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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
BWA icon
676
BorgWarner
BWA
$13.8B
$4.01M 0.01%
88,912
-9,057
-9% -$397K
IVZ icon
677
Invesco
IVZ
$14.3B
$4.01M 0.01%
152,477
-11,143
-7% -$272K
JEF icon
678
Jefferies Financial Group
JEF
$12.9B
$3.98M 0.01%
64,150
-4,686
-7% -$269K
OWL icon
679
Blue Owl Capital
OWL
$19.7B
$3.97M 0.01%
265,986
-8,285
-3% -$130K
SSB icon
680
SouthState Bank Corp
SSB
$10.8B
$3.96M 0.01%
42,025
-3,063
-7% -$284K
EGP icon
681
EastGroup Properties
EGP
$11B
$3.95M 0.01%
22,186
-1,617
-7% -$287K
HLI icon
682
Houlihan Lokey
HLI
$9.24B
$3.95M 0.01%
22,658
-1,654
-7% -$304K
SWKS icon
683
Skyworks Solutions
SWKS
$10.5B
$3.94M 0.01%
62,067
-5,300
-8% -$370K
SN icon
684
SharkNinja
SN
$26.6B
$3.9M 0.01%
34,894
-2,336
-6% -$230K
FYBR
685
DELISTED
Frontier Communications
FYBR
$3.89M 0.01%
102,224
-7,463
-7% -$282K
OC icon
686
Owens Corning
OC
$12.3B
$3.89M 0.01%
34,767
-3,393
-9% -$398K
RRX icon
687
Regal Rexnord
RRX
$11.4B
$3.88M 0.01%
27,666
-2,022
-7% -$288K
WTFC icon
688
Wintrust Financial
WTFC
$11B
$3.87M 0.01%
27,655
-2,021
-7% -$269K
TDC icon
689
Teradata
TDC
$2.57B
$3.86M 0.01%
126,863
+84,063
+196% +$2.2M
WYNN icon
690
Wynn Resorts
WYNN
$10.5B
$3.85M 0.01%
31,958
-5,017
-14% -$621K
PLNT icon
691
Planet Fitness
PLNT
$3.71B
$3.81M 0.01%
35,162
-2,561
-7% -$264K
TECH icon
692
Bio-Techne
TECH
$11.2B
$3.81M 0.01%
64,710
-5,796
-8% -$352K
CR icon
693
Crane Co
CR
$12.7B
$3.8M 0.01%
20,612
-1,506
-7% -$279K
WAL icon
694
Western Alliance Bancorporation
WAL
$8.92B
$3.8M 0.01%
45,205
-3,299
-7% -$268K
AFG icon
695
American Financial Group
AFG
$12.1B
$3.79M 0.01%
27,703
-2,024
-7% -$278K
REXR icon
696
Rexford Industrial Realty
REXR
$8.12B
$3.78M 0.01%
97,674
-8,876
-8% -$366K
MOH icon
697
Molina Healthcare
MOH
$10.7B
$3.7M 0.01%
21,304
-2,810
-12% -$462K
TTEK icon
698
Tetra Tech
TTEK
$9.33B
$3.69M 0.01%
110,002
-8,035
-7% -$272K
FLS icon
699
Flowserve
FLS
$10.3B
$3.68M 0.01%
53,073
-5,495
-9% -$353K
DDS icon
700
Dillards
DDS
$9.59B
$3.67M 0.01%
6,053
-96
-2% -$60.5K
26 27
28
29 30

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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.