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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
+14.48%
1 Year Est. Return
+28.93%
3 Year Est. Return
+100.69%
5 Year Est. Return
+135.6%
10 Year Est. Return
–
AUM
$31.2B
AUM Growth
+$6.04B
Cap. Flow
+$3.08B
Cap. Flow %
9.88%
Top 10 Hldgs %
31.73%
Holding
1,045
New
38
Increased
790
Reduced
187
Closed
30

Top Buys

Rank Stock Value
1
AAPL icon
Apple
AAPL
+$122M
2
AMZN icon
Amazon
AMZN
+$114M
3
IWM icon
iShares Russell 2000 ETF
IWM
+$112M
4
NVDA icon
NVIDIA
NVDA
+$99.1M
5
MSFT icon
Microsoft
MSFT
+$96.4M

Top Sells

Rank Stock Value
1
DFS
Discover Financial Services
DFS
+$26.9M
2
IVV icon
iShares Core S&P 500 ETF
IVV
+$17.9M
3
CAT icon
Caterpillar
CAT
+$9.7M
4
EMR icon
Emerson Electric
EMR
+$9.08M
5
AMAT icon
Applied Materials
AMAT
+$8.34M

Sector Composition

Rank Sector Weight
1 Technology 32.67%
2 Financials 13.63%
3 Consumer Discretionary 10.63%
4 Communication Services 9.62%
5 Healthcare 9.01%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
THC icon
351
Tenet Healthcare
THC
$21.5B
$15.1M 0.05%
85,831
+27,171
+46% +$4.09M
FIX icon
352
Comfort Systems
FIX
$60.6B
$15M 0.05%
28,046
+11,962
+74% +$5.21M
TTD icon
353
Trade Desk
TTD
$6.85B
$15M 0.05%
208,451
+4,115
+2% +$263K
EFX icon
354
Equifax
EFX
$21.9B
$15M 0.05%
57,834
+1,617
+3% +$411K
NRG icon
355
NRG Energy
NRG
$25.1B
$14.9M 0.05%
92,577
+267
+0.3% +$35.2K
DOCU
356
DocuSign
DOCU
$12.2B
$14.7M 0.05%
189,178
+63,911
+51% +$5.17M
MTB icon
357
M&T Bank
MTB
$36.6B
$14.7M 0.05%
75,945
-106
-0.1% -$18.7K
XYL icon
358
Xylem
XYL
$28.2B
$14.7M 0.05%
113,669
+3,083
+3% +$373K
EXR icon
359
Extra Space Storage
EXR
$31.5B
$14.5M 0.05%
98,407
+2,698
+3% +$393K
ANSS
360
DELISTED
Ansys
ANSS
$14.4M 0.05%
40,947
+1,020
+3% +$334K
ZS icon
361
Zscaler
ZS
$30.5B
$14.3M 0.05%
45,613
+2,981
+7% +$743K
STT icon
362
State Street
STT
$52.1B
$14.3M 0.05%
134,540
+551
+0.4% +$51K
PCG icon
363
PG&E
PCG
$38.3B
$14.3M 0.05%
1,024,150
+24,847
+2% +$404K
BRO icon
364
Brown & Brown
BRO
$24B
$14.3M 0.05%
128,735
+19,444
+18% +$2.18M
G icon
365
Genpact
G
$5.79B
$14.3M 0.05%
324,088
+179,454
+124% +$8.13M
WTW icon
366
Willis Towers Watson
WTW
$31.1B
$14.2M 0.05%
46,297
+209
+0.5% +$64.8K
ODFL icon
367
Old Dominion Freight Line
ODFL
$45.1B
$14.1M 0.05%
87,051
-1,475
-2% -$235K
IRM icon
368
Iron Mountain
IRM
$37.6B
$14.1M 0.05%
137,047
+3,803
+3% +$358K
LPLA icon
369
LPL Financial
LPLA
$29.6B
$14M 0.04%
37,221
+3,160
+9% +$1.11M
NUE icon
370
Nucor
NUE
$61.8B
$13.9M 0.04%
107,289
-53
-0% -$6.19K
TPL icon
371
Texas Pacific Land
TPL
$23.9B
$13.9M 0.04%
39,441
+10,992
+39% +$4.49M
DCI icon
372
Donaldson
DCI
$11.1B
$13.8M 0.04%
198,771
+93,492
+89% +$6.29M
HUM icon
373
Humana
HUM
$46.1B
$13.8M 0.04%
56,387
+1,214
+2% +$303K
AVB icon
374
AvalonBay Communities
AVB
$26.4B
$13.5M 0.04%
66,428
+1,514
+2% +$310K
DD icon
375
DuPont de Nemours
DD
$19.4B
$13.4M 0.04%
155,774
+3,294
+2% +$274K
13 14
15
16 17

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Treasurer of the State of North Carolina's Q2 2025 Portfolio in Review

As of Q2 2025, Treasurer of the State of North Carolina held 1,045 positions worth $31.2B, up 24% from $25.1B the previous quarter. Its ten largest holdings account for 32% of the portfolio.

Treasurer of the State of North Carolina deployed $3.08B of net new capital in Q2 2025, opening 38 new positions and adding to 790 existing holdings. Its largest new stake was Flutter Entertainment: 81,840 shares worth $23.4M.

By sector, the portfolio is most concentrated in Technology at 33% of assets, up from 29% a quarter earlier, followed by Financials and Consumer Discretionary.

On the sell side, the largest reduction was iShares Core S&P 500 ETF, an estimated $17.9M trimmed.

  • Treasurer of the State of North Carolina's largest Q2 2025 buy was Flutter Entertainment: 81,840 shares worth $23.4M.
  • Treasurer of the State of North Carolina added most to Apple in Q2 2025, an estimated $122M increase.
  • Treasurer of the State of North Carolina's biggest Q2 2025 reduction was iShares Core S&P 500 ETF, cutting an estimated $17.9M.
  • Treasurer of the State of North Carolina fully exited Discover Financial Services in Q2 2025, selling an estimated $26.9M.
  • Treasurer of the State of North Carolina's ten largest holdings make up 32% of its $31.2B portfolio in Q2 2025.
  • Treasurer of the State of North Carolina opened 38 new positions and closed 30 in Q2 2025.
  • Treasurer of the State of North Carolina's portfolio value rose 24% quarter-over-quarter to $31.2B.

Based on Treasurer of the State of North Carolina's 13F filing for Q2 2025, filed 14 Aug 2025.