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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
RARE icon
951
Ultragenyx Pharmaceutical
RARE
$2.62B
$1.22M ﹤0.01%
40,383
-1,575
-4% -$47.2K
INFA
952
DELISTED
Informatica
INFA
$1.18M ﹤0.01%
47,659
-1,300
-3% -$32.1K
DJT icon
953
Trump Media & Technology Group
DJT
$2.3B
$1.18M ﹤0.01%
72,107
+23,695
+49% +$420K
FRPT icon
954
Freshpet
FRPT
$3.5B
$1.18M ﹤0.01%
21,400
-833
-4% -$51.6K
WU icon
955
Western Union
WU
$2.3B
$1.16M ﹤0.01%
145,035
-9,176
-6% -$76.7K
WLK icon
956
Westlake Corp
WLK
$10.2B
$1.16M ﹤0.01%
15,022
-586
-4% -$48.8K
MPT
957
Medical Properties Trust
MPT
$2.47B
$1.14M ﹤0.01%
224,286
-8,738
-4% -$38.5K
XRAY icon
958
Dentsply Sirona
XRAY
$2.28B
$1.14M ﹤0.01%
89,521
-3,496
-4% -$50.7K
SMG icon
959
ScottsMiracle-Gro
SMG
$3.59B
$1.12M ﹤0.01%
19,624
-769
-4% -$48.5K
GLOB icon
960
Globant
GLOB
$1.73B
$1.11M ﹤0.01%
19,414
-749
-4% -$55.1K
BIRK icon
961
Birkenstock
BIRK
$7.63B
$1.11M ﹤0.01%
24,454
-422
-2% -$20.7K
DXC icon
962
DXC Technology
DXC
$1.72B
$1.1M ﹤0.01%
80,669
-3,136
-4% -$44.5K
APLS
963
DELISTED
Apellis Pharmaceuticals
APLS
$1.1M ﹤0.01%
48,466
-1,892
-4% -$44.1K
FLO icon
964
Flowers Foods
FLO
$1.6B
$1.09M ﹤0.01%
83,940
-3,262
-4% -$49.4K
SMMT icon
965
Summit Therapeutics
SMMT
$11.7B
$1.08M ﹤0.01%
52,519
-2,041
-4% -$49.5K
CWEN icon
966
Clearway Energy Class C
CWEN
$7.03B
$1.03M ﹤0.01%
36,574
-1,426
-4% -$43.2K
PPLI
967
People Inc
PPLI
$3B
$1.03M ﹤0.01%
30,196
-1,180
-4% -$44K
RNG icon
968
RingCentral
RNG
$5.37B
$1.02M ﹤0.01%
35,995
-1,402
-4% -$40.8K
ACHC icon
969
Acadia Healthcare
ACHC
$2.87B
$1.01M ﹤0.01%
40,905
-1,597
-4% -$35.6K
NWL icon
970
Newell Brands
NWL
$2.61B
$982K ﹤0.01%
187,423
-7,300
-4% -$41.4K
PK icon
971
Park Hotels & Resorts
PK
$3.02B
$978K ﹤0.01%
88,286
-3,444
-4% -$38.7K
ASH icon
972
Ashland
ASH
$3.39B
$976K ﹤0.01%
20,377
-1,471
-7% -$77.3K
FWONA icon
973
Liberty Media Series A
FWONA
$23.8B
$971K ﹤0.01%
10,200
-405
-4% -$37K
NSA
974
DELISTED
National Storage Affiliates Trust
NSA
$957K ﹤0.01%
31,653
-1,231
-4% -$38.4K
INSP icon
975
Inspire Medical Systems
INSP
$1.67B
$954K ﹤0.01%
12,860
-506
-4% -$51.2K
37 38
39
40 41

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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.