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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
EGP icon
701
EastGroup Properties
EGP
$11B
$4.07M 0.01%
24,350
+1,876
+8% +$312K
AGNC icon
702
AGNC Investment
AGNC
$13B
$4.07M 0.01%
442,593
+46,901
+12% +$420K
RBRK icon
703
Rubrik
RBRK
$21.6B
$4.06M 0.01%
+45,350
New +$3.58M
LAD icon
704
Lithia Motors
LAD
$8.32B
$4.04M 0.01%
11,950
-50
-0.4% -$15.5K
MLI icon
705
Mueller Industries
MLI
$14.7B
$4.03M 0.01%
+101,300
New +$3.82M
FYBR
706
DELISTED
Frontier Communications
FYBR
$3.99M 0.01%
109,524
-2,799
-2% -$102K
CRBG icon
707
Corebridge Financial
CRBG
$15.3B
$3.98M 0.01%
112,177
-17,798
-14% -$553K
BSY icon
708
Bentley Systems
BSY
$11B
$3.97M 0.01%
73,525
+9,406
+15% +$435K
DAY
709
DELISTED
Dayforce
DAY
$3.95M 0.01%
71,300
+2,383
+3% +$136K
REXR icon
710
Rexford Industrial Realty
REXR
$8.12B
$3.94M 0.01%
110,706
+9,972
+10% +$348K
PNFP icon
711
Pinnacle Financial Partners Inc
PNFP
$16.2B
$3.94M 0.01%
35,662
+981
+3% +$101K
WAL icon
712
Western Alliance Bancorporation
WAL
$8.92B
$3.93M 0.01%
50,398
+1,278
+3% +$91.8K
CAVA icon
713
CAVA Group
CAVA
$8.43B
$3.93M 0.01%
46,615
+12,089
+35% +$1.03M
JEF icon
714
Jefferies Financial Group
JEF
$12.9B
$3.91M 0.01%
71,518
-8,349
-10% -$413K
GNRC icon
715
Generac Holdings
GNRC
$12.8B
$3.91M 0.01%
27,274
-1,271
-4% -$155K
AFG icon
716
American Financial Group
AFG
$12.1B
$3.9M 0.01%
30,888
-1,949
-6% -$244K
SCCO icon
717
Southern Copper
SCCO
$158B
$3.86M 0.01%
40,081
-2,548
-6% -$222K
SKX
718
DELISTED
Skechers
SKX
$3.85M 0.01%
61,010
-18,030
-23% -$1.04M
WBA
719
DELISTED
Walgreens Boots Alliance
WBA
$3.83M 0.01%
333,759
+6,145
+2% +$68.4K
NXST icon
720
Nexstar Media Group
NXST
$5.81B
$3.83M 0.01%
22,127
+5,547
+33% +$909K
WTFC icon
721
Wintrust Financial
WTFC
$11B
$3.82M 0.01%
30,834
+1,149
+4% +$132K
LBTYA icon
722
Liberty Global Class A
LBTYA
$3.58B
$3.82M 0.01%
381,695
+199,065
+109% +$2M
PCTY icon
723
Paylocity
PCTY
$8.1B
$3.81M 0.01%
21,049
+1,197
+6% +$225K
MKTX icon
724
MarketAxess Holdings
MKTX
$5.72B
$3.8M 0.01%
17,025
+120
+0.7% +$26.4K
WMS icon
725
Advanced Drainage Systems
WMS
$11.3B
$3.79M 0.01%
32,997
+924
+3% +$104K
27 28
29
30 31

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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.