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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
PLTR icon
26
Palantir
PLTR
$422B
$161M 0.52%
1,178,259
+184,670
+19% +$21.7M
UNH icon
27
UnitedHealth
UNH
$362B
$155M 0.5%
497,757
+62,751
+14% +$24M
PM icon
28
Philip Morris
PM
$298B
$155M 0.5%
848,630
+94,397
+13% +$16.2M
ABBV icon
29
AbbVie
ABBV
$447B
$154M 0.49%
827,581
-27,645
-3% -$5.14M
BAC icon
30
Bank of America
BAC
$452B
$152M 0.49%
3,203,893
+155,118
+5% +$6.53M
INTU icon
31
Intuit
INTU
$94B
$136M 0.44%
172,607
+36,058
+26% +$24.4M
ABT icon
32
Abbott
ABT
$193B
$131M 0.42%
963,555
+117,227
+14% +$15.5M
KO icon
33
Coca-Cola
KO
$376B
$129M 0.41%
1,816,664
+39,238
+2% +$2.8M
GE icon
34
GE Aerospace
GE
$375B
$126M 0.41%
491,233
-1,552
-0.3% -$341K
QCOM icon
35
Qualcomm
QCOM
$174B
$125M 0.4%
785,784
+191,520
+32% +$28.2M
TXN icon
36
Texas Instruments
TXN
$254B
$122M 0.39%
587,752
+113,632
+24% +$20.2M
WFC icon
37
Wells Fargo
WFC
$267B
$122M 0.39%
1,522,313
+15,460
+1% +$1.11M
CRM icon
38
Salesforce
CRM
$160B
$119M 0.38%
436,143
-6,477
-1% -$1.73M
DIS icon
39
Walt Disney
DIS
$180B
$116M 0.37%
933,106
+86,319
+10% +$8.97M
NOW icon
40
ServiceNow
NOW
$130B
$114M 0.36%
553,135
+58,335
+12% +$11M
BKNG icon
41
Booking.com
BKNG
$159B
$113M 0.36%
488,675
+71,550
+17% +$14.7M
CVX icon
42
Chevron
CVX
$382B
$109M 0.35%
761,948
+12,517
+2% +$1.76M
AMD icon
43
Advanced Micro Devices
AMD
$806B
$107M 0.34%
752,304
+15,264
+2% +$1.66M
AXP icon
44
American Express
AXP
$232B
$105M 0.34%
328,973
+49,833
+18% +$14M
LIN icon
45
Linde
LIN
$222B
$103M 0.33%
219,374
-611
-0.3% -$279K
KLAC icon
46
KLA
KLAC
$273B
$101M 0.32%
1,124,140
+363,900
+48% +$27.4M
GS icon
47
Goldman Sachs
GS
$305B
$101M 0.32%
142,237
+4,121
+3% +$2.39M
MCD icon
48
McDonald's
MCD
$196B
$97.6M 0.31%
333,936
+4,037
+1% +$1.24M
ADP icon
49
Automatic Data Processing
ADP
$108B
$96.4M 0.31%
312,473
+81,323
+35% +$25M
T icon
50
AT&T
T
$166B
$94.8M 0.3%
3,276,899
-249,655
-7% -$6.88M
1
2
3 4 5

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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.