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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
(-3.9%)
Cap. Flow
-$1.92B
Cap. Flow
% of AUM
-6.15%
Top 10 Holdings %
Top 10 Hldgs %
34.36%
Holding
1,016
New
6
Increased
92
Reduced
912
Closed
6
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Bank of America
BAC
|
+$33.2M |
| 2 |
iShares Core S&P 500 ETF
IVV
|
+$33.2M |
| 3 |
Duke Energy
DUK
|
+$29.4M |
| 4 |
Loews
L
|
+$18M |
| 5 |
PTC
PTC
|
+$17.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Apple
AAPL
|
+$140M |
| 2 |
NVIDIA
NVDA
|
+$125M |
| 3 |
Microsoft
MSFT
|
+$98.5M |
| 4 |
Amazon
AMZN
|
+$70.4M |
| 5 |
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 | |
|---|---|---|---|---|---|---|
901
EPR Properties
EPR
$4.76B
| $1.56M | 0.01% |
31,263
-2,280
| -7% | -$119K |
|
|
KRMN
902
Karman Holdings
KRMN
$7.99B
| $1.56M | 0.01% |
21,301
+9,402
| +79% | +$681K |
|
903
Brighthouse Financial
BHF
$3.44B
| $1.55M | 0.01% |
23,940
-1,753
| -7% | -$103K |
|
904
MSC Industrial Direct
MSM
$6.71B
| $1.55M | 0.01% |
18,412
-1,345
| -7% | -$117K |
|
905
Valvoline
VVV
$4.27B
| $1.55M | 0.01% |
53,235
-3,891
| -7% | -$125K |
|
906
Americold
COLD
$4.32B
| $1.54M | ﹤0.01% |
119,443
-8,737
| -7% | -$107K |
|
907
Sotera Health
SHC
$5.43B
| $1.51M | ﹤0.01% |
85,620
+7,257
| +9% | +$120K |
|
908
GlobalFoundries
GFS
$29.3B
| $1.5M | ﹤0.01% |
43,044
-3,142
| -7% | -$112K |
|
909
Yeti Holdings
YETI
$3.36B
| $1.5M | ﹤0.01% |
33,915
-3,176
| -9% | -$122K |
|
910
Silgan Holdings
SLGN
$4.44B
| $1.49M | ﹤0.01% |
37,012
-2,705
| -7% | -$110K |
|
911
Envista
NVST
$4.57B
| $1.48M | ﹤0.01% |
68,256
-7,225
| -10% | -$148K |
|
912
Rayonier
RYN
$6.5B
| $1.44M | ﹤0.01% |
66,719
-6,287
| -9% | -$142K |
|
913
BellRing Brands
BRBR
$1.26B
| $1.41M | ﹤0.01% |
52,644
-3,845
| -7% | -$119K |
|
914
WillScot Mobile Mini Holdings
WSC
$4.06B
| $1.4M | ﹤0.01% |
74,538
-5,450
| -7% | -$110K |
|
915
Zillow
ZG
$7.78B
| $1.38M | ﹤0.01% |
20,184
-2,248
| -10% | -$158K |
|
916
Corcept Therapeutics
CORT
$12B
| $1.37M | ﹤0.01% |
39,379
-2,878
| -7% | -$226K |
|
917
Parsons
PSN
$5.08B
| $1.37M | ﹤0.01% |
22,103
-1,621
| -7% | -$127K |
|
918
Allegro MicroSystems
ALGM
$8.43B
| $1.36M | ﹤0.01% |
51,565
-3,772
| -7% | -$104K |
|
919
PVH
PVH
$3.8B
| $1.34M | ﹤0.01% |
19,983
-1,457
| -7% | -$114K |
|
920
First Hawaiian
FHB
$3.39B
| $1.31M | ﹤0.01% |
51,642
-4,651
| -8% | -$116K |
|
921
James Hardie Industries
JHX
$18B
| $1.3M | ﹤0.01% |
62,555
-3,171
| -5% | -$63.6K |
|
922
Hayward Holdings
HAYW
$3.23B
| $1.28M | ﹤0.01% |
83,145
-6,076
| -7% | -$96K |
|
923
Euronet Worldwide
EEFT
$2.69B
| $1.24M | ﹤0.01% |
16,342
-1,890
| -10% | -$147K |
|
924
Western Union
WU
$2.26B
| $1.24M | ﹤0.01% |
133,013
-12,022
| -8% | -$106K |
|
925
Freshpet
FRPT
$3.48B
| $1.22M | ﹤0.01% |
19,936
-1,464
| -7% | -$83K |
|
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GAM
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.