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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
MSM icon
901
MSC Industrial Direct
MSM
$6.71B
$1.82M 0.01%
19,757
-774
-4% -$69K
MRP
902
Millrose Properties Inc
MRP
$5B
$1.81M 0.01%
53,854
-2,107
-4% -$68.1K
BF.B icon
903
Brown-Forman Class B
BF.B
$12.9B
$1.8M 0.01%
66,399
-2,591
-4% -$75.1K
PVH icon
904
PVH
PVH
$3.8B
$1.8M 0.01%
21,440
-2,957
-12% -$232K
AGO icon
905
Assured Guaranty
AGO
$3.33B
$1.74M 0.01%
20,592
-1,155
-5% -$96K
SARO
906
StandardAero Inc
SARO
$9.03B
$1.74M 0.01%
63,694
-2,478
-4% -$69.5K
AMTM
907
Amentum Holdings
AMTM
$5.32B
$1.71M 0.01%
71,581
-2,787
-4% -$67.9K
SLGN icon
908
Silgan Holdings
SLGN
$4.43B
$1.71M 0.01%
39,717
-1,548
-4% -$74.9K
WSC icon
909
WillScot Mobile Mini Holdings
WSC
$4.06B
$1.69M 0.01%
79,988
-3,117
-4% -$80.3K
ZG icon
910
Zillow
ZG
$7.88B
$1.67M 0.01%
22,432
-877
-4% -$69K
GFS icon
911
GlobalFoundries
GFS
$29.2B
$1.66M 0.01%
46,186
-1,807
-4% -$64.5K
MSGS icon
912
Madison Square Garden
MSGS
$10B
$1.64M 0.01%
7,241
-282
-4% -$57.8K
TNL icon
913
Travel + Leisure Co
TNL
$4.58B
$1.64M 0.01%
27,611
-1,733
-6% -$104K
MDU icon
914
MDU Resources
MDU
$4.3B
$1.62M 0.01%
91,171
-303,226
-77% -$5.06M
ALGM icon
915
Allegro MicroSystems
ALGM
$8.48B
$1.62M 0.01%
55,337
-2,149
-4% -$69.5K
EEFT icon
916
Euronet Worldwide
EEFT
$2.7B
$1.6M ﹤0.01%
18,232
-710
-4% -$68.1K
COLD icon
917
Americold
COLD
$4.34B
$1.57M ﹤0.01%
128,180
-4,988
-4% -$74.3K
DRS icon
918
Leonardo DRS
DRS
$11.9B
$1.54M ﹤0.01%
34,001
-1,319
-4% -$57.5K
NVST icon
919
Envista
NVST
$4.5B
$1.54M ﹤0.01%
75,481
-2,949
-4% -$60.6K
LOAR icon
920
Loar Holdings
LOAR
$6.86B
$1.53M ﹤0.01%
19,169
-750
-4% -$56.4K
HIW icon
921
Highwoods Properties
HIW
$3.49B
$1.52M ﹤0.01%
47,660
-1,858
-4% -$56.9K
RHI icon
922
Robert Half
RHI
$4.27B
$1.51M ﹤0.01%
44,453
-1,735
-4% -$65.1K
BRKR icon
923
Bruker
BRKR
$8.84B
$1.51M ﹤0.01%
46,440
-1,807
-4% -$64.4K
CXT icon
924
Crane NXT
CXT
$2.93B
$1.48M ﹤0.01%
22,009
-859
-4% -$51.2K
AMKR icon
925
Amkor Technology
AMKR
$14.5B
$1.46M ﹤0.01%
51,349
-2,002
-4% -$48.2K
35 36
37
38 39

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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.