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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
ELV icon
176
Elevance Health
ELV
$86.7B
$32.9M 0.1%
101,680
-3,963
-4% -$1.23M
TDG icon
177
TransDigm Group
TDG
$68.6B
$32.8M 0.1%
24,854
-967
-4% -$1.38M
MRVL icon
178
Marvell Technology
MRVL
$203B
$32.7M 0.1%
388,671
-15,147
-4% -$1.11M
ACGL icon
179
Arch Capital
ACGL
$33.3B
$32.6M 0.1%
359,741
-70,183
-16% -$6.29M
JCI icon
180
Johnson Controls International
JCI
$92.5B
$32.6M 0.1%
296,828
-11,565
-4% -$1.24M
COIN icon
181
Coinbase
COIN
$39.4B
$31.9M 0.1%
94,481
-1,884
-2% -$639K
CTAS icon
182
Cintas
CTAS
$80.4B
$31.7M 0.1%
154,580
-57,612
-27% -$12.3M
SNOW icon
183
Snowflake
SNOW
$116B
$31.7M 0.1%
140,532
-5,474
-4% -$1.18M
KR icon
184
Kroger
KR
$35B
$31.6M 0.1%
469,358
-195,419
-29% -$13.6M
FISV
185
Fiserv Inc
FISV
$28.5B
$31.4M 0.1%
243,219
-14,517
-6% -$2.08M
VICI icon
186
VICI Properties
VICI
$29B
$31.2M 0.1%
957,868
-18,910
-2% -$623K
ECL icon
187
Ecolab
ECL
$77.5B
$30.7M 0.09%
112,194
-4,371
-4% -$1.19M
NSC icon
188
Norfolk Southern
NSC
$76.3B
$30.5M 0.09%
101,541
-3,956
-4% -$1.1M
ADSK icon
189
Autodesk
ADSK
$51.8B
$30.4M 0.09%
95,793
-61,250
-39% -$18.7M
UAL icon
190
United Airlines
UAL
$41.3B
$30.1M 0.09%
311,679
-5,843
-2% -$562K
KMB icon
191
Kimberly-Clark
KMB
$36.7B
$30M 0.09%
241,302
-43,353
-15% -$5.6M
CSX icon
192
CSX Corp
CSX
$93.5B
$30M 0.09%
844,003
-32,886
-4% -$1.12M
VST icon
193
Vistra
VST
$49.1B
$29.8M 0.09%
152,110
-5,927
-4% -$1.17M
NET icon
194
Cloudflare
NET
$117B
$29.8M 0.09%
138,743
-5,409
-4% -$1.1M
BAM icon
195
Brookfield Asset Management
BAM
$88B
$29.7M 0.09%
521,156
+342,536
+192% +$20.4M
ZTS icon
196
Zoetis
ZTS
$30.8B
$29.4M 0.09%
200,646
-7,812
-4% -$1.18M
CCL icon
197
Carnival Corporation Ltd
CCL
$38.8B
$29.1M 0.09%
1,005,918
+141,439
+16% +$4.27M
CL icon
198
Colgate-Palmolive
CL
$73.9B
$28.9M 0.09%
361,468
-93,759
-21% -$8M
GLW icon
199
Corning
GLW
$141B
$28.8M 0.09%
351,042
-13,677
-4% -$894K
TRV icon
200
Travelers Companies
TRV
$77.3B
$28.4M 0.09%
101,644
-3,961
-4% -$1.06M
6 7
8
9 10

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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.