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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
FND icon
726
Floor & Decor
FND
$6.28B
$3.78M 0.01%
49,712
+1,682
+4% +$125K
FRT icon
727
Federal Realty Investment Trust
FRT
$10.3B
$3.77M 0.01%
39,731
+1,102
+3% +$104K
OLLI icon
728
Ollie's Bargain Outlet
OLLI
$4.7B
$3.77M 0.01%
28,598
+709
+3% +$81.2K
TECH icon
729
Bio-Techne
TECH
$11.3B
$3.77M 0.01%
73,257
+1,420
+2% +$71.4K
TAP icon
730
Molson Coors Class B
TAP
$7.87B
$3.77M 0.01%
78,355
+162
+0.2% +$8.92K
ASTS icon
731
AST SpaceMobile
ASTS
$21.5B
$3.76M 0.01%
+80,520
New +$2.33M
HSIC icon
732
Henry Schein
HSIC
$10B
$3.74M 0.01%
51,176
-5,309
-9% -$365K
LNW
733
DELISTED
Light & Wonder
LNW
$3.72M 0.01%
38,664
-1,866
-5% -$160K
BRX icon
734
Brixmor Property Group
BRX
$9.19B
$3.7M 0.01%
142,210
-14,626
-9% -$372K
ADC icon
735
Agree Realty
ADC
$9.32B
$3.69M 0.01%
50,569
+3,953
+8% +$297K
QRVO icon
736
Qorvo
QRVO
$8.7B
$3.69M 0.01%
43,511
+875
+2% +$63.2K
BROS icon
737
Dutch Bros
BROS
$8.89B
$3.69M 0.01%
54,017
+4,017
+8% +$262K
PCOR icon
738
Procore
PCOR
$9.42B
$3.66M 0.01%
53,524
+4,573
+9% +$299K
UGI icon
739
UGI
UGI
$7.55B
$3.66M 0.01%
100,446
+2,087
+2% +$71.8K
WYNN icon
740
Wynn Resorts
WYNN
$10.5B
$3.65M 0.01%
39,017
-6,791
-15% -$576K
CART icon
741
Maplebear
CART
$11.6B
$3.64M 0.01%
80,487
+4,396
+6% +$191K
CMA
742
DELISTED
Comerica
CMA
$3.64M 0.01%
60,974
+318
+0.5% +$17.7K
JHG
743
DELISTED
Janus Henderson
JHG
$3.61M 0.01%
92,976
+22,586
+32% +$796K
AZEK
744
DELISTED
The AZEK Co
AZEK
$3.59M 0.01%
66,043
+1,378
+2% +$69.1K
PARA
745
DELISTED
Paramount Global Class B
PARA
$3.59M 0.01%
278,131
+7,373
+3% +$86.3K
U icon
746
Unity
U
$19.9B
$3.58M 0.01%
147,940
+7,632
+5% +$168K
CBSH icon
747
Commerce Bancshares
CBSH
$8.6B
$3.58M 0.01%
60,455
+1,199
+2% +$70.4K
ESTC icon
748
Elastic
ESTC
$8.86B
$3.57M 0.01%
42,353
+2,518
+6% +$213K
CFR icon
749
Cullen/Frost Bankers
CFR
$10.5B
$3.57M 0.01%
27,769
+856
+3% +$105K
AA icon
750
Alcoa
AA
$13.1B
$3.56M 0.01%
120,704
+7,816
+7% +$211K
28 29
30
31 32

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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.