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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
NVDA icon
1
NVIDIA
NVDA
$5.43T
$2.12B 6.53%
11,358,976
-507,317
-4% -$88.4M
MSFT icon
2
Microsoft
MSFT
$3.66T
$1.88B 5.78%
3,626,110
-114,871
-3% -$58.6M
AAPL icon
3
Apple
AAPL
$4.41T
$1.83B 5.63%
7,185,481
-374,274
-5% -$84.6M
AMZN icon
4
Amazon
AMZN
$2.88T
$1.09B 3.36%
4,963,276
-134,725
-3% -$30.5M
META icon
5
Meta Platforms (Facebook)
META
$1.47T
$852M 2.62%
1,159,805
-16,314
-1% -$12.1M
AVGO icon
6
Broadcom
AVGO
$1.98T
$817M 2.52%
2,477,220
-107,334
-4% -$32.9M
GOOGL icon
7
Alphabet (Google) Class A
GOOGL
$4.2T
$719M 2.22%
2,959,533
-158,878
-5% -$33.3M
TSLA icon
8
Tesla
TSLA
$1.29T
$646M 1.99%
1,451,506
-43,956
-3% -$15.2M
GOOG icon
9
Alphabet (Google) Class C
GOOG
$4.19T
$584M 1.8%
2,398,720
-143,917
-6% -$30.3M
IWM icon
10
iShares Russell 2000 ETF
IWM
$82.2B
$489M 1.51%
2,021,520
+5,530
+0.3% +$1.27M
BRK.B icon
11
Berkshire Hathaway Class B
BRK.B
$1.09T
$417M 1.28%
829,294
-32,312
-4% -$15.7M
JPM icon
12
JPMorgan Chase
JPM
$971B
$394M 1.21%
1,248,725
-48,652
-4% -$14.5M
V icon
13
Visa
V
$671B
$343M 1.06%
1,003,828
+43,688
+5% +$15.1M
LLY icon
14
Eli Lilly
LLY
$1.09T
$313M 0.96%
410,650
-14,079
-3% -$10.5M
ORCL icon
15
Oracle
ORCL
$442B
$276M 0.85%
982,866
-78,644
-7% -$20M
JNJ icon
16
Johnson & Johnson
JNJ
$629B
$270M 0.83%
1,454,948
+220,003
+18% +$37.7M
NFLX icon
17
Netflix
NFLX
$309B
$263M 0.81%
2,196,010
-70,440
-3% -$8.6M
PG icon
18
Procter & Gamble
PG
$335B
$243M 0.75%
1,580,701
-38,089
-2% -$5.95M
MA icon
19
Mastercard
MA
$490B
$242M 0.75%
426,235
-5,921
-1% -$3.4M
XOM icon
20
ExxonMobil
XOM
$657B
$220M 0.68%
1,948,356
-75,903
-4% -$8.44M
PLTR icon
21
Palantir
PLTR
$411B
$215M 0.66%
1,175,868
-2,391
-0.2% -$388K
WMT icon
22
Walmart Inc
WMT
$923B
$202M 0.62%
1,956,190
-76,210
-4% -$7.59M
CSCO icon
23
Cisco
CSCO
$488B
$198M 0.61%
2,893,288
-61,535
-2% -$4.19M
COST icon
24
Costco
COST
$421B
$185M 0.57%
199,569
-7,777
-4% -$7.45M
ABBV icon
25
AbbVie
ABBV
$440B
$184M 0.57%
796,545
-31,036
-4% -$6.32M
1
2 3 4 5

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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.