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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
AFG icon
676
American Financial Group
AFG
$12.1B
$4.33M 0.01%
29,727
-1,161
-4% -$154K
BWA icon
677
BorgWarner
BWA
$13.8B
$4.31M 0.01%
97,969
-3,817
-4% -$153K
RBRK icon
678
Rubrik
RBRK
$21.6B
$4.3M 0.01%
52,279
+6,929
+15% +$596K
ALB icon
679
Albemarle
ALB
$15.4B
$4.28M 0.01%
52,835
-2,054
-4% -$158K
CNH
680
CNH Industrial
CNH
$16.7B
$4.28M 0.01%
394,626
-15,375
-4% -$188K
NXST icon
681
Nexstar Media Group
NXST
$5.81B
$4.28M 0.01%
21,634
-493
-2% -$96.4K
DCI icon
682
Donaldson
DCI
$11.1B
$4.27M 0.01%
52,199
-146,572
-74% -$11.1M
PEN icon
683
Penumbra
PEN
$12.9B
$4.26M 0.01%
16,812
-661
-4% -$167K
RRX icon
684
Regal Rexnord
RRX
$11.4B
$4.26M 0.01%
29,688
-1,159
-4% -$171K
CELH icon
685
Celsius Holdings
CELH
$7.28B
$4.25M 0.01%
73,919
-2,874
-4% -$150K
ASTS icon
686
AST SpaceMobile
ASTS
$21.4B
$4.25M 0.01%
86,526
+6,006
+7% +$289K
KNSL icon
687
Kinsale Capital Group
KNSL
$8.59B
$4.23M 0.01%
9,942
-385
-4% -$175K
WAL icon
688
Western Alliance Bancorporation
WAL
$8.92B
$4.21M 0.01%
48,504
-1,894
-4% -$161K
AES icon
689
AES
AES
$10.5B
$4.2M 0.01%
319,192
-12,438
-4% -$162K
ONON icon
690
On Holding
ONON
$10.6B
$4.19M 0.01%
99,037
-3,863
-4% -$184K
OGE icon
691
OGE Energy
OGE
$9.71B
$4.18M 0.01%
90,314
-3,518
-4% -$157K
NYT icon
692
New York Times
NYT
$10.3B
$4.14M 0.01%
72,154
-2,810
-4% -$160K
CUBE icon
693
CubeSmart
CUBE
$9.4B
$4.14M 0.01%
101,768
-3,966
-4% -$162K
MRNA icon
694
Moderna
MRNA
$25.4B
$4.12M 0.01%
159,475
-6,214
-4% -$173K
PRI icon
695
Primerica
PRI
$9.62B
$4.12M 0.01%
14,826
-578
-4% -$155K
FYBR
696
DELISTED
Frontier Communications
FYBR
$4.1M 0.01%
109,687
+163
+0.1% +$6.03K
CR icon
697
Crane Co
CR
$12.7B
$4.07M 0.01%
22,118
-862
-4% -$163K
HALO icon
698
Halozyme
HALO
$11.4B
$4.04M 0.01%
55,091
-2,149
-4% -$143K
EGP icon
699
EastGroup Properties
EGP
$11B
$4.03M 0.01%
23,803
-547
-2% -$90.8K
RRC icon
700
Range Resources
RRC
$9.33B
$4M 0.01%
106,144
-4,129
-4% -$147K
26 27
28
29 30

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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.