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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
MKC icon
476
McCormick & Company Non-Voting
MKC
$14.6B
$8.97M 0.03%
118,270
+2,998
+3% +$225K
FLEX icon
477
Flex
FLEX
$45.9B
$8.89M 0.03%
+178,050
New +$6.94M
MTDR icon
478
Matador Resources
MTDR
$6.39B
$8.87M 0.03%
185,819
+85,876
+86% +$3.79M
NI icon
479
NiSource
NI
$20.2B
$8.87M 0.03%
219,793
+6,050
+3% +$237K
EL icon
480
Estee Lauder
EL
$31.6B
$8.82M 0.03%
109,179
+3,668
+3% +$236K
CASY icon
481
Casey's General Stores
CASY
$31.6B
$8.82M 0.03%
17,278
+342
+2% +$158K
IFF icon
482
International Flavors & Fragrances
IFF
$21.4B
$8.8M 0.03%
119,674
+2,658
+2% +$201K
DOW icon
483
Dow Inc
DOW
$21.9B
$8.75M 0.03%
330,532
+8,423
+3% +$245K
WY icon
484
Weyerhaeuser
WY
$17.9B
$8.7M 0.03%
338,551
+4,958
+1% +$130K
AFRM icon
485
Affirm
AFRM
$26.2B
$8.67M 0.03%
125,336
+6,723
+6% +$349K
ONTO icon
486
Onto Innovation
ONTO
$20.6B
$8.59M 0.03%
85,145
+62,735
+280% +$6.7M
LII icon
487
Lennox International
LII
$14.5B
$8.59M 0.03%
14,987
+320
+2% +$179K
CACI icon
488
CACI
CACI
$14.8B
$8.59M 0.03%
18,019
-654
-4% -$290K
CW icon
489
Curtiss-Wright
CW
$25.4B
$8.58M 0.03%
17,555
+103
+0.6% +$40.7K
BIIB icon
490
Biogen
BIIB
$31.1B
$8.57M 0.03%
68,242
+1,572
+2% +$196K
DVA icon
491
DaVita
DVA
$11.4B
$8.49M 0.03%
59,614
+23,364
+64% +$3.31M
TPR icon
492
Tapestry
TPR
$25.9B
$8.48M 0.03%
96,600
-9,743
-9% -$738K
TRMB icon
493
Trimble
TRMB
$13.4B
$8.46M 0.03%
111,284
-158
-0.1% -$10.6K
ZBH icon
494
Zimmer Biomet
ZBH
$19B
$8.44M 0.03%
92,505
+1,853
+2% +$179K
ESS icon
495
Essex Property Trust
ESS
$18.5B
$8.44M 0.03%
29,767
+559
+2% +$157K
STLD icon
496
Steel Dynamics
STLD
$37.3B
$8.4M 0.03%
65,621
+61
+0.1% +$7.79K
INSM icon
497
Insmed
INSM
$27.6B
$8.39M 0.03%
+83,390
New +$6.38M
P
498
Everpure Inc
P
$39B
$8.35M 0.03%
145,080
+4,617
+3% +$230K
UI icon
499
Ubiquiti
UI
$35.3B
$8.33M 0.03%
20,234
+11,901
+143% +$4.33M
FTV icon
500
Fortive
FTV
$18.7B
$8.27M 0.03%
158,577
-52,030
-25% -$2.73M
18 19
20
21 22

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GAM
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Ohio Public Employees Retirement System (OPERS)
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Lord, Abbett & Co
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BAMCO Inc
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Eagle Capital Management (New York)
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State of Tennessee, Department of Treasury
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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.