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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
+9.92%
1 Year Est. Return
+28.93%
3 Year Est. Return
+100.69%
5 Year Est. Return
+135.6%
10 Year Est. Return
–
AUM
$32.5B
AUM Growth
+$1.29B
Cap. Flow
-$1.07B
Cap. Flow %
-3.3%
Top 10 Hldgs %
33.94%
Holding
1,020
New
5
Increased
84
Reduced
921
Closed
10

Top Buys

Rank Stock Value
1
JNJ icon
Johnson & Johnson
JNJ
+$37.7M
2
MCD icon
McDonald's
MCD
+$37.6M
3
GD icon
General Dynamics
GD
+$35.3M
4
ETR icon
Entergy
ETR
+$30.4M
5
SCHW
Charles Schwab
SCHW
+$26.6M

Top Sells

Rank Stock Value
1
NVDA icon
NVIDIA
NVDA
+$88.4M
2
AAPL icon
Apple
AAPL
+$84.6M
3
MSFT icon
Microsoft
MSFT
+$58.6M
4
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$33.3M
5
AVGO icon
Broadcom
AVGO
+$32.9M

Sector Composition

Rank Sector Weight
1 Technology 33.73%
2 Financials 13.14%
3 Consumer Discretionary 10.75%
4 Communication Services 10.06%
5 Healthcare 8.81%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AMG icon
251
Affiliated Managers Group
AMG
$9.75B
$22.8M 0.07%
95,458
-719
-0.7% -$158K
FDX icon
252
FedEx
FDX
$80.2B
$22.7M 0.07%
96,366
-5,325
-5% -$1.23M
ZM icon
253
Zoom
ZM
$32.2B
$22.7M 0.07%
275,078
+8,541
+3% +$666K
CVNA icon
254
Carvana
CVNA
$81.9B
$22.4M 0.07%
296,725
-3,205
-1% -$229K
ROST icon
255
Ross Stores
ROST
$78.7B
$22.1M 0.07%
144,847
-5,644
-4% -$806K
BKR icon
256
Baker Hughes
BKR
$63B
$21.7M 0.07%
445,901
-17,365
-4% -$766K
DGX icon
257
Quest Diagnostics
DGX
$26.1B
$21.7M 0.07%
113,976
-2,001
-2% -$355K
AOS icon
258
A.O. Smith
AOS
$8.5B
$21.6M 0.07%
294,501
-3,114
-1% -$222K
HIG icon
259
Hartford Financial Services
HIG
$37.8B
$21.5M 0.07%
161,549
-6,319
-4% -$810K
OHI icon
260
Omega Healthcare
OHI
$13.9B
$21.3M 0.07%
505,186
-5,342
-1% -$215K
CARR icon
261
Carrier Global
CARR
$52.3B
$21.3M 0.07%
356,701
-19,541
-5% -$1.33M
TTWO icon
262
Take-Two Interactive
TTWO
$45.5B
$21.2M 0.07%
81,910
-1,704
-2% -$403K
MNST icon
263
Monster Beverage
MNST
$91.2B
$21.1M 0.07%
627,292
-24,434
-4% -$763K
CBRE icon
264
CBRE Group
CBRE
$43.9B
$21.1M 0.06%
133,690
-75,027
-36% -$11.6M
F icon
265
Ford
F
$55.3B
$21M 0.06%
1,755,229
-68,385
-4% -$788K
GDDY icon
266
GoDaddy
GDDY
$12.6B
$20.9M 0.06%
153,112
-2,481
-2% -$382K
DOX icon
267
Amdocs
DOX
$6.24B
$20.8M 0.06%
253,978
-2,103
-0.8% -$182K
MET icon
268
MetLife
MET
$61.9B
$20.8M 0.06%
252,956
-9,855
-4% -$776K
VMI icon
269
Valmont Industries
VMI
$9.46B
$20.8M 0.06%
53,652
-395
-0.7% -$144K
HPE icon
270
Hewlett Packard
HPE
$79.4B
$20.6M 0.06%
838,299
-240,378
-22% -$5.31M
PSA icon
271
Public Storage
PSA
$61.4B
$20.5M 0.06%
71,011
-2,763
-4% -$793K
OKE icon
272
Oneok
OKE
$58.5B
$20.5M 0.06%
280,964
-10,943
-4% -$838K
EXC icon
273
Exelon
EXC
$46.9B
$20.5M 0.06%
454,472
-17,703
-4% -$778K
WBD icon
274
Warner Bros
WBD
$69.7B
$20.5M 0.06%
1,047,197
+5,204
+0.5% +$70.9K
AIG icon
275
American International
AIG
$39.8B
$20.3M 0.06%
259,053
-13,573
-5% -$1.08M
9 10
11
12 13

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Treasurer of the State of North Carolina's Q3 2025 Portfolio in Review

As of Q3 2025, Treasurer of the State of North Carolina held 1,020 positions worth $32.5B, up 4.2% from $31.2B the previous quarter. Its ten largest holdings account for 34% of the portfolio.

Treasurer of the State of North Carolina withdrew a net $1.07B in Q3 2025, closing 10 positions and reducing 921 holdings. Its most notable exit was Hess, an estimated $18.3M position sold in full.

By sector, the portfolio is most concentrated in Technology at 34% of assets, up from 33% a quarter earlier, followed by Financials and Consumer Discretionary.

Against the trend, Treasurer of the State of North Carolina opened a new position in Circle Internet Group worth $2.81M.

  • Treasurer of the State of North Carolina's largest Q3 2025 buy was Circle Internet Group: 21,218 shares worth $2.81M.
  • Treasurer of the State of North Carolina added most to Johnson & Johnson in Q3 2025, an estimated $37.7M increase.
  • Treasurer of the State of North Carolina's biggest Q3 2025 reduction was NVIDIA, cutting an estimated $88.4M.
  • Treasurer of the State of North Carolina fully exited Hess in Q3 2025, selling an estimated $18.3M.
  • Treasurer of the State of North Carolina's ten largest holdings make up 34% of its $32.5B portfolio in Q3 2025.
  • Treasurer of the State of North Carolina opened 5 new positions and closed 10 in Q3 2025.
  • Treasurer of the State of North Carolina's portfolio value rose 4.2% quarter-over-quarter to $32.5B.

Based on Treasurer of the State of North Carolina's 13F filing for Q3 2025, filed 13 Nov 2025.