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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
RTX icon
51
RTX Corp
RTX
$297B
$103M 0.33%
560,587
-40,965
-7% -$7.12M
TXN icon
52
Texas Instruments
TXN
$254B
$95M 0.3%
547,596
-24,098
-4% -$4.13M
ADI icon
53
Analog Devices
ADI
$189B
$94.8M 0.3%
349,550
-15,462
-4% -$3.88M
COF icon
54
Capital One
COF
$137B
$93.2M 0.3%
384,546
+36,432
+10% +$8.11M
GD icon
55
General Dynamics
GD
$106B
$90.7M 0.29%
269,456
+25,163
+10% +$8.58M
GILD icon
56
Gilead Sciences
GILD
$170B
$90.7M 0.29%
738,582
-10,764
-1% -$1.31M
MDT icon
57
Medtronic
MDT
$117B
$90.2M 0.29%
939,092
-40,024
-4% -$3.89M
ACN icon
58
Accenture
ACN
$112B
$89.8M 0.29%
334,757
+53,296
+19% +$13.5M
BLK icon
59
Blackrock
BLK
$181B
$87.7M 0.28%
81,893
-15,338
-16% -$16.8M
C icon
60
Citigroup
C
$231B
$86.8M 0.28%
743,611
-77,352
-9% -$8.03M
MS icon
61
Morgan Stanley
MS
$345B
$85.7M 0.27%
482,575
-35,255
-7% -$5.88M
LIN icon
62
Linde
LIN
$222B
$83.9M 0.27%
196,763
-14,381
-7% -$6.16M
ADBE icon
63
Adobe
ADBE
$104B
$83.9M 0.27%
239,625
+48,266
+25% +$16.4M
ISRG icon
64
Intuitive Surgical
ISRG
$142B
$83.8M 0.27%
147,902
-12,566
-8% -$6.69M
APP icon
65
Applovin
APP
$105B
$83.1M 0.27%
123,380
-9,233
-7% -$5.82M
UBER icon
66
Uber
UBER
$154B
$83M 0.27%
1,016,281
+111,049
+12% +$10M
PEP icon
67
PepsiCo
PEP
$191B
$82.4M 0.26%
574,173
-41,956
-7% -$6.16M
INTC icon
68
Intel
INTC
$534B
$81.6M 0.26%
2,210,369
+245,488
+12% +$9.27M
BKNG icon
69
Booking.com
BKNG
$160B
$75.8M 0.24%
353,750
-11,875
-3% -$2.44M
CME icon
70
CME Group
CME
$95.1B
$75.7M 0.24%
277,211
-7,764
-3% -$2.11M
ADP icon
71
Automatic Data Processing
ADP
$108B
$75.2M 0.24%
292,528
-12,696
-4% -$3.38M
GEV icon
72
GE Vernova
GEV
$273B
$74.9M 0.24%
114,558
-8,368
-7% -$5.1M
AMGN icon
73
Amgen
AMGN
$226B
$73.8M 0.24%
225,367
-16,476
-7% -$5.23M
ETR icon
74
Entergy
ETR
$50.1B
$72.7M 0.23%
786,227
+121,117
+18% +$11.5M
VZ icon
75
Verizon
VZ
$197B
$72.1M 0.23%
1,769,667
-129,308
-7% -$5.24M
1 2
3
4 5

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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.