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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
GRMN
301
Garmin
GRMN
$60.2B
$18M 0.06%
73,276
-2,857
-4% -$659K
DKS icon
302
Dick's Sporting Goods
DKS
$18.1B
$18M 0.06%
80,964
+3,122
+4% +$680K
CPNG icon
303
Coupang
CPNG
$29.3B
$18M 0.06%
558,227
-21,752
-4% -$658K
RMD icon
304
ResMed
RMD
$32.9B
$18M 0.06%
65,641
-2,559
-4% -$699K
SYY icon
305
Sysco
SYY
$40B
$18M 0.06%
218,146
-8,502
-4% -$680K
CPRT icon
306
Copart
CPRT
$27.2B
$17.9M 0.06%
397,594
-15,489
-4% -$730K
WAB icon
307
Wabtec
WAB
$50.3B
$17.9M 0.06%
89,114
-2,983
-3% -$589K
ROK icon
308
Rockwell Automation
ROK
$49.5B
$17.8M 0.05%
50,879
-1,982
-4% -$685K
XYZ
309
Block Inc
XYZ
$49.9B
$17.7M 0.05%
244,848
-9,536
-4% -$714K
RJF icon
310
Raymond James Financial
RJF
$34.8B
$17.5M 0.05%
101,233
-3,219
-3% -$533K
IVV icon
311
iShares Core S&P 500 ETF
IVV
$910B
$17.4M 0.05%
25,988
-174
-0.7% -$112K
AKAM icon
312
Akamai
AKAM
$18B
$17.4M 0.05%
229,277
-2,658
-1% -$205K
ALSN icon
313
Allison Transmission
ALSN
$10.2B
$17.2M 0.05%
202,139
-2,069
-1% -$184K
CHTR icon
314
Charter Communications
CHTR
$18.7B
$17.1M 0.05%
62,315
-17,221
-22% -$5.2M
MLM icon
315
Martin Marietta Materials
MLM
$32.7B
$17M 0.05%
26,964
-1,045
-4% -$623K
CAH icon
316
Cardinal Health
CAH
$53.8B
$16.8M 0.05%
107,286
-5,538
-5% -$855K
DLTR icon
317
Dollar Tree
DLTR
$24.9B
$16.7M 0.05%
177,423
-6,347
-3% -$679K
RL icon
318
Ralph Lauren
RL
$23.1B
$16.7M 0.05%
53,237
+34,959
+191% +$10.4M
THC icon
319
Tenet Healthcare
THC
$21.5B
$16.7M 0.05%
82,181
-3,650
-4% -$648K
PRU icon
320
Prudential Financial
PRU
$43B
$16.5M 0.05%
159,450
-6,213
-4% -$654K
WEC icon
321
WEC Energy
WEC
$35.9B
$16.5M 0.05%
143,604
-5,592
-4% -$606K
A icon
322
Agilent Technologies
A
$42.2B
$16.4M 0.05%
128,113
-4,996
-4% -$603K
NDAQ icon
323
Nasdaq
NDAQ
$54.6B
$16.4M 0.05%
185,419
-7,226
-4% -$669K
ED icon
324
Consolidated Edison
ED
$40.1B
$16.3M 0.05%
162,065
-6,312
-4% -$633K
OTIS icon
325
Otis Worldwide
OTIS
$27.8B
$16.2M 0.05%
177,680
-6,924
-4% -$629K
11 12
13
14 15

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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.