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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
ROIV icon
826
Roivant Sciences
ROIV
$26.2B
$2.65M 0.01%
175,279
-1,693
-1% -$21K
SLM icon
827
SLM Corp
SLM
$5.22B
$2.6M 0.01%
94,044
-3,664
-4% -$114K
GPK icon
828
Graphic Packaging
GPK
$3.51B
$2.57M 0.01%
131,443
-7,664
-6% -$167K
ALK icon
829
Alaska Air
ALK
$5.3B
$2.57M 0.01%
51,646
-5,550
-10% -$309K
FNB icon
830
FNB Corp
FNB
$6.88B
$2.57M 0.01%
159,590
-6,219
-4% -$98.9K
H icon
831
Hyatt Hotels
H
$16.9B
$2.57M 0.01%
18,085
-705
-4% -$101K
SITE icon
832
SiteOne Landscape Supply
SITE
$4.27B
$2.56M 0.01%
19,871
-769
-4% -$104K
PRMB
833
Primo Brands
PRMB
$8.97B
$2.55M 0.01%
115,434
-4,496
-4% -$116K
ESI icon
834
Element Solutions
ESI
$9.51B
$2.55M 0.01%
101,234
-3,954
-4% -$98.6K
AUR icon
835
Aurora
AUR
$13.4B
$2.54M 0.01%
470,769
+10,639
+2% +$62.4K
LPX icon
836
Louisiana-Pacific
LPX
$5.18B
$2.52M 0.01%
28,322
-81,944
-74% -$7.56M
CZR icon
837
Caesars Entertainment
CZR
$6.04B
$2.51M 0.01%
92,793
-3,611
-4% -$97.8K
JHG
838
DELISTED
Janus Henderson
JHG
$2.49M 0.01%
55,865
-37,111
-40% -$1.6M
TREX icon
839
Trex
TREX
$5.1B
$2.48M 0.01%
47,973
-1,871
-4% -$114K
BBWI icon
840
Bath & Body Works
BBWI
$3.76B
$2.47M 0.01%
95,723
-3,724
-4% -$110K
CFLT
841
DELISTED
Confluent
CFLT
$2.46M 0.01%
124,458
-4,843
-4% -$101K
MAT icon
842
Mattel
MAT
$4.25B
$2.43M 0.01%
144,366
-5,623
-4% -$102K
TFX icon
843
Teleflex
TFX
$5.82B
$2.43M 0.01%
19,852
-1,002
-5% -$121K
HLNE icon
844
Hamilton Lane
HLNE
$5.91B
$2.42M 0.01%
17,961
-699
-4% -$105K
PATH icon
845
UiPath
PATH
$8.64B
$2.42M 0.01%
180,858
-22,609
-11% -$267K
MORN icon
846
Morningstar
MORN
$7.76B
$2.42M 0.01%
10,427
-557
-5% -$148K
LEA icon
847
Lear
LEA
$8.16B
$2.41M 0.01%
23,987
-931
-4% -$96.7K
MTN icon
848
Vail Resorts
MTN
$5.18B
$2.41M 0.01%
16,120
-632
-4% -$98.1K
LLYVK icon
849
Liberty Live Group Series C
LLYVK
$9.92B
$2.4M 0.01%
24,790
-6,882
-22% -$622K
POST icon
850
Post Holdings
POST
$3.65B
$2.4M 0.01%
22,369
-1,188
-5% -$127K
32 33
34
35 36

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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.