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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
BAM icon
451
Brookfield Asset Management
BAM
$89.2B
$9.87M 0.03%
+178,620
New +$9.59M
RF icon
452
Regions Financial
RF
$27B
$9.87M 0.03%
419,652
+3,883
+0.9% +$82.2K
TROW icon
453
T. Rowe Price
TROW
$23.7B
$9.86M 0.03%
102,178
+1,803
+2% +$166K
AMCR icon
454
Amcor
AMCR
$21.4B
$9.77M 0.03%
212,600
+80,968
+62% +$3.74M
AWI icon
455
Armstrong World Industries
AWI
$7.68B
$9.74M 0.03%
59,984
+40,108
+202% +$5.96M
XP icon
456
XP
XP
$8.18B
$9.73M 0.03%
481,531
+247,155
+105% +$4.27M
PR
457
Permian Resources
PR
$17.7B
$9.71M 0.03%
713,299
+267,708
+60% +$3.44M
WAT icon
458
Waters Corp
WAT
$40.6B
$9.71M 0.03%
27,815
+848
+3% +$292K
NVR icon
459
NVR
NVR
$17B
$9.65M 0.03%
1,306
+20
+2% +$143K
DKNG icon
460
DraftKings
DKNG
$12.6B
$9.63M 0.03%
224,494
+17,302
+8% +$620K
CMS icon
461
CMS Energy
CMS
$22.1B
$9.63M 0.03%
138,959
+2,759
+2% +$197K
PTC icon
462
PTC
PTC
$16.7B
$9.6M 0.03%
55,707
-17,844
-24% -$2.88M
OMF icon
463
OneMain Financial
OMF
$7.51B
$9.5M 0.03%
166,593
+75,928
+84% +$3.79M
LPX icon
464
Louisiana-Pacific
LPX
$5.18B
$9.48M 0.03%
110,266
+53,193
+93% +$4.73M
LDOS icon
465
Leidos
LDOS
$17.9B
$9.4M 0.03%
59,561
-1,318
-2% -$195K
INVH icon
466
Invitation Homes
INVH
$18B
$9.38M 0.03%
285,813
+5,772
+2% +$194K
TOST icon
467
Toast
TOST
$20.4B
$9.35M 0.03%
211,016
-788
-0.4% -$31K
GWRE icon
468
Guidewire Software
GWRE
$15.2B
$9.21M 0.03%
39,117
+1,663
+4% +$357K
RBA icon
469
RB Global
RBA
$16B
$9.2M 0.03%
86,586
+2,801
+3% +$287K
EIX icon
470
Edison International
EIX
$27.2B
$9.19M 0.03%
178,041
+3,945
+2% +$216K
GPN icon
471
Global Payments
GPN
$25.1B
$9.13M 0.03%
114,049
-2,434
-2% -$193K
NTNX icon
472
Nutanix
NTNX
$18.4B
$9.11M 0.03%
119,161
+4,652
+4% +$335K
HEI.A icon
473
HEICO Corp Class A
HEI.A
$38.1B
$9.06M 0.03%
35,029
-2,132
-6% -$467K
SOFI icon
474
SoFi Technologies
SOFI
$23.8B
$9.04M 0.03%
496,686
+7,889
+2% +$104K
FCNCA icon
475
First Citizens BancShares
FCNCA
$25.6B
$9.01M 0.03%
4,603
-661
-13% -$1.2M
17 18
19
20 21

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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.