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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 | |
|---|---|---|---|---|---|---|
101
Freeport-McMoran
FCX
$95.1B
| $52.8M | 0.17% |
1,039,362
-4,841
| -0.5% | -$210K |
|
102
Eaton
ETN
$177B
| $52.3M | 0.17% |
164,205
-12,001
| -7% | -$4.25M |
|
103
Ametek
AME
$59B
| $52.1M | 0.17% |
253,529
-7,352
| -3% | -$1.43M |
|
104
Honeywell
HON
$74.3B
| $52M | 0.17% |
266,462
-36,908
| -12% | -$7.22M |
|
|
105
iShares Core S&P 500 ETF
IVV
$910B
| $51.3M | 0.16% |
74,880
+48,892
| +188% | +$33.2M |
|
106
Comcast
CMCSA
$92B
| $50.9M | 0.16% |
1,702,427
-452,350
| -21% | -$12.9M |
|
107
Stryker
SYK
$132B
| $50.7M | 0.16% |
144,217
-10,544
| -7% | -$3.84M |
|
108
Royal Caribbean
RCL
$83.2B
| $50.6M | 0.16% |
181,483
-7,897
| -4% | -$2.23M |
|
109
Roper Technologies
ROP
$39.1B
| $49.8M | 0.16% |
111,807
-3,422
| -3% | -$1.58M |
|
110
Prologis
PLD
$135B
| $49.6M | 0.16% |
388,664
-28,406
| -7% | -$3.54M |
|
111
Vertex Pharmaceuticals
VRTX
$134B
| $48.9M | 0.16% |
107,758
-7,871
| -7% | -$3.39M |
|
112
Altria Group
MO
$110B
| $48M | 0.15% |
832,521
+74,056
| +10% | +$4.47M |
|
113
Blackstone
BX
$111B
| $47.9M | 0.15% |
310,791
-18,300
| -6% | -$2.78M |
|
114
Chubb
CB
$133B
| $47.8M | 0.15% |
153,144
-14,191
| -8% | -$4.15M |
|
115
General Motors
GM
$76.5B
| $47.8M | 0.15% |
587,388
-37,571
| -6% | -$2.65M |
|
116
Deere & Co
DE
$167B
| $47.7M | 0.15% |
102,378
-7,474
| -7% | -$3.51M |
|
117
Xcel Energy
XEL
$49.6B
| $47.4M | 0.15% |
641,276
-18,856
| -3% | -$1.49M |
|
118
Parker-Hannifin
PH
$133B
| $46.6M | 0.15% |
52,996
-4,875
| -8% | -$3.99M |
|
119
Constellation Energy
CEG
$98.8B
| $46.4M | 0.15% |
131,237
-9,589
| -7% | -$3.48M |
|
120
Evergy
EVRG
$19.3B
| $46.3M | 0.15% |
638,604
-8,065
| -1% | -$612K |
|
121
Bristol-Myers Squibb
BMY
$132B
| $46.1M | 0.15% |
853,920
-62,391
| -7% | -$3M |
|
122
Regeneron Pharmaceuticals
REGN
$83.1B
| $44.6M | 0.14% |
57,808
-6,053
| -9% | -$4.11M |
|
123
CRH
CRH
$65.3B
| $44.2M | 0.14% |
354,558
+49,623
| +16% | +$5.91M |
|
124
Synopsys
SNPS
$79B
| $43.7M | 0.14% |
93,116
+10,123
| +12% | +$4.5M |
|
125
Robinhood
HOOD
$89.6B
| $43.6M | 0.14% |
385,446
-62,264
| -14% | -$8.1M |
|
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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.