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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
FAST icon
151
Fastenal
FAST
$59.6B
$40.3M 0.13%
960,496
+412,516
+75% +$16.7M
SSNC icon
152
SS&C Technologies
SSNC
$18.8B
$39.6M 0.13%
478,265
+258,878
+118% +$20.4M
WM icon
153
Waste Management
WM
$90.3B
$39.5M 0.13%
172,815
-10,751
-6% -$2.49M
CDNS icon
154
Cadence Design Systems
CDNS
$89.6B
$39.3M 0.13%
127,460
+2,692
+2% +$783K
TDG icon
155
TransDigm Group
TDG
$68.2B
$39.3M 0.13%
25,821
+902
+4% +$1.27M
ACGL icon
156
Arch Capital
ACGL
$33.2B
$39.1M 0.13%
429,924
+173,579
+68% +$16M
GD icon
157
General Dynamics
GD
$106B
$38.6M 0.12%
132,444
+2,381
+2% +$655K
NKE icon
158
Nike
NKE
$60.6B
$38.4M 0.12%
540,489
-721
-0.1% -$43.3K
MMM icon
159
3M
MMM
$93.7B
$38.3M 0.12%
251,713
+2,763
+1% +$395K
AJG icon
160
Arthur J. Gallagher & Co
AJG
$64.4B
$37.9M 0.12%
118,467
+5,947
+5% +$1.96M
SHW icon
161
Sherwin-Williams
SHW
$87.3B
$37.4M 0.12%
108,964
+1,600
+1% +$554K
CTVA icon
162
Corteva
CTVA
$50.4B
$37.4M 0.12%
501,402
+122,634
+32% +$8.17M
SNPS icon
163
Synopsys
SNPS
$79.3B
$37M 0.12%
72,095
+1,505
+2% +$701K
KMB icon
164
Kimberly-Clark
KMB
$36.6B
$36.7M 0.12%
284,655
+87,455
+44% +$11.9M
MCO icon
165
Moody's
MCO
$82.9B
$36.4M 0.12%
72,615
+280
+0.4% +$130K
SYF icon
166
Synchrony
SYF
$25.9B
$36.3M 0.12%
544,452
+237,550
+77% +$13.3M
EQIX icon
167
Equinix
EQIX
$106B
$36.3M 0.12%
45,650
+1,525
+3% +$1.29M
IBKR icon
168
Interactive Brokers
IBKR
$41.7B
$36.1M 0.12%
651,274
+424,794
+188% +$20.2M
REGN icon
169
Regeneron Pharmaceuticals
REGN
$83.2B
$36.1M 0.12%
68,726
+19,968
+41% +$11.1M
WMB icon
170
Williams Companies
WMB
$90.2B
$35.7M 0.11%
568,928
+11,926
+2% +$704K
CMG icon
171
Chipotle Mexican Grill
CMG
$41.5B
$35.2M 0.11%
626,606
+1,266
+0.2% +$64.4K
EMR icon
172
Emerson Electric
EMR
$89.7B
$35.1M 0.11%
263,288
-79,153
-23% -$9.08M
AON icon
173
Aon
AON
$74.4B
$35M 0.11%
98,084
+8,216
+9% +$2.98M
HWM icon
174
Howmet Aerospace
HWM
$112B
$34.9M 0.11%
187,318
+1,870
+1% +$288K
PNR icon
175
Pentair
PNR
$10.5B
$34.7M 0.11%
338,368
+170,707
+102% +$15.9M
5 6
7
8 9

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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.