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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
NVDA icon
1
NVIDIA
NVDA
$5.43T
$1.87B 6.01%
11,866,293
+787,383
+7% +$99.1M
MSFT icon
2
Microsoft
MSFT
$3.66T
$1.86B 5.97%
3,740,981
+221,872
+6% +$96.4M
AAPL icon
3
Apple
AAPL
$4.41T
$1.55B 4.97%
7,559,755
+606,027
+9% +$122M
AMZN icon
4
Amazon
AMZN
$2.88T
$1.12B 3.59%
5,098,001
+576,669
+13% +$114M
META icon
5
Meta Platforms (Facebook)
META
$1.47T
$868M 2.78%
1,176,119
+114,929
+11% +$71M
AVGO icon
6
Broadcom
AVGO
$1.98T
$712M 2.28%
2,584,554
+355,458
+16% +$77.2M
GOOGL icon
7
Alphabet (Google) Class A
GOOGL
$4.2T
$550M 1.76%
3,118,411
+285,390
+10% +$46.7M
TSLA icon
8
Tesla
TSLA
$1.29T
$475M 1.52%
1,495,462
+159,186
+12% +$48M
GOOG icon
9
Alphabet (Google) Class C
GOOG
$4.19T
$451M 1.45%
2,542,637
+204,156
+9% +$33.7M
IWM icon
10
iShares Russell 2000 ETF
IWM
$82.2B
$435M 1.4%
2,015,990
+557,755
+38% +$112M
BRK.B icon
11
Berkshire Hathaway Class B
BRK.B
$1.09T
$419M 1.34%
861,606
+23,533
+3% +$12M
JPM icon
12
JPMorgan Chase
JPM
$971B
$376M 1.21%
1,297,377
+4,587
+0.4% +$1.17M
V icon
13
Visa
V
$671B
$341M 1.09%
960,140
+112,433
+13% +$39.2M
LLY icon
14
Eli Lilly
LLY
$1.09T
$331M 1.06%
424,729
+40,419
+11% +$31.4M
NFLX icon
15
Netflix
NFLX
$309B
$304M 0.97%
2,266,450
+198,910
+10% +$22.5M
PG icon
16
Procter & Gamble
PG
$335B
$258M 0.83%
1,618,790
+412,534
+34% +$67.3M
MA icon
17
Mastercard
MA
$490B
$243M 0.78%
432,156
+40,476
+10% +$22.4M
ORCL icon
18
Oracle
ORCL
$442B
$232M 0.74%
1,061,510
+228,405
+27% +$36.9M
XOM icon
19
ExxonMobil
XOM
$657B
$218M 0.7%
2,024,259
+11,026
+0.5% +$1.18M
COST icon
20
Costco
COST
$421B
$205M 0.66%
207,346
+4,360
+2% +$4.33M
CSCO icon
21
Cisco
CSCO
$488B
$205M 0.66%
2,954,823
+838,079
+40% +$51.5M
WMT icon
22
Walmart Inc
WMT
$923B
$199M 0.64%
2,032,400
-48,731
-2% -$4.64M
JNJ icon
23
Johnson & Johnson
JNJ
$629B
$189M 0.6%
1,234,945
+94,957
+8% +$14.6M
IBM icon
24
IBM
IBM
$222B
$182M 0.58%
616,139
+126,333
+26% +$32.5M
HD icon
25
Home Depot
HD
$342B
$171M 0.55%
465,115
-7,394
-2% -$2.68M
1
2 3 4 5

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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.