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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
EXLS icon
776
EXL Service
EXLS
$5.36B
$3.13M 0.01%
71,141
-2,769
-4% -$120K
LNW
777
DELISTED
Light & Wonder
LNW
$3.12M 0.01%
37,211
-1,453
-4% -$133K
FLS icon
778
Flowserve
FLS
$10.3B
$3.11M 0.01%
58,568
-2,284
-4% -$124K
LNC icon
779
Lincoln National
LNC
$8.67B
$3.09M 0.01%
76,557
-2,984
-4% -$115K
SNV
780
DELISTED
Synovus
SNV
$3.06M 0.01%
62,346
-2,431
-4% -$125K
KMX icon
781
CarMax
KMX
$8.52B
$3.02M 0.01%
67,367
-3,850
-5% -$230K
STWD icon
782
Starwood Property Trust
STWD
$6.05B
$3.01M 0.01%
155,441
+6,875
+5% +$138K
MASI
783
DELISTED
Masimo
MASI
$2.99M 0.01%
20,268
-785
-4% -$119K
TEM
784
Tempus AI
TEM
$9.8B
$2.99M 0.01%
37,006
-1,444
-4% -$101K
AGCO icon
785
AGCO
AGCO
$6.96B
$2.99M 0.01%
27,892
-1,084
-4% -$120K
MHK icon
786
Mohawk Industries
MHK
$9.42B
$2.97M 0.01%
23,063
-893
-4% -$111K
FR icon
787
First Industrial Realty Trust
FR
$8.4B
$2.96M 0.01%
57,541
-2,241
-4% -$113K
STAG icon
788
STAG Industrial
STAG
$7.12B
$2.96M 0.01%
83,919
-3,272
-4% -$117K
ETSY icon
789
Etsy
ETSY
$7.4B
$2.93M 0.01%
44,106
-4,108
-9% -$245K
THG icon
790
Hanover Insurance
THG
$7.77B
$2.92M 0.01%
16,100
-632
-4% -$108K
AM icon
791
Antero Midstream
AM
$10.5B
$2.92M 0.01%
150,362
-5,863
-4% -$106K
FBIN icon
792
Fortune Brands Innovations
FBIN
$5.78B
$2.9M 0.01%
54,386
-2,119
-4% -$120K
VNOM icon
793
Viper Energy
VNOM
$14.8B
$2.9M 0.01%
75,864
+14,560
+24% +$555K
CHE icon
794
Chemed
CHE
$7.02B
$2.89M 0.01%
6,456
-250
-4% -$113K
GMED icon
795
Globus Medical
GMED
$11.5B
$2.89M 0.01%
50,410
-1,964
-4% -$113K
GNTX icon
796
Gentex
GNTX
$4.99B
$2.88M 0.01%
101,693
-3,963
-4% -$105K
MSA icon
797
Mine Safety
MSA
$7.32B
$2.86M 0.01%
16,625
-653
-4% -$113K
LFUS icon
798
Littelfuse
LFUS
$11.4B
$2.86M 0.01%
11,043
-431
-4% -$108K
MKTX icon
799
MarketAxess Holdings
MKTX
$5.72B
$2.86M 0.01%
16,391
-634
-4% -$124K
CART icon
800
Maplebear
CART
$11.6B
$2.85M 0.01%
77,465
-3,022
-4% -$139K
30 31
32
33 34

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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.