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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
VNO icon
701
Vornado Realty Trust
VNO
$7.41B
$3.67M 0.01%
110,247
-5,460
-5% -$199K
CFLT
702
DELISTED
Confluent
CFLT
$3.66M 0.01%
121,010
-3,448
-3% -$84.6K
COKE icon
703
Coca-Cola Consolidated
COKE
$12.7B
$3.64M 0.01%
23,735
+461
+2% +$67.6K
KNSL icon
704
Kinsale Capital Group
KNSL
$8.59B
$3.62M 0.01%
9,265
-677
-7% -$276K
RGEN icon
705
Repligen
RGEN
$9.45B
$3.62M 0.01%
22,076
-1,609
-7% -$252K
OGE icon
706
OGE Energy
OGE
$9.71B
$3.59M 0.01%
84,169
-6,145
-7% -$274K
FRT icon
707
Federal Realty Investment Trust
FRT
$10.3B
$3.59M 0.01%
35,636
-2,609
-7% -$257K
ZION icon
708
Zions Bancorporation
ZION
$10.5B
$3.56M 0.01%
60,764
-4,433
-7% -$241K
ADT icon
709
ADT
ADT
$5.46B
$3.55M 0.01%
439,811
-16,056
-4% -$133K
ROIV icon
710
Roivant Sciences
ROIV
$26.2B
$3.54M 0.01%
163,345
-11,934
-7% -$235K
TPG icon
711
TPG
TPG
$8.86B
$3.54M 0.01%
55,409
-4,049
-7% -$239K
ARE icon
712
Alexandria Real Estate Equities
ARE
$8.33B
$3.52M 0.01%
71,866
-5,253
-7% -$309K
SEIC icon
713
SEI Investments
SEIC
$12.8B
$3.52M 0.01%
42,862
-3,904
-8% -$321K
PRI icon
714
Primerica
PRI
$9.62B
$3.5M 0.01%
13,526
-1,300
-9% -$339K
PCOR icon
715
Procore
PCOR
$9.45B
$3.49M 0.01%
48,008
-3,506
-7% -$259K
RRC icon
716
Range Resources
RRC
$9.33B
$3.49M 0.01%
98,917
-7,227
-7% -$269K
COLB icon
717
Columbia Banking Systems
COLB
$9.18B
$3.47M 0.01%
123,992
-9,058
-7% -$245K
CAG icon
718
Conagra Brands
CAG
$7.39B
$3.45M 0.01%
199,407
-14,565
-7% -$259K
KNX icon
719
Knight Transportation
KNX
$11.9B
$3.45M 0.01%
65,961
-4,816
-7% -$226K
GME icon
720
GameStop
GME
$8.33B
$3.45M 0.01%
171,688
-12,540
-7% -$281K
BPOP icon
721
Popular Inc
BPOP
$11.3B
$3.42M 0.01%
27,502
-2,440
-8% -$288K
CUBE icon
722
CubeSmart
CUBE
$9.4B
$3.42M 0.01%
94,837
-6,931
-7% -$263K
ADC icon
723
Agree Realty
ADC
$9.34B
$3.41M 0.01%
47,377
-1,291
-3% -$94.3K
CNH
724
CNH Industrial
CNH
$16.7B
$3.39M 0.01%
367,749
-26,877
-7% -$268K
UGI icon
725
UGI
UGI
$7.56B
$3.37M 0.01%
90,088
-6,584
-7% -$233K
27 28
29
30 31

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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.