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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
DUOL icon
776
Duolingo
DUOL
$6.85B
$2.79M 0.01%
15,924
-969
-6% -$228K
WING icon
777
Wingstop
WING
$3.14B
$2.78M 0.01%
11,641
-851
-7% -$211K
MKTX icon
778
MarketAxess Holdings
MKTX
$5.72B
$2.77M 0.01%
15,269
-1,122
-7% -$191K
MP icon
779
MP Materials
MP
$9.9B
$2.77M 0.01%
54,731
-3,997
-7% -$253K
PATH icon
780
UiPath
PATH
$8.62B
$2.76M 0.01%
168,541
-12,317
-7% -$192K
EXP icon
781
Eagle Materials
EXP
$6.4B
$2.75M 0.01%
13,309
-1,142
-8% -$252K
EXLS icon
782
EXL Service
EXLS
$5.36B
$2.75M 0.01%
64,669
-6,472
-9% -$265K
VNOM icon
783
Viper Energy
VNOM
$14.8B
$2.73M 0.01%
70,701
-5,163
-7% -$195K
H icon
784
Hyatt Hotels
H
$16.8B
$2.73M 0.01%
17,020
-1,065
-6% -$163K
FND icon
785
Floor & Decor
FND
$6.28B
$2.71M 0.01%
44,594
-3,262
-7% -$211K
AGCO icon
786
AGCO
AGCO
$6.98B
$2.71M 0.01%
25,990
-1,902
-7% -$202K
THG icon
787
Hanover Insurance
THG
$7.76B
$2.71M 0.01%
14,819
-1,281
-8% -$230K
ESAB icon
788
ESAB
ESAB
$5.35B
$2.67M 0.01%
23,852
-40,311
-63% -$4.61M
VFC icon
789
VF Corp
VFC
$5.81B
$2.66M 0.01%
147,122
-10,748
-7% -$174K
PB icon
790
Prosperity Bancshares
PB
$8.97B
$2.65M 0.01%
38,318
-185,130
-83% -$12.5M
STWD icon
791
Starwood Property Trust
STWD
$6.03B
$2.61M 0.01%
144,858
-10,583
-7% -$195K
KEX icon
792
Kirby Corp
KEX
$7.27B
$2.58M 0.01%
23,387
-1,710
-7% -$174K
KD icon
793
Kyndryl
KD
$3.02B
$2.57M 0.01%
96,907
-142,711
-60% -$3.87M
MAT icon
794
Mattel
MAT
$4.24B
$2.57M 0.01%
129,492
-14,874
-10% -$287K
FNB icon
795
FNB Corp
FNB
$6.89B
$2.54M 0.01%
148,728
-10,862
-7% -$178K
FBIN icon
796
Fortune Brands Innovations
FBIN
$5.8B
$2.54M 0.01%
50,683
-3,703
-7% -$186K
SEE
797
DELISTED
Sealed Air
SEE
$2.53M 0.01%
61,095
-4,470
-7% -$173K
CGNX icon
798
Cognex
CGNX
$10.4B
$2.53M 0.01%
70,298
-5,142
-7% -$208K
RITM icon
799
Rithm Capital
RITM
$5.79B
$2.52M 0.01%
231,650
-6,209
-3% -$68.6K
BSY icon
800
Bentley Systems
BSY
$11.2B
$2.52M 0.01%
65,947
-4,825
-7% -$220K
30 31
32
33 34

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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.