711K
IT icon
497
Gartner
IT
$11.6B
$7.78M 0.02%
30,854
-2,830
-8% -$681K
RKT icon
498
Rocket Companies
RKT
$42.6B
$7.64M 0.02%
394,471
+281,528
+249% +$5.03M
MTDR icon
499
Matador Resources
MTDR
$6.39B
$7.63M 0.02%
179,843
-3,817
-2% -$160K
RGLD icon
500
Royal Gold
RGLD
$19.1B
$7.63M 0.02%
34,337
+4,800
+16% +$952K
18 19
20
21 22

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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.