Treasurer of the State of North Carolina
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Treasurer of the State of North Carolina reported 1,010 stock positions worth $31.2 billion. Its top holding was Nvidia (NVDA) at 6.4% of the portfolio, followed by Apple (AAPL, 5.8%) and Microsoft (MSFT, 5.3%). Compared with Q3 2025, it opened 4 new positions, sold out of 6, added to 92 and reduced 914. The biggest buy was Bank of America (BAC, shares +21%) and the biggest sale Microsoft (MSFT, shares −5%).
- Most Recent 13F
- Q2 2026
- Location
- RALEIGH, NC
- CIK
- 0001761054
- Portfolio Value
- $31.2B (Q4 2025)
- SEC Filing
- 0001761054-26-000002 ↗ filed Feb 13, 2026
Holdings Value
Holdings 1,010 stocks · $31.2B
| NVDA Nvidia Corp. | 6.39% | 10,686,760 | $2.0B | Reduce -5.9% |
| AAPL Apple Inc. | 5.80% | 6,662,227 | $1.8B | Reduce -7.3% |
| MSFT Microsoft Corp. | 5.31% | 3,429,487 | $1.7B | Reduce -5.4% |
| AMZN Amazon.com Inc. | 3.44% | 4,655,349 | $1.1B | Reduce -6.2% |
| GOOGL Alphabet Inc. Class A | 2.73% | 2,721,875 | $851.9M | Reduce -8.0% |
| AVGO Broadcom Inc. | 2.56% | 2,311,325 | $800.0M | Reduce -6.7% |
| META Meta Platforms Inc. Class A | 2.34% | 1,106,187 | $730.2M | Reduce -4.6% |
| GOOG Alphabet Inc. Class C | 2.21% | 2,194,154 | $688.5M | Reduce -8.5% |
| TSLA Tesla Inc. | 1.97% | 1,370,412 | $616.3M | Reduce -5.6% |
| IWM iShares Russell 2000 ETF | 1.60% | 2,028,363 | $499.3M | Add +0.3% |
| LLY Eli Lilly & Co. | 1.33% | 386,026 | $414.9M | Reduce -6.0% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.24% | 772,821 | $388.5M | Reduce -6.8% |
| JPM JPMorgan Chase & Co. | 1.18% | 1,138,275 | $366.8M | Reduce -8.8% |
| V Visa Inc. Class A | 1.05% | 938,634 | $329.2M | Reduce -6.5% |
| JNJ Johnson & Johnson | 0.92% | 1,380,575 | $285.7M | Reduce -5.1% |
| MA Mastercard Inc. Class A | 0.76% | 417,387 | $238.3M | Reduce -2.1% |
| PG The Procter & Gamble Co. | 0.72% | 1,564,446 | $224.2M | Reduce -1.0% |
| XOM Exxon Mobil Corp. | 0.68% | 1,770,226 | $213.0M | Reduce -9.1% |
| WMT Walmart Inc. | 0.65% | 1,822,985 | $203.1M | Reduce -6.8% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.65% | 3,661,098 | $201.4M | Add +20.7% |
| CSCO Cisco Systems Inc. | 0.64% | 2,574,120 | $198.3M | Reduce -11.0% |
| NFLX Netflix Inc. | 0.63% | 2,102,180 | $197.1M | Reduce -4.3% |
| PLTR Palantir Technologies Inc. Class A | 0.63% | 1,108,619 | $197.1M | Reduce -5.7% |
| ORCL Oracle Corp. | 0.59% | 940,009 | $183.2M | Reduce -4.4% |
| MU Micron Technology Inc. | 0.58% | 637,480 | $181.9M | Reduce -9.6% |
| ABBV Abbvie Inc. | 0.56% | 767,134 | $175.3M | Reduce -3.7% |
| COST Costco Wholesale Corp. | 0.51% | 185,983 | $160.4M | Reduce -6.8% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.51% | 540,450 | $160.1M | Reduce -12.7% |
| LRCX Lam Research Corp. | 0.48% | 878,764 | $150.4M | Reduce -5.9% |
| UNH Unitedhealth Group Inc. | 0.48% | 452,856 | $149.5M | Reduce -6.2% |
| AMD Advanced Micro Devices | 0.46% | 674,787 | $144.5M | Reduce -6.8% |
| HD Home Depot Inc. | 0.46% | 417,192 | $143.6M | Reduce -6.8% |
| GE General Electric filed as GE AEROSPACE | 0.44% | 447,227 | $137.8M | Reduce -5.4% |
| KLAC KLA Corp. | 0.40% | 103,152 | $125.3M | Reduce -6.3% |
| AMAT Applied Materials Inc. | 0.40% | 486,879 | $125.1M | Reduce -7.5% |
| QCOM Qualcomm Inc. | 0.40% | 724,159 | $123.9M | Reduce -4.4% |
| WFC Wells Fargo & Co. | 0.39% | 1,317,165 | $122.8M | Reduce -9.2% |
| CVX Chevron Corp. | 0.38% | 785,006 | $119.6M | Reduce -9.1% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.38% | 1,051,029 | $119.6M | Reduce -4.1% |
| MRK Merck & Co. Inc. | 0.38% | 1,131,565 | $119.1M | Reduce -0.1% |
| AXP American Express Co. | 0.37% | 310,989 | $115.0M | Reduce -2.0% |
| INTU Intuit Inc. | 0.37% | 172,937 | $114.6M | Reduce -6.3% |
| KO The Coca-Cola Co. | 0.36% | 1,629,472 | $113.9M | Reduce -6.8% |
| MCD McDonald's Corp. | 0.36% | 371,389 | $113.5M | Reduce -18.8% |
| PM Philip Morris International | 0.36% | 701,632 | $112.5M | Reduce -18.4% |
| CRM Salesforce Inc. | 0.36% | 424,175 | $112.4M | Add +1.1% |
| CAT Caterpillar Inc. | 0.36% | 194,018 | $111.1M | Reduce -6.8% |
| ABT Abbott Laboratories | 0.36% | 886,063 | $111.0M | Reduce -5.7% |
| TMO Thermo Fisher Scientific Inc. | 0.35% | 187,529 | $108.7M | Add +10.4% |
| GS Goldman Sachs Group Inc. | 0.35% | 123,120 | $108.2M | Reduce -8.9% |
| RTX RTX Corp. | 0.33% | 560,587 | $102.8M | Reduce -6.8% |
| TXN Texas Instruments Inc. | 0.30% | 547,596 | $95.0M | Reduce -4.2% |
| ADI Analog Devices Inc. | 0.30% | 349,550 | $94.8M | Reduce -4.2% |
| COF Capital One Financial Corp. | 0.30% | 384,546 | $93.2M | Add +10.5% |
| GD General Dynamics Corp. | 0.29% | 269,456 | $90.7M | Add +10.3% |
| GILD Gilead Sciences Inc. | 0.29% | 738,582 | $90.7M | Reduce -1.4% |
| MDT Medtronic PLC | 0.29% | 939,092 | $90.2M | Reduce -4.1% |
| ACN Accenture PLC Class A | 0.29% | 334,757 | $89.8M | Add +18.9% |
| BLK BlackRock Inc. | 0.28% | 81,893 | $87.7M | Reduce -15.8% |
| C Citigroup Inc. | 0.28% | 743,611 | $86.8M | Reduce -9.4% |
| MS Morgan Stanley | 0.27% | 482,575 | $85.7M | Reduce -6.8% |
| LIN Linde PLC | 0.27% | 196,763 | $83.9M | Reduce -6.8% |
| ADBE Adobe Inc. | 0.27% | 239,625 | $83.9M | Add +25.2% |
| ISRG Intuitive Surgical Inc. | 0.27% | 147,902 | $83.8M | Reduce -7.8% |
| APP AppLovin Corp. Class A | 0.27% | 123,380 | $83.1M | Reduce -7.0% |
| UBER Uber Technologies Inc. | 0.27% | 1,016,281 | $83.0M | Add +12.3% |
| PEP Pepsico Inc. | 0.26% | 574,173 | $82.4M | Reduce -6.8% |
| INTC Intel Corp. | 0.26% | 2,210,369 | $81.6M | Add +12.5% |
| BKNG Booking Holdings Inc. | 0.24% | 14,150 | $75.8M | Reduce -3.3% |
| CME Cme Group Inc. | 0.24% | 277,211 | $75.7M | Reduce -2.7% |
| ADP Automatic Data Processing | 0.24% | 292,528 | $75.2M | Reduce -4.2% |
| GEV GE Vernova Inc. | 0.24% | 114,558 | $74.9M | Reduce -6.8% |
| AMGN Amgen Inc. | 0.24% | 225,367 | $73.8M | Reduce -6.8% |
| ETR Entergy Corp. | 0.23% | 786,227 | $72.7M | Add +18.2% |
| VZ Verizon Communications Inc. | 0.23% | 1,769,667 | $72.1M | Reduce -6.8% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.23% | 468,671 | $72.0M | Reduce -6.8% |
| T AT&T Inc. | 0.23% | 2,895,887 | $71.9M | Reduce -8.2% |
| PFE Pfizer Inc. | 0.23% | 2,882,659 | $71.8M | Reduce -5.7% |
| SCHW Schwab (charles) Corp. | 0.23% | 715,089 | $71.4M | Reduce -33.7% |
| NEE Nextera Energy Inc. | 0.22% | 874,142 | $70.2M | Reduce -5.7% |
| ANET Arista Networks Inc. | 0.22% | 533,799 | $69.9M | Add +15.1% |
| DUK Duke Energy Corp. | 0.22% | 590,587 | $69.2M | Add +68.8% |
| APH Amphenol Corp. Class A | 0.22% | 511,267 | $69.1M | Reduce -5.7% |
| BA The Boeing Co. | 0.22% | 313,209 | $68.0M | Reduce -3.9% |
| PANW Palo Alto Networks Inc. | 0.21% | 363,483 | $67.0M | Reduce -3.7% |
| SPGI S&P Global Inc. | 0.21% | 127,023 | $66.4M | Reduce -8.0% |
| NOW ServiceNow Inc. | 0.21% | 433,000 | $66.3M | Reduce -6.8% |
| SPG Simon Property Group Inc. | 0.19% | 327,372 | $60.6M | Reduce -3.0% |
| COP Conocophillips | 0.19% | 645,349 | $60.4M | Reduce -6.6% |
| DHR Danaher Corp. | 0.19% | 263,843 | $60.4M | Reduce -8.0% |
| BSX Boston Scientific Corp. | 0.19% | 618,485 | $59.0M | Reduce -6.8% |
| UNP Union Pacific Corp. | 0.19% | 250,588 | $58.0M | Reduce -6.8% |
| NEM Newmont Corp. | 0.18% | 569,543 | $56.9M | Reduce -22.6% |
| LOW Lowe's Cos Inc. | 0.18% | 234,838 | $56.6M | Reduce -6.8% |
| CMI Cummins Inc. | 0.18% | 110,733 | $56.5M | Add +1.0% |
| HCA HCA Healthcare Inc. | 0.18% | 119,938 | $56.0M | Reduce -4.1% |
| PGR Progressive Corp. | 0.18% | 245,541 | $55.9M | Reduce -6.8% |
| WELL Welltower Inc. | 0.17% | 288,112 | $53.5M | Reduce -4.3% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.17% | 113,784 | $53.3M | Add +3.6% |
| AMP Ameriprise Financial Inc. | 0.17% | 108,384 | $53.1M | Add +2.8% |
Portfolio Sells Q3 2025 → Q4 2025
| MSFT Microsoft Corp. | Reduce -5.4% | 5.31% | −0.47 |
| META Meta Platforms Inc. Class A | Reduce -4.6% | 2.34% | −0.28 |
| ORCL Oracle Corp. | Reduce -4.4% | 0.59% | −0.26 |
| NFLX Netflix Inc. | Reduce -4.3% | 0.63% | −0.18 |
| NVDA Nvidia Corp. | Reduce -5.9% | 6.39% | −0.14 |
| HD Home Depot Inc. | Reduce -6.8% | 0.46% | −0.10 |
| FITB Fifth Third Bancorp | Reduce -66.0% | 0.05% | −0.09 |
| SCHW Schwab (charles) Corp. | Reduce -33.7% | 0.23% | −0.09 |
| PM Philip Morris International | Reduce -18.4% | 0.36% | −0.07 |
| BLK BlackRock Inc. | Reduce -15.8% | 0.28% | −0.07 |
| FAST Fastenal Co. | Reduce -36.8% | 0.08% | −0.07 |
| BAM Brookfield Asset Mgmt-A | Reduce -69.3% | 0.03% | −0.06 |
| MCD McDonald's Corp. | Reduce -18.8% | 0.36% | −0.06 |
| AZO AutoZone Inc. | Reduce -27.7% | 0.09% | −0.06 |
| ORLY O'reilly Automotive Inc. | Reduce -21.2% | 0.14% | −0.06 |
| HOOD Robinhood Markets Inc. Class A | Reduce -13.9% | 0.14% | −0.06 |
| COST Costco Wholesale Corp. | Reduce -6.8% | 0.51% | −0.05 |
| NOW ServiceNow Inc. | Reduce -6.8% | 0.21% | −0.05 |
| RBLX Roblox Corp. Class A | Reduce -5.4% | 0.07% | −0.05 |
| VRSN Verisign Inc. | Reduce -60.7% | 0.03% | −0.05 |
| FISV Fiserv Inc. | Reduce -7.8% | 0.05% | −0.05 |
| CMCSA Comcast Corp. Class A | Reduce -21.0% | 0.16% | −0.05 |
| FFIV F5 Inc. | Reduce -21.2% | 0.08% | −0.04 |
| T AT&T Inc. | Reduce -8.2% | 0.23% | −0.04 |
| GDDY GoDaddy Inc. Class A | Reduce -63.2% | 0.02% | −0.04 |
| LIN Linde PLC | Reduce -6.8% | 0.27% | −0.04 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -6.8% | 1.24% | −0.04 |
| JPM JPMorgan Chase & Co. | Reduce -8.8% | 1.18% | −0.04 |
| PB Prosperity Bancshares Inc. | Reduce -82.8% | 0.01% | −0.04 |
| OHI Omega Healthcare Investors | Reduce -58.1% | 0.03% | −0.04 |
| ETN Eaton Corp. PLC | Reduce -6.8% | 0.17% | −0.04 |
| KR Kroger Co. | Reduce -33.8% | 0.06% | −0.04 |
| ADP Automatic Data Processing | Reduce -4.2% | 0.24% | −0.03 |
| UNH Unitedhealth Group Inc. | Reduce -6.2% | 0.48% | −0.03 |
| PAYX Paychex Inc. | Reduce -35.3% | 0.05% | −0.03 |
| FTNT Fortinet Inc. | Reduce -21.5% | 0.11% | −0.03 |
| RVTY Revvity Inc. | Reduce -72.5% | 0.02% | −0.03 |
| VMI Valmont Industries | Reduce -53.7% | 0.03% | −0.03 |
| VICI Vici Properties Inc. | Reduce -25.6% | 0.06% | −0.03 |
| ABT Abbott Laboratories | Reduce -5.7% | 0.36% | −0.03 |
| K Kellanova | Sold out | 0.00% | −0.03 |
| ALSN Allison Transmission Holding | Reduce -65.6% | 0.02% | −0.03 |
| KMB Kimberly-Clark Corp. | Reduce -21.3% | 0.06% | −0.03 |
| COIN Coinbase Global Inc. Class A | Reduce -1.2% | 0.07% | −0.03 |
| CVX Chevron Corp. | Reduce -9.1% | 0.38% | −0.03 |
| PG The Procter & Gamble Co. | Reduce -1.0% | 0.72% | −0.03 |
| PLTR Palantir Technologies Inc. Class A | Reduce -5.7% | 0.63% | −0.03 |
| SPOT Spotify Technology SA | Reduce -6.8% | 0.12% | −0.03 |
| URI United Rentals Inc. | Reduce -6.8% | 0.13% | −0.03 |
| GLPI Gaming and Leisure Propertie | Reduce -37.8% | 0.05% | −0.03 |
Portfolio Buys Q3 2025 → Q4 2025
| BAC Bank of America Corp. | Add +20.7% | 0.65% | +0.16 |
| IVV iShares Core S&P 500 ETF | Add +188.1% | 0.16% | +0.11 |
| TMO Thermo Fisher Scientific Inc. | Add +10.4% | 0.35% | +0.09 |
| IWM iShares Russell 2000 ETF | Add +0.3% | 1.60% | +0.09 |
| DUK Duke Energy Corp. | Add +68.8% | 0.22% | +0.09 |
| ACN Accenture PLC Class A | Add +18.9% | 0.29% | +0.07 |
| COF Capital One Financial Corp. | Add +10.5% | 0.30% | +0.07 |
| L Loews Corp. | Add +227.5% | 0.08% | +0.06 |
| ADBE Adobe Inc. | Add +25.2% | 0.27% | +0.06 |
| NTRS Northern Trust Corp. | Add +152.3% | 0.09% | +0.06 |
| INTC Intel Corp. | Add +12.5% | 0.26% | +0.06 |
| CRM Salesforce Inc. | Add +1.1% | 0.36% | +0.05 |
| MLI Mueller Industries Inc. | Add +268.7% | 0.07% | +0.05 |
| WBD Warner Bros Discovery Inc. | Add +16.3% | 0.11% | +0.05 |
| PTC PTC Inc. | Add +175.4% | 0.08% | +0.05 |
| ROST Ross Stores Inc. | Add +31.9% | 0.11% | +0.04 |
| ETR Entergy Corp. | Add +18.2% | 0.23% | +0.04 |
| WDC Western Digital Corp. | Add +13.2% | 0.10% | +0.04 |
| MNST Monster Beverage Corp. | Add +35.6% | 0.10% | +0.04 |
| EA Electronic Arts Inc. | Add +47.0% | 0.11% | +0.04 |
| CMI Cummins Inc. | Add +1.0% | 0.18% | +0.04 |
| IDXX Idexx Laboratories Inc. | Add +38.1% | 0.11% | +0.04 |
| NTAP Netapp Inc. | Add +117.5% | 0.07% | +0.03 |
| GD General Dynamics Corp. | Add +10.3% | 0.29% | +0.03 |
| TIGO Millicom Intl Cellular S.A. | Add +311.2% | 0.04% | +0.03 |
| SNDK Sandisk Corp. | Add +12.9% | 0.05% | +0.03 |
| ROL Rollins Inc. | Add +116.9% | 0.05% | +0.03 |
| DG Dollar General Corp. | Add +45.3% | 0.06% | +0.03 |
| CTSH Cognizant Tech Solutions-A | Add +27.5% | 0.08% | +0.03 |
| CRH CRH PLC | Add +16.3% | 0.14% | +0.03 |
| EXPE Expedia Group Inc. | Add +7.2% | 0.09% | +0.03 |
| PEGA Pegasystems Inc. | Add +327.4% | 0.03% | +0.03 |
| FSLR First Solar Inc. | Add +41.6% | 0.05% | +0.02 |
| SSD Simpson Manufacturing Co. Inc. | Add +228.8% | 0.03% | +0.02 |
| INCY Incyte Corp. | Add +80.2% | 0.04% | +0.02 |
| LFUS Littelfuse Inc. | Add +234.0% | 0.03% | +0.02 |
| HIG Hartford Insurance Group Inc. | Add +21.3% | 0.09% | +0.02 |
| NUE Nucor Corp. | Add +16.6% | 0.06% | +0.02 |
| ELAN Elanco Animal Health Inc. | Add +59.7% | 0.04% | +0.02 |
| EOG EOG Resources Inc. | Add +25.4% | 0.10% | +0.02 |
| RKT Rocket Cos Inc. Class A | Add +249.3% | 0.02% | +0.02 |
| USB US Bancorp | Add +1.6% | 0.12% | +0.02 |
| ANET Arista Networks Inc. | Add +15.1% | 0.22% | +0.02 |
| OMC Omnicom Group | Add +63.3% | 0.04% | +0.01 |
| SNPS Synopsys Inc. | Add +12.2% | 0.14% | +0.01 |
| BIIB Biogen Inc. | Add +10.6% | 0.04% | +0.01 |
| INSM Insmed Inc. | Add +4.8% | 0.05% | +0.01 |
| AMP Ameriprise Financial Inc. | Add +2.8% | 0.17% | +0.01 |
| TDC Teradata Corp. | Add +196.4% | 0.01% | +0.01 |
| DELL Dell Technologies -C | Add +25.4% | 0.07% | +0.01 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 1,096 | $38.8B | NVDA, AAPL, IWM, MSFT, AMZN |
| Q1 2026 | 1,006 | $31.8B | NVDA, AAPL, IWM, MSFT, AMZN |
| Q4 2025 | 1,010 | $31.2B | NVDA, AAPL, MSFT, AMZN, GOOGL |
| Q3 2025 | 1,010 | $32.5B | NVDA, MSFT, AAPL, AMZN, META |
| Q2 2025 | 1,015 | $31.2B | NVDA, MSFT, AAPL, AMZN, META |
| Q1 2025 | 1,007 | $25.1B | AAPL, MSFT, NVDA, AMZN, META |
| Q4 2024 | 1,013 | $25.7B | AAPL, NVDA, MSFT, AMZN, META |
| Q3 2024 | 1,021 | $25.0B | AAPL, MSFT, NVDA, AMZN, META |
| Q2 2024 | 1,020 | $23.6B | MSFT, AAPL, NVDA, AMZN, META |
| Q1 2024 | 1,011 | $22.8B | MSFT, AAPL, NVDA, AMZN, META |