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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 | |
|---|---|---|---|---|---|---|
201
Colgate-Palmolive
CL
$73.8B
| $26.6M | 0.09% |
336,853
-24,615
| -7% | -$1.93M |
|
202
Truist Financial
TFC
$64.8B
| $26.6M | 0.09% |
540,523
-39,491
| -7% | -$1.82M |
|
|
203
Loews
L
$23.1B
| $26.5M | 0.08% |
251,605
+174,789
| +228% | +$18M |
|
204
AngloGold Ashanti
AU
$48.1B
| $26.3M | 0.08% |
308,485
-15,596
| -5% | -$1.22M |
|
205
Quanta Services
PWR
$102B
| $26M | 0.08% |
61,710
-4,507
| -7% | -$1.98M |
|
206
Ulta Beauty
ULTA
$22.1B
| $26M | 0.08% |
42,961
-1,434
| -3% | -$788K |
|
207
FedEx
FDX
$78.8B
| $25.9M | 0.08% |
89,804
-6,562
| -7% | -$1.72M |
|
208
Cencora
COR
$59.9B
| $25.9M | 0.08% |
76,720
-5,609
| -7% | -$1.91M |
|
209
Cloudflare
NET
$118B
| $25.9M | 0.08% |
131,354
-7,389
| -5% | -$1.56M |
|
210
American Electric Power
AEP
$68.1B
| $25.8M | 0.08% |
224,164
-16,383
| -7% | -$1.93M |
|
211
Vertiv
VRT
$113B
| $25.8M | 0.08% |
159,403
-11,649
| -7% | -$2.02M |
|
|
212
PTC
PTC
$16B
| $25.7M | 0.08% |
147,623
+94,013
| +175% | +$17.5M |
|
213
Strategy Inc
MSTR
$37.4B
| $25.6M | 0.08% |
168,688
+9,117
| +6% | +$2.1M |
|
214
F5
FFIV
$23.8B
| $25.3M | 0.08% |
99,150
-26,658
| -21% | -$7.17M |
|
215
Apollo Global Management
APO
$83.3B
| $25M | 0.08% |
172,742
-12,622
| -7% | -$1.68M |
|
216
Target
TGT
$70.3B
| $24.5M | 0.08% |
250,746
-14,022
| -5% | -$1.29M |
|
217
Airbnb
ABNB
$110B
| $24.2M | 0.08% |
178,187
-13,024
| -7% | -$1.62M |
|
218
Sempra
SRE
$56.4B
| $24.1M | 0.08% |
273,509
-19,993
| -7% | -$1.82M |
|
219
SLB Ltd
SLB
$77.3B
| $24.1M | 0.08% |
628,438
-45,916
| -7% | -$1.66M |
|
220
Carvana
CVNA
$81.8B
| $23.9M | 0.08% |
283,220
-13,505
| -5% | -$1M |
|
221
Fastenal
FAST
$59B
| $23.9M | 0.08% |
594,474
-345,552
| -37% | -$14.5M |
|
222
PACCAR
PCAR
$68.4B
| $23.6M | 0.08% |
215,944
-15,776
| -7% | -$1.62M |
|
223
Zoetis
ZTS
$30.7B
| $23.5M | 0.08% |
186,982
-13,664
| -7% | -$1.78M |
|
224
Cognizant
CTSH
$26.2B
| $23.5M | 0.08% |
282,970
+60,987
| +27% | +$4.56M |
|
225
Nu Holdings
NU
$67B
| $23.5M | 0.08% |
1,401,563
-102,403
| -7% | -$1.65M |
|
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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.