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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
TT icon
126
Trane Technologies
TT
$106B
$45.6M 0.15%
104,140
+497
+0.5% +$196K
PLD icon
127
Prologis
PLD
$135B
$45.5M 0.15%
433,312
+10,266
+2% +$1.08M
XEL icon
128
Xcel Energy
XEL
$49.5B
$45.2M 0.15%
663,982
+262,224
+65% +$18.2M
LMT icon
129
Lockheed Martin
LMT
$139B
$45.2M 0.14%
97,554
+997
+1% +$467K
EVRG icon
130
Evergy
EVRG
$19.3B
$44.9M 0.14%
651,157
+358,084
+122% +$24.1M
FITB
131
Fifth Third Bancorp
FITB
$52.5B
$44.6M 0.14%
1,085,063
+775,888
+251% +$29.1M
FISV
132
Fiserv Inc
FISV
$28B
$44.4M 0.14%
257,736
-1,525
-0.6% -$277K
NEM icon
133
Newmont
NEM
$120B
$44.4M 0.14%
762,203
+160,198
+27% +$8.55M
BMY icon
134
Bristol-Myers Squibb
BMY
$132B
$44.1M 0.14%
952,013
+23,364
+3% +$1.15M
SNA icon
135
Snap-on
SNA
$20.9B
$43.8M 0.14%
140,601
+75,900
+117% +$24.1M
AZO icon
136
AutoZone
AZO
$49.8B
$43.7M 0.14%
11,763
+4,039
+52% +$14.9M
MCK icon
137
McKesson
MCK
$100B
$43M 0.14%
58,623
+508
+0.9% +$359K
DUK icon
138
Duke Energy
DUK
$96.8B
$42.9M 0.14%
363,415
+10,183
+3% +$1.2M
AEP icon
139
American Electric Power
AEP
$68.3B
$42.6M 0.14%
410,669
+110,260
+37% +$11.5M
VRSK icon
140
Verisk Analytics
VRSK
$23.5B
$42.3M 0.14%
135,876
+46,603
+52% +$14.1M
URI icon
141
United Rentals
URI
$69.6B
$42.2M 0.14%
56,057
+17,030
+44% +$11.4M
KKR icon
142
KKR & Co
KKR
$101B
$42.1M 0.14%
316,792
+8,491
+3% +$994K
PH icon
143
Parker-Hannifin
PH
$133B
$42M 0.13%
60,126
+1,570
+3% +$992K
CL icon
144
Colgate-Palmolive
CL
$74B
$41.4M 0.13%
455,227
+55,187
+14% +$5.04M
FFIV icon
145
F5
FFIV
$23.8B
$41.4M 0.13%
140,547
+97,057
+223% +$26.8M
DASH icon
146
DoorDash
DASH
$93.3B
$41.3M 0.13%
167,602
+5,807
+4% +$1.16M
ELV icon
147
Elevance Health
ELV
$86.9B
$41.1M 0.13%
105,643
-810
-0.8% -$326K
MDLZ icon
148
Mondelez International
MDLZ
$80.6B
$40.8M 0.13%
605,228
-7,850
-1% -$524K
GM icon
149
General Motors
GM
$76.3B
$40.7M 0.13%
827,829
+244,998
+42% +$11.6M
CVS icon
150
CVS Health
CVS
$122B
$40.4M 0.13%
585,073
+7,588
+1% +$498K
4 5
6
7 8

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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.