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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
LUV icon
551
Southwest Airlines
LUV
$22B
$6.76M 0.02%
211,820
-26,980
-11% -$882K
ILMN icon
552
Illumina
ILMN
$29.1B
$6.75M 0.02%
71,122
-2,777
-4% -$275K
TXT icon
553
Textron
TXT
$15.1B
$6.75M 0.02%
79,864
-4,199
-5% -$342K
HHH icon
554
Howard Hughes
HHH
$4.04B
$6.74M 0.02%
82,075
-598
-0.7% -$44.3K
RPM icon
555
RPM International
RPM
$14.5B
$6.74M 0.02%
57,149
-2,225
-4% -$267K
WWD icon
556
Woodward
WWD
$21.2B
$6.74M 0.02%
26,656
-1,032
-4% -$256K
DECK icon
557
Deckers Outdoor
DECK
$12.7B
$6.73M 0.02%
66,401
-4,186
-6% -$457K
MAS icon
558
Masco
MAS
$14.7B
$6.68M 0.02%
94,868
-3,698
-4% -$260K
RS icon
559
Reliance Steel & Aluminium
RS
$21.7B
$6.66M 0.02%
23,729
-30,871
-57% -$9.26M
XPO icon
560
XPO
XPO
$24.7B
$6.66M 0.02%
51,544
-2,000
-4% -$260K
EG icon
561
Everest Group
EG
$14B
$6.61M 0.02%
18,878
-738
-4% -$249K
BBY icon
562
Best Buy
BBY
$18B
$6.57M 0.02%
86,904
-3,376
-4% -$242K
KIM icon
563
Kimco Realty
KIM
$16.4B
$6.56M 0.02%
300,427
-11,705
-4% -$254K
EWBC icon
564
East-West Bancorp
EWBC
$18.6B
$6.54M 0.02%
61,448
-2,394
-4% -$252K
ARE icon
565
Alexandria Real Estate Equities
ARE
$8.33B
$6.43M 0.02%
77,119
-2,997
-4% -$240K
DT icon
566
Dynatrace
DT
$14.7B
$6.4M 0.02%
132,018
-5,138
-4% -$260K
TWLO icon
567
Twilio
TWLO
$38.3B
$6.36M 0.02%
63,571
-2,482
-4% -$279K
GGG icon
568
Graco
GGG
$13.3B
$6.34M 0.02%
74,639
-108,294
-59% -$9.27M
CSL icon
569
Carlisle Companies
CSL
$14.9B
$6.34M 0.02%
19,273
-754
-4% -$287K
JLL icon
570
Jones Lang LaSalle
JLL
$17B
$6.33M 0.02%
21,213
-825
-4% -$236K
WSO icon
571
Watsco Inc
WSO
$12.9B
$6.33M 0.02%
15,645
-613
-4% -$262K
BALL icon
572
Ball Corp
BALL
$16.4B
$6.29M 0.02%
124,744
-7,181
-5% -$388K
ITT icon
573
ITT
ITT
$19.4B
$6.24M 0.02%
34,913
-2,738
-7% -$459K
TKO icon
574
TKO Group
TKO
$14.6B
$6.24M 0.02%
30,903
-1,210
-4% -$221K
ENTG icon
575
Entegris
ENTG
$25B
$6.23M 0.02%
67,389
-2,632
-4% -$224K
21 22
23
24 25

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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.