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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 | |
|---|---|---|---|---|---|---|
926
Loar Holdings
LOAR
$6.8B
| $1.22M | ﹤0.01% |
17,866
-1,303
| -7% | -$95K |
|
927
Penske Automotive Group
PAG
$14.3B
| $1.21M | ﹤0.01% |
7,664
-564
| -7% | -$92.7K |
|
928
Globant
GLOB
$1.69B
| $1.18M | ﹤0.01% |
18,094
-1,320
| -7% | -$83K |
|
929
Liberty Global Class A
LBTYA
$3.53B
| $1.18M | ﹤0.01% |
105,711
-5,177
| -5% | -$57.3K |
|
930
Highwoods Properties
HIW
$3.5B
| $1.17M | ﹤0.01% |
45,272
-2,388
| -5% | -$67.4K |
|
931
RH
RH
$3.44B
| $1.15M | ﹤0.01% |
6,395
-465
| -7% | -$79.5K |
|
932
nCino
NCNO
$2.1B
| $1.15M | ﹤0.01% |
44,668
-3,268
| -7% | -$83K |
|
|
APLS
933
DELISTED
Apellis Pharmaceuticals
APLS
| $1.14M | ﹤0.01% |
45,170
-3,296
| -7% | -$77.3K |
|
934
Clearway Energy Class C
CWEN
$7.01B
| $1.13M | ﹤0.01% |
34,086
-2,488
| -7% | -$82.8K |
|
|
GTM
935
ZoomInfo Technologies
GTM
$1.11B
| $1.13M | ﹤0.01% |
111,142
-21,735
| -16% | -$224K |
|
936
Robert Half
RHI
$4.28B
| $1.13M | ﹤0.01% |
41,426
-3,027
| -7% | -$86.4K |
|
937
Ashland
ASH
$3.41B
| $1.11M | ﹤0.01% |
18,987
-1,390
| -7% | -$73.5K |
|
938
Virtu Financial
VIRT
$5.05B
| $1.11M | ﹤0.01% |
33,276
-2,425
| -7% | -$82.9K |
|
|
PPLI
939
People Inc
PPLI
$2.99B
| $1.1M | ﹤0.01% |
28,148
-2,048
| -7% | -$71.7K |
|
940
Leonardo DRS
DRS
$11.9B
| $1.08M | ﹤0.01% |
31,688
-2,313
| -7% | -$85.3K |
|
941
Choice Hotels
CHH
$4.68B
| $1.08M | ﹤0.01% |
11,332
-827
| -7% | -$78.7K |
|
942
ScottsMiracle-Gro
SMG
$3.58B
| $1.07M | ﹤0.01% |
18,288
-1,336
| -7% | -$74.9K |
|
943
DXC Technology
DXC
$1.7B
| $1.06M | ﹤0.01% |
72,300
-8,369
| -10% | -$115K |
|
944
Kemper
KMPR
$1.56B
| $1.06M | ﹤0.01% |
26,095
-1,393
| -5% | -$59.7K |
|
|
CIVI
945
DELISTED
Civitas Resources
CIVI
| $1.05M | ﹤0.01% |
38,663
-2,823
| -7% | -$81.7K |
|
946
Inspire Medical Systems
INSP
$1.66B
| $1.05M | ﹤0.01% |
11,342
-1,518
| -12% | -$145K |
|
|
MPT
947
Medical Properties Trust
MPT
$2.45B
| $1.04M | ﹤0.01% |
209,017
-15,269
| -7% | -$79.5K |
|
|
LINE
948
Lineage Inc
LINE
$9.78B
| $1.04M | ﹤0.01% |
29,591
-2,161
| -7% | -$79.9K |
|
949
Westlake Corp
WLK
$10.2B
| $1.03M | ﹤0.01% |
13,998
-1,024
| -7% | -$72.9K |
|
950
Howard Hughes
HHH
$4.01B
| $1.03M | ﹤0.01% |
12,960
-69,115
| -84% | -$5.73M |
|
Similar funds
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.