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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
WH icon
826
Wyndham Hotels & Resorts
WH
$5.5B
$2.34M 0.01%
31,009
-2,626
-8% -$198K
AS icon
827
Amer Sports
AS
$19.4B
$2.33M 0.01%
62,500
-4,568
-7% -$157K
HR icon
828
Healthcare Realty
HR
$6.6B
$2.33M 0.01%
137,481
-10,053
-7% -$179K
MHK icon
829
Mohawk Industries
MHK
$9.43B
$2.32M 0.01%
21,249
-1,814
-8% -$208K
LBRDK icon
830
Liberty Broadband Class C
LBRDK
$5.29B
$2.31M 0.01%
47,604
-9,741
-17% -$507K
HRB icon
831
H&R Block
HRB
$6.75B
$2.31M 0.01%
53,075
-144,542
-73% -$6.76M
SITE icon
832
SiteOne Landscape Supply
SITE
$4.26B
$2.31M 0.01%
18,518
-1,353
-7% -$171K
WFRD icon
833
Weatherford International
WFRD
$6.62B
$2.31M 0.01%
29,482
-2,518
-8% -$183K
AN icon
834
AutoNation
AN
$6.89B
$2.3M 0.01%
11,137
-1,211
-10% -$252K
RYAN icon
835
Ryan Specialty Holdings
RYAN
$11B
$2.3M 0.01%
44,549
-2,655
-6% -$146K
SLM icon
836
SLM Corp
SLM
$5.23B
$2.29M 0.01%
84,790
-9,254
-10% -$254K
ETSY icon
837
Etsy
ETSY
$7.4B
$2.28M 0.01%
41,104
-3,002
-7% -$183K
HLNE icon
838
Hamilton Lane
HLNE
$5.92B
$2.28M 0.01%
16,955
-1,006
-6% -$127K
CPB icon
839
Campbell Soup
CPB
$6.93B
$2.26M 0.01%
81,238
-5,928
-7% -$178K
TFX icon
840
Teleflex
TFX
$5.79B
$2.26M 0.01%
18,500
-1,352
-7% -$164K
TKR icon
841
Timken Company
TKR
$9.07B
$2.2M 0.01%
26,203
-1,919
-7% -$153K
GTLB icon
842
GitLab
GTLB
$7.33B
$2.2M 0.01%
58,505
-1,197
-2% -$51.8K
RLI icon
843
RLI Corp
RLI
$5.88B
$2.19M 0.01%
34,272
-2,514
-7% -$158K
BEPC icon
844
Brookfield Renewable
BEPC
$6.65B
$2.17M 0.01%
56,584
-4,130
-7% -$166K
THO icon
845
Thor Industries
THO
$4.1B
$2.17M 0.01%
21,101
-1,791
-8% -$186K
FCN icon
846
FTI Consulting
FCN
$4.25B
$2.15M 0.01%
12,615
-1,574
-11% -$259K
OLED icon
847
Universal Display
OLED
$4.19B
$2.15M 0.01%
18,401
-1,344
-7% -$174K
WTM icon
848
White Mountains Insurance
WTM
$5.1B
$2.15M 0.01%
1,034
-91
-8% -$178K
AAON icon
849
Aaon
AAON
$7.26B
$2.15M 0.01%
28,155
-2,060
-7% -$190K
APPF icon
850
AppFolio
APPF
$7.31B
$2.14M 0.01%
9,208
-673
-7% -$160K
32 33
34
35 36

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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.