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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
GTM
926
ZoomInfo Technologies
GTM
$1.12B
$1.45M ﹤0.01%
132,877
-5,184
-4% -$55.6K
PAG icon
927
Penske Automotive Group
PAG
$14.3B
$1.43M ﹤0.01%
8,228
-405
-5% -$72.2K
KMPR icon
928
Kemper
KMPR
$1.57B
$1.42M ﹤0.01%
27,488
-1,067
-4% -$59.9K
FHB icon
929
First Hawaiian
FHB
$3.39B
$1.4M ﹤0.01%
56,293
-2,199
-4% -$55.5K
RH icon
930
RH
RH
$3.43B
$1.39M ﹤0.01%
6,860
-276
-4% -$60K
HOG icon
931
Harley-Davidson
HOG
$2.87B
$1.37M ﹤0.01%
49,234
-2,848
-5% -$76.4K
FRHC icon
932
Freedom Holding
FRHC
$9.4B
$1.36M ﹤0.01%
7,929
-311
-4% -$52.5K
BHF icon
933
Brighthouse Financial
BHF
$3.45B
$1.36M ﹤0.01%
25,693
-1,002
-4% -$48.9K
PRGO icon
934
Perrigo
PRGO
$1.74B
$1.36M ﹤0.01%
61,247
-2,385
-4% -$58.3K
HAYW icon
935
Hayward Holdings
HAYW
$3.23B
$1.35M ﹤0.01%
89,221
-3,473
-4% -$53.2K
CIVI
936
DELISTED
Civitas Resources
CIVI
$1.35M ﹤0.01%
41,486
-1,611
-4% -$51.5K
LCID icon
937
Lucid Motors
LCID
$2.51B
$1.33M ﹤0.01%
55,848
-2,181
-4% -$49.3K
CHH icon
938
Choice Hotels
CHH
$4.7B
$1.3M ﹤0.01%
12,159
-467
-4% -$57K
NCNO icon
939
nCino
NCNO
$2.11B
$1.3M ﹤0.01%
47,936
-1,860
-4% -$54.3K
PENN icon
940
PENN Entertainment
PENN
$2.52B
$1.29M ﹤0.01%
67,058
-2,618
-4% -$49.1K
OLN icon
941
Olin
OLN
$2.17B
$1.29M ﹤0.01%
51,623
-2,013
-4% -$44.7K
VKTX icon
942
Viking Therapeutics
VKTX
$3.86B
$1.29M ﹤0.01%
48,992
-1,904
-4% -$56.8K
LBTYA icon
943
Liberty Global Class A
LBTYA
$3.55B
$1.27M ﹤0.01%
110,888
-270,807
-71% -$2.98M
VIRT icon
944
Virtu Financial
VIRT
$5.06B
$1.27M ﹤0.01%
35,701
-1,979
-5% -$81.3K
JHX icon
945
James Hardie Industries
JHX
$18B
$1.26M ﹤0.01%
+65,726
New +$1.57M
OGN icon
946
Organon & Co
OGN
$3.6B
$1.25M ﹤0.01%
116,753
-4,552
-4% -$44.7K
SHC icon
947
Sotera Health
SHC
$5.4B
$1.23M ﹤0.01%
78,363
+6,306
+9% +$88.5K
YETI icon
948
Yeti Holdings
YETI
$3.37B
$1.23M ﹤0.01%
37,091
-1,448
-4% -$50.6K
LINE
949
Lineage Inc
LINE
$9.79B
$1.23M ﹤0.01%
31,752
-1,234
-4% -$51.3K
CAR icon
950
Avis
CAR
$4.96B
$1.22M ﹤0.01%
7,593
-297
-4% -$50K
36 37
38
39 40

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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.