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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
RYN icon
926
Rayonier
RYN
$6.5B
$1.6M 0.01%
75,851
+1,870
+3% +$42.7K
CHH icon
927
Choice Hotels
CHH
$4.67B
$1.6M 0.01%
12,626
+112
+0.9% +$14.2K
ZG icon
928
Zillow
ZG
$7.78B
$1.6M 0.01%
23,309
+2,157
+10% +$143K
MRP
929
Millrose Properties Inc
MRP
$5.02B
$1.59M 0.01%
55,961
-390
-0.7% -$10.3K
MSGS icon
930
Madison Square Garden
MSGS
$10.2B
$1.57M 0.01%
7,523
-979
-12% -$189K
HIW icon
931
Highwoods Properties
HIW
$3.5B
$1.54M ﹤0.01%
49,518
+1,806
+4% +$53.2K
NVST icon
932
Envista
NVST
$4.57B
$1.53M ﹤0.01%
78,430
-200
-0.3% -$3.48K
RKT icon
933
Rocket Companies
RKT
$41.8B
$1.53M ﹤0.01%
107,979
+44,647
+70% +$579K
RARE icon
934
Ultragenyx Pharmaceutical
RARE
$2.63B
$1.53M ﹤0.01%
41,958
+1,327
+3% +$47.8K
TNL icon
935
Travel + Leisure Co
TNL
$4.57B
$1.51M ﹤0.01%
29,344
-723
-2% -$34K
FRPT icon
936
Freshpet
FRPT
$3.48B
$1.51M ﹤0.01%
22,233
+941
+4% +$73.5K
M icon
937
Macy's
M
$6.2B
$1.51M ﹤0.01%
129,432
+4,128
+3% +$47.8K
ECG
938
Everus Construction Group
ECG
$7B
$1.51M ﹤0.01%
23,755
+523
+2% +$26.5K
PAG icon
939
Penske Automotive Group
PAG
$14.3B
$1.48M ﹤0.01%
8,633
+190
+2% +$30.5K
AMED
940
DELISTED
Amedisys
AMED
$1.48M ﹤0.01%
15,059
+400
+3% +$37.8K
XRAY icon
941
Dentsply Sirona
XRAY
$2.29B
$1.48M ﹤0.01%
93,017
+2,353
+3% +$35.2K
FHB icon
942
First Hawaiian
FHB
$3.39B
$1.46M ﹤0.01%
58,492
+212
+0.4% +$4.97K
LINE
943
Lineage Inc
LINE
$9.72B
$1.44M ﹤0.01%
32,986
+4,796
+17% +$232K
BHF icon
944
Brighthouse Financial
BHF
$3.44B
$1.44M ﹤0.01%
26,695
-135
-0.5% -$7.59K
LLYVA icon
945
Liberty Live Group Series A
LLYVA
$9.51B
$1.41M ﹤0.01%
17,784
+5,809
+49% +$422K
GTM
946
ZoomInfo Technologies
GTM
$1.13B
$1.4M ﹤0.01%
138,061
+8,234
+6% +$76.2K
FLO icon
947
Flowers Foods
FLO
$1.58B
$1.39M ﹤0.01%
87,202
+1,455
+2% +$25.1K
NCNO icon
948
nCino
NCNO
$2.1B
$1.39M ﹤0.01%
49,796
+11,630
+30% +$291K
RH icon
949
RH
RH
$3.44B
$1.35M ﹤0.01%
7,136
+220
+3% +$40.9K
VKTX icon
950
Viking Therapeutics
VKTX
$3.89B
$1.35M ﹤0.01%
50,896
+2,266
+5% +$59.7K
36 37
38
39 40

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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.