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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
IVZ icon
726
Invesco
IVZ
$14.3B
$3.75M 0.01%
163,620
-6,377
-4% -$132K
MKSI icon
727
MKS Inc
MKSI
$20.7B
$3.74M 0.01%
30,202
-1,180
-4% -$126K
OSK icon
728
Oshkosh
OSK
$9.41B
$3.73M 0.01%
28,750
-1,120
-4% -$149K
NFG icon
729
National Fuel Gas
NFG
$7.75B
$3.73M 0.01%
40,322
-1,572
-4% -$137K
EPAM icon
730
EPAM Systems
EPAM
$5.24B
$3.71M 0.01%
24,623
-957
-4% -$157K
ZION icon
731
Zions Bancorporation
ZION
$10.5B
$3.69M 0.01%
65,197
-22,119
-25% -$1.23M
LBRDK icon
732
Liberty Broadband Class C
LBRDK
$5.29B
$3.64M 0.01%
57,345
+5,049
+10% +$353K
BSY icon
733
Bentley Systems
BSY
$11B
$3.64M 0.01%
70,772
-2,753
-4% -$151K
RVMD icon
734
Revolution Medicines
RVMD
$43.3B
$3.64M 0.01%
77,918
-3,042
-4% -$119K
LAD icon
735
Lithia Motors
LAD
$8.32B
$3.63M 0.01%
11,500
-450
-4% -$145K
SAIA icon
736
Saia
SAIA
$10.1B
$3.59M 0.01%
11,982
-460
-4% -$139K
MTSI icon
737
MACOM Technology Solutions
MTSI
$23.5B
$3.54M 0.01%
28,448
-1,107
-4% -$146K
OLLI icon
738
Ollie's Bargain Outlet
OLLI
$4.7B
$3.53M 0.01%
27,520
-1,078
-4% -$143K
FND icon
739
Floor & Decor
FND
$6.27B
$3.53M 0.01%
47,856
-1,856
-4% -$152K
LKQ icon
740
LKQ Corp
LKQ
$6.38B
$3.53M 0.01%
115,472
-5,737
-5% -$188K
CORT icon
741
Corcept Therapeutics
CORT
$11.9B
$3.51M 0.01%
42,257
-1,643
-4% -$119K
LW icon
742
Lamb Weston
LW
$7.39B
$3.51M 0.01%
60,469
-3,165
-5% -$173K
QRVO icon
743
Qorvo
QRVO
$8.68B
$3.47M 0.01%
38,139
-5,372
-12% -$478K
ADC icon
744
Agree Realty
ADC
$9.34B
$3.46M 0.01%
48,668
-1,901
-4% -$138K
JAZZ icon
745
Jazz Pharmaceuticals
JAZZ
$16B
$3.45M 0.01%
26,186
-49,782
-66% -$5.97M
ESTC icon
746
Elastic
ESTC
$8.94B
$3.44M 0.01%
40,762
-1,591
-4% -$134K
CRL icon
747
Charles River Laboratories
CRL
$13.4B
$3.43M 0.01%
21,928
-855
-4% -$136K
COLB icon
748
Columbia Banking Systems
COLB
$9.18B
$3.42M 0.01%
133,050
+35,442
+36% +$900K
CGNX icon
749
Cognex
CGNX
$10.4B
$3.42M 0.01%
75,440
-2,937
-4% -$119K
TPG icon
750
TPG
TPG
$8.86B
$3.42M 0.01%
59,458
-1,020
-2% -$60.2K
28 29
30
31 32

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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.