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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
-2.86%
1 Year Est. Return
+28.93%
3 Year Est. Return
+100.69%
5 Year Est. Return
+135.6%
10 Year Est. Return
–
AUM
$25.1B
AUM Growth
-$516M
Cap. Flow
+$759M
Cap. Flow %
3.02%
Top 10 Hldgs %
29.86%
Holding
1,017
New
4
Increased
825
Reduced
177
Closed
10

Top Buys

Rank Stock Value
1
IWM icon
iShares Russell 2000 ETF
IWM
+$316M
2
AAPL icon
Apple
AAPL
+$96.8M
3
MSFT icon
Microsoft
MSFT
+$47.1M
4
V icon
Visa
V
+$43.8M
5
AMZN icon
Amazon
AMZN
+$38.8M

Top Sells

Rank Stock Value
1
AXP icon
American Express
AXP
+$7.48M
2
GIS icon
General Mills
GIS
+$7.43M
3
DOX icon
Amdocs
DOX
+$7.39M
4
ALNY icon
Alnylam Pharmaceuticals
ALNY
+$7.19M
5
BMY icon
Bristol-Myers Squibb
BMY
+$7.09M

Sector Composition

Rank Sector Weight
1 Technology 29.39%
2 Financials 14.2%
3 Healthcare 10.94%
4 Consumer Discretionary 10.42%
5 Communication Services 9.11%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ANSS
326
DELISTED
Ansys
ANSS
$12.6M 0.05%
39,927
+1,560
+4% +$523K
TPL icon
327
Texas Pacific Land
TPL
$23.9B
$12.6M 0.05%
28,449
+996
+4% +$444K
CSL icon
328
Carlisle Companies
CSL
$14.9B
$12.5M 0.05%
36,771
+844
+2% +$302K
ARES icon
329
Ares Management
ARES
$33.7B
$12.4M 0.05%
84,675
+3,310
+4% +$572K
DGX icon
330
Quest Diagnostics
DGX
$26.1B
$12.4M 0.05%
73,269
-2,966
-4% -$487K
ON icon
331
ON Semiconductor
ON
$31.8B
$12.4M 0.05%
304,463
+38,897
+15% +$1.96M
KHC icon
332
Kraft Heinz
KHC
$30.1B
$12.4M 0.05%
406,778
+5,655
+1% +$169K
EQR icon
333
Equity Residential
EQR
$24.7B
$12.4M 0.05%
172,860
+2,386
+1% +$169K
JBL icon
334
Jabil
JBL
$38.8B
$12.4M 0.05%
90,786
+39,360
+77% +$6.05M
CHD icon
335
Church & Dwight Co
CHD
$24B
$12.3M 0.05%
111,654
-53,470
-32% -$5.72M
PPL
336
PPL Corp
PPL
$26.8B
$12.2M 0.05%
337,976
+13,190
+4% +$447K
DXCM icon
337
DexCom
DXCM
$34.5B
$12.2M 0.05%
178,562
-84,845
-32% -$6.92M
ZM icon
338
Zoom
ZM
$32.2B
$12.2M 0.05%
165,100
+12,760
+8% +$1.02M
FITB
339
Fifth Third Bancorp
FITB
$52.5B
$12.1M 0.05%
309,175
+4,194
+1% +$177K
DVN icon
340
Devon Energy
DVN
$48.8B
$12.1M 0.05%
323,678
+11,475
+4% +$407K
LEN icon
341
Lennar Class A
LEN
$21.1B
$12.1M 0.05%
105,256
-1,593
-1% -$199K
RGA icon
342
Reinsurance Group of America
RGA
$16.4B
$12.1M 0.05%
61,342
-64
-0.1% -$13.3K
PFG icon
343
Principal Financial Group
PFG
$24.6B
$12M 0.05%
142,740
+40,266
+39% +$3.35M
STT icon
344
State Street
STT
$52.2B
$12M 0.05%
133,989
+1,955
+1% +$187K
KEYS icon
345
Keysight
KEYS
$60.5B
$11.9M 0.05%
79,743
+1,935
+2% +$319K
WBD icon
346
Warner Bros
WBD
$69.6B
$11.9M 0.05%
1,110,827
+17,098
+2% +$179K
HPQ icon
347
HP
HPQ
$28.6B
$11.9M 0.05%
428,996
-8,275
-2% -$262K
VRT icon
348
Vertiv
VRT
$111B
$11.8M 0.05%
163,835
+2,040
+1% +$217K
HPE icon
349
Hewlett Packard
HPE
$79.2B
$11.8M 0.05%
764,731
+15,321
+2% +$305K
EXE
350
Expand Energy Corp
EXE
$21.9B
$11.8M 0.05%
105,569
+4,120
+4% +$429K
12 13
14
15 16

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Treasurer of the State of North Carolina's Q1 2025 Portfolio in Review

As of Q1 2025, Treasurer of the State of North Carolina held 1,017 positions worth $25.1B, down 2% from $25.7B the previous quarter. Its ten largest holdings account for 30% of the portfolio.

Treasurer of the State of North Carolina deployed $759M of net new capital in Q1 2025, opening 4 new positions and adding to 825 existing holdings. Its largest new stake was iShares Russell 2000 ETF: 1,458,235 shares worth $291M.

By sector, the portfolio is most concentrated in Technology at 29% of assets, down from 32% a quarter earlier, followed by Financials and Healthcare.

On the sell side, the largest reduction was American Express, an estimated $7.48M trimmed.

  • Treasurer of the State of North Carolina's largest Q1 2025 buy was iShares Russell 2000 ETF: 1,458,235 shares worth $291M.
  • Treasurer of the State of North Carolina added most to Apple in Q1 2025, an estimated $96.8M increase.
  • Treasurer of the State of North Carolina's biggest Q1 2025 reduction was American Express, cutting an estimated $7.48M.
  • Treasurer of the State of North Carolina fully exited Yum China in Q1 2025, selling an estimated $4.15M.
  • Treasurer of the State of North Carolina's ten largest holdings make up 30% of its $25.1B portfolio in Q1 2025.
  • Treasurer of the State of North Carolina opened 4 new positions and closed 10 in Q1 2025.
  • Treasurer of the State of North Carolina's portfolio value fell 2% quarter-over-quarter to $25.1B.

Based on Treasurer of the State of North Carolina's 13F filing for Q1 2025, filed 15 May 2025.