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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
HUN icon
976
Huntsman Corp
HUN
$1.81B
$689K ﹤0.01%
68,856
-5,030
-7% -$46.1K
DV icon
977
DoubleVerify
DV
$2.04B
$686K ﹤0.01%
59,979
-891
-1% -$9.83K
PPC icon
978
Pilgrim's Pride
PPC
$6.57B
$676K ﹤0.01%
17,335
-61,030
-78% -$2.35M
LLYVA icon
979
Liberty Live Group Series A
LLYVA
$9.51B
$672K ﹤0.01%
8,250
-609
-7% -$50.7K
IRDM icon
980
Iridium Communications
IRDM
$5.31B
$669K ﹤0.01%
38,494
-3,348
-8% -$59.2K
NWL icon
981
Newell Brands
NWL
$2.65B
$650K ﹤0.01%
174,663
-12,760
-7% -$51.5K
SAM icon
982
Boston Beer
SAM
$1.89B
$632K ﹤0.01%
3,237
-327
-9% -$67.4K
LBTYK icon
983
Liberty Global Class C
LBTYK
$3.42B
$620K ﹤0.01%
56,134
-6,218
-10% -$69.1K
COLM icon
984
Columbia Sportswear
COLM
$2.94B
$600K ﹤0.01%
10,900
-794
-7% -$42.4K
FIGR
985
Figure Technology Solutions
FIGR
$6.75B
$594K ﹤0.01%
+14,550
New +$582K
MAN icon
986
ManpowerGroup
MAN
$2.66B
$574K ﹤0.01%
19,294
-1,414
-7% -$44.2K
WEN icon
987
Wendy's
WEN
$1.63B
$559K ﹤0.01%
67,063
-4,901
-7% -$42.3K
LCID icon
988
Lucid Motors
LCID
$2.51B
$550K ﹤0.01%
52,049
-3,799
-7% -$60.7K
ACHC icon
989
Acadia Healthcare
ACHC
$2.88B
$541K ﹤0.01%
38,124
-2,781
-7% -$52.6K
BLSH
990
Bullish
BLSH
$3.94B
$525K ﹤0.01%
+13,850
New +$675K
REYN icon
991
Reynolds Consumer Products
REYN
$5.56B
$524K ﹤0.01%
22,844
-1,668
-7% -$40.2K
CLVT icon
992
Clarivate
CLVT
$1.18B
$514K ﹤0.01%
153,821
-2,809
-2% -$9.99K
SNDR icon
993
Schneider National
SNDR
$6.38B
$511K ﹤0.01%
19,266
-3,966
-17% -$93.6K
SAIL
994
SailPoint Inc
SAIL
$11B
$510K ﹤0.01%
25,192
-1,840
-7% -$38.4K
GLIBK
995
Liberty Capital Corp Series C GCI Group Common Stock
GLIBK
$1.04B
$503K ﹤0.01%
13,513
+3,444
+34% +$121K
SEB icon
996
Seaboard Corp
SEB
$4.04B
$484K ﹤0.01%
109
-9
-8% -$35.6K
BF.A icon
997
Brown-Forman Class A
BF.A
$13.1B
$481K ﹤0.01%
18,271
-1,334
-7% -$37.2K
CERT icon
998
Certara
CERT
$1.22B
$447K ﹤0.01%
50,792
-3,712
-7% -$38.2K
COTY icon
999
Coty
COTY
$2.42B
$446K ﹤0.01%
144,650
-10,567
-7% -$38.4K
CNA icon
1000
CNA Financial
CNA
$13.7B
$424K ﹤0.01%
8,873
-647
-7% -$29.8K
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.