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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
-2.86%
1 Year Est. Return
+28.93%
3 Year Est. Return
+100.69%
5 Year Est. Return
+135.6%
10 Year Est. Return
–
AUM
$25.1B
AUM Growth
-$516M
Cap. Flow
+$759M
Cap. Flow %
3.02%
Top 10 Hldgs %
29.86%
Holding
1,017
New
4
Increased
825
Reduced
177
Closed
10

Top Buys

Rank Stock Value
1
IWM icon
iShares Russell 2000 ETF
IWM
+$316M
2
AAPL icon
Apple
AAPL
+$96.8M
3
MSFT icon
Microsoft
MSFT
+$47.1M
4
V icon
Visa
V
+$43.8M
5
AMZN icon
Amazon
AMZN
+$38.8M

Top Sells

Rank Stock Value
1
AXP icon
American Express
AXP
+$7.48M
2
GIS icon
General Mills
GIS
+$7.43M
3
DOX icon
Amdocs
DOX
+$7.39M
4
ALNY icon
Alnylam Pharmaceuticals
ALNY
+$7.19M
5
BMY icon
Bristol-Myers Squibb
BMY
+$7.09M

Sector Composition

Rank Sector Weight
1 Technology 29.39%
2 Financials 14.2%
3 Healthcare 10.94%
4 Consumer Discretionary 10.42%
5 Communication Services 9.11%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SO icon
101
Southern Company
SO
$107B
$46.1M 0.18%
501,344
+19,570
+4% +$1.69M
INTC icon
102
Intel
INTC
$529B
$45.1M 0.18%
1,984,497
+63,174
+3% +$1.38M
ICE icon
103
Intercontinental Exchange
ICE
$85.8B
$44.9M 0.18%
260,123
+1,508
+0.6% +$247K
LRCX icon
104
Lam Research
LRCX
$414B
$44.5M 0.18%
612,405
-6,354
-1% -$500K
WELL icon
105
Welltower
WELL
$169B
$43.2M 0.17%
282,119
-15,273
-5% -$2.18M
LMT icon
106
Lockheed Martin
LMT
$139B
$43.1M 0.17%
96,557
-6,117
-6% -$2.82M
DUK icon
107
Duke Energy
DUK
$97B
$43.1M 0.17%
353,232
+13,780
+4% +$1.57M
WM icon
108
Waste Management
WM
$90.7B
$42.5M 0.17%
183,566
-12,845
-7% -$2.84M
COF icon
109
Capital One
COF
$137B
$42.4M 0.17%
236,376
+6,933
+3% +$1.31M
CI icon
110
Cigna
CI
$73.9B
$42M 0.17%
127,667
-9,309
-7% -$2.8M
MDLZ icon
111
Mondelez International
MDLZ
$80.8B
$41.6M 0.17%
613,078
+3,554
+0.6% +$219K
ROP icon
112
Roper Technologies
ROP
$39.2B
$40.6M 0.16%
68,781
+698
+1% +$392K
CVS icon
113
CVS Health
CVS
$123B
$39.1M 0.16%
577,485
-15,341
-3% -$918K
MCK icon
114
McKesson
MCK
$101B
$39.1M 0.16%
58,115
-8,944
-13% -$5.53M
AJG icon
115
Arthur J. Gallagher & Co
AJG
$65.5B
$38.8M 0.15%
112,520
+3,800
+3% +$1.2M
ANET icon
116
Arista Networks
ANET
$263B
$38.1M 0.15%
491,794
-22,278
-4% -$2.26M
GEV icon
117
GE Vernova
GEV
$275B
$38.1M 0.15%
124,724
+4,870
+4% +$1.7M
ORLY icon
118
O'Reilly Automotive
ORLY
$75.8B
$37.9M 0.15%
397,065
+5,325
+1% +$463K
EMR icon
119
Emerson Electric
EMR
$90B
$37.5M 0.15%
342,441
+91,070
+36% +$11M
SHW icon
120
Sherwin-Williams
SHW
$88B
$37.5M 0.15%
107,364
+3,930
+4% +$1.38M
CL icon
121
Colgate-Palmolive
CL
$74.5B
$37.5M 0.15%
400,040
-39,076
-9% -$3.5M
CRWD icon
122
CrowdStrike
CRWD
$229B
$37.1M 0.15%
421,372
+16,440
+4% +$1.57M
SPOT icon
123
Spotify
SPOT
$102B
$37M 0.15%
67,269
+409
+0.6% +$229K
UPS icon
124
United Parcel Service
UPS
$89.3B
$36.7M 0.15%
333,742
+4,380
+1% +$524K
MMM icon
125
3M
MMM
$94.1B
$36.6M 0.15%
248,950
+3,281
+1% +$482K
3 4
5
6 7

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Treasurer of the State of North Carolina's Q1 2025 Portfolio in Review

As of Q1 2025, Treasurer of the State of North Carolina held 1,017 positions worth $25.1B, down 2% from $25.7B the previous quarter. Its ten largest holdings account for 30% of the portfolio.

Treasurer of the State of North Carolina deployed $759M of net new capital in Q1 2025, opening 4 new positions and adding to 825 existing holdings. Its largest new stake was iShares Russell 2000 ETF: 1,458,235 shares worth $291M.

By sector, the portfolio is most concentrated in Technology at 29% of assets, down from 32% a quarter earlier, followed by Financials and Healthcare.

On the sell side, the largest reduction was American Express, an estimated $7.48M trimmed.

  • Treasurer of the State of North Carolina's largest Q1 2025 buy was iShares Russell 2000 ETF: 1,458,235 shares worth $291M.
  • Treasurer of the State of North Carolina added most to Apple in Q1 2025, an estimated $96.8M increase.
  • Treasurer of the State of North Carolina's biggest Q1 2025 reduction was American Express, cutting an estimated $7.48M.
  • Treasurer of the State of North Carolina fully exited Yum China in Q1 2025, selling an estimated $4.15M.
  • Treasurer of the State of North Carolina's ten largest holdings make up 30% of its $25.1B portfolio in Q1 2025.
  • Treasurer of the State of North Carolina opened 4 new positions and closed 10 in Q1 2025.
  • Treasurer of the State of North Carolina's portfolio value fell 2% quarter-over-quarter to $25.1B.

Based on Treasurer of the State of North Carolina's 13F filing for Q1 2025, filed 15 May 2025.