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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
AMH icon
626
American Homes 4 Rent
AMH
$12.3B
$5.11M 0.02%
153,614
-5,979
-4% -$208K
SJM icon
627
J.M. Smucker
SJM
$12.9B
$5.06M 0.02%
46,592
-1,814
-4% -$197K
HII icon
628
Huntington Ingalls Industries
HII
$12.8B
$5.05M 0.02%
17,534
-682
-4% -$182K
WTRG icon
629
Essential Utilities
WTRG
$11.5B
$5.03M 0.02%
126,082
-2,666
-2% -$102K
LITE icon
630
Lumentum
LITE
$78B
$5.03M 0.02%
30,894
-1,209
-4% -$151K
CCK icon
631
Crown Holdings
CCK
$12.9B
$5.03M 0.02%
52,038
-2,021
-4% -$203K
GME icon
632
GameStop
GME
$8.33B
$5.03M 0.02%
184,228
-7,177
-4% -$170K
BLD
633
DELISTED
TopBuild
BLD
$5.01M 0.02%
12,817
-799
-6% -$319K
POOL icon
634
Pool Corp
POOL
$7.29B
$5.01M 0.02%
16,148
-634
-4% -$199K
HLI icon
635
Houlihan Lokey
HLI
$9.24B
$4.99M 0.02%
24,312
-954
-4% -$187K
TXRH icon
636
Texas Roadhouse
TXRH
$13.6B
$4.95M 0.02%
29,760
-1,161
-4% -$205K
AIZ icon
637
Assurant
AIZ
$13.9B
$4.93M 0.02%
22,782
-890
-4% -$181K
MLI icon
638
Mueller Industries
MLI
$14.7B
$4.93M 0.02%
97,512
-3,788
-4% -$174K
BG icon
639
Bunge Global
BG
$21.7B
$4.92M 0.02%
60,564
-1,473
-2% -$118K
NCLH icon
640
Norwegian Cruise Line
NCLH
$8.98B
$4.9M 0.02%
198,850
-7,747
-4% -$188K
FDS icon
641
Factset
FDS
$10.2B
$4.89M 0.02%
17,069
-663
-4% -$253K
VIK icon
642
Viking Holdings
VIK
$47.3B
$4.87M 0.02%
78,359
-16,591
-17% -$989K
ALLY icon
643
Ally Financial
ALLY
$13.6B
$4.86M 0.02%
124,065
-4,836
-4% -$194K
JKHY icon
644
Jack Henry & Associates
JKHY
$11.1B
$4.86M 0.02%
32,637
-1,272
-4% -$211K
SOLV icon
645
Solventum
SOLV
$14.7B
$4.85M 0.01%
66,383
+1,541
+2% +$113K
LAMR icon
646
Lamar Advertising Co
LAMR
$15.8B
$4.82M 0.01%
39,393
-1,533
-4% -$190K
PAYC icon
647
Paycom
PAYC
$10.1B
$4.8M 0.01%
23,071
-903
-4% -$203K
SFM icon
648
Sprouts Farmers Market
SFM
$7.71B
$4.79M 0.01%
44,014
-1,716
-4% -$250K
DAY
649
DELISTED
Dayforce
DAY
$4.78M 0.01%
69,329
-1,971
-3% -$123K
WYNN icon
650
Wynn Resorts
WYNN
$10.5B
$4.74M 0.01%
36,975
-2,042
-5% -$236K
24 25
26
27 28

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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.