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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
TMO icon
76
Thermo Fisher Scientific
TMO
$222B
$71.5M 0.23%
176,412
-10,582
-6% -$4.42M
BA icon
77
Boeing
BA
$181B
$70.9M 0.23%
338,523
-3,981
-1% -$752K
AMGN icon
78
Amgen
AMGN
$226B
$70.2M 0.23%
251,264
+5,735
+2% +$1.62M
HON icon
79
Honeywell
HON
$74.1B
$70M 0.22%
319,059
+2,512
+0.8% +$508K
AMAT icon
80
Applied Materials
AMAT
$442B
$69.4M 0.22%
379,324
-52,630
-12% -$8.34M
LRCX icon
81
Lam Research
LRCX
$422B
$68M 0.22%
698,631
+86,226
+14% +$6.84M
GEV icon
82
GE Vernova
GEV
$276B
$67.6M 0.22%
127,715
+2,991
+2% +$1.25M
NEE icon
83
NextEra Energy
NEE
$179B
$66.9M 0.21%
963,336
+21,912
+2% +$1.52M
ROP icon
84
Roper Technologies
ROP
$38.7B
$66.4M 0.21%
117,162
+48,381
+70% +$27.3M
ETN icon
85
Eaton
ETN
$176B
$65.4M 0.21%
183,068
+2,393
+1% +$737K
TJX icon
86
TJX Companies
TJX
$168B
$64.5M 0.21%
522,515
+3,724
+0.7% +$472K
UNP icon
87
Union Pacific
UNP
$177B
$64.3M 0.21%
279,374
+67
+0% +$14.9K
COP icon
88
ConocoPhillips
COP
$151B
$64M 0.21%
713,010
+77,753
+12% +$7M
SYK icon
89
Stryker
SYK
$131B
$63.6M 0.2%
160,789
-4,885
-3% -$1.83M
RCL icon
90
Royal Caribbean
RCL
$82.5B
$61.1M 0.2%
195,165
+59,654
+44% +$14.2M
DHR icon
91
Danaher
DHR
$144B
$58.9M 0.19%
298,025
-24,330
-8% -$4.72M
CRWD icon
92
CrowdStrike
CRWD
$226B
$58.1M 0.19%
456,352
+34,980
+8% +$3.79M
LOW icon
93
Lowe's Companies
LOW
$122B
$58.1M 0.19%
261,820
+3,123
+1% +$697K
DE icon
94
Deere & Co
DE
$166B
$58M 0.19%
114,136
-691
-0.6% -$338K
AMP icon
95
Ameriprise Financial
AMP
$49.7B
$57.2M 0.18%
107,146
+41,135
+62% +$20.3M
APH icon
96
Amphenol
APH
$208B
$55.6M 0.18%
563,266
+22,540
+4% +$1.84M
FTNT icon
97
Fortinet
FTNT
$119B
$55.4M 0.18%
524,053
+161,211
+44% +$16.3M
SPG icon
98
Simon Property Group
SPG
$71.9B
$55.2M 0.18%
343,488
+127,852
+59% +$20.2M
SPOT icon
99
Spotify
SPOT
$102B
$55.1M 0.18%
71,855
+4,586
+7% +$2.94M
ORLY icon
100
O'Reilly Automotive
ORLY
$74.9B
$54.2M 0.17%
600,960
+203,895
+51% +$18.6M
2 3
4
5 6

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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.