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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
LH icon
426
Labcorp
LH
$26.2B
$10.8M 0.03%
37,574
-1,458
-4% -$391K
LOPE icon
427
Grand Canyon Education
LOPE
$3.79B
$10.8M 0.03%
49,129
-18,019
-27% -$3.46M
PPG icon
428
PPG Industries
PPG
$25.5B
$10.7M 0.03%
102,187
-3,974
-4% -$442K
MKL icon
429
Markel Group
MKL
$22.8B
$10.7M 0.03%
5,602
-214
-4% -$420K
HUBS icon
430
HubSpot
HUBS
$12B
$10.7M 0.03%
22,861
-893
-4% -$449K
RF icon
431
Regions Financial
RF
$27B
$10.7M 0.03%
403,919
-15,733
-4% -$409K
NTAP icon
432
NetApp
NTAP
$40.2B
$10.6M 0.03%
89,833
-5,043
-5% -$564K
TPR icon
433
Tapestry
TPR
$25.9B
$10.5M 0.03%
92,980
-3,620
-4% -$379K
EXE
434
Expand Energy Corp
EXE
$21.9B
$10.5M 0.03%
98,797
-3,852
-4% -$387K
CFG icon
435
Citizens Financial Group
CFG
$31.2B
$10.4M 0.03%
195,577
-147,600
-43% -$7.35M
HUBB icon
436
Hubbell
HUBB
$26.8B
$10.3M 0.03%
24,053
-934
-4% -$402K
GTES icon
437
Gates Industrial Corporation Ltd.
GTES
$7B
$10.3M 0.03%
415,379
+296,938
+251% +$7.37M
JBL icon
438
Jabil
JBL
$38.8B
$10.3M 0.03%
47,425
-43,375
-48% -$9.45M
K
439
DELISTED
Kellanova
K
$10.2M 0.03%
124,910
-4,872
-4% -$388K
DG icon
440
Dollar General
DG
$26.9B
$10.2M 0.03%
98,760
-3,850
-4% -$422K
DOV icon
441
Dover
DOV
$27.8B
$10.2M 0.03%
60,969
-2,374
-4% -$426K
NVR icon
442
NVR
NVR
$17B
$10.2M 0.03%
1,264
-42
-3% -$334K
TYL icon
443
Tyler Technologies
TYL
$13.5B
$10.1M 0.03%
19,349
-758
-4% -$425K
TROW icon
444
T. Rowe Price
TROW
$23.7B
$10.1M 0.03%
98,354
-3,824
-4% -$402K
FSLR icon
445
First Solar
FSLR
$24B
$10.1M 0.03%
45,642
-1,774
-4% -$341K
KHC icon
446
Kraft Heinz
KHC
$30.1B
$10M 0.03%
383,881
-14,957
-4% -$406K
WRB icon
447
W.R. Berkley
WRB
$26.2B
$10M 0.03%
130,465
-11,382
-8% -$810K
HRB icon
448
H&R Block
HRB
$6.76B
$9.99M 0.03%
197,617
-2,441
-1% -$129K
SW
449
Smurfit Westrock
SW
$26.2B
$9.97M 0.03%
234,236
-9,133
-4% -$413K
TER icon
450
Teradyne
TER
$64.2B
$9.95M 0.03%
72,308
-2,817
-4% -$308K
16 17
18
19 20

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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.