Treasurer of the State of North Carolina
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Treasurer of the State of North Carolina reported 1,010 stock positions worth $32.5 billion. Its top holding was Nvidia (NVDA) at 6.5% of the portfolio, followed by Microsoft (MSFT, 5.8%) and Apple (AAPL, 5.6%). Compared with Q2 2025, it opened 5 new positions, sold out of 11, added to 83 and reduced 922. The biggest buy was Johnson & Johnson (JNJ, shares +18%) and the biggest sale Amazon.com (AMZN, shares −3%).
- Most Recent 13F
- Q2 2026
- Location
- RALEIGH, NC
- CIK
- 0001761054
- Portfolio Value
- $32.5B (Q3 2025)
- SEC Filing
- 0001761054-25-000010 ↗ filed Nov 13, 2025
Holdings Value
Holdings 1,010 stocks · $32.5B
| NVDA Nvidia Corp. | 6.53% | 11,358,976 | $2.1B | Reduce -4.3% |
| MSFT Microsoft Corp. | 5.78% | 3,626,110 | $1.9B | Reduce -3.1% |
| AAPL Apple Inc. | 5.63% | 7,185,481 | $1.8B | Reduce -5.0% |
| AMZN Amazon.com Inc. | 3.36% | 4,963,276 | $1.1B | Reduce -2.6% |
| META Meta Platforms Inc. Class A | 2.62% | 1,159,805 | $851.7M | Reduce -1.4% |
| AVGO Broadcom Inc. | 2.52% | 2,477,220 | $817.3M | Reduce -4.2% |
| GOOGL Alphabet Inc. Class A | 2.22% | 2,959,533 | $719.5M | Reduce -5.1% |
| TSLA Tesla Inc. | 1.99% | 1,451,506 | $645.5M | Reduce -2.9% |
| GOOG Alphabet Inc. Class C | 1.80% | 2,398,720 | $584.2M | Reduce -5.7% |
| IWM iShares Russell 2000 ETF | 1.51% | 2,021,520 | $489.1M | Add +0.3% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.28% | 829,294 | $416.9M | Reduce -3.8% |
| JPM JPMorgan Chase & Co. | 1.21% | 1,248,725 | $393.9M | Reduce -3.8% |
| V Visa Inc. Class A | 1.06% | 1,003,828 | $342.7M | Add +4.5% |
| LLY Eli Lilly & Co. | 0.96% | 410,650 | $313.3M | Reduce -3.3% |
| ORCL Oracle Corp. | 0.85% | 982,866 | $276.4M | Reduce -7.4% |
| JNJ Johnson & Johnson | 0.83% | 1,454,948 | $269.8M | Add +17.8% |
| NFLX Netflix Inc. | 0.81% | 219,601 | $263.3M | Reduce -3.1% |
| PG The Procter & Gamble Co. | 0.75% | 1,580,701 | $242.9M | Reduce -2.4% |
| MA Mastercard Inc. Class A | 0.75% | 426,235 | $242.4M | Reduce -1.4% |
| XOM Exxon Mobil Corp. | 0.68% | 1,948,356 | $219.7M | Reduce -3.8% |
| PLTR Palantir Technologies Inc. Class A | 0.66% | 1,175,868 | $214.5M | Reduce -0.2% |
| WMT Walmart Inc. | 0.62% | 1,956,190 | $201.6M | Reduce -3.8% |
| CSCO Cisco Systems Inc. | 0.61% | 2,893,288 | $198.0M | Reduce -2.1% |
| COST Costco Wholesale Corp. | 0.57% | 199,569 | $184.7M | Reduce -3.8% |
| ABBV Abbvie Inc. | 0.57% | 796,545 | $184.4M | Reduce -3.8% |
| HD Home Depot Inc. | 0.56% | 447,676 | $181.4M | Reduce -3.8% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.54% | 619,058 | $174.7M | Add +0.5% |
| UNH Unitedhealth Group Inc. | 0.51% | 482,711 | $166.7M | Reduce -3.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.48% | 3,032,592 | $156.5M | Reduce -5.3% |
| GE General Electric filed as GE AEROSPACE | 0.44% | 472,815 | $142.2M | Reduce -3.8% |
| PM Philip Morris International | 0.43% | 860,376 | $139.6M | Add +1.4% |
| MCD McDonald's Corp. | 0.43% | 457,495 | $139.0M | Add +37.0% |
| CVX Chevron Corp. | 0.41% | 863,604 | $134.1M | Add +13.3% |
| QCOM Qualcomm Inc. | 0.39% | 757,739 | $126.1M | Reduce -3.6% |
| INTU Intuit Inc. | 0.39% | 184,493 | $126.0M | Add +6.9% |
| ABT Abbott Laboratories | 0.39% | 939,376 | $125.8M | Reduce -2.5% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.39% | 1,096,457 | $125.5M | Add +17.5% |
| LRCX Lam Research Corp. | 0.39% | 934,067 | $125.1M | Add +33.7% |
| WFC Wells Fargo & Co. | 0.37% | 1,450,016 | $121.5M | Reduce -4.8% |
| KLAC KLA Corp. | 0.37% | 110,049 | $118.7M | Reduce -2.1% |
| MU Micron Technology Inc. | 0.36% | 705,090 | $118.0M | Add +0.5% |
| AMD Advanced Micro Devices | 0.36% | 724,091 | $117.2M | Reduce -3.8% |
| KO The Coca-Cola Co. | 0.36% | 1,748,537 | $116.0M | Reduce -3.8% |
| BLK BlackRock Inc. | 0.35% | 97,231 | $113.4M | Add +9.9% |
| AMAT Applied Materials Inc. | 0.33% | 526,154 | $107.7M | Add +38.7% |
| GS Goldman Sachs Group Inc. | 0.33% | 135,160 | $107.6M | Reduce -5.0% |
| AXP American Express Co. | 0.32% | 317,264 | $105.4M | Reduce -3.6% |
| TXN Texas Instruments Inc. | 0.32% | 571,694 | $105.0M | Reduce -2.7% |
| SCHW Schwab (charles) Corp. | 0.32% | 1,077,953 | $102.9M | Add +35.2% |
| RTX RTX Corp. | 0.31% | 601,552 | $100.7M | Reduce -3.8% |
| LIN Linde PLC | 0.31% | 211,144 | $100.3M | Reduce -3.8% |
| CRM Salesforce Inc. | 0.31% | 419,788 | $99.5M | Reduce -3.8% |
| CAT Caterpillar Inc. | 0.31% | 208,186 | $99.3M | Reduce -3.8% |
| APP AppLovin Corp. Class A | 0.29% | 132,613 | $95.3M | Reduce -4.7% |
| MRK Merck & Co. Inc. | 0.29% | 1,132,889 | $95.1M | Reduce -3.8% |
| MDT Medtronic PLC | 0.29% | 979,116 | $93.3M | Reduce -2.3% |
| ADI Analog Devices Inc. | 0.28% | 365,012 | $89.7M | Reduce -5.1% |
| ADP Automatic Data Processing | 0.28% | 305,224 | $89.6M | Reduce -2.3% |
| T AT&T Inc. | 0.27% | 3,154,010 | $89.1M | Reduce -3.8% |
| UBER Uber Technologies Inc. | 0.27% | 905,232 | $88.7M | Reduce -3.8% |
| PEP Pepsico Inc. | 0.27% | 616,129 | $86.5M | Reduce -3.8% |
| NOW ServiceNow Inc. | 0.26% | 92,928 | $85.5M | Reduce -16.0% |
| VZ Verizon Communications Inc. | 0.26% | 1,898,975 | $83.5M | Reduce -3.8% |
| C Citigroup Inc. | 0.26% | 820,963 | $83.3M | Reduce -5.1% |
| GD General Dynamics Corp. | 0.26% | 244,293 | $83.3M | Add +84.5% |
| GILD Gilead Sciences Inc. | 0.26% | 749,346 | $83.2M | Reduce -2.8% |
| TMO Thermo Fisher Scientific Inc. | 0.25% | 169,798 | $82.4M | Reduce -3.8% |
| MS Morgan Stanley | 0.25% | 517,830 | $82.3M | Reduce -3.8% |
| BKNG Booking Holdings Inc. | 0.24% | 14,625 | $79.0M | Reduce -25.2% |
| PFE Pfizer Inc. | 0.24% | 3,057,542 | $77.9M | Reduce -3.2% |
| CME Cme Group Inc. | 0.24% | 284,975 | $77.0M | Add +8.0% |
| PANW Palo Alto Networks Inc. | 0.24% | 377,619 | $76.9M | Add +5.4% |
| GEV GE Vernova Inc. | 0.23% | 122,926 | $75.6M | Reduce -3.8% |
| COF Capital One Financial Corp. | 0.23% | 348,114 | $74.0M | Reduce -17.8% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.22% | 502,921 | $72.7M | Reduce -3.8% |
| ISRG Intuitive Surgical Inc. | 0.22% | 160,468 | $71.8M | Reduce -3.8% |
| BA The Boeing Co. | 0.22% | 325,828 | $70.3M | Reduce -3.8% |
| NEE Nextera Energy Inc. | 0.22% | 927,209 | $70.0M | Reduce -3.8% |
| ACN Accenture PLC Class A | 0.21% | 281,461 | $69.4M | Reduce -3.8% |
| AMGN Amgen Inc. | 0.21% | 241,843 | $68.2M | Reduce -3.8% |
| CMCSA Comcast Corp. Class A | 0.21% | 2,154,777 | $67.7M | Reduce -15.1% |
| ANET Arista Networks Inc. | 0.21% | 463,839 | $67.6M | Reduce -3.8% |
| ADBE Adobe Inc. | 0.21% | 191,359 | $67.5M | Reduce -18.9% |
| SPGI S&P Global Inc. | 0.21% | 138,062 | $67.2M | Reduce -3.8% |
| APH Amphenol Corp. Class A | 0.21% | 542,146 | $67.1M | Reduce -3.8% |
| ETN Eaton Corp. PLC | 0.20% | 176,206 | $65.9M | Reduce -3.8% |
| INTC Intel Corp. | 0.20% | 1,964,881 | $65.9M | Reduce -3.8% |
| COP Conocophillips | 0.20% | 690,728 | $65.3M | Reduce -3.1% |
| PGR Progressive Corp. | 0.20% | 263,478 | $65.1M | Reduce -3.8% |
| BSX Boston Scientific Corp. | 0.20% | 663,682 | $64.8M | Reduce -3.8% |
| ORLY O'reilly Automotive Inc. | 0.20% | 595,861 | $64.2M | Reduce -0.8% |
| HOOD Robinhood Markets Inc. Class A | 0.20% | 447,710 | $64.1M | Reduce -10.8% |
| UNP Union Pacific Corp. | 0.20% | 268,895 | $63.6M | Reduce -3.8% |
| SPG Simon Property Group Inc. | 0.20% | 337,650 | $63.4M | Reduce -1.7% |
| LOW Lowe's Cos Inc. | 0.20% | 251,996 | $63.3M | Reduce -3.8% |
| NEM Newmont Corp. | 0.19% | 735,967 | $62.0M | Reduce -3.4% |
| ETR Entergy Corp. | 0.19% | 665,110 | $62.0M | Add +107.9% |
| RCL Royal Caribbean Cruises Ltd. | 0.19% | 189,380 | $61.3M | Reduce -3.0% |
| HON Honeywell International Inc. | 0.19% | 285,928 | $60.2M | Reduce -4.9% |
| ROP Roper Technologies Inc. | 0.18% | 115,229 | $57.5M | Reduce -1.6% |
Portfolio Sells Q2 2025 → Q3 2025
| AMZN Amazon.com Inc. | Reduce -2.6% | 3.36% | −0.23 |
| MSFT Microsoft Corp. | Reduce -3.1% | 5.78% | −0.18 |
| NFLX Netflix Inc. | Reduce -3.1% | 0.81% | −0.16 |
| META Meta Platforms Inc. Class A | Reduce -1.4% | 2.62% | −0.16 |
| BKNG Booking Holdings Inc. | Reduce -25.2% | 0.24% | −0.12 |
| NOW ServiceNow Inc. | Reduce -16.0% | 0.26% | −0.10 |
| LLY Eli Lilly & Co. | Reduce -3.3% | 0.96% | −0.10 |
| COST Costco Wholesale Corp. | Reduce -3.8% | 0.57% | −0.09 |
| VRSK Verisk Analytics Inc. | Reduce -53.7% | 0.05% | −0.09 |
| ADBE Adobe Inc. | Reduce -18.9% | 0.21% | −0.09 |
| CMCSA Comcast Corp. Class A | Reduce -15.1% | 0.21% | −0.08 |
| PG The Procter & Gamble Co. | Reduce -2.4% | 0.75% | −0.08 |
| CRM Salesforce Inc. | Reduce -3.8% | 0.31% | −0.08 |
| ISRG Intuitive Surgical Inc. | Reduce -3.8% | 0.22% | −0.07 |
| TXN Texas Instruments Inc. | Reduce -2.7% | 0.32% | −0.07 |
| ACN Accenture PLC Class A | Reduce -3.8% | 0.21% | −0.07 |
| ADSK Autodesk Inc. | Reduce -39.0% | 0.09% | −0.06 |
| COF Capital One Financial Corp. | Reduce -17.8% | 0.23% | −0.06 |
| HES Hess Corp. | Sold out | 0.00% | −0.06 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -3.8% | 1.28% | −0.06 |
| SNA Snap-on Inc. | Reduce -45.5% | 0.08% | −0.06 |
| KR Kroger Co. | Reduce -29.4% | 0.10% | −0.06 |
| KO The Coca-Cola Co. | Reduce -3.8% | 0.36% | −0.06 |
| CTAS Cintas Corp. | Reduce -27.1% | 0.10% | −0.05 |
| AEP American Electric Power | Reduce -41.4% | 0.08% | −0.05 |
| INGR Ingredion Inc. | Reduce -53.7% | 0.04% | −0.05 |
| CI The Cigna Group | Reduce -20.4% | 0.11% | −0.05 |
| RGA Reinsurance Group of America | Reduce -66.4% | 0.02% | −0.05 |
| CHTR Charter Communications Inc. Class A | Reduce -21.6% | 0.05% | −0.05 |
| CSCO Cisco Systems Inc. | Reduce -2.1% | 0.61% | −0.05 |
| ANSS Ansys Inc. | Sold out | 0.00% | −0.05 |
| FISV Fiserv Inc. | Reduce -5.6% | 0.10% | −0.05 |
| IT Gartner Inc. | Reduce -40.1% | 0.03% | −0.05 |
| CL Colgate-Palmolive Co. | Reduce -20.6% | 0.09% | −0.04 |
| SEIC Sei Investments Company | Reduce -74.9% | 0.01% | −0.04 |
| CMG Chipotle Mexican Grill Inc. | Reduce -3.8% | 0.07% | −0.04 |
| HON Honeywell International Inc. | Reduce -4.9% | 0.19% | −0.04 |
| BSX Boston Scientific Corp. | Reduce -3.8% | 0.20% | −0.04 |
| ROP Roper Technologies Inc. | Reduce -1.6% | 0.18% | −0.04 |
| SPGI S&P Global Inc. | Reduce -3.8% | 0.21% | −0.04 |
| RS Reliance Inc. | Reduce -56.5% | 0.02% | −0.03 |
| PGR Progressive Corp. | Reduce -3.8% | 0.20% | −0.03 |
| FICO Fair Isaac Corp. | Reduce -24.9% | 0.05% | −0.03 |
| SCI Service Corp. International | Reduce -67.1% | 0.02% | −0.03 |
| ADP Automatic Data Processing | Reduce -2.3% | 0.28% | −0.03 |
| ABT Abbott Laboratories | Reduce -2.5% | 0.39% | −0.03 |
| MA Mastercard Inc. Class A | Reduce -1.4% | 0.75% | −0.03 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -3.8% | 0.14% | −0.03 |
| JBL Jabil Inc. | Reduce -47.8% | 0.03% | −0.03 |
| DE Deere & Co. | Reduce -3.8% | 0.15% | −0.03 |
Portfolio Buys Q2 2025 → Q3 2025
| JNJ Johnson & Johnson | Add +17.8% | 0.83% | +0.23 |
| LRCX Lam Research Corp. | Add +33.7% | 0.39% | +0.17 |
| GD General Dynamics Corp. | Add +84.5% | 0.26% | +0.13 |
| MCD McDonald's Corp. | Add +37.0% | 0.43% | +0.12 |
| IWM iShares Russell 2000 ETF | Add +0.3% | 1.51% | +0.11 |
| AMAT Applied Materials Inc. | Add +38.7% | 0.33% | +0.11 |
| ETR Entergy Corp. | Add +107.9% | 0.19% | +0.11 |
| MU Micron Technology Inc. | Add +0.5% | 0.36% | +0.09 |
| SCHW Schwab (charles) Corp. | Add +35.2% | 0.32% | +0.08 |
| FLEX Flex Ltd. | Add +252.5% | 0.11% | +0.08 |
| CMI Cummins Inc. | Add +70.6% | 0.14% | +0.08 |
| RSG Republic Services Inc. | Add +112.5% | 0.14% | +0.07 |
| CVX Chevron Corp. | Add +13.3% | 0.41% | +0.06 |
| ALLE Allegion PLC | Add +267.6% | 0.08% | +0.06 |
| BAM Brookfield Asset Mgmt-A | Add +191.8% | 0.09% | +0.06 |
| BLK BlackRock Inc. | Add +9.9% | 0.35% | +0.05 |
| AU Anglogold Ashanti PLC | Add +37.7% | 0.07% | +0.04 |
| RL Ralph Lauren Corp. | Add +191.3% | 0.05% | +0.04 |
| SCCO Southern Copper Corp. | Add +221.4% | 0.05% | +0.03 |
| KEYS Keysight Technologies Inc. | Add +74.0% | 0.08% | +0.03 |
| RBLX Roblox Corp. Class A | Add +4.4% | 0.12% | +0.03 |
| OZK Bank Ozk | Add +120.1% | 0.05% | +0.03 |
| ALAB Astera Labs Inc. | Add +13.2% | 0.05% | +0.03 |
| WBD Warner Bros Discovery Inc. | Add +0.5% | 0.06% | +0.02 |
| GTES Gates Industrial Corp. UK Ltd. | Add +250.7% | 0.03% | +0.02 |
| SF Stifel Financial Corp. | Add +123.3% | 0.04% | +0.02 |
| SNX TD Synnex Corp. | Add +84.5% | 0.03% | +0.02 |
| DIS The Walt Disney Co. | Add +17.5% | 0.39% | +0.02 |
| FIVE Five Below | Add +38.1% | 0.04% | +0.01 |
| QGEN Qiagen N.V. | Add +105.5% | 0.03% | +0.01 |
| SOFI Sofi Technologies Inc. | Add +2.5% | 0.04% | +0.01 |
| HCA HCA Healthcare Inc. | Add +1.1% | 0.16% | +0.01 |
| CCL Carnival Corp. | Add +16.4% | 0.09% | +0.01 |
| DRI Darden Restaurants Inc. | Add +54.7% | 0.05% | +0.01 |
| INSM Insmed Inc. | Add +0.4% | 0.04% | +0.01 |
| VNOM Viper Energy Inc. Class A | New | 0.01% | +0.01 |
| CRCL Circle Internet Group Inc. | New | 0.01% | +0.01 |
| NU Nu Holdings Ltd./Cayman Isl-A | Add +0.8% | 0.07% | +0.01 |
| KD Kyndryl Holdings Inc. | Add +121.8% | 0.02% | +0.01 |
| SNPS Synopsys Inc. | Add +15.1% | 0.13% | +0.01 |
| RKLB Rocket Lab Corp. | Add +1.7% | 0.03% | +0.01 |
| EXEL Exelixis Inc. | Add +31.5% | 0.04% | +0.01 |
| MP MP Materials Corp. | Add +4.3% | 0.01% | +0.01 |
| DKS Dick's Sporting Goods Inc. | Add +4.0% | 0.06% | +0.01 |
| SSNC Ss&c Technologies Holdings | Add +1.7% | 0.13% | +0.01 |
| VNO Vornado Realty Trust | Add +40.5% | 0.01% | +0.00 |
| JHX James Hardie Ind PLC | New | 0.00% | +0.00 |
| CME Cme Group Inc. | Add +8.0% | 0.24% | +0.00 |
| OXY Occidental Petroleum Corp. | Add +0.8% | 0.05% | +0.00 |
| FOX Fox Corp. Class B | Add +2.3% | 0.04% | +0.00 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 1,096 | $38.8B | NVDA, AAPL, IWM, MSFT, AMZN |
| Q1 2026 | 1,006 | $31.8B | NVDA, AAPL, IWM, MSFT, AMZN |
| Q4 2025 | 1,010 | $31.2B | NVDA, AAPL, MSFT, AMZN, GOOGL |
| Q3 2025 | 1,010 | $32.5B | NVDA, MSFT, AAPL, AMZN, META |
| Q2 2025 | 1,015 | $31.2B | NVDA, MSFT, AAPL, AMZN, META |
| Q1 2025 | 1,007 | $25.1B | AAPL, MSFT, NVDA, AMZN, META |
| Q4 2024 | 1,013 | $25.7B | AAPL, NVDA, MSFT, AMZN, META |
| Q3 2024 | 1,021 | $25.0B | AAPL, MSFT, NVDA, AMZN, META |
| Q2 2024 | 1,020 | $23.6B | MSFT, AAPL, NVDA, AMZN, META |
| Q1 2024 | 1,011 | $22.8B | MSFT, AAPL, NVDA, AMZN, META |