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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
TAP icon
751
Molson Coors Class B
TAP
$7.85B
$3.41M 0.01%
75,408
-2,947
-4% -$145K
AL
752
DELISTED
Air Lease Corp
AL
$3.41M 0.01%
53,532
+4,886
+10% +$292K
CFR icon
753
Cullen/Frost Bankers
CFR
$10.5B
$3.39M 0.01%
26,734
-1,035
-4% -$135K
TTC icon
754
Toro Company
TTC
$9.21B
$3.38M 0.01%
44,315
-2,257
-5% -$173K
EXP icon
755
Eagle Materials
EXP
$6.41B
$3.37M 0.01%
14,451
-949
-6% -$215K
CBSH icon
756
Commerce Bancshares
CBSH
$8.61B
$3.31M 0.01%
58,185
-2,270
-4% -$133K
AAL icon
757
American Airlines Group
AAL
$9.97B
$3.3M 0.01%
293,199
-11,424
-4% -$141K
AXS icon
758
AXIS Capital
AXS
$7.3B
$3.27M 0.01%
34,104
-24,470
-42% -$2.37M
ELF icon
759
e.l.f. Beauty
ELF
$5.43B
$3.26M 0.01%
24,616
-957
-4% -$118K
EMN icon
760
Eastman Chemical
EMN
$8.43B
$3.25M 0.01%
51,600
-82,749
-62% -$5.78M
VOYA icon
761
Voya Financial
VOYA
$9.16B
$3.23M 0.01%
43,233
-1,683
-4% -$124K
HSIC icon
762
Henry Schein
HSIC
$10B
$3.22M 0.01%
48,510
-2,666
-5% -$185K
PNFP icon
763
Pinnacle Financial Partners Inc
PNFP
$16.2B
$3.22M 0.01%
34,320
-1,342
-4% -$134K
HRL icon
764
Hormel Foods
HRL
$13.4B
$3.22M 0.01%
130,040
-5,076
-4% -$141K
UGI icon
765
UGI
UGI
$7.56B
$3.21M 0.01%
96,672
-3,774
-4% -$132K
IDA icon
766
Idacorp
IDA
$8.16B
$3.2M 0.01%
24,242
-942
-4% -$117K
BEN icon
767
Franklin Resources
BEN
$17.2B
$3.2M 0.01%
138,191
-5,386
-4% -$133K
MGM icon
768
MGM Resorts International
MGM
$11.1B
$3.19M 0.01%
92,116
-3,583
-4% -$131K
PPC icon
769
Pilgrim's Pride
PPC
$6.57B
$3.19M 0.01%
78,365
-65,289
-45% -$2.96M
PCTY icon
770
Paylocity
PCTY
$8.1B
$3.19M 0.01%
20,020
-1,029
-5% -$182K
ACI icon
771
Albertsons Companies
ACI
$6.02B
$3.17M 0.01%
181,055
-42,587
-19% -$835K
RGEN icon
772
Repligen
RGEN
$9.45B
$3.17M 0.01%
23,685
-918
-4% -$112K
SSD icon
773
Simpson Manufacturing
SSD
$8B
$3.15M 0.01%
18,830
-736
-4% -$132K
WING icon
774
Wingstop
WING
$3.1B
$3.14M 0.01%
12,492
-481
-4% -$149K
MUSA icon
775
Murphy USA
MUSA
$10.4B
$3.14M 0.01%
8,081
-317
-4% -$125K
29 30
31
32 33

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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.