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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
OLN icon
951
Olin
OLN
$2.17B
$1M ﹤0.01%
48,109
-3,514
-7% -$75.8K
RNG icon
952
RingCentral
RNG
$5.33B
$969K ﹤0.01%
33,548
-2,447
-7% -$69.7K
CXT icon
953
Crane NXT
CXT
$2.92B
$965K ﹤0.01%
20,511
-1,498
-7% -$88.5K
XRAY icon
954
Dentsply Sirona
XRAY
$2.27B
$954K ﹤0.01%
83,433
-6,088
-7% -$71.5K
HOG icon
955
Harley-Davidson
HOG
$2.86B
$940K ﹤0.01%
45,882
-3,352
-7% -$82.4K
BIRK icon
956
Birkenstock
BIRK
$7.73B
$912K ﹤0.01%
22,310
-2,144
-9% -$90.8K
CWEN.A
957
DELISTED
Clearway Energy Class A
CWEN.A
$910K ﹤0.01%
28,966
+13,397
+86% +$419K
CAR icon
958
Avis
CAR
$4.9B
$908K ﹤0.01%
7,075
-518
-7% -$72.3K
FRHC icon
959
Freedom Holding
FRHC
$9.35B
$899K ﹤0.01%
7,387
-542
-7% -$78.6K
PENN icon
960
PENN Entertainment
PENN
$2.52B
$892K ﹤0.01%
60,491
-6,567
-10% -$102K
DJT icon
961
Trump Media & Technology Group
DJT
$2.3B
$890K ﹤0.01%
67,205
-4,902
-7% -$66.9K
RARE icon
962
Ultragenyx Pharmaceutical
RARE
$2.62B
$888K ﹤0.01%
38,620
-1,763
-4% -$58K
PK icon
963
Park Hotels & Resorts
PK
$3.03B
$861K ﹤0.01%
82,277
-6,009
-7% -$64.3K
SMMT icon
964
Summit Therapeutics
SMMT
$11.8B
$856K ﹤0.01%
48,940
-3,579
-7% -$67.3K
FLO icon
965
Flowers Foods
FLO
$1.59B
$851K ﹤0.01%
78,225
-5,715
-7% -$66.4K
FWONA icon
966
Liberty Media Series A
FWONA
$23.8B
$849K ﹤0.01%
9,504
-696
-7% -$62.5K
SRPT icon
967
Sarepta Therapeutics
SRPT
$1.94B
$836K ﹤0.01%
38,854
-2,837
-7% -$59.8K
NSA
968
DELISTED
National Storage Affiliates Trust
NSA
$832K ﹤0.01%
29,500
-2,153
-7% -$64.1K
CACC icon
969
Credit Acceptance
CACC
$6B
$816K ﹤0.01%
1,839
-165
-8% -$76.5K
PRGO icon
970
Perrigo
PRGO
$1.74B
$794K ﹤0.01%
57,069
-4,178
-7% -$69.7K
OGN icon
971
Organon & Co
OGN
$3.6B
$780K ﹤0.01%
108,801
-7,952
-7% -$62.8K
LBRDA icon
972
Liberty Broadband Class A
LBRDA
$5.16B
$778K ﹤0.01%
16,119
+8,684
+117% +$450K
CNXC icon
973
Concentrix
CNXC
$1.46B
$770K ﹤0.01%
18,513
-1,601
-8% -$65K
IPGP icon
974
IPG Photonics
IPGP
$3.63B
$741K ﹤0.01%
10,345
-891
-8% -$72.7K
FMC icon
975
FMC
FMC
$1.25B
$721K ﹤0.01%
51,986
-3,794
-7% -$72.3K
37 38
39
40 41

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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.