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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
AMH icon
601
American Homes 4 Rent
AMH
$12.3B
$5.76M 0.02%
159,593
+5,103
+3% +$189K
NBIX icon
602
Neurocrine Biosciences
NBIX
$15.3B
$5.69M 0.02%
45,238
-400
-0.9% -$45.9K
DOC icon
603
Healthpeak Properties
DOC
$14.3B
$5.67M 0.02%
323,791
+4,106
+1% +$72.9K
CPT icon
604
Camden Property Trust
CPT
$11.1B
$5.66M 0.02%
50,205
+2,857
+6% +$330K
ENTG icon
605
Entegris
ENTG
$25B
$5.65M 0.02%
70,021
+1,114
+2% +$84.7K
ATI icon
606
ATI
ATI
$30.9B
$5.64M 0.02%
65,333
+8,873
+16% +$607K
JLL icon
607
Jones Lang LaSalle
JLL
$17B
$5.64M 0.02%
22,038
+418
+2% +$95.8K
HHH icon
608
Howard Hughes
HHH
$4.04B
$5.58M 0.02%
82,673
+49,288
+148% +$3.37M
NVT icon
609
nVent Electric
NVT
$27.5B
$5.57M 0.02%
76,086
+504
+0.7% +$31K
RBC icon
610
RBC Bearings
RBC
$17.5B
$5.57M 0.02%
14,476
+1,474
+11% +$520K
CCK icon
611
Crown Holdings
CCK
$12.9B
$5.57M 0.02%
54,059
+556
+1% +$53K
PAYC icon
612
Paycom
PAYC
$10.1B
$5.55M 0.02%
23,974
+675
+3% +$160K
MANH icon
613
Manhattan Associates
MANH
$11.7B
$5.53M 0.02%
28,001
-4,402
-14% -$799K
FTAI icon
614
FTAI Aviation
FTAI
$22.2B
$5.47M 0.02%
+47,580
New +$5.32M
OWL icon
615
Blue Owl Capital
OWL
$19.7B
$5.47M 0.02%
284,955
+45,106
+19% +$834K
CLH icon
616
Clean Harbors
CLH
$16.9B
$5.47M 0.02%
23,663
+366
+2% +$80.1K
ELS icon
617
Equity Lifestyle Properties
ELS
$12.6B
$5.46M 0.02%
88,541
+2,167
+3% +$138K
RGLD icon
618
Royal Gold
RGLD
$19.1B
$5.46M 0.02%
30,690
+637
+2% +$113K
OC icon
619
Owens Corning
OC
$12.3B
$5.45M 0.02%
39,652
+571
+1% +$78.9K
AR icon
620
Antero Resources
AR
$11.3B
$5.45M 0.02%
135,331
+2,601
+2% +$98.5K
NDSN icon
621
Nordson
NDSN
$17.3B
$5.4M 0.02%
25,178
-785
-3% -$156K
CIEN icon
622
Ciena
CIEN
$62.7B
$5.36M 0.02%
65,894
+1,165
+2% +$83.6K
ONON icon
623
On Holding
ONON
$10.6B
$5.36M 0.02%
+102,900
New +$5.24M
JBHT icon
624
JB Hunt Transport Services
JBHT
$26.5B
$5.35M 0.02%
37,284
+196
+0.5% +$27.1K
CNM icon
625
Core & Main
CNM
$8.64B
$5.35M 0.02%
88,675
+1,784
+2% +$95.4K
23 24
25
26 27

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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.