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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
NVDA icon
1
NVIDIA
NVDA
$5.43T
$1.99B 6.39%
10,686,760
-672,216
-6% -$125M
AAPL icon
2
Apple
AAPL
$4.41T
$1.81B 5.8%
6,662,227
-523,254
-7% -$140M
MSFT icon
3
Microsoft
MSFT
$3.66T
$1.66B 5.31%
3,429,487
-196,623
-5% -$98.5M
AMZN icon
4
Amazon
AMZN
$2.88T
$1.07B 3.44%
4,655,349
-307,927
-6% -$70.4M
GOOGL icon
5
Alphabet (Google) Class A
GOOGL
$4.2T
$852M 2.73%
2,721,875
-237,658
-8% -$67.9M
AVGO icon
6
Broadcom
AVGO
$1.98T
$800M 2.56%
2,311,325
-165,895
-7% -$59.3M
META icon
7
Meta Platforms (Facebook)
META
$1.47T
$730M 2.34%
1,106,187
-53,618
-5% -$35.8M
GOOG icon
8
Alphabet (Google) Class C
GOOG
$4.19T
$689M 2.21%
2,194,154
-204,566
-9% -$58.6M
TSLA icon
9
Tesla
TSLA
$1.29T
$616M 1.97%
1,370,412
-81,094
-6% -$35.9M
IWM icon
10
iShares Russell 2000 ETF
IWM
$82.2B
$499M 1.6%
2,028,363
+6,843
+0.3% +$1.68M
LLY icon
11
Eli Lilly
LLY
$1.09T
$415M 1.33%
386,026
-24,624
-6% -$23.5M
BRK.B icon
12
Berkshire Hathaway Class B
BRK.B
$1.09T
$388M 1.24%
772,821
-56,473
-7% -$28.1M
JPM icon
13
JPMorgan Chase
JPM
$971B
$367M 1.18%
1,138,275
-110,450
-9% -$34.2M
V icon
14
Visa
V
$671B
$329M 1.05%
938,634
-65,194
-6% -$22.2M
JNJ icon
15
Johnson & Johnson
JNJ
$629B
$286M 0.92%
1,380,575
-74,373
-5% -$14.7M
MA icon
16
Mastercard
MA
$490B
$238M 0.76%
417,387
-8,848
-2% -$4.95M
PG icon
17
Procter & Gamble
PG
$335B
$224M 0.72%
1,564,446
-16,255
-1% -$2.4M
XOM icon
18
ExxonMobil
XOM
$657B
$213M 0.68%
1,770,226
-178,130
-9% -$20.7M
WMT icon
19
Walmart Inc
WMT
$923B
$203M 0.65%
1,822,985
-133,205
-7% -$14.3M
BAC icon
20
Bank of America
BAC
$453B
$201M 0.65%
3,661,098
+628,506
+21% +$33.2M
CSCO icon
21
Cisco
CSCO
$488B
$198M 0.64%
2,574,120
-319,168
-11% -$23.7M
NFLX icon
22
Netflix
NFLX
$309B
$197M 0.63%
2,102,180
-93,830
-4% -$10.1M
PLTR icon
23
Palantir
PLTR
$411B
$197M 0.63%
1,108,619
-67,249
-6% -$12.2M
ORCL icon
24
Oracle
ORCL
$442B
$183M 0.59%
940,009
-42,857
-4% -$10.2M
MU icon
25
Micron Technology
MU
$1.03T
$182M 0.58%
637,480
-67,610
-10% -$15.5M
1
2 3 4 5

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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.