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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
NOC icon
151
Northrop Grumman
NOC
$81.6B
$37.1M 0.11%
60,970
-2,374
-4% -$1.35M
PNR icon
152
Pentair
PNR
$10.5B
$37.1M 0.11%
335,283
-3,085
-0.9% -$329K
WM icon
153
Waste Management
WM
$90B
$36.7M 0.11%
166,335
-6,480
-4% -$1.46M
CRH icon
154
CRH
CRH
$65.8B
$36.6M 0.11%
304,935
-11,883
-4% -$1.25M
MDLZ icon
155
Mondelez International
MDLZ
$80.8B
$36.4M 0.11%
582,532
-22,696
-4% -$1.46M
FLEX icon
156
Flex
FLEX
$47.1B
$36.4M 0.11%
627,596
+449,546
+252% +$23.9M
SHW icon
157
Sherwin-Williams
SHW
$87.2B
$36.3M 0.11%
104,878
-4,086
-4% -$1.44M
NKE icon
158
Nike
NKE
$61B
$36.3M 0.11%
520,223
-20,266
-4% -$1.51M
REGN icon
159
Regeneron Pharmaceuticals
REGN
$83.8B
$35.9M 0.11%
63,861
-4,865
-7% -$2.75M
PNC icon
160
PNC Financial Services
PNC
$102B
$35.7M 0.11%
177,656
-6,923
-4% -$1.37M
HWM icon
161
Howmet Aerospace
HWM
$112B
$35.4M 0.11%
180,296
-7,022
-4% -$1.28M
AJG icon
162
Arthur J. Gallagher & Co
AJG
$64.3B
$35.3M 0.11%
114,019
-4,448
-4% -$1.34M
WMB icon
163
Williams Companies
WMB
$89.9B
$34.7M 0.11%
547,590
-21,338
-4% -$1.25M
BNY
164
Bank of New York Mellon
BNY
$110B
$34.6M 0.11%
317,266
-17,122
-5% -$1.75M
EQIX icon
165
Equinix
EQIX
$106B
$34.4M 0.11%
43,937
-1,713
-4% -$1.34M
ITW icon
166
Illinois Tool Works
ITW
$82.5B
$34.4M 0.11%
131,747
-5,137
-4% -$1.34M
PNW icon
167
Pinnacle West Capital
PNW
$12.2B
$34.3M 0.11%
382,259
-2,370
-0.6% -$213K
MSI icon
168
Motorola Solutions
MSI
$76.7B
$34.3M 0.11%
74,912
-2,926
-4% -$1.32M
IBKR icon
169
Interactive Brokers
IBKR
$41.8B
$34.2M 0.11%
496,330
-154,944
-24% -$9.75M
CI icon
170
Cigna
CI
$73.4B
$34.1M 0.11%
118,455
-30,385
-20% -$8.99M
USB icon
171
US Bancorp
USB
$102B
$33.9M 0.1%
702,243
-27,361
-4% -$1.29M
AON icon
172
Aon
AON
$74.6B
$33.7M 0.1%
94,405
-3,679
-4% -$1.33M
MCO icon
173
Moody's
MCO
$82.9B
$33.3M 0.1%
69,889
-2,726
-4% -$1.37M
EMR icon
174
Emerson Electric
EMR
$90.6B
$33.2M 0.1%
253,415
-9,873
-4% -$1.35M
CTVA icon
175
Corteva
CTVA
$50.1B
$33.1M 0.1%
489,261
-12,141
-2% -$880K
5 6
7
8 9

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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.