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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
CACI icon
626
CACI
CACI
$14.8B
$4.85M 0.02%
9,099
-8,537
-48% -$4.82M
AGNC icon
627
AGNC Investment
AGNC
$13B
$4.81M 0.02%
448,735
-18,872
-4% -$194K
SWK icon
628
Stanley Black & Decker
SWK
$15.4B
$4.81M 0.02%
64,759
-4,733
-7% -$333K
BMRN icon
629
BioMarin Pharmaceuticals
BMRN
$13.3B
$4.73M 0.02%
79,657
-5,816
-7% -$317K
RVTY icon
630
Revvity
RVTY
$13.1B
$4.71M 0.02%
48,627
-128,460
-73% -$12.3M
BLDR icon
631
Builders FirstSource
BLDR
$7.91B
$4.68M 0.02%
45,454
-3,329
-7% -$374K
DOC icon
632
Healthpeak Properties
DOC
$14.3B
$4.67M 0.02%
290,425
-21,222
-7% -$374K
NYT icon
633
New York Times
NYT
$10.3B
$4.67M 0.02%
67,239
-4,915
-7% -$305K
GL icon
634
Globe Life
GL
$14B
$4.67M 0.01%
33,355
-3,919
-11% -$531K
CMA
635
DELISTED
Comerica
CMA
$4.65M 0.01%
53,487
-3,911
-7% -$315K
LYB icon
636
LyondellBasell Industries
LYB
$20.2B
$4.65M 0.01%
107,327
-7,849
-7% -$355K
IOT icon
637
Samsara
IOT
$24B
$4.64M 0.01%
130,787
+10,169
+8% +$394K
EPAM icon
638
EPAM Systems
EPAM
$5.24B
$4.62M 0.01%
22,567
-2,056
-8% -$367K
TXRH icon
639
Texas Roadhouse
TXRH
$13.6B
$4.6M 0.01%
27,733
-2,027
-7% -$343K
AMH icon
640
American Homes 4 Rent
AMH
$12.3B
$4.59M 0.01%
143,153
-10,461
-7% -$335K
LAMR icon
641
Lamar Advertising Co
LAMR
$15.8B
$4.58M 0.01%
36,161
-3,232
-8% -$405K
FDS icon
642
Factset
FDS
$10.2B
$4.55M 0.01%
15,688
-1,381
-8% -$388K
HAS icon
643
Hasbro
HAS
$13.6B
$4.54M 0.01%
55,379
-4,047
-7% -$317K
MTSI icon
644
MACOM Technology Solutions
MTSI
$23.5B
$4.54M 0.01%
26,506
-1,942
-7% -$308K
WTRG icon
645
Essential Utilities
WTRG
$11.5B
$4.51M 0.01%
117,497
-8,585
-7% -$338K
MKSI icon
646
MKS Inc
MKSI
$20.7B
$4.5M 0.01%
28,143
-2,059
-7% -$305K
ALGN icon
647
Align Technology
ALGN
$12.5B
$4.49M 0.01%
28,721
-2,093
-7% -$300K
BXP icon
648
Boston Properties
BXP
$11B
$4.48M 0.01%
66,363
-4,847
-7% -$345K
DAY
649
DELISTED
Dayforce
DAY
$4.47M 0.01%
64,608
-4,721
-7% -$325K
SCI icon
650
Service Corp International
SCI
$11.3B
$4.46M 0.01%
57,136
-5,498
-9% -$440K
24 25
26
27 28

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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.