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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
SYK icon
101
Stryker
SYK
$133B
$57.2M 0.18%
154,761
-6,028
-4% -$2.33M
DHR icon
102
Danaher
DHR
$144B
$56.9M 0.18%
286,856
-11,169
-4% -$2.22M
BX icon
103
Blackstone
BX
$112B
$56.2M 0.17%
329,091
-12,821
-4% -$2.2M
CRWD icon
104
CrowdStrike
CRWD
$229B
$53.9M 0.17%
439,264
-17,088
-4% -$1.94M
WELL icon
105
Welltower
WELL
$169B
$53.6M 0.17%
300,887
-5,172
-2% -$850K
HCA icon
106
HCA Healthcare
HCA
$88.7B
$53.3M 0.16%
125,090
+1,421
+1% +$551K
XEL icon
107
Xcel Energy
XEL
$49.4B
$53.2M 0.16%
660,132
-3,850
-0.6% -$279K
URI icon
108
United Rentals
URI
$69.5B
$52.1M 0.16%
54,595
-1,462
-3% -$1.3M
AMP icon
109
Ameriprise Financial
AMP
$49.9B
$51.8M 0.16%
105,423
-1,723
-2% -$883K
MSTR icon
110
Strategy Inc
MSTR
$38.8B
$51.4M 0.16%
159,571
+30,227
+23% +$11.2M
DE icon
111
Deere & Co
DE
$166B
$50.2M 0.15%
109,852
-4,284
-4% -$2.11M
MO icon
112
Altria Group
MO
$110B
$50.1M 0.15%
758,465
-158,882
-17% -$10.1M
AZO icon
113
AutoZone
AZO
$50.5B
$49.5M 0.15%
11,541
-222
-2% -$891K
EVRG icon
114
Evergy
EVRG
$19.3B
$49.2M 0.15%
646,669
-4,488
-0.7% -$320K
AME icon
115
Ametek
AME
$59B
$49M 0.15%
260,881
-4,173
-2% -$768K
TMUS icon
116
T-Mobile US
TMUS
$195B
$48.9M 0.15%
204,182
-7,959
-4% -$1.93M
SPOT icon
117
Spotify
SPOT
$102B
$48.3M 0.15%
69,159
-2,696
-4% -$1.89M
FITB
118
Fifth Third Bancorp
FITB
$52.8B
$47.8M 0.15%
1,072,755
-12,308
-1% -$539K
PLD icon
119
Prologis
PLD
$135B
$47.8M 0.15%
417,070
-16,242
-4% -$1.79M
CB icon
120
Chubb
CB
$133B
$47.2M 0.15%
167,335
-6,512
-4% -$1.79M
SO icon
121
Southern Company
SO
$107B
$47M 0.14%
495,434
-19,302
-4% -$1.8M
LMT icon
122
Lockheed Martin
LMT
$139B
$46.9M 0.14%
93,897
-3,657
-4% -$1.66M
FTNT icon
123
Fortinet
FTNT
$120B
$46.5M 0.14%
553,548
+29,495
+6% +$2.63M
CEG icon
124
Constellation Energy
CEG
$99.1B
$46.3M 0.14%
140,826
-5,486
-4% -$1.77M
CMI icon
125
Cummins
CMI
$87B
$46.3M 0.14%
109,667
+45,378
+71% +$17.4M
3 4
5
6 7

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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.