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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
HD icon
26
Home Depot
HD
$340B
$181M 0.56%
447,676
-17,439
-4% -$6.86M
IBM icon
27
IBM
IBM
$221B
$175M 0.54%
619,058
+2,919
+0.5% +$764K
UNH icon
28
UnitedHealth
UNH
$361B
$167M 0.51%
482,711
-15,046
-3% -$4.55M
BAC icon
29
Bank of America
BAC
$448B
$156M 0.48%
3,032,592
-171,301
-5% -$8.36M
GE icon
30
GE Aerospace
GE
$375B
$142M 0.44%
472,815
-18,418
-4% -$5.03M
PM icon
31
Philip Morris
PM
$295B
$140M 0.43%
860,376
+11,746
+1% +$1.98M
MCD icon
32
McDonald's
MCD
$193B
$139M 0.43%
457,495
+123,559
+37% +$37.6M
CVX icon
33
Chevron
CVX
$387B
$134M 0.41%
863,604
+101,656
+13% +$15.7M
QCOM icon
34
Qualcomm
QCOM
$174B
$126M 0.39%
757,739
-28,045
-4% -$4.45M
INTU icon
35
Intuit
INTU
$92.5B
$126M 0.39%
184,493
+11,886
+7% +$8.57M
ABT icon
36
Abbott
ABT
$192B
$126M 0.39%
939,376
-24,179
-3% -$3.17M
DIS icon
37
Walt Disney
DIS
$179B
$126M 0.39%
1,096,457
+163,351
+18% +$19.2M
LRCX icon
38
Lam Research
LRCX
$427B
$125M 0.39%
934,067
+235,436
+34% +$24.9M
WFC icon
39
Wells Fargo
WFC
$266B
$122M 0.37%
1,450,016
-72,297
-5% -$5.86M
KLAC icon
40
KLA
KLAC
$278B
$119M 0.37%
1,100,490
-23,650
-2% -$2.21M
MU icon
41
Micron Technology
MU
$1.1T
$118M 0.36%
705,090
+3,621
+0.5% +$463K
AMD icon
42
Advanced Micro Devices
AMD
$805B
$117M 0.36%
724,091
-28,213
-4% -$4.55M
KO icon
43
Coca-Cola
KO
$377B
$116M 0.36%
1,748,537
-68,127
-4% -$4.69M
BLK icon
44
Blackrock
BLK
$181B
$113M 0.35%
97,231
+8,788
+10% +$9.82M
AMAT icon
45
Applied Materials
AMAT
$442B
$108M 0.33%
526,154
+146,830
+39% +$26.6M
GS icon
46
Goldman Sachs
GS
$306B
$108M 0.33%
135,160
-7,077
-5% -$5.24M
AXP icon
47
American Express
AXP
$231B
$105M 0.32%
317,264
-11,709
-4% -$3.72M
TXN icon
48
Texas Instruments
TXN
$254B
$105M 0.32%
571,694
-16,058
-3% -$3.14M
SCHW
49
Charles Schwab
SCHW
$189B
$103M 0.32%
1,077,953
+280,714
+35% +$26.6M
RTX icon
50
RTX Corp
RTX
$296B
$101M 0.31%
601,552
-23,439
-4% -$3.64M
1
2
3 4 5

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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.