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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
UPS icon
176
United Parcel Service
UPS
$89.6B
$30.5M 0.1%
307,541
-22,466
-7% -$2.1M
CI icon
177
Cigna
CI
$73.4B
$30.4M 0.1%
110,390
-8,065
-7% -$2.26M
WDC icon
178
Western Digital
WDC
$170B
$30.3M 0.1%
176,169
+20,544
+13% +$3.12M
SNOW icon
179
Snowflake
SNOW
$116B
$30.2M 0.1%
137,574
-2,958
-2% -$722K
ITW icon
180
Illinois Tool Works
ITW
$82.5B
$29.9M 0.1%
121,413
-10,334
-8% -$2.57M
NTRS icon
181
Northern Trust
NTRS
$34.8B
$29.4M 0.09%
215,581
+130,125
+152% +$17.1M
DAL icon
182
Delta Air Lines
DAL
$60.3B
$29.4M 0.09%
424,171
-20,263
-5% -$1.27M
FLEX icon
183
Flex
FLEX
$47.1B
$29.3M 0.09%
484,384
-143,212
-23% -$8.85M
MDLZ icon
184
Mondelez International
MDLZ
$80.8B
$29.2M 0.09%
542,859
-39,673
-7% -$2.28M
MAR icon
185
Marriott International
MAR
$92.5B
$29.2M 0.09%
94,018
-8,323
-8% -$2.38M
GLW icon
186
Corning
GLW
$143B
$28.6M 0.09%
327,139
-23,903
-7% -$2.06M
CSX icon
187
CSX Corp
CSX
$93.7B
$28.5M 0.09%
786,529
-57,474
-7% -$2.06M
AZO icon
188
AutoZone
AZO
$49.7B
$28.3M 0.09%
8,349
-3,192
-28% -$12.1M
ADSK icon
189
Autodesk
ADSK
$51.8B
$28.3M 0.09%
95,493
-300
-0.3% -$90.8K
PNW icon
190
Pinnacle West Capital
PNW
$12.2B
$28.1M 0.09%
316,246
-66,013
-17% -$5.91M
EXPE icon
191
Expedia Group
EXPE
$39.1B
$27.6M 0.09%
97,373
+6,535
+7% +$1.61M
AJG icon
192
Arthur J. Gallagher & Co
AJG
$64.3B
$27.5M 0.09%
106,254
-7,765
-7% -$2.06M
HLT icon
193
Hilton Worldwide
HLT
$72.3B
$27.4M 0.09%
95,561
-8,205
-8% -$2.23M
ECL icon
194
Ecolab
ECL
$77.3B
$27.4M 0.09%
104,551
-7,643
-7% -$2.04M
NSC icon
195
Norfolk Southern
NSC
$76.1B
$27.3M 0.09%
94,626
-6,915
-7% -$2M
AMG icon
196
Affiliated Managers Group
AMG
$9.63B
$27.2M 0.09%
94,453
-1,005
-1% -$260K
CTAS icon
197
Cintas
CTAS
$80.5B
$27.1M 0.09%
144,059
-10,521
-7% -$1.98M
TRV icon
198
Travelers Companies
TRV
$77.2B
$27.1M 0.09%
93,262
-8,382
-8% -$2.36M
HIG icon
199
Hartford Financial Services
HIG
$37.6B
$27M 0.09%
195,908
+34,359
+21% +$4.53M
MSI icon
200
Motorola Solutions
MSI
$76.7B
$26.8M 0.09%
69,818
-5,094
-7% -$2.05M
6 7
8
9 10

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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.