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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
IT icon
476
Gartner
IT
$11.6B
$8.86M 0.03%
33,684
-22,586
-40% -$6.59M
AFRM icon
477
Affirm
AFRM
$26.2B
$8.82M 0.03%
120,632
-4,704
-4% -$358K
STLD icon
478
Steel Dynamics
STLD
$37.3B
$8.81M 0.03%
63,156
-2,465
-4% -$324K
CPAY icon
479
Corpay
CPAY
$27.9B
$8.8M 0.03%
30,557
-1,185
-4% -$378K
CACI icon
480
CACI
CACI
$14.8B
$8.8M 0.03%
17,636
-383
-2% -$185K
ZBH icon
481
Zimmer Biomet
ZBH
$19B
$8.77M 0.03%
89,040
-3,465
-4% -$343K
STZ icon
482
Constellation Brands
STZ
$23.3B
$8.75M 0.03%
64,967
+3,930
+6% +$625K
TRMB icon
483
Trimble
TRMB
$13.4B
$8.75M 0.03%
107,114
-4,170
-4% -$340K
TLN
484
Talen Energy Corp
TLN
$17.2B
$8.67M 0.03%
20,390
-800
-4% -$289K
GWRE icon
485
Guidewire Software
GWRE
$15.2B
$8.65M 0.03%
37,646
-1,471
-4% -$335K
PKG icon
486
Packaging Corp of America
PKG
$22.9B
$8.65M 0.03%
39,703
-1,556
-4% -$321K
GPC icon
487
Genuine Parts
GPC
$18.7B
$8.64M 0.03%
62,359
-2,431
-4% -$326K
HEI.A icon
488
HEICO Corp Class A
HEI.A
$38.1B
$8.57M 0.03%
33,713
-1,316
-4% -$329K
PINS icon
489
Pinterest
PINS
$13.2B
$8.54M 0.03%
265,571
-10,351
-4% -$375K
NTNX icon
490
Nutanix
NTNX
$18.4B
$8.53M 0.03%
114,696
-4,465
-4% -$328K
AMCR icon
491
Amcor
AMCR
$21.4B
$8.48M 0.03%
207,249
-5,351
-3% -$240K
WST icon
492
West Pharmaceutical
WST
$24.4B
$8.44M 0.03%
32,186
-1,252
-4% -$304K
APTV icon
493
Aptiv
APTV
$10.2B
$8.42M 0.03%
97,660
-9,249
-9% -$698K
LULU icon
494
lululemon athletica
LULU
$13.6B
$8.42M 0.03%
47,320
-1,845
-4% -$370K
PFG icon
495
Principal Financial Group
PFG
$24.6B
$8.28M 0.03%
99,845
-104,768
-51% -$8.37M
MTDR icon
496
Matador Resources
MTDR
$6.39B
$8.25M 0.03%
183,660
-2,159
-1% -$105K
DKNG icon
497
DraftKings
DKNG
$12.6B
$8.08M 0.02%
216,078
-8,416
-4% -$373K
WY icon
498
Weyerhaeuser
WY
$17.9B
$8.08M 0.02%
325,855
-12,696
-4% -$325K
INVH icon
499
Invitation Homes
INVH
$18B
$8.07M 0.02%
275,095
-10,718
-4% -$330K
TPL icon
500
Texas Pacific Land
TPL
$23.9B
$8.07M 0.02%
25,923
-13,518
-34% -$4.26M
18 19
20
21 22

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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.