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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
TRU icon
526
TransUnion
TRU
$15.5B
$7.34M 0.02%
87,642
-3,407
-4% -$309K
SUI icon
527
Sun Communities
SUI
$14.6B
$7.33M 0.02%
56,802
-2,220
-4% -$281K
MAA icon
528
Mid-America Apartment Communities
MAA
$15.6B
$7.31M 0.02%
52,312
-2,043
-4% -$295K
DOW icon
529
Dow Inc
DOW
$21.9B
$7.29M 0.02%
318,138
-12,394
-4% -$309K
FTI icon
530
TechnipFMC
FTI
$30.1B
$7.22M 0.02%
183,092
-10,939
-6% -$400K
NVT icon
531
nVent Electric
NVT
$27.5B
$7.22M 0.02%
73,230
-2,856
-4% -$248K
KD icon
532
Kyndryl
KD
$3.04B
$7.2M 0.02%
239,618
+131,581
+122% +$4.52M
BURL icon
533
Burlington
BURL
$22.4B
$7.19M 0.02%
28,257
-1,099
-4% -$299K
NEU icon
534
NewMarket
NEU
$8.72B
$7.18M 0.02%
8,667
-118
-1% -$90.9K
ESAB icon
535
ESAB
ESAB
$5.29B
$7.17M 0.02%
64,163
-1,034
-2% -$123K
PFGC icon
536
Performance Food Group
PFGC
$16.4B
$7.14M 0.02%
68,607
-2,673
-4% -$268K
ELAN icon
537
Elanco Animal Health
ELAN
$11.2B
$7.1M 0.02%
352,648
-8,730
-2% -$146K
IFF icon
538
International Flavors & Fragrances
IFF
$21.4B
$7.09M 0.02%
115,179
-4,495
-4% -$309K
OMC icon
539
Omnicom Group
OMC
$24.2B
$7.08M 0.02%
86,902
-3,386
-4% -$256K
CHRW icon
540
C.H. Robinson
CHRW
$17.5B
$6.99M 0.02%
52,808
-2,064
-4% -$242K
OVV icon
541
Ovintiv
OVV
$17.2B
$6.97M 0.02%
172,506
-6,067
-3% -$247K
EQH icon
542
Equitable Holdings
EQH
$14.4B
$6.87M 0.02%
135,191
-7,668
-5% -$406K
MOS icon
543
The Mosaic Company
MOS
$6.92B
$6.87M 0.02%
197,948
-5,574
-3% -$192K
CLX icon
544
Clorox
CLX
$12.9B
$6.83M 0.02%
55,407
-2,162
-4% -$268K
TSN icon
545
Tyson Foods
TSN
$19.8B
$6.83M 0.02%
125,789
-4,908
-4% -$271K
SNDK
546
Sandisk
SNDK
$223B
$6.8M 0.02%
60,630
-2,370
-4% -$138K
AVTR icon
547
Avantor
AVTR
$9.37B
$6.79M 0.02%
544,253
-11,779
-2% -$152K
OKTA icon
548
Okta
OKTA
$26.9B
$6.79M 0.02%
74,062
-2,890
-4% -$270K
ZBRA icon
549
Zebra Technologies
ZBRA
$18B
$6.79M 0.02%
22,850
-893
-4% -$285K
HOLX
550
DELISTED
Hologic
HOLX
$6.77M 0.02%
100,289
-3,915
-4% -$260K
20 21
22
23 24

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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.