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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
LYFT icon
751
Lyft
LYFT
$6.5B
$3.12M 0.01%
161,014
-17,929
-10% -$373K
CLF icon
752
Cleveland-Cliffs
CLF
$6.92B
$3.12M 0.01%
234,786
+16,019
+7% +$202K
FR icon
753
First Industrial Realty Trust
FR
$8.39B
$3.07M 0.01%
53,620
-3,921
-7% -$219K
EMN icon
754
Eastman Chemical
EMN
$8.42B
$3.07M 0.01%
48,088
-3,512
-7% -$216K
PNFP icon
755
Pinnacle Financial Partners Inc
PNFP
$16.2B
$3.05M 0.01%
31,984
-2,336
-7% -$215K
BEN icon
756
Franklin Resources
BEN
$17.2B
$3.04M 0.01%
127,262
-10,929
-8% -$251K
CHWY icon
757
Chewy
CHWY
$9.25B
$3.02M 0.01%
91,514
-4,248
-4% -$147K
DINO icon
758
HF Sinclair
DINO
$16.3B
$3.01M 0.01%
65,344
-6,470
-9% -$334K
BROS icon
759
Dutch Bros
BROS
$8.91B
$3.01M 0.01%
49,135
-3,594
-7% -$204K
NFG icon
760
National Fuel Gas
NFG
$7.73B
$3.01M 0.01%
37,573
-2,749
-7% -$226K
VOYA icon
761
Voya Financial
VOYA
$9.15B
$3M 0.01%
40,284
-2,949
-7% -$215K
QRVO icon
762
Qorvo
QRVO
$8.71B
$2.97M 0.01%
35,158
-2,981
-8% -$263K
MIDD icon
763
Middleby
MIDD
$5.28B
$2.97M 0.01%
19,959
-63,782
-76% -$8.37M
ESTC icon
764
Elastic
ESTC
$8.85B
$2.92M 0.01%
38,662
-2,100
-5% -$171K
SNV
765
DELISTED
Synovus
SNV
$2.91M 0.01%
58,099
-4,247
-7% -$204K
AXTA icon
766
Axalta
AXTA
$7.93B
$2.88M 0.01%
89,243
-8,857
-9% -$260K
MUSA icon
767
Murphy USA
MUSA
$10.3B
$2.88M 0.01%
7,128
-953
-12% -$366K
STAG icon
768
STAG Industrial
STAG
$7.11B
$2.88M 0.01%
78,205
-5,714
-7% -$217K
HRL icon
769
Hormel Foods
HRL
$13.5B
$2.87M 0.01%
121,189
-8,851
-7% -$207K
IDA icon
770
Idacorp
IDA
$8.15B
$2.86M 0.01%
22,593
-1,649
-7% -$215K
ACI icon
771
Albertsons Companies
ACI
$6.04B
$2.84M 0.01%
165,554
-15,501
-9% -$276K
CBSH icon
772
Commerce Bancshares
CBSH
$8.6B
$2.84M 0.01%
54,217
-3,968
-7% -$207K
OLLI icon
773
Ollie's Bargain Outlet
OLLI
$4.7B
$2.81M 0.01%
25,645
-1,875
-7% -$226K
AL
774
DELISTED
Air Lease Corp
AL
$2.8M 0.01%
43,634
-9,898
-18% -$632K
PCTY icon
775
Paylocity
PCTY
$8.08B
$2.8M 0.01%
18,376
-1,644
-8% -$245K
29 30
31
32 33

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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.