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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
WAT icon
501
Waters Corp
WAT
$40.6B
$8.03M 0.02%
26,778
-1,037
-4% -$313K
J icon
502
Jacobs Solutions
J
$16.8B
$8.02M 0.02%
53,515
-3,190
-6% -$458K
KEY icon
503
KeyCorp
KEY
$24.6B
$7.95M 0.02%
425,154
-16,569
-4% -$307K
USFD icon
504
US Foods
USFD
$23.8B
$7.91M 0.02%
103,236
-4,028
-4% -$320K
CNC icon
505
Centene
CNC
$32.6B
$7.86M 0.02%
220,338
-11,600
-5% -$350K
DVA icon
506
DaVita
DVA
$11.4B
$7.79M 0.02%
58,600
-1,014
-2% -$139K
LNT icon
507
Alliant Energy
LNT
$18.2B
$7.79M 0.02%
115,482
-4,498
-4% -$290K
ACM icon
508
Aecom
ACM
$8.19B
$7.76M 0.02%
59,491
-2,322
-4% -$280K
RGA icon
509
Reinsurance Group of America
RGA
$16.4B
$7.72M 0.02%
40,189
-79,565
-66% -$15.2M
L icon
510
Loews
L
$23B
$7.71M 0.02%
76,816
-2,995
-4% -$283K
OMF icon
511
OneMain Financial
OMF
$7.51B
$7.67M 0.02%
135,918
-30,675
-18% -$1.81M
ESS icon
512
Essex Property Trust
ESS
$18.5B
$7.67M 0.02%
28,652
-1,115
-4% -$301K
SGI
513
Somnigroup International
SGI
$14B
$7.67M 0.02%
90,895
-3,543
-4% -$279K
FCNCA icon
514
First Citizens BancShares
FCNCA
$25.6B
$7.64M 0.02%
4,272
-331
-7% -$653K
FTAI icon
515
FTAI Aviation
FTAI
$22.2B
$7.64M 0.02%
45,799
-1,781
-4% -$253K
MKC icon
516
McCormick & Company Non-Voting
MKC
$14.6B
$7.62M 0.02%
113,841
-4,429
-4% -$310K
BWXT icon
517
BWX Technologies
BWXT
$15.6B
$7.56M 0.02%
41,013
-1,602
-4% -$258K
LII icon
518
Lennox International
LII
$14.5B
$7.56M 0.02%
14,279
-708
-5% -$413K
EXPD icon
519
Expeditors International
EXPD
$24.3B
$7.56M 0.02%
61,637
-2,402
-4% -$286K
LVS icon
520
Las Vegas Sands
LVS
$29.6B
$7.53M 0.02%
139,899
-9,723
-6% -$511K
FTV icon
521
Fortive
FTV
$18.7B
$7.48M 0.02%
152,638
-5,939
-4% -$293K
COHR icon
522
Coherent
COHR
$64B
$7.43M 0.02%
68,975
-2,688
-4% -$268K
TOST icon
523
Toast
TOST
$20.4B
$7.42M 0.02%
203,102
-7,914
-4% -$344K
ROL icon
524
Rollins
ROL
$17.4B
$7.41M 0.02%
126,191
-4,916
-4% -$280K
CG icon
525
Carlyle Group
CG
$18.3B
$7.37M 0.02%
117,582
-4,586
-4% -$286K
19 20
21
22 23

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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.