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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
JBHT icon
651
JB Hunt Transport Services
JBHT
$26.5B
$4.7M 0.01%
35,019
-2,265
-6% -$326K
VNO icon
652
Vornado Realty Trust
VNO
$7.41B
$4.69M 0.01%
115,707
+33,331
+40% +$1.3M
OWL icon
653
Blue Owl Capital
OWL
$19.7B
$4.64M 0.01%
274,271
-10,684
-4% -$203K
BMRN icon
654
BioMarin Pharmaceuticals
BMRN
$13.3B
$4.63M 0.01%
85,473
-3,336
-4% -$191K
IPG
655
DELISTED
Interpublic Group of Companies
IPG
$4.63M 0.01%
165,822
-6,459
-4% -$167K
MOH icon
656
Molina Healthcare
MOH
$10.7B
$4.61M 0.01%
24,114
-936
-4% -$172K
CNM icon
657
Core & Main
CNM
$8.64B
$4.59M 0.01%
85,344
-3,331
-4% -$202K
EXAS
658
DELISTED
Exact Sciences
EXAS
$4.58M 0.01%
83,753
-3,254
-4% -$163K
AGNC icon
659
AGNC Investment
AGNC
$13B
$4.58M 0.01%
467,607
+25,014
+6% +$242K
IONS icon
660
Ionis Pharmaceuticals
IONS
$9.28B
$4.57M 0.01%
69,862
-2,725
-4% -$133K
WCC
661
WESCO International
WCC
$17.5B
$4.56M 0.01%
21,545
-839
-4% -$176K
HAS icon
662
Hasbro
HAS
$13.6B
$4.51M 0.01%
59,426
-2,320
-4% -$180K
ARMK icon
663
Aramark
ARMK
$16.1B
$4.5M 0.01%
117,301
-5,987
-5% -$242K
JEF icon
664
Jefferies Financial Group
JEF
$12.9B
$4.5M 0.01%
68,836
-2,682
-4% -$164K
IOT icon
665
Samsara
IOT
$24B
$4.49M 0.01%
120,618
-4,702
-4% -$175K
LSCC icon
666
Lattice Semiconductor
LSCC
$18.2B
$4.48M 0.01%
61,126
-2,380
-4% -$145K
WBS icon
667
Webster Financial
WBS
$12.8B
$4.47M 0.01%
75,221
-2,929
-4% -$175K
AIT icon
668
Applied Industrial Technologies
AIT
$13.2B
$4.47M 0.01%
17,125
-675
-4% -$177K
SSB icon
669
SouthState Bank Corp
SSB
$10.8B
$4.46M 0.01%
45,088
-1,762
-4% -$173K
WMS icon
670
Advanced Drainage Systems
WMS
$11.3B
$4.41M 0.01%
31,761
-1,236
-4% -$162K
GNRC icon
671
Generac Holdings
GNRC
$12.8B
$4.39M 0.01%
26,249
-1,025
-4% -$180K
DOCS icon
672
Doximity
DOCS
$4.74B
$4.39M 0.01%
60,025
-49,127
-45% -$3.2M
REXR icon
673
Rexford Industrial Realty
REXR
$8.12B
$4.38M 0.01%
106,550
-4,156
-4% -$163K
AR icon
674
Antero Resources
AR
$11.3B
$4.37M 0.01%
130,256
-5,075
-4% -$169K
ORI icon
675
Old Republic International
ORI
$10.3B
$4.36M 0.01%
102,743
-4,007
-4% -$155K
25 26
27
28 29

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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.