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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
OLN icon
976
Olin
OLN
$2.18B
$1.08M ﹤0.01%
53,636
+793
+2% +$16.5K
RNG icon
977
RingCentral
RNG
$5.31B
$1.06M ﹤0.01%
37,397
+866
+2% +$22.3K
NSA
978
DELISTED
National Storage Affiliates Trust
NSA
$1.05M ﹤0.01%
32,884
+902
+3% +$31.5K
NWL icon
979
Newell Brands
NWL
$2.68B
$1.05M ﹤0.01%
194,723
+4,923
+3% +$26.1K
FWONA icon
980
Liberty Media Series A
FWONA
$23.8B
$1.01M ﹤0.01%
10,605
-11
-0.1% -$929
MPT
981
Medical Properties Trust
MPT
$2.44B
$1M ﹤0.01%
233,024
-38,561
-14% -$191K
TDC icon
982
Teradata
TDC
$2.52B
$992K ﹤0.01%
44,465
+786
+2% +$17.1K
ACHC icon
983
Acadia Healthcare
ACHC
$2.91B
$964K ﹤0.01%
42,502
+867
+2% +$20.5K
DV icon
984
DoubleVerify
DV
$2.04B
$947K ﹤0.01%
63,239
-2,081
-3% -$28.5K
PK icon
985
Park Hotels & Resorts
PK
$3.02B
$938K ﹤0.01%
91,730
-1,419
-2% -$14.4K
WEN icon
986
Wendy's
WEN
$1.63B
$873K ﹤0.01%
76,403
-2,517
-3% -$30.7K
DJT icon
987
Trump Media & Technology Group
DJT
$2.32B
$873K ﹤0.01%
48,412
+11,472
+31% +$250K
APLS
988
DELISTED
Apellis Pharmaceuticals
APLS
$872K ﹤0.01%
50,358
+1,353
+3% +$25K
MAN icon
989
ManpowerGroup
MAN
$2.66B
$869K ﹤0.01%
21,513
+296
+1% +$12.9K
IPGP icon
990
IPG Photonics
IPGP
$3.69B
$801K ﹤0.01%
11,675
-670
-5% -$41.8K
SHC icon
991
Sotera Health
SHC
$5.43B
$801K ﹤0.01%
72,057
+3,134
+5% +$36.7K
HUN icon
992
Huntsman Corp
HUN
$1.82B
$800K ﹤0.01%
76,769
+2,008
+3% +$24.5K
LBRDA icon
993
Liberty Broadband Class A
LBRDA
$5.13B
$756K ﹤0.01%
7,725
+160
+2% +$14.2K
COTY icon
994
Coty
COTY
$2.42B
$750K ﹤0.01%
161,263
-13,254
-8% -$65.6K
COLM icon
995
Columbia Sportswear
COLM
$2.94B
$742K ﹤0.01%
12,152
-2,482
-17% -$160K
SRPT icon
996
Sarepta Therapeutics
SRPT
$1.97B
$741K ﹤0.01%
43,321
+1,433
+3% +$61.1K
SAM icon
997
Boston Beer
SAM
$1.9B
$728K ﹤0.01%
3,814
-151
-4% -$34.8K
CLVT icon
998
Clarivate
CLVT
$1.18B
$711K ﹤0.01%
165,366
-17,860
-10% -$71.9K
LBTYK icon
999
Liberty Global Class C
LBTYK
$3.43B
$675K ﹤0.01%
65,454
-4,546
-6% -$47.1K
CERT icon
1000
Certara
CERT
$1.21B
$663K ﹤0.01%
56,628
+1,597
+3% +$18.9K
38 39
40
41 42

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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.