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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
TW icon
601
Tradeweb Markets
TW
$22.3B
$5.25M 0.02%
48,851
-3,572
-7% -$383K
IONS icon
602
Ionis Pharmaceuticals
IONS
$9.28B
$5.24M 0.02%
66,262
-3,600
-5% -$271K
ALLY icon
603
Ally Financial
ALLY
$13.6B
$5.24M 0.02%
115,615
-8,450
-7% -$348K
REG icon
604
Regency Centers
REG
$14.1B
$5.22M 0.02%
75,679
-5,539
-7% -$388K
VIK icon
605
Viking Holdings
VIK
$47.3B
$5.21M 0.02%
73,026
-5,333
-7% -$340K
ZBRA icon
606
Zebra Technologies
ZBRA
$18B
$5.17M 0.02%
21,302
-1,548
-7% -$414K
CLX icon
607
Clorox
CLX
$12.9B
$5.15M 0.02%
51,040
-4,367
-8% -$474K
Z icon
608
Zillow
Z
$8.08B
$5.12M 0.02%
75,041
+1,936
+3% +$140K
AIZ icon
609
Assurant
AIZ
$13.9B
$5.11M 0.02%
21,229
-1,553
-7% -$347K
HST icon
610
Host Hotels & Resorts
HST
$15.6B
$5.09M 0.02%
287,318
-20,991
-7% -$362K
DTM icon
611
DT Midstream
DTM
$13.8B
$5.09M 0.02%
42,505
-3,111
-7% -$357K
UDR icon
612
UDR
UDR
$12.2B
$5.08M 0.02%
138,412
-10,114
-7% -$360K
FHN icon
613
First Horizon
FHN
$12.3B
$5.03M 0.02%
210,636
-15,395
-7% -$343K
BG icon
614
Bunge Global
BG
$21.7B
$5.03M 0.02%
56,435
-4,129
-7% -$381K
CCK icon
615
Crown Holdings
CCK
$12.9B
$4.99M 0.02%
48,494
-3,544
-7% -$345K
CLH icon
616
Clean Harbors
CLH
$16.9B
$4.98M 0.02%
21,220
-1,553
-7% -$355K
QXO
617
QXO Inc
QXO
$16.1B
$4.94M 0.02%
255,952
-18,703
-7% -$358K
BJ icon
618
BJs Wholesale Club
BJ
$11.9B
$4.93M 0.02%
54,758
-4,009
-7% -$368K
WSO icon
619
Watsco Inc
WSO
$12.9B
$4.92M 0.02%
14,586
-1,059
-7% -$378K
WCC
620
WESCO International
WCC
$17.5B
$4.91M 0.02%
20,071
-1,474
-7% -$362K
BLD
621
DELISTED
TopBuild
BLD
$4.9M 0.02%
11,752
-1,065
-8% -$457K
SOLV icon
622
Solventum
SOLV
$14.7B
$4.9M 0.02%
61,854
-4,529
-7% -$347K
ELS icon
623
Equity Lifestyle Properties
ELS
$12.6B
$4.88M 0.02%
80,503
-5,882
-7% -$364K
PEN icon
624
Penumbra
PEN
$12.9B
$4.87M 0.02%
15,669
-1,143
-7% -$316K
CPT icon
625
Camden Property Trust
CPT
$11.1B
$4.87M 0.02%
44,223
-4,096
-8% -$426K
23 24
25
26 27

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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.