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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
TRGP icon
326
Targa Resources
TRGP
$57.2B
$16.2M 0.05%
96,562
-3,759
-4% -$626K
XYL icon
327
Xylem
XYL
$28.1B
$16.1M 0.05%
109,404
-4,265
-4% -$592K
DRI icon
328
Darden Restaurants
DRI
$25.4B
$16.1M 0.05%
84,402
+29,828
+55% +$6.13M
NNN icon
329
NNN REIT
NNN
$8.87B
$16M 0.05%
374,871
-3,506
-0.9% -$149K
CSGP icon
330
CoStar Group
CSGP
$13.4B
$15.8M 0.05%
187,748
-7,314
-4% -$646K
VRSK icon
331
Verisk Analytics
VRSK
$24.2B
$15.8M 0.05%
62,922
-72,954
-54% -$20M
OZK icon
332
Bank OZK
OZK
$5.7B
$15.8M 0.05%
310,001
+169,159
+120% +$8.64M
FICO icon
333
Fair Isaac
FICO
$24B
$15.8M 0.05%
10,539
-3,498
-25% -$5.26M
FIS icon
334
Fidelity National Information Services
FIS
$22.8B
$15.6M 0.05%
236,749
-9,228
-4% -$673K
RVTY icon
335
Revvity
RVTY
$13.1B
$15.5M 0.05%
177,087
-6,718
-4% -$610K
MCHP icon
336
Microchip Technology
MCHP
$42.2B
$15.2M 0.05%
237,289
-9,241
-4% -$626K
EQT icon
337
EQT Corp
EQT
$33.8B
$15.2M 0.05%
279,426
+936
+0.3% +$49.5K
WTW icon
338
Willis Towers Watson
WTW
$31B
$15.2M 0.05%
43,983
-2,314
-5% -$749K
CF icon
339
CF Industries
CF
$17.7B
$15M 0.05%
167,615
-5,757
-3% -$513K
IR icon
340
Ingersoll Rand
IR
$32.7B
$15M 0.05%
181,457
-7,071
-4% -$580K
OXY icon
341
Occidental Petroleum
OXY
$57.7B
$15M 0.05%
317,096
+2,491
+0.8% +$113K
CTSH icon
342
Cognizant
CTSH
$26.7B
$14.9M 0.05%
221,983
-8,642
-4% -$625K
SCCO icon
343
Southern Copper
SCCO
$158B
$14.9M 0.05%
127,531
+87,450
+218% +$8.48M
PCG icon
344
PG&E
PCG
$38.5B
$14.9M 0.05%
985,741
-38,409
-4% -$560K
KDP icon
345
Keurig Dr Pepper
KDP
$42.3B
$14.9M 0.05%
582,277
-22,685
-4% -$711K
PB icon
346
Prosperity Bancshares
PB
$8.97B
$14.8M 0.05%
223,448
-1,761
-0.8% -$121K
ALAB icon
347
Astera Labs
ALAB
$56B
$14.8M 0.05%
75,719
+8,831
+13% +$1.45M
STT icon
348
State Street
STT
$52.2B
$14.8M 0.05%
127,264
-7,276
-5% -$812K
DD icon
349
DuPont de Nemours
DD
$19.5B
$14.7M 0.05%
149,933
-5,841
-4% -$550K
IQV icon
350
IQVIA
IQV
$39.8B
$14.4M 0.04%
75,948
-5,894
-7% -$1.07M
12 13
14
15 16

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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.