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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
ROST icon
151
Ross Stores
ROST
$77.9B
$34.4M 0.11%
190,988
+46,141
+32% +$7.7M
PNR icon
152
Pentair
PNR
$10.5B
$34.3M 0.11%
329,788
-5,495
-2% -$587K
WM icon
153
Waste Management
WM
$90.3B
$34.1M 0.11%
155,016
-11,319
-7% -$2.41M
DASH icon
154
DoorDash
DASH
$93.3B
$34M 0.11%
150,334
-10,987
-7% -$2.58M
EA
155
DELISTED
Electronic Arts
EA
$33.9M 0.11%
166,148
+53,084
+47% +$10.7M
BNY
156
Bank of New York Mellon
BNY
$110B
$33.9M 0.11%
292,349
-24,917
-8% -$2.76M
IDXX icon
157
Idexx Laboratories
IDXX
$44.7B
$33.9M 0.11%
50,113
+13,833
+38% +$9.42M
MCO icon
158
Moody's
MCO
$82.9B
$33.3M 0.11%
65,137
-4,752
-7% -$2.32M
JCI icon
159
Johnson Controls International
JCI
$92.2B
$33.1M 0.11%
276,616
-20,212
-7% -$2.32M
ACGL icon
160
Arch Capital
ACGL
$33.2B
$33.1M 0.11%
344,777
-14,964
-4% -$1.37M
ELV icon
161
Elevance Health
ELV
$86.9B
$32.7M 0.1%
93,205
-8,475
-8% -$2.86M
MNST icon
162
Monster Beverage
MNST
$91.6B
$32.6M 0.1%
850,860
+223,568
+36% +$8.01M
NOC icon
163
Northrop Grumman
NOC
$81.6B
$32.4M 0.1%
56,822
-4,148
-7% -$2.41M
EOG icon
164
EOG Resources
EOG
$74.7B
$32.4M 0.1%
308,198
+62,485
+25% +$6.71M
EQIX icon
165
Equinix
EQIX
$106B
$31.4M 0.1%
40,947
-2,990
-7% -$2.34M
CTVA icon
166
Corteva
CTVA
$50.4B
$31.4M 0.1%
467,972
-21,289
-4% -$1.38M
EMR icon
167
Emerson Electric
EMR
$89.6B
$31.3M 0.1%
236,154
-17,261
-7% -$2.29M
SHW icon
168
Sherwin-Williams
SHW
$87.3B
$31.3M 0.1%
96,682
-8,196
-8% -$2.74M
AON icon
169
Aon
AON
$74.5B
$31M 0.1%
87,975
-6,430
-7% -$2.25M
IBKR icon
170
Interactive Brokers
IBKR
$41.7B
$31M 0.1%
482,631
-13,699
-3% -$917K
NKE icon
171
Nike
NKE
$60.6B
$30.9M 0.1%
484,795
-35,428
-7% -$2.31M
TDG icon
172
TransDigm Group
TDG
$68.2B
$30.8M 0.1%
23,161
-1,693
-7% -$2.22M
MRVL icon
173
Marvell Technology
MRVL
$204B
$30.8M 0.1%
362,213
-26,458
-7% -$2.32M
UAL icon
174
United Airlines
UAL
$41B
$30.7M 0.1%
274,463
-37,216
-12% -$3.76M
WMB icon
175
Williams Companies
WMB
$90.1B
$30.7M 0.1%
510,308
-37,282
-7% -$2.25M
5 6
7
8 9

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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.