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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
CDW icon
426
CDW
CDW
$17.8B
$11M 0.04%
61,451
-34
-0.1% -$5.78K
ES icon
427
Eversource Energy
ES
$27.2B
$10.9M 0.04%
171,619
+3,710
+2% +$229K
AU icon
428
AngloGold Ashanti
AU
$48.1B
$10.7M 0.03%
+235,290
New +$10.1M
CINF icon
429
Cincinnati Financial
CINF
$26.5B
$10.7M 0.03%
71,960
+1,899
+3% +$272K
DBX icon
430
Dropbox
DBX
$7.81B
$10.6M 0.03%
371,982
+172,650
+87% +$4.89M
CPAY icon
431
Corpay
CPAY
$27.9B
$10.5M 0.03%
31,742
-6,383
-17% -$2.08M
EXEL icon
432
Exelixis
EXEL
$12.5B
$10.5M 0.03%
238,460
+70,515
+42% +$2.82M
SW
433
Smurfit Westrock
SW
$26.2B
$10.5M 0.03%
243,369
+6,814
+3% +$292K
WRB icon
434
W.R. Berkley
WRB
$26.2B
$10.4M 0.03%
141,847
+7,381
+5% +$529K
WDC icon
435
Western Digital
WDC
$168B
$10.3M 0.03%
161,689
+3,583
+2% +$171K
K
436
DELISTED
Kellanova
K
$10.3M 0.03%
129,782
+9,805
+8% +$801K
FE icon
437
FirstEnergy
FE
$27.1B
$10.3M 0.03%
256,323
-7,151
-3% -$295K
KHC icon
438
Kraft Heinz
KHC
$30.1B
$10.3M 0.03%
398,838
-7,940
-2% -$220K
PODD icon
439
Insulet
PODD
$10.2B
$10.3M 0.03%
32,752
+791
+2% +$228K
LH icon
440
Labcorp
LH
$26.2B
$10.2M 0.03%
39,032
+567
+1% +$138K
NTRA icon
441
Natera
NTRA
$44.8B
$10.2M 0.03%
60,651
+8,251
+16% +$1.29M
FWONK icon
442
Liberty Media Series C
FWONK
$26B
$10.2M 0.03%
97,983
+2,023
+2% +$188K
HUBB icon
443
Hubbell
HUBB
$26.8B
$10.2M 0.03%
24,987
+482
+2% +$179K
BOKF icon
444
BOK Financial
BOKF
$8.85B
$10.2M 0.03%
103,962
+48,664
+88% +$4.58M
NTAP icon
445
NetApp
NTAP
$40.2B
$10.1M 0.03%
94,876
+1,993
+2% +$189K
BYD icon
446
Boyd Gaming
BYD
$6.05B
$10.1M 0.03%
128,632
+71,429
+125% +$5.1M
EMN icon
447
Eastman Chemical
EMN
$8.43B
$10M 0.03%
134,349
+53,212
+66% +$4.18M
QSR icon
448
Restaurant Brands International
QSR
$26.7B
$10M 0.03%
+151,140
New +$10.1M
STZ icon
449
Constellation Brands
STZ
$23.3B
$9.93M 0.03%
61,037
-10,992
-15% -$1.97M
PINS icon
450
Pinterest
PINS
$13.2B
$9.89M 0.03%
275,922
+5,441
+2% +$165K
16 17
18
19 20

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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.