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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
SUI icon
551
Sun Communities
SUI
$14.6B
$6.36M 0.02%
51,314
-5,488
-10% -$687K
CRS icon
552
Carpenter Technology
CRS
$26.6B
$6.35M 0.02%
20,166
-1,471
-7% -$442K
RS icon
553
Reliance Steel & Aluminium
RS
$21.7B
$6.32M 0.02%
21,867
-1,862
-8% -$523K
APA icon
554
APA Corp
APA
$14B
$6.3M 0.02%
257,727
+98,288
+62% +$2.38M
DECK icon
555
Deckers Outdoor
DECK
$12.7B
$6.3M 0.02%
60,801
-5,600
-8% -$525K
SMCI icon
556
Super Micro Computer
SMCI
$25.3B
$6.3M 0.02%
215,135
-15,713
-7% -$647K
JBHT icon
557
JB Hunt Transport Services
JBHT
$26.5B
$6.24M 0.02%
32,103
-2,916
-8% -$501K
WMS icon
558
Advanced Drainage Systems
WMS
$11.3B
$6.19M 0.02%
42,770
+11,009
+35% +$1.59M
ITT icon
559
ITT
ITT
$19.4B
$6.15M 0.02%
35,454
+541
+2% +$96.9K
OKTA icon
560
Okta
OKTA
$26.9B
$6.06M 0.02%
70,119
-3,943
-5% -$344K
BALL icon
561
Ball Corp
BALL
$16.4B
$6.04M 0.02%
114,045
-10,699
-9% -$527K
VTRS icon
562
Viatris
VTRS
$18.4B
$6.02M 0.02%
483,765
-43,991
-8% -$475K
TKO icon
563
TKO Group
TKO
$14.6B
$6.02M 0.02%
28,804
-2,099
-7% -$408K
EQH icon
564
Equitable Holdings
EQH
$14.4B
$6M 0.02%
125,979
-9,212
-7% -$437K
PAYC icon
565
Paycom
PAYC
$10.1B
$5.97M 0.02%
37,437
+14,366
+62% +$2.55M
U icon
566
Unity
U
$20.2B
$5.96M 0.02%
134,937
-7,452
-5% -$304K
OMF icon
567
OneMain Financial
OMF
$7.51B
$5.93M 0.02%
87,725
-48,193
-35% -$2.93M
APG icon
568
APi Group
APG
$18.8B
$5.91M 0.02%
154,371
-11,280
-7% -$417K
EG icon
569
Everest Group
EG
$14B
$5.9M 0.02%
17,376
-1,502
-8% -$496K
FNF icon
570
Fidelity National Financial
FNF
$13.1B
$5.88M 0.02%
107,764
-72,532
-40% -$4.13M
AVY icon
571
Avery Dennison
AVY
$13.6B
$5.86M 0.02%
32,223
-2,753
-8% -$476K
ROKU icon
572
Roku
ROKU
$22.9B
$5.86M 0.02%
53,999
-3,950
-7% -$401K
RBC icon
573
RBC Bearings
RBC
$17.5B
$5.83M 0.02%
12,989
-945
-7% -$400K
RVMD icon
574
Revolution Medicines
RVMD
$43.3B
$5.78M 0.02%
72,617
-5,301
-7% -$348K
HEI icon
575
HEICO Corp
HEI
$51.9B
$5.75M 0.02%
17,785
-1,297
-7% -$410K
21 22
23
24 25

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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.