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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
GNTX icon
851
Gentex
GNTX
$4.98B
$2.14M 0.01%
91,937
-9,756
-10% -$235K
LPX icon
852
Louisiana-Pacific
LPX
$5.17B
$2.13M 0.01%
26,399
-1,923
-7% -$162K
WEX icon
853
WEX
WEX
$6.66B
$2.12M 0.01%
14,221
-1,041
-7% -$157K
KBR icon
854
KBR
KBR
$4.74B
$2.12M 0.01%
52,681
-5,077
-9% -$218K
MORN icon
855
Morningstar
MORN
$7.42B
$2.06M 0.01%
9,475
-952
-9% -$206K
LSTR icon
856
Landstar System
LSTR
$6.39B
$2.05M 0.01%
14,274
-1,314
-8% -$175K
BRKR icon
857
Bruker
BRKR
$8.84B
$2.04M 0.01%
43,280
-3,160
-7% -$134K
BC icon
858
Brunswick
BC
$5.3B
$2.04M 0.01%
27,445
-2,004
-7% -$136K
ST icon
859
Sensata Technologies
ST
$6.67B
$2.02M 0.01%
60,769
-4,444
-7% -$142K
POST icon
860
Post Holdings
POST
$3.66B
$2.01M 0.01%
20,325
-2,044
-9% -$212K
NWS icon
861
News Corp Class B
NWS
$17.8B
$2M 0.01%
67,636
-251,837
-79% -$7.51M
BF.B icon
862
Brown-Forman Class B
BF.B
$12.9B
$1.99M 0.01%
76,189
+9,790
+15% +$275K
CZR icon
863
Caesars Entertainment
CZR
$6.07B
$1.99M 0.01%
84,869
-7,924
-9% -$178K
QS icon
864
QuantumScape Corp
QS
$3.8B
$1.96M 0.01%
188,329
+414
+0.2% +$5.71K
LLYVK icon
865
Liberty Live Group Series C
LLYVK
$9.91B
$1.94M 0.01%
23,376
-1,414
-6% -$121K
CE icon
866
Celanese
CE
$4.81B
$1.94M 0.01%
45,812
-4,359
-9% -$178K
AMTM
867
Amentum Holdings
AMTM
$5.32B
$1.94M 0.01%
66,707
-4,874
-7% -$125K
SAIC icon
868
Saic
SAIC
$5.29B
$1.93M 0.01%
19,216
-1,914
-9% -$183K
MTN icon
869
Vail Resorts
MTN
$5.23B
$1.92M 0.01%
14,437
-1,683
-10% -$248K
MRP
870
Millrose Properties Inc
MRP
$5B
$1.92M 0.01%
64,133
+10,279
+19% +$322K
CCC
871
CCC Intelligent Solutions
CCC
$4B
$1.9M 0.01%
239,317
-6,977
-3% -$56.8K
AMKR icon
872
Amkor Technology
AMKR
$14.5B
$1.89M 0.01%
47,855
-3,494
-7% -$124K
AUR icon
873
Aurora
AUR
$13.5B
$1.88M 0.01%
488,549
+17,780
+4% +$81.4K
LAZ icon
874
Lazard
LAZ
$4.3B
$1.87M 0.01%
38,546
-2,814
-7% -$140K
S icon
875
SentinelOne
S
$7.83B
$1.85M 0.01%
123,646
-7,361
-6% -$121K
33 34
35
36 37

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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.