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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
UPS icon
201
United Parcel Service
UPS
$89.6B
$27.6M 0.08%
330,007
-12,859
-4% -$1.16M
EHC icon
202
Encompass Health
EHC
$12.2B
$27.6M 0.08%
216,972
-1,892
-0.9% -$225K
EOG icon
203
EOG Resources
EOG
$74.2B
$27.5M 0.08%
245,713
-12,264
-5% -$1.46M
PWR icon
204
Quanta Services
PWR
$103B
$27.4M 0.08%
66,217
-2,573
-4% -$1M
APD icon
205
Air Products & Chemicals
APD
$67.9B
$27.2M 0.08%
99,880
-3,897
-4% -$1.13M
AEP icon
206
American Electric Power
AEP
$68.2B
$27.1M 0.08%
240,547
-170,122
-41% -$18.6M
HLT icon
207
Hilton Worldwide
HLT
$72.3B
$26.9M 0.08%
103,766
-5,187
-5% -$1.4M
MAR icon
208
Marriott International
MAR
$92.2B
$26.7M 0.08%
102,341
-3,990
-4% -$1.07M
MPC icon
209
Marathon Petroleum
MPC
$99.4B
$26.6M 0.08%
138,173
-7,396
-5% -$1.3M
SNA icon
210
Snap-on
SNA
$20.9B
$26.6M 0.08%
76,640
-63,961
-45% -$20.9M
TFC icon
211
Truist Financial
TFC
$64.9B
$26.5M 0.08%
580,014
-31,998
-5% -$1.44M
PAYX icon
212
Paychex
PAYX
$43.4B
$26.5M 0.08%
208,950
+15,952
+8% +$2.21M
SRE icon
213
Sempra
SRE
$56.4B
$26.4M 0.08%
293,502
-11,426
-4% -$925K
DLR icon
214
Digital Realty Trust
DLR
$73.3B
$26.2M 0.08%
151,659
-5,908
-4% -$1.01M
ALLE icon
215
Allegion
ALLE
$14.1B
$26.2M 0.08%
147,748
+107,554
+268% +$17.8M
VRT icon
216
Vertiv
VRT
$112B
$25.8M 0.08%
171,052
-6,667
-4% -$889K
WSM icon
217
Williams-Sonoma
WSM
$28.7B
$25.7M 0.08%
131,669
-8,949
-6% -$1.71M
COR icon
218
Cencora
COR
$59.8B
$25.7M 0.08%
82,329
-3,205
-4% -$943K
LHX icon
219
L3Harris
LHX
$53.7B
$25.6M 0.08%
83,964
-3,274
-4% -$895K
ALNY icon
220
Alnylam Pharmaceuticals
ALNY
$30.3B
$25.6M 0.08%
56,123
-2,181
-4% -$888K
ALL icon
221
Allstate
ALL
$65.3B
$25.5M 0.08%
118,642
-4,630
-4% -$934K
GEN icon
222
Gen Digital
GEN
$17.2B
$25.4M 0.08%
895,549
+38,579
+5% +$1.15M
DAL icon
223
Delta Air Lines
DAL
$60.3B
$25.2M 0.08%
444,434
-11,551
-3% -$659K
GEHC icon
224
GE HealthCare
GEHC
$33.2B
$25M 0.08%
333,420
-8,128
-2% -$606K
PSX icon
225
Phillips 66
PSX
$92B
$24.9M 0.08%
183,285
-7,148
-4% -$916K
7 8
9
10 11

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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.