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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
OLED icon
801
Universal Display
OLED
$4.18B
$2.84M 0.01%
19,745
-30,654
-61% -$4.46M
AAON icon
802
Aaon
AAON
$7.23B
$2.82M 0.01%
30,215
-1,170
-4% -$95.8K
CRCL
803
Circle Internet Group
CRCL
$19.1B
$2.81M 0.01%
+21,218
New +$3.36M
FAF icon
804
First American
FAF
$7.56B
$2.81M 0.01%
43,740
-2,192
-5% -$138K
ARW icon
805
Arrow Electronics
ARW
$10.6B
$2.81M 0.01%
23,206
-908
-4% -$114K
AXTA icon
806
Axalta
AXTA
$7.93B
$2.81M 0.01%
98,100
-3,824
-4% -$115K
KNX icon
807
Knight Transportation
KNX
$11.9B
$2.8M 0.01%
70,777
-2,753
-4% -$119K
BFAM icon
808
Bright Horizons
BFAM
$3.85B
$2.77M 0.01%
25,555
-996
-4% -$115K
BROS icon
809
Dutch Bros
BROS
$8.93B
$2.76M 0.01%
52,729
-1,288
-2% -$81.4K
VNT icon
810
Vontier
VNT
$4.47B
$2.76M 0.01%
65,754
-3,315
-5% -$136K
CHDN icon
811
Churchill Downs
CHDN
$6.2B
$2.75M 0.01%
28,383
-1,988
-7% -$204K
CPB icon
812
Campbell Soup
CPB
$6.94B
$2.75M 0.01%
87,166
-3,397
-4% -$110K
KBR icon
813
KBR
KBR
$4.81B
$2.73M 0.01%
57,758
-2,250
-4% -$109K
COKE icon
814
Coca-Cola Consolidated
COKE
$12.7B
$2.73M 0.01%
23,274
-47,961
-67% -$5.56M
APPF icon
815
AppFolio
APPF
$7.22B
$2.72M 0.01%
9,881
-392
-4% -$106K
CAVA icon
816
CAVA Group
CAVA
$8.43B
$2.71M 0.01%
44,863
-1,752
-4% -$133K
RITM icon
817
Rithm Capital
RITM
$5.79B
$2.71M 0.01%
237,859
-9,274
-4% -$112K
AN icon
818
AutoNation
AN
$6.89B
$2.7M 0.01%
12,348
-485
-4% -$102K
GTLB icon
819
GitLab
GTLB
$7.32B
$2.69M 0.01%
59,702
-1,691
-3% -$77.4K
WH icon
820
Wyndham Hotels & Resorts
WH
$5.51B
$2.69M 0.01%
33,635
-1,821
-5% -$157K
TIGO icon
821
Millicom
TIGO
$15.8B
$2.67M 0.01%
55,113
+7,123
+15% +$313K
CLF icon
822
Cleveland-Cliffs
CLF
$6.93B
$2.67M 0.01%
218,767
-8,518
-4% -$89.6K
GXO icon
823
GXO Logistics
GXO
$5.56B
$2.67M 0.01%
50,452
-3,184
-6% -$164K
HR icon
824
Healthcare Realty
HR
$6.58B
$2.66M 0.01%
147,534
-5,745
-4% -$97.2K
RYAN icon
825
Ryan Specialty Holdings
RYAN
$11B
$2.66M 0.01%
47,204
-1,840
-4% -$109K
31 32
33
34 35

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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.