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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
RSG icon
126
Republic Services
RSG
$66.1B
$46.1M 0.14%
201,081
+106,455
+113% +$25M
FAST icon
127
Fastenal
FAST
$59B
$46.1M 0.14%
940,026
-20,470
-2% -$967K
VRTX icon
128
Vertex Pharmaceuticals
VRTX
$133B
$45.3M 0.14%
115,629
-4,505
-4% -$1.88M
MRSH
129
Marsh
MRSH
$89.6B
$44.7M 0.14%
221,909
-8,638
-4% -$1.78M
PYPL icon
130
PayPal
PYPL
$51.1B
$44.1M 0.14%
658,345
-24,968
-4% -$1.76M
DASH icon
131
DoorDash
DASH
$93.3B
$43.9M 0.14%
161,321
-6,281
-4% -$1.58M
PH icon
132
Parker-Hannifin
PH
$134B
$43.9M 0.14%
57,871
-2,255
-4% -$1.66M
MCK icon
133
McKesson
MCK
$100B
$43.6M 0.13%
56,429
-2,194
-4% -$1.55M
DUK icon
134
Duke Energy
DUK
$96.8B
$43.3M 0.13%
349,790
-13,625
-4% -$1.65M
SBUX icon
135
Starbucks
SBUX
$125B
$43.3M 0.13%
511,399
-19,927
-4% -$1.78M
ICE icon
136
Intercontinental Exchange
ICE
$85.6B
$43.2M 0.13%
256,504
-9,992
-4% -$1.79M
SSNC icon
137
SS&C Technologies
SSNC
$18.9B
$43.2M 0.13%
486,394
+8,129
+2% +$704K
CDNS icon
138
Cadence Design Systems
CDNS
$89.9B
$43.1M 0.13%
122,681
-4,779
-4% -$1.64M
CVS icon
139
CVS Health
CVS
$121B
$42.5M 0.13%
563,127
-21,946
-4% -$1.5M
TT icon
140
Trane Technologies
TT
$106B
$42.3M 0.13%
100,238
-3,902
-4% -$1.67M
BMY icon
141
Bristol-Myers Squibb
BMY
$133B
$41.3M 0.13%
916,311
-35,702
-4% -$1.67M
FCX icon
142
Freeport-McMoran
FCX
$94.7B
$41M 0.13%
1,044,203
-25,391
-2% -$1.1M
SNPS icon
143
Synopsys
SNPS
$79.5B
$40.9M 0.13%
82,993
+10,898
+15% +$6.16M
FFIV icon
144
F5
FFIV
$23.8B
$40.7M 0.13%
125,808
-14,739
-10% -$4.61M
AMT icon
145
American Tower
AMT
$81.1B
$40.4M 0.12%
210,316
-8,195
-4% -$1.71M
KKR icon
146
KKR & Co
KKR
$102B
$39.6M 0.12%
304,919
-11,873
-4% -$1.69M
GM icon
147
General Motors
GM
$76.3B
$38.1M 0.12%
624,959
-202,870
-25% -$11.3M
RBLX icon
148
Roblox
RBLX
$26.1B
$38M 0.12%
274,688
+11,475
+4% +$1.43M
SYF icon
149
Synchrony
SYF
$26B
$37.9M 0.12%
533,423
-11,029
-2% -$799K
MMM icon
150
3M
MMM
$93.5B
$37.2M 0.11%
239,768
-11,945
-5% -$1.84M
4 5
6
7 8

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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.