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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
UI icon
451
Ubiquiti
UI
$35.3B
$9.87M 0.03%
14,946
-5,288
-26% -$2.64M
FWONK icon
452
Liberty Media Series C
FWONK
$26B
$9.85M 0.03%
94,308
-3,675
-4% -$373K
TTD icon
453
Trade Desk
TTD
$6.84B
$9.83M 0.03%
200,639
-7,812
-4% -$496K
CMS icon
454
CMS Energy
CMS
$22.1B
$9.8M 0.03%
133,749
-5,210
-4% -$374K
PR
455
Permian Resources
PR
$17.7B
$9.77M 0.03%
763,130
+49,831
+7% +$683K
PODD icon
456
Insulet
PODD
$10.2B
$9.73M 0.03%
31,526
-1,226
-4% -$384K
CHD icon
457
Church & Dwight Co
CHD
$24B
$9.7M 0.03%
110,740
-4,310
-4% -$404K
HAL icon
458
Halliburton
HAL
$27.4B
$9.48M 0.03%
385,446
-15,022
-4% -$332K
EIX icon
459
Edison International
EIX
$27.2B
$9.47M 0.03%
171,361
-6,680
-4% -$360K
CDW icon
460
CDW
CDW
$17.8B
$9.42M 0.03%
59,153
-2,298
-4% -$391K
CASY icon
461
Casey's General Stores
CASY
$31.6B
$9.4M 0.03%
16,634
-644
-4% -$337K
NTRA icon
462
Natera
NTRA
$44.8B
$9.4M 0.03%
58,375
-2,276
-4% -$360K
SBAC icon
463
SBA Communications
SBAC
$19.8B
$9.34M 0.03%
48,278
-1,884
-4% -$408K
QSR icon
464
Restaurant Brands International
QSR
$26.7B
$9.33M 0.03%
145,470
-5,670
-4% -$373K
EL icon
465
Estee Lauder
EL
$31.6B
$9.26M 0.03%
105,084
-4,095
-4% -$365K
CIEN icon
466
Ciena
CIEN
$62.7B
$9.24M 0.03%
63,418
-2,476
-4% -$252K
BIIB icon
467
Biogen
BIIB
$31.1B
$9.2M 0.03%
65,682
-2,560
-4% -$346K
CW icon
468
Curtiss-Wright
CW
$25.4B
$9.18M 0.03%
16,900
-655
-4% -$323K
NI icon
469
NiSource
NI
$20.2B
$9.16M 0.03%
211,556
-8,237
-4% -$341K
QGEN icon
470
Qiagen
QGEN
$8.93B
$9.14M 0.03%
204,542
+104,992
+105% +$5.02M
GPN icon
471
Global Payments
GPN
$25.1B
$9.12M 0.03%
109,769
-4,280
-4% -$360K
RBA icon
472
RB Global
RBA
$16B
$9.03M 0.03%
83,339
-3,247
-4% -$364K
RKLB icon
473
Rocket Lab Corp
RKLB
$51.2B
$8.91M 0.03%
186,011
+3,151
+2% +$143K
XP icon
474
XP
XP
$8.18B
$8.91M 0.03%
474,189
-7,342
-2% -$132K
CHRD icon
475
Chord Energy
CHRD
$7.35B
$8.88M 0.03%
89,373
-26,133
-23% -$2.75M
17 18
19
20 21

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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.