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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
NBIX icon
576
Neurocrine Biosciences
NBIX
$15.3B
$5.75M 0.02%
40,570
-2,971
-7% -$430K
AA icon
577
Alcoa
AA
$13.1B
$5.75M 0.02%
108,266
-7,911
-7% -$324K
PFGC icon
578
Performance Food Group
PFGC
$16.4B
$5.75M 0.02%
63,938
-4,669
-7% -$451K
NEU icon
579
NewMarket
NEU
$8.72B
$5.74M 0.02%
8,355
-312
-4% -$238K
GGG icon
580
Graco
GGG
$13.3B
$5.7M 0.02%
69,565
-5,074
-7% -$418K
KIM icon
581
Kimco Realty
KIM
$16.4B
$5.67M 0.02%
279,975
-20,452
-7% -$425K
MTZ icon
582
MasTec
MTZ
$23B
$5.67M 0.02%
26,063
-1,897
-7% -$398K
IEX icon
583
IDEX
IEX
$17.6B
$5.63M 0.02%
31,669
-2,311
-7% -$395K
HII icon
584
Huntington Ingalls Industries
HII
$12.8B
$5.56M 0.02%
16,339
-1,195
-7% -$371K
JKHY icon
585
Jack Henry & Associates
JKHY
$11.1B
$5.55M 0.02%
30,423
-2,214
-7% -$369K
CSL icon
586
Carlisle Companies
CSL
$14.9B
$5.55M 0.02%
17,353
-1,920
-10% -$622K
RPM icon
587
RPM International
RPM
$14.5B
$5.54M 0.02%
53,256
-3,893
-7% -$421K
MAS icon
588
Masco
MAS
$14.7B
$5.52M 0.02%
87,044
-7,824
-8% -$508K
UNM icon
589
Unum
UNM
$14.7B
$5.49M 0.02%
70,828
-5,173
-7% -$396K
CHRD icon
590
Chord Energy
CHRD
$7.35B
$5.48M 0.02%
59,143
-30,230
-34% -$2.8M
DPZ icon
591
Domino's
DPZ
$11.6B
$5.48M 0.02%
13,142
-1,151
-8% -$480K
TOL icon
592
Toll Brothers
TOL
$14B
$5.43M 0.02%
40,178
-3,738
-9% -$507K
BBY icon
593
Best Buy
BBY
$18B
$5.42M 0.02%
80,985
-5,919
-7% -$452K
LECO icon
594
Lincoln Electric
LECO
$15.5B
$5.38M 0.02%
22,459
-1,919
-8% -$455K
SAIA icon
595
Saia
SAIA
$10.1B
$5.36M 0.02%
16,428
+4,446
+37% +$1.34M
NDSN icon
596
Nordson
NDSN
$17.3B
$5.36M 0.02%
22,289
-1,938
-8% -$455K
DT icon
597
Dynatrace
DT
$14.7B
$5.33M 0.02%
123,025
-8,993
-7% -$419K
ENTG icon
598
Entegris
ENTG
$25B
$5.29M 0.02%
62,798
-4,591
-7% -$399K
ACM icon
599
Aecom
ACM
$8.19B
$5.29M 0.02%
55,439
-4,052
-7% -$477K
MEDP icon
600
Medpace
MEDP
$16.2B
$5.25M 0.02%
9,356
-684
-7% -$388K
22 23
24
25 26

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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.