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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
MRK icon
51
Merck
MRK
$333B
$93.2M 0.3%
1,177,028
-8,754
-0.7% -$696K
BLK icon
52
Blackrock
BLK
$182B
$92.8M 0.3%
88,443
+14,820
+20% +$14M
ADI icon
53
Analog Devices
ADI
$189B
$91.5M 0.29%
384,515
+119,231
+45% +$24.8M
ADBE icon
54
Adobe
ADBE
$102B
$91.3M 0.29%
236,077
+23,687
+11% +$9.13M
RTX icon
55
RTX Corp
RTX
$296B
$91.3M 0.29%
624,991
+16,193
+3% +$2.16M
ISRG icon
56
Intuitive Surgical
ISRG
$141B
$90.6M 0.29%
166,713
+4,966
+3% +$2.6M
CMCSA icon
57
Comcast
CMCSA
$91.7B
$90.6M 0.29%
2,537,850
+510,915
+25% +$17.7M
COF icon
58
Capital One
COF
$136B
$90.1M 0.29%
423,255
+186,879
+79% +$34.9M
UBER icon
59
Uber
UBER
$153B
$87.7M 0.28%
940,503
+9,917
+1% +$816K
ACN icon
60
Accenture
ACN
$110B
$87.4M 0.28%
292,424
+5,137
+2% +$1.56M
MDT icon
61
Medtronic
MDT
$117B
$87.3M 0.28%
1,001,922
+272,536
+37% +$23.1M
MU icon
62
Micron Technology
MU
$1.09T
$86.5M 0.28%
701,469
+124,419
+22% +$11.6M
GILD icon
63
Gilead Sciences
GILD
$170B
$85.5M 0.27%
771,282
+133,240
+21% +$14.2M
VZ icon
64
Verizon
VZ
$198B
$85.4M 0.27%
1,972,968
+43,543
+2% +$1.89M
PEP icon
65
PepsiCo
PEP
$191B
$84.5M 0.27%
640,136
+10,669
+2% +$1.44M
CAT icon
66
Caterpillar
CAT
$394B
$84M 0.27%
216,302
-29,092
-12% -$9.7M
PFE icon
67
Pfizer
PFE
$153B
$76.5M 0.25%
3,157,484
+520,580
+20% +$12.1M
MS icon
68
Morgan Stanley
MS
$344B
$75.8M 0.24%
538,006
+12,934
+2% +$1.59M
SPGI icon
69
S&P Global
SPGI
$122B
$75.6M 0.24%
143,442
+160
+0.1% +$79.9K
BSX icon
70
Boston Scientific
BSX
$75B
$74.1M 0.24%
689,534
+17,069
+3% +$1.73M
C icon
71
Citigroup
C
$231B
$73.7M 0.24%
865,361
-1,117
-0.1% -$80.7K
PANW icon
72
Palo Alto Networks
PANW
$319B
$73.3M 0.24%
358,151
+43,904
+14% +$8.15M
PGR icon
73
Progressive
PGR
$121B
$73.1M 0.23%
273,741
+6,113
+2% +$1.68M
CME icon
74
CME Group
CME
$95.5B
$72.8M 0.23%
263,952
+65,638
+33% +$17.8M
SCHW
75
Charles Schwab
SCHW
$189B
$72.7M 0.23%
797,239
+38,701
+5% +$3.24M
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.