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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
LEN icon
401
Lennar Class A
LEN
$21.1B
$11.8M 0.04%
106,677
+1,421
+1% +$154K
ADM icon
402
Archer Daniels Midland
ADM
$38.6B
$11.8M 0.04%
223,280
+5,051
+2% +$246K
SBAC icon
403
SBA Communications
SBAC
$19.8B
$11.8M 0.04%
50,162
+1,057
+2% +$242K
SMCI icon
404
Super Micro Computer
SMCI
$25.3B
$11.8M 0.04%
239,851
+13,111
+6% +$505K
DG icon
405
Dollar General
DG
$26.9B
$11.7M 0.04%
102,610
+2,066
+2% +$205K
PPL
406
PPL Corp
PPL
$26.8B
$11.7M 0.04%
345,726
+7,750
+2% +$270K
FOX icon
407
Fox Class B
FOX
$24.4B
$11.7M 0.04%
226,415
+108,024
+91% +$5.26M
LULU icon
408
lululemon athletica
LULU
$13.6B
$11.7M 0.04%
49,165
-4,010
-8% -$1.1M
MKL icon
409
Markel Group
MKL
$22.8B
$11.6M 0.04%
5,816
+20
+0.3% +$37.5K
DOV icon
410
Dover
DOV
$27.8B
$11.6M 0.04%
63,343
+585
+0.9% +$102K
NWS icon
411
News Corp Class B
NWS
$17.8B
$11.6M 0.04%
337,440
+186,001
+123% +$5.89M
IP icon
412
International Paper
IP
$21.8B
$11.5M 0.04%
244,826
+5,300
+2% +$251K
NTRS icon
413
Northern Trust
NTRS
$34.8B
$11.5M 0.04%
90,326
+1,669
+2% +$171K
MTD icon
414
Mettler-Toledo International
MTD
$28.7B
$11.4M 0.04%
9,720
+191
+2% +$213K
ATO icon
415
Atmos Energy
ATO
$28.7B
$11.4M 0.04%
73,919
+3,078
+4% +$478K
HBAN icon
416
Huntington Bancshares
HBAN
$35.9B
$11.3M 0.04%
675,571
+14,871
+2% +$224K
HSY icon
417
Hershey
HSY
$37.4B
$11.3M 0.04%
68,047
+1,393
+2% +$230K
CHRD icon
418
Chord Energy
CHRD
$7.35B
$11.2M 0.04%
115,506
+58,516
+103% +$5.57M
LYV icon
419
Live Nation Entertainment
LYV
$43.3B
$11.2M 0.04%
73,931
+1,668
+2% +$230K
CNP icon
420
CenterPoint Energy
CNP
$26.7B
$11.2M 0.04%
304,377
+9,046
+3% +$335K
TDY icon
421
Teledyne Technologies
TDY
$31.2B
$11.1M 0.04%
21,715
+528
+2% +$255K
CHD icon
422
Church & Dwight Co
CHD
$24B
$11.1M 0.04%
115,050
+3,396
+3% +$335K
EME icon
423
Emcor
EME
$36.7B
$11.1M 0.04%
20,661
-161
-0.8% -$71K
STE icon
424
Steris
STE
$23B
$11M 0.04%
45,861
+757
+2% +$176K
HRB icon
425
H&R Block
HRB
$6.76B
$11M 0.04%
200,058
+89,119
+80% +$5.15M
15 16
17
18 19

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GAM
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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.