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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
(+24%)
Cap. Flow
+$3.08B
Cap. Flow
% of AUM
9.88%
Top 10 Holdings %
Top 10 Hldgs %
31.73%
Holding
1,045
New
38
Increased
790
Reduced
187
Closed
30
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Apple
AAPL
|
+$122M |
| 2 |
Amazon
AMZN
|
+$114M |
| 3 |
iShares Russell 2000 ETF
IWM
|
+$112M |
| 4 |
NVIDIA
NVDA
|
+$99.1M |
| 5 |
Microsoft
MSFT
|
+$96.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
DFS
Discover Financial Services
DFS
|
+$26.9M |
| 2 |
iShares Core S&P 500 ETF
IVV
|
+$17.9M |
| 3 |
Caterpillar
CAT
|
+$9.7M |
| 4 |
Emerson Electric
EMR
|
+$9.08M |
| 5 |
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 | |
|---|---|---|---|---|---|---|
|
SAIL
1001
SailPoint Inc
SAIL
$11B
| $642K | ﹤0.01% |
+28,080
| New | +$530K |
|
|
KRMN
1002
Karman Holdings
KRMN
$7.98B
| $624K | ﹤0.01% |
+12,380
| New | +$498K |
|
1003
Under Armour
UAA
$2.29B
| $602K | ﹤0.01% |
88,206
+1,885
| +2% | +$11.7K |
|
1004
Schneider National
SNDR
$6.38B
| $583K | ﹤0.01% |
24,131
+2,911
| +14% | +$67.6K |
|
1005
Under Armour Class C
UA
$2.23B
| $569K | ﹤0.01% |
87,691
+449
| +0.5% | +$2.65K |
|
1006
Brown-Forman Class A
BF.A
$13.1B
| $559K | ﹤0.01% |
20,363
-1,917
| -9% | -$61.5K |
|
1007
Reynolds Consumer Products
REYN
$5.56B
| $545K | ﹤0.01% |
25,465
-76,050
| -75% | -$1.72M |
|
|
CWEN.A
1008
DELISTED
Clearway Energy Class A
CWEN.A
| $490K | ﹤0.01% |
16,178
+329
| +2% | +$9.23K |
|
1009
Lennar Class B
LEN.B
$20.7B
| $469K | ﹤0.01% |
4,453
-1,674
| -27% | -$173K |
|
1010
CNA Financial
CNA
$13.7B
| $455K | ﹤0.01% |
9,775
-264
| -3% | -$12.5K |
|
1011
Seaboard Corp
SEB
$4.11B
| $352K | ﹤0.01% |
123
+6
| +5% | +$15.8K |
|
1012
TFS Financial
TFSL
$4.94B
| $317K | ﹤0.01% |
24,472
+1,353
| +6% | +$17.4K |
|
1013
UWM Holdings
UWMC
$2.47B
| $303K | ﹤0.01% |
73,286
+30,133
| +70% | +$132K |
|
|
SFD
1014
Smithfield Foods
SFD
$8.96B
| $281K | ﹤0.01% |
11,963
+243
| +2% | +$5.37K |
|
1015
U-Haul Holding Co
UHAL
$14.5B
| $217K | ﹤0.01% |
3,589
-13,209
| -79% | -$826K |
|
1016
Advance Auto Parts
AAP
$3.35B
| – | – |
-27,231
| Closed | -$1.07M |
|
1017
Azenta
AZTA
$1.48B
| – | – |
-18,264
| Closed | -$633K |
|
1018
Chemours
CC
$2.28B
| – | – |
-68,213
| Closed | -$923K |
|
|
CMCT
1019
Creative Media & Community Trust
CMCT
$14.7M
| – | – |
-32
| Closed | -$20K |
|
1020
Capri Holdings
CPRI
$1.78B
| – | – |
-52,450
| Closed | -$1.03M |
|
1021
Carter's
CRI
$1.43B
| – | – |
-16,239
| Closed | -$664K |
|
|
DFS
1022
DELISTED
Discover Financial Services
DFS
| – | – |
-157,427
| Closed | -$26.9M |
|
1023
Enovis
ENOV
$1.41B
| – | – |
-25,797
| Closed | -$986K |
|
1024
FIVE9
FIVN
$2.35B
| – | – |
-33,937
| Closed | -$921K |
|
1025
Fortrea Holdings
FTRE
$1.74B
| – | – |
-40,928
| Closed | -$309K |
|
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GAM
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.