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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
HPQ icon
401
HP
HPQ
$28.6B
$11.5M 0.04%
424,061
-307,513
-42% -$8.2M
INGR icon
402
Ingredion
INGR
$6.63B
$11.5M 0.04%
94,448
-109,509
-54% -$14.1M
BOKF icon
403
BOK Financial
BOKF
$8.85B
$11.5M 0.04%
103,393
-569
-0.5% -$60.8K
NTRS icon
404
Northern Trust
NTRS
$34.8B
$11.5M 0.04%
85,456
-4,870
-5% -$627K
MTD icon
405
Mettler-Toledo International
MTD
$28.7B
$11.5M 0.04%
9,349
-371
-4% -$465K
VLTO icon
406
Veralto
VLTO
$23.8B
$11.4M 0.04%
107,196
-66,833
-38% -$7.05M
CNP icon
407
CenterPoint Energy
CNP
$26.7B
$11.4M 0.04%
292,963
-11,414
-4% -$431K
FE icon
408
FirstEnergy
FE
$27.1B
$11.3M 0.03%
246,710
-9,613
-4% -$410K
HBAN icon
409
Huntington Bancshares
HBAN
$35.9B
$11.2M 0.03%
650,240
-25,331
-4% -$433K
MIDD icon
410
Middleby
MIDD
$5.29B
$11.1M 0.03%
83,741
-937
-1% -$130K
SNX icon
411
TD Synnex
SNX
$20.4B
$11.1M 0.03%
67,793
+31,040
+84% +$4.58M
SMCI icon
412
Super Micro Computer
SMCI
$25.3B
$11.1M 0.03%
230,848
-9,003
-4% -$430K
CTRA
413
DELISTED
Coterra Energy
CTRA
$11.1M 0.03%
467,870
-13,322
-3% -$321K
NWS icon
414
News Corp Class B
NWS
$17.8B
$11M 0.03%
319,473
-17,967
-5% -$607K
EQR icon
415
Equity Residential
EQR
$24.7B
$11M 0.03%
170,283
-6,635
-4% -$434K
MDB icon
416
MongoDB
MDB
$38B
$11M 0.03%
35,460
-1,380
-4% -$355K
BYD icon
417
Boyd Gaming
BYD
$6.05B
$11M 0.03%
126,784
-1,848
-1% -$155K
CINF icon
418
Cincinnati Financial
CINF
$26.5B
$10.9M 0.03%
69,260
-2,700
-4% -$410K
IP icon
419
International Paper
IP
$21.8B
$10.9M 0.03%
235,644
-9,182
-4% -$448K
STE icon
420
Steris
STE
$23B
$10.9M 0.03%
44,140
-1,721
-4% -$412K
FNF icon
421
Fidelity National Financial
FNF
$13.1B
$10.9M 0.03%
180,296
-108,673
-38% -$6.31M
DBX icon
422
Dropbox
DBX
$7.81B
$10.9M 0.03%
360,642
-11,340
-3% -$324K
ONTO icon
423
Onto Innovation
ONTO
$20.6B
$10.9M 0.03%
84,242
-903
-1% -$96.6K
PTC icon
424
PTC
PTC
$16.7B
$10.9M 0.03%
53,610
-2,097
-4% -$428K
LDOS icon
425
Leidos
LDOS
$17.9B
$10.8M 0.03%
57,329
-2,232
-4% -$388K
15 16
17
18 19

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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.