SEC 13F Intelligence

Managers / Q4 2025 · view latest →

Treasurer of the State of North Carolina

CIK 0001761054 · 3200 ATLANTIC AVENUE, RALEIGH, NC, 27604 · 9198144330

Reported Value
$31.2B
Q4 2025
Positions
1,010
Filings on Record
35
2019–present window
Filed
Feb 13, 2026
original filing

Summary

Treasurer Of The State Of North Carolina reported $31.2B in U.S.-listed holdings across 1,010 positions for Q4 2025.

Its largest position, NVDA, represents 6.4% of the portfolio.

Compared with Q3 2025, the fund opened 8 new positions and exited 8.

Portfolio Metrics

Turnover
+4.4%
vs prior filed quarter
Top-10 Concentration
+35.9%
share of reported value
Largest Position
+6.4%
Nvidia Corporation
New / Exited
8 / 8
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q1 ’19: $41MQ1 ’19Q3 ’19: $11.1BQ4 ’19: $12.1BQ1 ’20: $11.3BQ2 ’20: $12.1BQ2 ’20Q3 ’20: $13.2BQ4 ’20: $15.0BQ1 ’21: $15.9BQ2 ’21: $17.2BQ2 ’21Q3 ’21: $17.3BQ4 ’21: $18.9BQ1 ’22: $18.1BQ2 ’22: $15.8BQ2 ’22Q3 ’22: $15.1BQ4 ’22: $16.4BQ1 ’23: $17.6BQ2 ’23: $19.1BQ2 ’23Q3 ’23: $18.5BQ4 ’23: $20.7BQ1 ’24: $22.8BQ2 ’24: $23.6BQ2 ’24Q3 ’24: $25.0BQ4 ’24: $25.7BQ1 ’25: $25.1BQ2 ’25: $31.2BQ2 ’25Q3 ’25: $32.5BQ4 ’25: $31.2BQ1 ’26: $31.8Bfilingsflow.com

Portfolio Composition

By security type
Common Stock: 96.1%REIT: 1.9%ETP: 1.8%Other: 0.2%Tracking Stk: 0.0%
  • Common Stock · 96.1% · $30.0B
  • REIT · 1.9% · $596M
  • ETP · 1.8% · $551M
  • Other · 0.2% · $52M
  • Tracking Stk · 0.0% · $10M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
QQNITY ELECTRONICS INCNEW+87.7K87.7K+$7M$7M
SOLSSOLSTICE ADVANCED MATLS INCNEW+66.6K66.6K+$3M$3M
LLYVKLIBERTY LIVE HOLDINGS INCNEW+23.4K23.4K+$2M$2M
LLYVALIBERTY LIVE HOLDINGS INCNEW+8.3K8.3K+$672,000$672,000
FIGRFIGURE TECHNOLOGY SOLUTIONEW+14.6K14.6K+$594,000$594,000
BLSHBULLISHNEW+13.8K13.8K+$525,000$525,000
FGF&G ANNUITIES & LIFE INCNEW+10.3K10.3K+$318,000$318,000
FRMIFERMI INCNEW+15.0K15.0K+$120,000$120,000

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q4 2025

497 positions (from 500 filing rows — )
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1NVDANVIDIA CORPORATIONhistory →COM6.39%$2.0B10.69M
2AAPLAPPLE INChistory →COM5.80%$1.8B6.66M
3MSFTMICROSOFT CORPhistory →COM5.31%$1.7B3.43M
4GOOGLALPHABET INCCAP STK CL A · CAP STK CL C4.94%$1.5B4.92M
5AMZNAMAZON COM INChistory →COM3.44%$1.1B4.66M
6AVGOBROADCOM INChistory →COM2.56%$800M2.31M
7METAMETA PLATFORMS INChistory →CL A2.34%$730M1.11M
8TSLATESLA INChistory →COM1.97%$616M1.37M
9IWMISHARES TRRUSSELL 2000 ETF · CORE S&P500 ETF1.76%$551M2.10M
10LLYELI LILLY & COhistory →COM1.33%$415M386.0K
11BRK/BBERKSHIRE HATHAWAY INC DELhistory →CL B NEW1.24%$388M772.8K
12JPMJPMORGAN CHASE & CO.history →COM1.18%$367M1.14M
13VVISA INChistory →COM CL A1.05%$329M938.6K
14JNJJOHNSON & JOHNSONhistory →COM0.92%$286M1.38M
15MAMASTERCARD INCORPORATEDhistory →CL A0.76%$238M417.4K
16PGPROCTER AND GAMBLE COhistory →COM0.72%$224M1.56M
17EXMOCEXXON MOBIL CORPhistory →COM0.68%$213M1.77M
18WMTWALMART INChistory →COM0.65%$203M1.82M
19BACBANK AMERICA CORPhistory →COM0.65%$201M3.66M
20CSCOCISCO SYS INChistory →COM0.64%$198M2.57M
21NFLXNETFLIX INChistory →COM0.63%$197M2.10M
22PLTRPALANTIR TECHNOLOGIES INChistory →CL A0.63%$197M1.11M
23ORCLORACLE CORPhistory →COM0.59%$183M940.0K
24MUMICRON TECHNOLOGY INChistory →COM0.58%$182M637.5K
25ABBVABBVIE INChistory →COM0.56%$175M767.1K
26COSTCOSTCO WHSL CORP NEWhistory →COM0.51%$160M186.0K
27IBMINTERNATIONAL BUSINESS MACHShistory →COM0.51%$160M540.5K
28LRCXLAM RESEARCH CORPhistory →COM NEW0.48%$150M878.8K
29UNHUNITEDHEALTH GROUP INChistory →COM0.48%$149M452.9K
30AMDADVANCED MICRO DEVICES INChistory →COM0.46%$145M674.8K
31HDHOME DEPOT INChistory →COM0.46%$144M417.2K
32GE AEROSPACECOM NEW0.44%$138M447.2K
33KLACKLA CORPhistory →COM NEW0.40%$125M103.2K
34AMATAPPLIED MATLS INChistory →COM0.40%$125M486.9K
35QCOMQUALCOMM INChistory →COM0.40%$124M724.2K
36WFCWELLS FARGO CO NEWhistory →COM0.39%$123M1.32M
37CVXCHEVRON CORP NEWhistory →COM0.38%$120M785.0K
38DISDISNEY WALT COhistory →COM0.38%$120M1.05M
39MRKMERCK & CO INChistory →COM0.38%$119M1.13M
40AXPAMERICAN EXPRESS COhistory →COM0.37%$115M311.0K
41INTUINTUIThistory →COM0.37%$115M172.9K
42KOCOCA COLA COhistory →COM0.36%$114M1.63M
43MCDMCDONALDS CORPhistory →COM0.36%$114M371.4K
44PMPHILIP MORRIS INTL INChistory →COM0.36%$113M701.6K
45CRMSALESFORCE INChistory →COM0.36%$112M424.2K
46CATCATERPILLAR INChistory →COM0.36%$111M194.0K
47ABTABBOTT LABShistory →COM0.36%$111M886.1K
48TMOTHERMO FISHER SCIENTIFIC INChistory →COM0.35%$109M187.5K
49GSGOLDMAN SACHS GROUP INChistory →COM0.35%$108M123.1K
50RTXRTX CORPORATIONhistory →COM0.33%$103M560.6K
51TXNTEXAS INSTRS INChistory →COM0.30%$95M547.6K
52ADIANALOG DEVICES INChistory →COM0.30%$95M349.6K
53COFCAPITAL ONE FINL CORPhistory →COM0.30%$93M384.5K
54GDGENERAL DYNAMICS CORPhistory →COM0.29%$91M269.5K
55GILDGILEAD SCIENCES INChistory →COM0.29%$91M738.6K
56MDTMEDTRONIC PLChistory →SHS0.29%$90M939.1K
57ACNACCENTURE PLC IRELANDhistory →SHS CLASS A0.29%$90M334.8K
58BLKBLACKROCK INChistory →COM0.28%$88M81.9K
59CCITIGROUP INChistory →COM NEW0.28%$87M743.6K
60MSMORGAN STANLEYhistory →COM NEW0.27%$86M482.6K
61LINLINDE PLChistory →SHS0.27%$84M196.8K
62ADBEADOBE INChistory →COM0.27%$84M239.6K
63ISRGINTUITIVE SURGICAL INChistory →COM NEW0.27%$84M147.9K
64APPAPPLOVIN CORPhistory →COM CL A0.27%$83M123.4K
65UBERUBER TECHNOLOGIES INChistory →COM0.27%$83M1.02M
66PEPPEPSICO INChistory →COM0.26%$82M574.2K
67INTCINTEL CORPhistory →COM0.26%$82M2.21M
68BKNGBOOKING HOLDINGS INChistory →COM0.24%$76M14.2K
69CMECME GROUP INChistory →COM0.24%$76M277.2K
70ADPAUTOMATIC DATA PROCESSING INhistory →COM0.24%$75M292.5K
71GEVGE VERNOVA INChistory →COM0.24%$75M114.6K
72AMGNAMGEN INChistory →COM0.24%$74M225.4K
73ETRENTERGY CORP NEWhistory →COM0.23%$73M786.2K
74VZVERIZON COMMUNICATIONS INChistory →COM0.23%$72M1.77M
75TJXTJX COS INC NEWhistory →COM0.23%$72M468.7K
76TAT&T INChistory →COM0.23%$72M2.90M
77PFEPFIZER INChistory →COM0.23%$72M2.88M
78SCHWSCHWAB CHARLES CORPhistory →COM0.23%$71M715.1K
79NEENEXTERA ENERGY INChistory →COM0.22%$70M874.1K
80ANETARISTA NETWORKS INChistory →COM SHS0.22%$70M533.8K
81DUKDUKE ENERGY CORP NEWhistory →COM NEW0.22%$69M590.6K
82APHAMPHENOL CORP NEWhistory →CL A0.22%$69M511.3K
83BABOEING COhistory →COM0.22%$68M313.2K
84PANWPALO ALTO NETWORKS INChistory →COM0.21%$67M363.5K
85SPGIS&P GLOBAL INChistory →COM0.21%$66M127.0K
86NOWSERVICENOW INChistory →COM0.21%$66M433.0K
87SPGSIMON PPTY GROUP INC NEWhistory →COM0.19%$61M327.4K
88COPCONOCOPHILLIPShistory →COM0.19%$60M645.3K
89DHRDANAHER CORPORATIONhistory →COM0.19%$60M263.8K
90BSXBOSTON SCIENTIFIC CORPhistory →COM0.19%$59M618.5K
91UNPUNION PAC CORPhistory →COM0.19%$58M250.6K
92NEMNEWMONT CORPhistory →COM0.18%$57M569.5K
93LOWLOWES COS INChistory →COM0.18%$57M234.8K
94CMICUMMINS INChistory →COM0.18%$57M110.7K
95HCAHCA HEALTHCARE INChistory →COM0.18%$56M119.9K
96PGRPROGRESSIVE CORPhistory →COM0.18%$56M245.5K
97WELLWELLTOWER INChistory →COM0.17%$53M288.1K
98CRWDCROWDSTRIKE HLDGS INChistory →CL A0.17%$53M113.8K
99AMPAMERIPRISE FINL INChistory →COM0.17%$53M108.4K
100FCXFREEPORT-MCMORAN INChistory →CL B0.17%$53M1.04M

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$31.8B1,006May 14, 202613F-HRchanges · EDGAR ↗
Q4 2025$31.2B1,010Feb 13, 202613F-HRchanges · EDGAR ↗
Q3 2025$32.5B1,010Nov 13, 202513F-HRchanges · EDGAR ↗
Q2 2025$31.2B1,015Aug 14, 202513F-HRchanges · EDGAR ↗
Q1 2025$25.1B1,007May 15, 202513F-HRchanges · EDGAR ↗
Q4 2024$25.7B1,013Feb 13, 202513F-HRchanges · EDGAR ↗
Q3 2024$25.0B1,021Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$23.6B1,020Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$22.8B1,011May 9, 202413F-HRchanges · EDGAR ↗
Q4 2023$20.7B1,016May 9, 2024RESTATEMENTchanges · EDGAR ↗
Q3 2023$18.5B1,015Nov 13, 202313F-HRchanges · EDGAR ↗
Q2 2023$19.1B1,014Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$17.6B1,014May 4, 202313F-HRchanges · EDGAR ↗
Q4 2022$16.4B1,016Feb 9, 202313F-HRchanges · EDGAR ↗
Q3 2022$15.1B1,027Nov 8, 202213F-HRchanges · EDGAR ↗
Q2 2022$15.8B1,030Aug 2, 202213F-HRchanges · EDGAR ↗
Q1 2022$18.1B1,029May 10, 202213F-HRchanges · EDGAR ↗
Q4 2021$18.9B1,038Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$17.3B1,033Nov 3, 202113F-HRchanges · EDGAR ↗
Q2 2021$17.2B1,033Aug 13, 202113F-HRchanges · EDGAR ↗
Q1 2021$15.9B1,034May 3, 202113F-HRchanges · EDGAR ↗
Q4 2020$15.0B1,030Feb 2, 202113F-HRchanges · EDGAR ↗
Q3 2020$13.2B1,020Nov 4, 202013F-HRchanges · EDGAR ↗
Q2 2020$12.1B1,009Aug 7, 202013F-HRchanges · EDGAR ↗
Q1 2020$11.3B1,001May 13, 202013F-HRchanges · EDGAR ↗
Q4 2019$12.1B1,001Feb 12, 202013F-HRchanges · EDGAR ↗
Q3 2019$11.1B1,000Nov 7, 201913F-HRchanges · EDGAR ↗
Q2 2019Under review1,008Aug 23, 201913F-HRchanges · EDGAR ↗
Q1 2019$41M90May 6, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.