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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
MRNA icon
651
Moderna
MRNA
$25.4B
$4.43M 0.01%
150,141
-9,334
-6% -$254K
ORI icon
652
Old Republic International
ORI
$10.3B
$4.37M 0.01%
95,751
-6,992
-7% -$303K
MANH icon
653
Manhattan Associates
MANH
$11.7B
$4.35M 0.01%
25,121
-1,835
-7% -$335K
ONON icon
654
On Holding
ONON
$10.6B
$4.35M 0.01%
93,493
-5,544
-6% -$239K
WBS icon
655
Webster Financial
WBS
$12.8B
$4.32M 0.01%
68,645
-6,576
-9% -$390K
DCI icon
656
Donaldson
DCI
$11.1B
$4.31M 0.01%
48,643
-3,556
-7% -$309K
AES icon
657
AES
AES
$10.5B
$4.27M 0.01%
297,456
-21,736
-7% -$306K
SJM icon
658
J.M. Smucker
SJM
$12.9B
$4.25M 0.01%
43,421
-3,171
-7% -$328K
BAH icon
659
Booz Allen Hamilton
BAH
$9.43B
$4.23M 0.01%
50,127
-4,522
-8% -$405K
NXST icon
660
Nexstar Media Group
NXST
$5.81B
$4.21M 0.01%
20,750
-884
-4% -$173K
OVV icon
661
Ovintiv
OVV
$17.2B
$4.21M 0.01%
107,402
-65,104
-38% -$2.52M
NCLH icon
662
Norwegian Cruise Line
NCLH
$8.98B
$4.2M 0.01%
188,105
-10,745
-5% -$227K
LSCC icon
663
Lattice Semiconductor
LSCC
$18.2B
$4.19M 0.01%
56,967
-4,159
-7% -$296K
AAL icon
664
American Airlines Group
AAL
$9.97B
$4.19M 0.01%
273,238
-19,961
-7% -$269K
AR icon
665
Antero Resources
AR
$11.3B
$4.18M 0.01%
121,390
-8,866
-7% -$300K
JAZZ icon
666
Jazz Pharmaceuticals
JAZZ
$16B
$4.15M 0.01%
24,397
-1,789
-7% -$274K
NWSA icon
667
News Corp Class A
NWSA
$15.6B
$4.14M 0.01%
158,627
-11,589
-7% -$304K
CNM icon
668
Core & Main
CNM
$8.64B
$4.13M 0.01%
79,537
-5,807
-7% -$298K
W icon
669
Wayfair
W
$13.9B
$4.12M 0.01%
41,029
-1,670
-4% -$161K
BAX icon
670
Baxter International
BAX
$14B
$4.1M 0.01%
214,634
-15,674
-7% -$314K
GMED icon
671
Globus Medical
GMED
$11.5B
$4.1M 0.01%
46,984
-3,426
-7% -$260K
CRL icon
672
Charles River Laboratories
CRL
$13.4B
$4.08M 0.01%
20,436
-1,492
-7% -$271K
AIT icon
673
Applied Industrial Technologies
AIT
$13.2B
$4.03M 0.01%
15,690
-1,435
-8% -$367K
ARMK icon
674
Aramark
ARMK
$16.1B
$4.03M 0.01%
109,319
-7,982
-7% -$304K
VNT icon
675
Vontier
VNT
$4.47B
$4.03M 0.01%
108,281
+42,527
+65% +$1.63M
25 26
27
28 29

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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.