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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
DPZ icon
576
Domino's
DPZ
$11.6B
$6.17M 0.02%
14,293
-557
-4% -$253K
HEI icon
577
HEICO Corp
HEI
$51.9B
$6.16M 0.02%
19,082
-746
-4% -$237K
COO icon
578
Cooper Companies
COO
$14.9B
$6.14M 0.02%
89,560
-3,487
-4% -$247K
NBIX icon
579
Neurocrine Biosciences
NBIX
$15.3B
$6.11M 0.02%
43,541
-1,697
-4% -$230K
TOL icon
580
Toll Brothers
TOL
$14B
$6.07M 0.02%
43,916
-2,292
-5% -$299K
INCY icon
581
Incyte
INCY
$24.4B
$6.03M 0.02%
71,132
-2,767
-4% -$219K
DOC icon
582
Healthpeak Properties
DOC
$14.3B
$5.97M 0.02%
311,647
-12,144
-4% -$218K
MTZ icon
583
MasTec
MTZ
$23B
$5.95M 0.02%
27,960
-1,087
-4% -$199K
COOP
584
DELISTED
Mr. Cooper
COOP
$5.95M 0.02%
28,213
-1,097
-4% -$202K
RGLD icon
585
Royal Gold
RGLD
$19.1B
$5.92M 0.02%
29,537
-1,153
-4% -$199K
REG icon
586
Regency Centers
REG
$14.1B
$5.92M 0.02%
81,218
-3,159
-4% -$225K
BLDR icon
587
Builders FirstSource
BLDR
$7.91B
$5.92M 0.02%
48,783
-3,358
-6% -$445K
UNM icon
588
Unum
UNM
$14.7B
$5.91M 0.02%
76,001
-4,841
-6% -$363K
NLY icon
589
Annaly Capital Management
NLY
$17.6B
$5.84M 0.02%
288,863
+9,552
+3% +$198K
TW icon
590
Tradeweb Markets
TW
$22.3B
$5.82M 0.02%
52,423
-2,037
-4% -$262K
ROKU icon
591
Roku
ROKU
$22.9B
$5.8M 0.02%
57,949
-2,258
-4% -$208K
LECO icon
592
Lincoln Electric
LECO
$15.5B
$5.75M 0.02%
24,378
-947
-4% -$222K
U icon
593
Unity
U
$20.2B
$5.7M 0.02%
142,389
-5,551
-4% -$206K
APG icon
594
APi Group
APG
$18.8B
$5.69M 0.02%
165,651
-6,443
-4% -$225K
AVY icon
595
Avery Dennison
AVY
$13.6B
$5.67M 0.02%
34,976
-1,360
-4% -$234K
LYB icon
596
LyondellBasell Industries
LYB
$20.2B
$5.65M 0.02%
115,176
-4,485
-4% -$253K
Z icon
597
Zillow
Z
$8.08B
$5.63M 0.02%
73,105
-2,851
-4% -$233K
UDR icon
598
UDR
UDR
$12.2B
$5.53M 0.02%
148,526
-5,788
-4% -$226K
IEX icon
599
IDEX
IEX
$17.6B
$5.53M 0.02%
33,980
-1,328
-4% -$224K
MANH icon
600
Manhattan Associates
MANH
$11.7B
$5.53M 0.02%
26,956
-1,045
-4% -$221K
22 23
24
25 26

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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.