SEC 13F Intelligence

Managers / Q3 2025 · view latest →

Treasurer of the State of North Carolina

CIK 0001761054 · 3200 ATLANTIC AVENUE, RALEIGH, NC, 27604 · 9198144330

Reported Value
$32.5B
Q3 2025
Positions
1,010
Filings on Record
35
2019–present window
Filed
Nov 13, 2025
original filing

Summary

Treasurer Of The State Of North Carolina reported $32.5B in U.S.-listed holdings across 1,010 positions for Q3 2025.

Its largest position, NVDA, represents 6.5% of the portfolio.

Compared with Q2 2025, the fund opened 8 new positions and exited 13.

Portfolio Metrics

Turnover
+4.6%
vs prior filed quarter
Top-10 Concentration
+35.3%
share of reported value
Largest Position
+6.5%
Nvidia Corporation
New / Exited
8 / 13
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q1 ’19: $41MQ1 ’19Q3 ’19: $11.1BQ4 ’19: $12.1BQ1 ’20: $11.3BQ2 ’20: $12.1BQ2 ’20Q3 ’20: $13.2BQ4 ’20: $15.0BQ1 ’21: $15.9BQ2 ’21: $17.2BQ2 ’21Q3 ’21: $17.3BQ4 ’21: $18.9BQ1 ’22: $18.1BQ2 ’22: $15.8BQ2 ’22Q3 ’22: $15.1BQ4 ’22: $16.4BQ1 ’23: $17.6BQ2 ’23: $19.1BQ2 ’23Q3 ’23: $18.5BQ4 ’23: $20.7BQ1 ’24: $22.8BQ2 ’24: $23.6BQ2 ’24Q3 ’24: $25.0BQ4 ’24: $25.7BQ1 ’25: $25.1BQ2 ’25: $31.2BQ2 ’25Q3 ’25: $32.5BQ4 ’25: $31.2BQ1 ’26: $31.8Bfilingsflow.com

Portfolio Composition

By security type
Common Stock: 96.1%REIT: 2.1%ETP: 1.6%Other: 0.2%Tracking Stk: 0.0%
  • Common Stock · 96.1% · $31.2B
  • REIT · 2.1% · $687M
  • ETP · 1.6% · $507M
  • Other · 0.2% · $59M
  • Tracking Stk · 0.0% · $14M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
SSBSOUTHSTATE BK CORPNEW+45.1K45.1K+$4M$4M
VNOMVIPER ENERGY INCNEW+75.9K75.9K+$3M$3M
CRCLCIRCLE INTERNET GROUP INCNEW+21.2K21.2K+$3M$3M
LCIDLUCID GROUP INCNEW+55.8K55.8K+$1M$1M
JHXJAMES HARDIE INDS PLCNEW+65.7K65.7K+$1M$1M
GLIBKGCI LIBERTY INCNEW+10.1K10.1K+$375,000$375,000
NIQ GLOBAL INTELLIGENCE PLCNEW+21.4K21.4K+$336,000$336,000
CAICARIS LIFE SCIENCES INCNEW+10.1K10.1K+$305,000$305,000

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q3 2025

497 positions (from 500 filing rows — )
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1NVDANVIDIA CORPORATIONhistory →COM6.53%$2.1B11.36M
2MSFTMICROSOFT CORPhistory →COM5.78%$1.9B3.63M
3AAPLAPPLE INChistory →COM5.63%$1.8B7.19M
4GOOGLALPHABET INCCAP STK CL A · CAP STK CL C4.01%$1.3B5.36M
5AMZNAMAZON COM INChistory →COM3.36%$1.1B4.96M
6METAMETA PLATFORMS INChistory →CL A2.62%$852M1.16M
7AVGOBROADCOM INChistory →COM2.52%$817M2.48M
8TSLATESLA INChistory →COM1.99%$646M1.45M
9IWMISHARES TRRUSSELL 2000 ETF · CORE S&P500 ETF1.56%$507M2.05M
10BRK/BBERKSHIRE HATHAWAY INC DELhistory →CL B NEW1.28%$417M829.3K
11JPMJPMORGAN CHASE & CO.history →COM1.21%$394M1.25M
12VVISA INChistory →COM CL A1.06%$343M1.00M
13LLYELI LILLY & COhistory →COM0.96%$313M410.6K
14ORCLORACLE CORPhistory →COM0.85%$276M982.9K
15JNJJOHNSON & JOHNSONhistory →COM0.83%$270M1.45M
16NFLXNETFLIX INChistory →COM0.81%$263M219.6K
17PGPROCTER AND GAMBLE COhistory →COM0.75%$243M1.58M
18MAMASTERCARD INCORPORATEDhistory →CL A0.75%$242M426.2K
19EXMOCEXXON MOBIL CORPhistory →COM0.68%$220M1.95M
20PLTRPALANTIR TECHNOLOGIES INChistory →CL A0.66%$215M1.18M
21WMTWALMART INChistory →COM0.62%$202M1.96M
22CSCOCISCO SYS INChistory →COM0.61%$198M2.89M
23COSTCOSTCO WHSL CORP NEWhistory →COM0.57%$185M199.6K
24ABBVABBVIE INChistory →COM0.57%$184M796.5K
25HDHOME DEPOT INChistory →COM0.56%$181M447.7K
26IBMINTERNATIONAL BUSINESS MACHShistory →COM0.54%$175M619.1K
27UNHUNITEDHEALTH GROUP INChistory →COM0.51%$167M482.7K
28BACBANK AMERICA CORPhistory →COM0.48%$156M3.03M
29GE AEROSPACECOM NEW0.44%$142M472.8K
30PMPHILIP MORRIS INTL INChistory →COM0.43%$140M860.4K
31MCDMCDONALDS CORPhistory →COM0.43%$139M457.5K
32CVXCHEVRON CORP NEWhistory →COM0.41%$134M863.6K
33QCOMQUALCOMM INChistory →COM0.39%$126M757.7K
34INTUINTUIThistory →COM0.39%$126M184.5K
35ABTABBOTT LABShistory →COM0.39%$126M939.4K
36DISDISNEY WALT COhistory →COM0.39%$126M1.10M
37LRCXLAM RESEARCH CORPhistory →COM NEW0.39%$125M934.1K
38WFCWELLS FARGO CO NEWhistory →COM0.37%$122M1.45M
39KLACKLA CORPhistory →COM NEW0.37%$119M110.0K
40MUMICRON TECHNOLOGY INChistory →COM0.36%$118M705.1K
41AMDADVANCED MICRO DEVICES INChistory →COM0.36%$117M724.1K
42KOCOCA COLA COhistory →COM0.36%$116M1.75M
43BLKBLACKROCK INChistory →COM0.35%$113M97.2K
44AMATAPPLIED MATLS INChistory →COM0.33%$108M526.2K
45GSGOLDMAN SACHS GROUP INChistory →COM0.33%$108M135.2K
46AXPAMERICAN EXPRESS COhistory →COM0.32%$105M317.3K
47TXNTEXAS INSTRS INChistory →COM0.32%$105M571.7K
48SCHWSCHWAB CHARLES CORPhistory →COM0.32%$103M1.08M
49RTXRTX CORPORATIONhistory →COM0.31%$101M601.6K
50LINLINDE PLChistory →SHS0.31%$100M211.1K
51CRMSALESFORCE INChistory →COM0.31%$99M419.8K
52CATCATERPILLAR INChistory →COM0.31%$99M208.2K
53APPAPPLOVIN CORPhistory →COM CL A0.29%$95M132.6K
54MRKMERCK & CO INChistory →COM0.29%$95M1.13M
55MDTMEDTRONIC PLChistory →SHS0.29%$93M979.1K
56ADIANALOG DEVICES INChistory →COM0.28%$90M365.0K
57ADPAUTOMATIC DATA PROCESSING INhistory →COM0.28%$90M305.2K
58TAT&T INChistory →COM0.27%$89M3.15M
59UBERUBER TECHNOLOGIES INChistory →COM0.27%$89M905.2K
60PEPPEPSICO INChistory →COM0.27%$87M616.1K
61NOWSERVICENOW INChistory →COM0.26%$86M92.9K
62VZVERIZON COMMUNICATIONS INChistory →COM0.26%$83M1.90M
63CCITIGROUP INChistory →COM NEW0.26%$83M821.0K
64GDGENERAL DYNAMICS CORPhistory →COM0.26%$83M244.3K
65GILDGILEAD SCIENCES INChistory →COM0.26%$83M749.3K
66TMOTHERMO FISHER SCIENTIFIC INChistory →COM0.25%$82M169.8K
67MSMORGAN STANLEYhistory →COM NEW0.25%$82M517.8K
68BKNGBOOKING HOLDINGS INChistory →COM0.24%$79M14.6K
69PFEPFIZER INChistory →COM0.24%$78M3.06M
70CMECME GROUP INChistory →COM0.24%$77M285.0K
71PANWPALO ALTO NETWORKS INChistory →COM0.24%$77M377.6K
72GEVGE VERNOVA INChistory →COM0.23%$76M122.9K
73COFCAPITAL ONE FINL CORPhistory →COM0.23%$74M348.1K
74TJXTJX COS INC NEWhistory →COM0.22%$73M502.9K
75ISRGINTUITIVE SURGICAL INChistory →COM NEW0.22%$72M160.5K
76BABOEING COhistory →COM0.22%$70M325.8K
77NEENEXTERA ENERGY INChistory →COM0.22%$70M927.2K
78ACNACCENTURE PLC IRELANDhistory →SHS CLASS A0.21%$69M281.5K
79AMGNAMGEN INChistory →COM0.21%$68M241.8K
80CMCSACOMCAST CORP NEWhistory →CL A0.21%$68M2.15M
81ANETARISTA NETWORKS INChistory →COM SHS0.21%$68M463.8K
82ADBEADOBE INChistory →COM0.21%$68M191.4K
83SPGIS&P GLOBAL INChistory →COM0.21%$67M138.1K
84APHAMPHENOL CORP NEWhistory →CL A0.21%$67M542.1K
85ETNEATON CORP PLChistory →SHS0.20%$66M176.2K
86INTCINTEL CORPhistory →COM0.20%$66M1.96M
87COPCONOCOPHILLIPShistory →COM0.20%$65M690.7K
88PGRPROGRESSIVE CORPhistory →COM0.20%$65M263.5K
89BSXBOSTON SCIENTIFIC CORPhistory →COM0.20%$65M663.7K
90ORLYOREILLY AUTOMOTIVE INChistory →COM0.20%$64M595.9K
91HOODROBINHOOD MKTS INChistory →COM CL A0.20%$64M447.7K
92UNPUNION PAC CORPhistory →COM0.20%$64M268.9K
93SPGSIMON PPTY GROUP INC NEWhistory →COM0.20%$63M337.6K
94LOWLOWES COS INChistory →COM0.19%$63M252.0K
95NEMNEWMONT CORPhistory →COM0.19%$62M736.0K
96ETRENTERGY CORP NEWhistory →COM0.19%$62M665.1K
97RCLROYAL CARIBBEAN GROUPhistory →COM0.19%$61M189.4K
98HONHONEYWELL INTL INChistory →COM0.19%$60M285.9K
99ROPROPER TECHNOLOGIES INChistory →COM0.18%$57M115.2K
100SYKSTRYKER CORPORATIONhistory →COM0.18%$57M154.8K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$31.8B1,006May 14, 202613F-HRchanges · EDGAR ↗
Q4 2025$31.2B1,010Feb 13, 202613F-HRchanges · EDGAR ↗
Q3 2025$32.5B1,010Nov 13, 202513F-HRchanges · EDGAR ↗
Q2 2025$31.2B1,015Aug 14, 202513F-HRchanges · EDGAR ↗
Q1 2025$25.1B1,007May 15, 202513F-HRchanges · EDGAR ↗
Q4 2024$25.7B1,013Feb 13, 202513F-HRchanges · EDGAR ↗
Q3 2024$25.0B1,021Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$23.6B1,020Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$22.8B1,011May 9, 202413F-HRchanges · EDGAR ↗
Q4 2023$20.7B1,016May 9, 2024RESTATEMENTchanges · EDGAR ↗
Q3 2023$18.5B1,015Nov 13, 202313F-HRchanges · EDGAR ↗
Q2 2023$19.1B1,014Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$17.6B1,014May 4, 202313F-HRchanges · EDGAR ↗
Q4 2022$16.4B1,016Feb 9, 202313F-HRchanges · EDGAR ↗
Q3 2022$15.1B1,027Nov 8, 202213F-HRchanges · EDGAR ↗
Q2 2022$15.8B1,030Aug 2, 202213F-HRchanges · EDGAR ↗
Q1 2022$18.1B1,029May 10, 202213F-HRchanges · EDGAR ↗
Q4 2021$18.9B1,038Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$17.3B1,033Nov 3, 202113F-HRchanges · EDGAR ↗
Q2 2021$17.2B1,033Aug 13, 202113F-HRchanges · EDGAR ↗
Q1 2021$15.9B1,034May 3, 202113F-HRchanges · EDGAR ↗
Q4 2020$15.0B1,030Feb 2, 202113F-HRchanges · EDGAR ↗
Q3 2020$13.2B1,020Nov 4, 202013F-HRchanges · EDGAR ↗
Q2 2020$12.1B1,009Aug 7, 202013F-HRchanges · EDGAR ↗
Q1 2020$11.3B1,001May 13, 202013F-HRchanges · EDGAR ↗
Q4 2019$12.1B1,001Feb 12, 202013F-HRchanges · EDGAR ↗
Q3 2019$11.1B1,000Nov 7, 201913F-HRchanges · EDGAR ↗
Q2 2019Under review1,008Aug 23, 201913F-HRchanges · EDGAR ↗
Q1 2019$41M90May 6, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.