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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
NDSN icon
601
Nordson
NDSN
$17.3B
$5.5M 0.02%
24,227
-951
-4% -$210K
BJ icon
602
BJs Wholesale Club
BJ
$11.9B
$5.48M 0.02%
58,767
-2,282
-4% -$233K
BAH icon
603
Booz Allen Hamilton
BAH
$9.43B
$5.46M 0.02%
54,649
-3,695
-6% -$395K
RBC icon
604
RBC Bearings
RBC
$17.5B
$5.44M 0.02%
13,934
-542
-4% -$211K
DUOL icon
605
Duolingo
DUOL
$6.74B
$5.44M 0.02%
16,893
-665
-4% -$222K
OC icon
606
Owens Corning
OC
$12.3B
$5.4M 0.02%
38,160
-1,492
-4% -$219K
GL icon
607
Globe Life
GL
$14B
$5.33M 0.02%
37,274
-1,455
-4% -$197K
CRS icon
608
Carpenter Technology
CRS
$26.6B
$5.31M 0.02%
21,637
-843
-4% -$216K
BXP icon
609
Boston Properties
BXP
$11B
$5.29M 0.02%
71,210
-2,771
-4% -$196K
CLH icon
610
Clean Harbors
CLH
$16.9B
$5.29M 0.02%
22,773
-890
-4% -$211K
HST icon
611
Host Hotels & Resorts
HST
$15.6B
$5.25M 0.02%
308,309
-12,014
-4% -$199K
BAX icon
612
Baxter International
BAX
$14B
$5.24M 0.02%
230,308
-8,980
-4% -$228K
ELS icon
613
Equity Lifestyle Properties
ELS
$12.6B
$5.24M 0.02%
86,385
-2,156
-2% -$131K
QXO
614
QXO Inc
QXO
$16.1B
$5.24M 0.02%
274,655
-3,355
-1% -$69.5K
NWSA icon
615
News Corp Class A
NWSA
$15.6B
$5.23M 0.02%
170,216
-6,632
-4% -$197K
VTRS icon
616
Viatris
VTRS
$18.4B
$5.22M 0.02%
527,756
-26,249
-5% -$256K
SCI icon
617
Service Corp International
SCI
$11.3B
$5.21M 0.02%
62,634
-127,884
-67% -$10.2M
SWKS icon
618
Skyworks Solutions
SWKS
$10.5B
$5.19M 0.02%
67,367
-4,226
-6% -$315K
SWK icon
619
Stanley Black & Decker
SWK
$15.4B
$5.17M 0.02%
69,492
-2,710
-4% -$199K
MEDP icon
620
Medpace
MEDP
$16.2B
$5.16M 0.02%
10,040
-632
-6% -$276K
CPT icon
621
Camden Property Trust
CPT
$11.1B
$5.16M 0.02%
48,319
-1,886
-4% -$207K
DTM icon
622
DT Midstream
DTM
$13.8B
$5.16M 0.02%
45,616
-1,773
-4% -$185K
ATI icon
623
ATI
ATI
$30.9B
$5.12M 0.02%
62,879
-2,454
-4% -$199K
RIVN icon
624
Rivian
RIVN
$22.9B
$5.12M 0.02%
348,462
-13,579
-4% -$182K
FHN icon
625
First Horizon
FHN
$12.3B
$5.11M 0.02%
226,031
-8,811
-4% -$196K
23 24
25
26 27

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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.