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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
CACC icon
976
Credit Acceptance
CACC
$5.99B
$936K ﹤0.01%
2,004
-1,201
-37% -$599K
CNXC icon
977
Concentrix
CNXC
$1.48B
$928K ﹤0.01%
20,114
-1,063
-5% -$56.7K
TDC icon
978
Teradata
TDC
$2.52B
$921K ﹤0.01%
42,800
-1,665
-4% -$35.8K
IPGP icon
979
IPG Photonics
IPGP
$3.64B
$890K ﹤0.01%
11,236
-439
-4% -$34.3K
KRMN
980
Karman Holdings
KRMN
$7.92B
$859K ﹤0.01%
11,899
-481
-4% -$26.4K
LLYVA icon
981
Liberty Live Group Series A
LLYVA
$9.56B
$835K ﹤0.01%
8,859
-8,925
-50% -$785K
UA icon
982
Under Armour Class C
UA
$2.26B
$831K ﹤0.01%
172,048
+84,357
+96% +$472K
SRPT icon
983
Sarepta Therapeutics
SRPT
$1.95B
$803K ﹤0.01%
41,691
-1,630
-4% -$29.1K
MAN icon
984
ManpowerGroup
MAN
$2.64B
$785K ﹤0.01%
20,708
-805
-4% -$33.2K
SAM icon
985
Boston Beer
SAM
$1.9B
$754K ﹤0.01%
3,564
-250
-7% -$53.2K
LBTYK icon
986
Liberty Global Class C
LBTYK
$3.42B
$733K ﹤0.01%
62,352
-3,102
-5% -$34.7K
IRDM icon
987
Iridium Communications
IRDM
$5.32B
$731K ﹤0.01%
41,842
-2,469
-6% -$61K
DV icon
988
DoubleVerify
DV
$2.04B
$729K ﹤0.01%
60,870
-2,369
-4% -$35.1K
CERT icon
989
Certara
CERT
$1.22B
$666K ﹤0.01%
54,504
-2,124
-4% -$23.2K
HUN icon
990
Huntsman Corp
HUN
$1.81B
$663K ﹤0.01%
73,886
-2,883
-4% -$30.3K
WEN icon
991
Wendy's
WEN
$1.63B
$659K ﹤0.01%
71,964
-4,439
-6% -$45.6K
COTY icon
992
Coty
COTY
$2.42B
$627K ﹤0.01%
155,217
-6,046
-4% -$27.7K
COLM icon
993
Columbia Sportswear
COLM
$2.94B
$612K ﹤0.01%
11,694
-458
-4% -$25.7K
CLVT icon
994
Clarivate
CLVT
$1.21B
$600K ﹤0.01%
156,630
-8,736
-5% -$36.7K
REYN icon
995
Reynolds Consumer Products
REYN
$5.53B
$600K ﹤0.01%
24,512
-953
-4% -$21.6K
SAIL
996
SailPoint Inc
SAIL
$11.2B
$597K ﹤0.01%
27,032
-1,048
-4% -$21.9K
BF.A icon
997
Brown-Forman Class A
BF.A
$13.1B
$528K ﹤0.01%
19,605
-758
-4% -$22K
LEN.B icon
998
Lennar Class B
LEN.B
$20.6B
$514K ﹤0.01%
4,285
-168
-4% -$19.9K
SNDR icon
999
Schneider National
SNDR
$6.38B
$492K ﹤0.01%
23,232
-899
-4% -$22K
SFD
1000
Smithfield Foods
SFD
$8.91B
$477K ﹤0.01%
20,308
+8,345
+70% +$204K
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.