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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
GIS icon
376
General Mills
GIS
$20.8B
$13.3M 0.04%
255,800
+3,416
+1% +$188K
BR icon
377
Broadridge
BR
$19.6B
$13.2M 0.04%
54,439
+849
+2% +$202K
HUBS icon
378
HubSpot
HUBS
$12B
$13.2M 0.04%
23,754
+1,077
+5% +$631K
OXY icon
379
Occidental Petroleum
OXY
$57.7B
$13.2M 0.04%
314,605
+3,023
+1% +$126K
RNR icon
380
RenaissanceRe
RNR
$13.3B
$13.2M 0.04%
54,288
+19,571
+56% +$4.74M
KEYS icon
381
Keysight
KEYS
$60.5B
$13.2M 0.04%
80,371
+628
+0.8% +$95.7K
TSCO icon
382
Tractor Supply
TSCO
$18.8B
$13.1M 0.04%
248,328
+4,013
+2% +$205K
IQV icon
383
IQVIA
IQV
$39.8B
$12.9M 0.04%
81,842
-650
-0.8% -$97.9K
VTR icon
384
Ventas
VTR
$46.3B
$12.9M 0.04%
203,808
+12,268
+6% +$801K
DTE icon
385
DTE Energy
DTE
$29B
$12.8M 0.04%
96,788
+2,183
+2% +$294K
DVN icon
386
Devon Energy
DVN
$48.8B
$12.7M 0.04%
400,310
+76,632
+24% +$2.44M
UHS icon
387
Universal Health Services
UHS
$10.1B
$12.7M 0.04%
70,066
+28,597
+69% +$5.16M
LOPE icon
388
Grand Canyon Education
LOPE
$3.79B
$12.7M 0.04%
67,148
+26,454
+65% +$4.9M
AWK icon
389
American Water Works
AWK
$27.1B
$12.7M 0.04%
90,976
+1,712
+2% +$245K
CNC icon
390
Centene
CNC
$32.6B
$12.6M 0.04%
231,938
+967
+0.4% +$56.7K
FANG icon
391
Diamondback Energy
FANG
$55.9B
$12.2M 0.04%
89,077
+1,916
+2% +$265K
CTRA
392
DELISTED
Coterra Energy
CTRA
$12.2M 0.04%
481,192
+41,071
+9% +$1.04M
MIDD icon
393
Middleby
MIDD
$5.29B
$12.2M 0.04%
84,678
+38,819
+85% +$5.47M
AEE icon
394
Ameren
AEE
$30.2B
$12.1M 0.04%
126,054
-65,065
-34% -$6.32M
PPG icon
395
PPG Industries
PPG
$25.5B
$12.1M 0.04%
106,161
+345
+0.3% +$37.3K
EXE
396
Expand Energy Corp
EXE
$21.9B
$12M 0.04%
102,649
-2,920
-3% -$326K
WBD icon
397
Warner Bros
WBD
$69.6B
$11.9M 0.04%
1,041,993
-68,834
-6% -$642K
EQR icon
398
Equity Residential
EQR
$24.7B
$11.9M 0.04%
176,918
+4,058
+2% +$279K
TYL icon
399
Tyler Technologies
TYL
$13.5B
$11.9M 0.04%
20,107
+708
+4% +$401K
DRI icon
400
Darden Restaurants
DRI
$25.4B
$11.9M 0.04%
54,574
+950
+2% +$197K
14 15
16
17 18

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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.