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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
(+4.2%)
Cap. Flow
-$1.07B
Cap. Flow
% of AUM
-3.3%
Top 10 Holdings %
Top 10 Hldgs %
33.94%
Holding
1,020
New
5
Increased
84
Reduced
921
Closed
10
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Johnson & Johnson
JNJ
|
+$37.7M |
| 2 |
McDonald's
MCD
|
+$37.6M |
| 3 |
General Dynamics
GD
|
+$35.3M |
| 4 |
Entergy
ETR
|
+$30.4M |
| 5 |
SCHW
Charles Schwab
SCHW
|
+$26.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
NVIDIA
NVDA
|
+$88.4M |
| 2 |
Apple
AAPL
|
+$84.6M |
| 3 |
Microsoft
MSFT
|
+$58.6M |
| 4 |
Alphabet (Google) Class A
GOOGL
|
+$33.3M |
| 5 |
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 | |
|---|---|---|---|---|---|---|
51
Linde
LIN
$222B
| $100M | 0.31% |
211,144
-8,230
| -4% | -$3.9M |
|
52
Salesforce
CRM
$158B
| $99.5M | 0.31% |
419,788
-16,355
| -4% | -$4.12M |
|
53
Caterpillar
CAT
$393B
| $99.3M | 0.31% |
208,186
-8,116
| -4% | -$3.46M |
|
54
Applovin
APP
$105B
| $95.3M | 0.29% |
132,613
-6,576
| -5% | -$3.03M |
|
55
Merck
MRK
$332B
| $95.1M | 0.29% |
1,132,889
-44,139
| -4% | -$3.64M |
|
56
Medtronic
MDT
$117B
| $93.3M | 0.29% |
979,116
-22,806
| -2% | -$2.1M |
|
57
Analog Devices
ADI
$189B
| $89.7M | 0.28% |
365,012
-19,503
| -5% | -$4.69M |
|
58
Automatic Data Processing
ADP
$107B
| $89.6M | 0.28% |
305,224
-7,249
| -2% | -$2.18M |
|
59
AT&T
T
$167B
| $89.1M | 0.27% |
3,154,010
-122,889
| -4% | -$3.49M |
|
60
Uber
UBER
$153B
| $88.7M | 0.27% |
905,232
-35,271
| -4% | -$3.3M |
|
61
PepsiCo
PEP
$191B
| $86.5M | 0.27% |
616,129
-24,007
| -4% | -$3.43M |
|
62
ServiceNow
NOW
$127B
| $85.5M | 0.26% |
464,640
-88,495
| -16% | -$16.5M |
|
63
Verizon
VZ
$198B
| $83.5M | 0.26% |
1,898,975
-73,993
| -4% | -$3.2M |
|
64
Citigroup
C
$231B
| $83.3M | 0.26% |
820,963
-44,398
| -5% | -$4.21M |
|
|
65
General Dynamics
GD
$106B
| $83.3M | 0.26% |
244,293
+111,849
| +84% | +$35.3M |
|
66
Gilead Sciences
GILD
$170B
| $83.2M | 0.26% |
749,346
-21,936
| -3% | -$2.49M |
|
67
Thermo Fisher Scientific
TMO
$222B
| $82.4M | 0.25% |
169,798
-6,614
| -4% | -$3.08M |
|
68
Morgan Stanley
MS
$344B
| $82.3M | 0.25% |
517,830
-20,176
| -4% | -$2.98M |
|
69
Booking.com
BKNG
$159B
| $79M | 0.24% |
365,625
-123,050
| -25% | -$27.5M |
|
70
Pfizer
PFE
$153B
| $77.9M | 0.24% |
3,057,542
-99,942
| -3% | -$2.47M |
|
71
CME Group
CME
$95.5B
| $77M | 0.24% |
284,975
+21,023
| +8% | +$5.72M |
|
72
Palo Alto Networks
PANW
$319B
| $76.9M | 0.24% |
377,619
+19,468
| +5% | +$3.73M |
|
73
GE Vernova
GEV
$276B
| $75.6M | 0.23% |
122,926
-4,789
| -4% | -$2.9M |
|
74
Capital One
COF
$136B
| $74M | 0.23% |
348,114
-75,141
| -18% | -$16.4M |
|
75
TJX Companies
TJX
$168B
| $72.7M | 0.22% |
502,921
-19,594
| -4% | -$2.6M |
|
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GAM
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.