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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
DHI icon
276
D.R. Horton
DHI
$41.9B
$20.3M 0.06%
119,719
-8,444
-7% -$1.33M
FOXA icon
277
Fox Class A
FOXA
$27.5B
$20.2M 0.06%
319,954
-5,665
-2% -$328K
EW icon
278
Edwards Lifesciences
EW
$53.4B
$20.1M 0.06%
258,773
-10,087
-4% -$788K
R icon
279
Ryder
R
$10.1B
$20.1M 0.06%
106,619
-53,623
-33% -$9.67M
EVR icon
280
Evercore
EVR
$12B
$20M 0.06%
59,351
-8,840
-13% -$2.77M
FLUT icon
281
Flutter Entertainment
FLUT
$17.1B
$20M 0.06%
78,774
-3,066
-4% -$897K
WPC icon
282
W.P. Carey
WPC
$16.3B
$20M 0.06%
295,953
-3,962
-1% -$259K
VEEV icon
283
Veeva Systems
VEEV
$41B
$19.8M 0.06%
66,371
-2,579
-4% -$726K
DDOG icon
284
Datadog
DDOG
$90.6B
$19.8M 0.06%
138,699
-5,407
-4% -$745K
AYI icon
285
Acuity Brands
AYI
$10.8B
$19.6M 0.06%
56,998
-572
-1% -$182K
EXPE icon
286
Expedia Group
EXPE
$39.4B
$19.4M 0.06%
90,838
-31,339
-26% -$6.29M
ON icon
287
ON Semiconductor
ON
$31.8B
$19.4M 0.06%
392,450
-7,561
-2% -$398K
DELL icon
288
Dell
DELL
$320B
$19.2M 0.06%
135,774
-12,761
-9% -$1.66M
MSCI icon
289
MSCI
MSCI
$41.8B
$19.2M 0.06%
33,809
-1,321
-4% -$747K
MPWR icon
290
Monolithic Power Systems
MPWR
$67B
$19.2M 0.06%
20,807
-14,982
-42% -$12.1M
YUM icon
291
Yum! Brands
YUM
$41.2B
$19.1M 0.06%
125,326
-4,879
-4% -$718K
GWW icon
292
W.W. Grainger
GWW
$62.2B
$19M 0.06%
19,910
-781
-4% -$784K
EBAY icon
293
eBay
EBAY
$46.5B
$18.8M 0.06%
207,088
-118,590
-36% -$10.5M
CCI icon
294
Crown Castle
CCI
$32.2B
$18.8M 0.06%
195,076
-7,600
-4% -$769K
PEG icon
295
Public Service Enterprise Group
PEG
$37.8B
$18.7M 0.06%
224,521
-8,748
-4% -$734K
WDC icon
296
Western Digital
WDC
$168B
$18.7M 0.06%
155,625
-6,064
-4% -$496K
UTHR icon
297
United Therapeutics
UTHR
$21.5B
$18.4M 0.06%
43,896
-10,194
-19% -$3.43M
VMC icon
298
Vulcan Materials
VMC
$36B
$18.3M 0.06%
59,441
-2,310
-4% -$656K
CRUS icon
299
Cirrus Logic
CRUS
$6.08B
$18.3M 0.06%
145,905
-1,855
-1% -$207K
RPRX icon
300
Royalty Pharma
RPRX
$26.1B
$18.1M 0.06%
513,622
-12,007
-2% -$435K
10 11
12
13 14

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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.