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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
CPB icon
826
Campbell Soup
CPB
$6.92B
$2.78M 0.01%
90,563
+2,711
+3% +$95.4K
DAR icon
827
Darling Ingredients
DAR
$10.2B
$2.77M 0.01%
73,053
+514
+0.7% +$16.9K
GTLB icon
828
GitLab
GTLB
$6.85B
$2.77M 0.01%
61,393
+3,646
+6% +$167K
RLI icon
829
RLI Corp
RLI
$5.82B
$2.76M 0.01%
38,211
+305
+0.8% +$22.9K
LNC icon
830
Lincoln National
LNC
$8.55B
$2.75M 0.01%
79,541
+1,705
+2% +$55.8K
CZR icon
831
Caesars Entertainment
CZR
$6.06B
$2.74M 0.01%
96,404
-221
-0.2% -$6.01K
GTES icon
832
Gates Industrial Corporation Ltd.
GTES
$7.06B
$2.73M 0.01%
118,441
+10,171
+9% +$205K
TREX icon
833
Trex
TREX
$5.09B
$2.71M 0.01%
49,844
+963
+2% +$54.6K
AS icon
834
Amer Sports
AS
$19.2B
$2.7M 0.01%
69,687
+40,897
+142% +$1.26M
IVZ icon
835
Invesco
IVZ
$14.2B
$2.68M 0.01%
169,997
+2,806
+2% +$40.3K
HLNE icon
836
Hamilton Lane
HLNE
$5.76B
$2.65M 0.01%
+18,660
New +$2.81M
MTN icon
837
Vail Resorts
MTN
$5.22B
$2.63M 0.01%
16,752
-393
-2% -$58.4K
H icon
838
Hyatt Hotels
H
$16.8B
$2.62M 0.01%
18,790
+33
+0.2% +$4.12K
GXO icon
839
GXO Logistics
GXO
$5.54B
$2.61M 0.01%
53,636
-70
-0.1% -$2.79K
PATH icon
840
UiPath
PATH
$7.89B
$2.6M 0.01%
203,467
+8,269
+4% +$99.2K
LFUS icon
841
Littelfuse
LFUS
$11.6B
$2.6M 0.01%
11,474
+311
+3% +$61.3K
DDS icon
842
Dillards
DDS
$9.44B
$2.6M 0.01%
6,212
+3,146
+103% +$1.17M
LLYVK icon
843
Liberty Live Group Series C
LLYVK
$9.91B
$2.57M 0.01%
31,672
+6,833
+28% +$504K
POST icon
844
Post Holdings
POST
$3.67B
$2.57M 0.01%
23,557
-296
-1% -$33.2K
UHAL.B icon
845
U-Haul Holding Co Series N
UHAL.B
$12.7B
$2.57M 0.01%
47,241
-5,723
-11% -$319K
RAL
846
Ralliant Corp
RAL
$7.96B
$2.56M 0.01%
+52,859
New +$2.6M
AN icon
847
AutoNation
AN
$6.9B
$2.55M 0.01%
12,833
+1,202
+10% +$217K
VNT icon
848
Vontier
VNT
$4.45B
$2.55M 0.01%
69,069
+445
+0.6% +$15.2K
WHR icon
849
Whirlpool
WHR
$2.83B
$2.54M 0.01%
25,055
+845
+3% +$70.3K
FCN icon
850
FTI Consulting
FCN
$4.15B
$2.52M 0.01%
15,615
-478
-3% -$78K
32 33
34
35 36

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GAM
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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.