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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
BRX icon
726
Brixmor Property Group
BRX
$9.21B
$3.34M 0.01%
127,555
-9,324
-7% -$246K
ATR icon
727
AptarGroup
ATR
$8.43B
$3.34M 0.01%
27,409
-2,002
-7% -$247K
AXS icon
728
AXIS Capital
AXS
$7.3B
$3.33M 0.01%
31,124
-2,980
-9% -$296K
CRBG icon
729
Corebridge Financial
CRBG
$15.3B
$3.33M 0.01%
110,364
-11,124
-9% -$342K
LAD icon
730
Lithia Motors
LAD
$8.32B
$3.32M 0.01%
9,990
-1,510
-13% -$479K
HSIC icon
731
Henry Schein
HSIC
$10B
$3.31M 0.01%
43,851
-4,659
-10% -$328K
OSK icon
732
Oshkosh
OSK
$9.41B
$3.31M 0.01%
26,326
-2,424
-8% -$312K
GNRC icon
733
Generac Holdings
GNRC
$12.8B
$3.3M 0.01%
24,215
-2,034
-8% -$328K
HALO icon
734
Halozyme
HALO
$11.4B
$3.27M 0.01%
48,607
-6,484
-12% -$436K
SFM icon
735
Sprouts Farmers Market
SFM
$7.71B
$3.27M 0.01%
41,009
-3,005
-7% -$270K
TTC icon
736
Toro Company
TTC
$9.21B
$3.25M 0.01%
41,298
-3,017
-7% -$223K
LKQ icon
737
LKQ Corp
LKQ
$6.38B
$3.25M 0.01%
107,612
-7,860
-7% -$237K
CART icon
738
Maplebear
CART
$11.6B
$3.25M 0.01%
72,197
-5,268
-7% -$216K
MTCH icon
739
Match Group
MTCH
$8.56B
$3.25M 0.01%
100,490
-9,408
-9% -$309K
SOLS
740
Solstice Advanced Materials
SOLS
$9.94B
$3.24M 0.01%
+66,615
New +$3.14M
ONTO icon
741
Onto Innovation
ONTO
$20.6B
$3.22M 0.01%
20,376
-63,866
-76% -$9.07M
TAP icon
742
Molson Coors Class B
TAP
$7.85B
$3.2M 0.01%
68,468
-6,940
-9% -$320K
MOS icon
743
The Mosaic Company
MOS
$6.92B
$3.19M 0.01%
132,199
-65,749
-33% -$1.77M
LNC icon
744
Lincoln National
LNC
$8.67B
$3.18M 0.01%
71,344
-5,213
-7% -$217K
AVTR icon
745
Avantor
AVTR
$9.37B
$3.17M 0.01%
276,799
-267,454
-49% -$3.29M
POOL icon
746
Pool Corp
POOL
$7.29B
$3.16M 0.01%
13,823
-2,325
-14% -$605K
CFR icon
747
Cullen/Frost Bankers
CFR
$10.5B
$3.15M 0.01%
24,905
-1,829
-7% -$229K
CHDN icon
748
Churchill Downs
CHDN
$6.2B
$3.15M 0.01%
27,696
-687
-2% -$71.3K
CELH icon
749
Celsius Holdings
CELH
$7.28B
$3.15M 0.01%
68,877
-5,042
-7% -$254K
MGM icon
750
MGM Resorts International
MGM
$11.1B
$3.13M 0.01%
85,841
-6,275
-7% -$213K
28 29
30
31 32

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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.