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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
UPS icon
176
United Parcel Service
UPS
$89.6B
$34.6M 0.11%
342,866
+9,124
+3% +$898K
PNW icon
177
Pinnacle West Capital
PNW
$12.2B
$34.4M 0.11%
384,629
+216,984
+129% +$19.8M
PNC icon
178
PNC Financial Services
PNC
$102B
$34.4M 0.11%
184,579
+2,808
+2% +$475K
ITW icon
179
Illinois Tool Works
ITW
$82.3B
$33.8M 0.11%
136,884
+2,890
+2% +$698K
COIN icon
180
Coinbase
COIN
$39.1B
$33.8M 0.11%
96,365
+3,639
+4% +$851K
USB icon
181
US Bancorp
USB
$102B
$33M 0.11%
729,604
+15,852
+2% +$667K
MSI icon
182
Motorola Solutions
MSI
$76.4B
$32.7M 0.1%
77,838
-3,672
-5% -$1.54M
SNOW icon
183
Snowflake
SNOW
$116B
$32.7M 0.1%
146,006
+3,080
+2% +$557K
JCI icon
184
Johnson Controls International
JCI
$92.1B
$32.6M 0.1%
308,393
+6,495
+2% +$598K
CHTR icon
185
Charter Communications
CHTR
$18.2B
$32.5M 0.1%
79,536
+27,616
+53% +$10.6M
ZTS icon
186
Zoetis
ZTS
$30.5B
$32.5M 0.1%
208,458
+1,731
+0.8% +$274K
VICI icon
187
VICI Properties
VICI
$28.9B
$31.8M 0.1%
976,778
+478,538
+96% +$15.2M
NOC icon
188
Northrop Grumman
NOC
$81.3B
$31.7M 0.1%
63,344
+831
+1% +$408K
ECL icon
189
Ecolab
ECL
$77.2B
$31.4M 0.1%
116,565
+2,286
+2% +$581K
MRVL icon
190
Marvell Technology
MRVL
$206B
$31.3M 0.1%
403,818
+11,572
+3% +$722K
EOG icon
191
EOG Resources
EOG
$74.4B
$30.9M 0.1%
257,977
-12,018
-4% -$1.37M
VST icon
192
Vistra
VST
$48.9B
$30.6M 0.1%
158,037
+2,760
+2% +$408K
BNY
193
Bank of New York Mellon
BNY
$110B
$30.5M 0.1%
334,388
+5,445
+2% +$462K
APD icon
194
Air Products & Chemicals
APD
$67.8B
$29.3M 0.09%
103,777
+2,171
+2% +$594K
CBRE icon
195
CBRE Group
CBRE
$43.1B
$29.2M 0.09%
208,717
+34,673
+20% +$4.38M
CRH icon
196
CRH
CRH
$65.5B
$29.1M 0.09%
316,818
+2,348
+0.7% +$214K
MAR icon
197
Marriott International
MAR
$92.7B
$29.1M 0.09%
106,331
+2,682
+3% +$673K
HLT icon
198
Hilton Worldwide
HLT
$72.5B
$29M 0.09%
108,953
-678
-0.6% -$161K
AXON
199
Axon Enterprise
AXON
$48.7B
$28.8M 0.09%
34,843
+1,641
+5% +$1.12M
CSX icon
200
CSX Corp
CSX
$93.5B
$28.6M 0.09%
876,889
-5,422
-0.6% -$163K
6 7
8
9 10

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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.