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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
CDNS icon
126
Cadence Design Systems
CDNS
$89.6B
$43.4M 0.14%
138,721
+16,040
+13% +$5.23M
MCK icon
127
McKesson
MCK
$100B
$43.1M 0.14%
52,588
-3,841
-7% -$3.13M
ORLY icon
128
O'Reilly Automotive
ORLY
$74.9B
$42.8M 0.14%
469,379
-126,482
-21% -$12.4M
SSNC icon
129
SS&C Technologies
SSNC
$18.8B
$41.8M 0.13%
478,235
-8,159
-2% -$696K
LMT icon
130
Lockheed Martin
LMT
$139B
$41.8M 0.13%
86,423
-7,474
-8% -$3.58M
CVS icon
131
CVS Health
CVS
$122B
$41.6M 0.13%
524,784
-38,343
-7% -$3.02M
RSG icon
132
Republic Services
RSG
$66.1B
$41.3M 0.13%
194,671
-6,410
-3% -$1.38M
URI icon
133
United Rentals
URI
$69.6B
$41.2M 0.13%
50,874
-3,721
-7% -$3.23M
TMUS icon
134
T-Mobile US
TMUS
$194B
$41M 0.13%
201,903
-2,279
-1% -$483K
SO icon
135
Southern Company
SO
$107B
$40.3M 0.13%
461,705
-33,729
-7% -$3.08M
SBUX icon
136
Starbucks
SBUX
$125B
$40.1M 0.13%
476,578
-34,821
-7% -$2.94M
ICE icon
137
Intercontinental Exchange
ICE
$85.9B
$38.7M 0.12%
239,040
-17,464
-7% -$2.73M
MRSH
138
Marsh
MRSH
$89.7B
$38.4M 0.12%
206,791
-15,118
-7% -$2.83M
USB icon
139
US Bancorp
USB
$101B
$38.1M 0.12%
713,325
+11,082
+2% +$545K
SPOT icon
140
Spotify
SPOT
$102B
$37.4M 0.12%
64,450
-4,709
-7% -$2.94M
TT icon
141
Trane Technologies
TT
$106B
$36.4M 0.12%
93,407
-6,831
-7% -$2.83M
KKR icon
142
KKR & Co
KKR
$101B
$36.2M 0.12%
284,153
-20,766
-7% -$2.58M
PYPL icon
143
PayPal
PYPL
$51B
$36.2M 0.12%
620,358
-37,987
-6% -$2.47M
MMM icon
144
3M
MMM
$93.7B
$35.8M 0.11%
223,442
-16,326
-7% -$2.67M
SYF icon
145
Synchrony
SYF
$25.9B
$35.6M 0.11%
426,813
-106,610
-20% -$8.15M
WBD icon
146
Warner Bros
WBD
$70B
$35.1M 0.11%
1,217,895
+170,698
+16% +$3.99M
PNC icon
147
PNC Financial Services
PNC
$102B
$34.6M 0.11%
165,560
-12,096
-7% -$2.33M
FTNT icon
148
Fortinet
FTNT
$119B
$34.5M 0.11%
434,540
-119,008
-21% -$9.87M
HWM icon
149
Howmet Aerospace
HWM
$112B
$34.4M 0.11%
168,010
-12,286
-7% -$2.45M
AMT icon
150
American Tower
AMT
$80.7B
$34.4M 0.11%
195,994
-14,322
-7% -$2.61M
4 5
6
7 8

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GAM
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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.