SEC 13F Intelligence

Managers / Q1 2025 · view latest →

Treasurer of the State of North Carolina

CIK 0001761054 · 3200 ATLANTIC AVENUE, RALEIGH, NC, 27604 · 9198144330

Reported Value
$25.1B
Q1 2025
Positions
1,007
Filings on Record
35
2019–present window
Filed
May 15, 2025
original filing

Summary

Treasurer Of The State Of North Carolina reported $25.1B in U.S.-listed holdings across 1,007 positions for Q1 2025.

Its largest position, AAPL, represents 6.1% of the portfolio.

Compared with Q4 2024, the fund opened 6 new positions and exited 12.

Portfolio Metrics

Turnover
+5.9%
vs prior filed quarter
Top-10 Concentration
+31.1%
share of reported value
Largest Position
+6.1%
Apple
New / Exited
6 / 12
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q1 ’19: $41MQ1 ’19Q3 ’19: $11.1BQ4 ’19: $12.1BQ1 ’20: $11.3BQ2 ’20: $12.1BQ2 ’20Q3 ’20: $13.2BQ4 ’20: $15.0BQ1 ’21: $15.9BQ2 ’21: $17.2BQ2 ’21Q3 ’21: $17.3BQ4 ’21: $18.9BQ1 ’22: $18.1BQ2 ’22: $15.8BQ2 ’22Q3 ’22: $15.1BQ4 ’22: $16.4BQ1 ’23: $17.6BQ2 ’23: $19.1BQ2 ’23Q3 ’23: $18.5BQ4 ’23: $20.7BQ1 ’24: $22.8BQ2 ’24: $23.6BQ2 ’24Q3 ’24: $25.0BQ4 ’24: $25.7BQ1 ’25: $25.1BQ2 ’25: $31.2BQ2 ’25Q3 ’25: $32.5BQ4 ’25: $31.2BQ1 ’26: $31.8Bfilingsflow.com

Portfolio Composition

By security type
Common Stock: 96.2%REIT: 2.4%ETP: 1.3%Other: 0.1%Tracking Stk: 0.0%
  • Common Stock · 96.2% · $24.2B
  • REIT · 2.4% · $609M
  • ETP · 1.3% · $323M
  • Other · 0.1% · $17M
  • Tracking Stk · 0.0% · $12M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2024 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
IWMISHARES TRNEW+1.46M1.46M+$291M$291M
QIAGEN NVNEW+99.4K99.4K+$4M$4M
SNDKSANDISK CORPNEW+54.7K54.7K+$3M$3M
MRPMILLROSE PPTYS INCNEW+56.4K56.4K+$1M$1M
SFDSMITHFIELD FOODS INCNEW+11.7K11.7K+$239,000$239,000
CREATIVE MEDIA & CMNTY TRNEW+79.7K79.7K+$20,000$20,000
REYNREYNOLDS CONSUMER PRODS INCADDED+77.6K101.5K+$2M$2M
PNWPINNACLE WEST CAP CORPADDED+114.8K167.6K+$11M$16M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q1 2025

498 positions (from 500 filing rows — )
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1AAPLAPPLE INChistory →COM6.14%$1.5B6.95M
2MSFTMICROSOFT CORPhistory →COM5.25%$1.3B3.52M
3NVDANVIDIA CORPORATIONhistory →COM4.78%$1.2B11.08M
4AMZNAMAZON COM INChistory →COM3.42%$860M4.52M
5GOOGLALPHABET INCCAP STK CL A · CAP STK CL C3.20%$803M5.17M
6METAMETA PLATFORMS INChistory →CL A2.43%$612M1.06M
7BRK/BBERKSHIRE HATHAWAY INC DELhistory →CL B NEW1.78%$446M838.1K
8AVGOBROADCOM INChistory →COM1.48%$373M2.23M
9TSLATESLA INChistory →COM1.38%$346M1.34M
10IWMISHARES TRRUSSELL 2000 ETF · CORE S&P500 ETF1.29%$323M1.52M
11LLYELI LILLY & COhistory →COM1.26%$317M384.3K
12JPMJPMORGAN CHASE & CO.history →COM1.26%$317M1.29M
13VVISA INChistory →COM CL A1.18%$297M847.7K
14EXMOCEXXON MOBIL CORPhistory →COM0.95%$239M2.01M
15UNHUNITEDHEALTH GROUP INChistory →COM0.91%$228M435.0K
16MAMASTERCARD INCORPORATEDhistory →CL A0.85%$215M391.7K
17PGPROCTER AND GAMBLE COhistory →COM0.82%$206M1.21M
18NFLXNETFLIX INChistory →COM0.77%$193M206.8K
19COSTCOSTCO WHSL CORP NEWhistory →COM0.76%$192M203.0K
20JNJJOHNSON & JOHNSONhistory →COM0.75%$189M1.14M
21WMTWALMART INChistory →COM0.73%$183M2.08M
22ABBVABBVIE INChistory →COM0.71%$179M855.2K
23HDHOME DEPOT INChistory →COM0.69%$173M472.5K
24CSCOCISCO SYS INChistory →COM0.52%$131M2.12M
25KOCOCA COLA COhistory →COM0.51%$127M1.78M
26BACBANK AMERICA CORPhistory →COM0.51%$127M3.05M
27CVXCHEVRON CORP NEWhistory →COM0.50%$125M749.4K
28IBMINTERNATIONAL BUSINESS MACHShistory →COM0.48%$122M489.8K
29PMPHILIP MORRIS INTL INChistory →COM0.48%$120M754.2K
30CRMSALESFORCE INChistory →COM0.47%$119M442.6K
31ORCLORACLE CORPhistory →COM0.46%$116M833.1K
32ABTABBOTT LABShistory →COM0.45%$112M846.3K
33WFCWELLS FARGO CO NEWhistory →COM0.43%$108M1.51M
34MRKMERCK & CO INChistory →COM0.42%$106M1.19M
35MCDMCDONALDS CORPhistory →COM0.41%$103M329.9K
36LINLINDE PLChistory →SHS0.41%$102M220.0K
37TAT&T INChistory →COM0.40%$100M3.53M
38GE AEROSPACECOM NEW0.39%$99M492.8K
39PEPPEPSICO INChistory →COM0.38%$94M629.5K
40TMOTHERMO FISHER SCIENTIFIC INChistory →COM0.37%$93M187.0K
41QCOMQUALCOMM INChistory →COM0.36%$91M594.3K
42ACNACCENTURE PLC IRELANDhistory →SHS CLASS A0.36%$90M287.3K
43VZVERIZON COMMUNICATIONS INChistory →COM0.35%$88M1.93M
44TXNTEXAS INSTRS INChistory →COM0.34%$85M474.1K
45PLTRPALANTIR TECHNOLOGIES INChistory →CL A0.33%$84M993.6K
46INTUINTUIThistory →COM0.33%$84M136.5K
47DISDISNEY WALT COhistory →COM0.33%$84M846.8K
48ADBEADOBE INChistory →COM0.32%$81M212.4K
49CATCATERPILLAR INChistory →COM0.32%$81M245.4K
50RTXRTX CORPORATIONhistory →COM0.32%$81M608.8K
51ISRGINTUITIVE SURGICAL INChistory →COM NEW0.32%$80M161.7K
52NOWSERVICENOW INChistory →COM0.31%$79M99.0K
53BKNGBOOKING HOLDINGS INChistory →COM0.31%$77M16.7K
54AMGNAMGEN INChistory →COM0.30%$76M245.5K
55PGRPROGRESSIVE CORPhistory →COM0.30%$76M267.6K
56AMDADVANCED MICRO DEVICES INChistory →COM0.30%$76M737.0K
57GSGOLDMAN SACHS GROUP INChistory →COM0.30%$75M138.1K
58AXPAMERICAN EXPRESS COhistory →COM0.30%$75M279.1K
59CMCSACOMCAST CORP NEWhistory →CL A0.30%$75M2.03M
60SPGIS&P GLOBAL INChistory →COM0.29%$73M143.3K
61GILDGILEAD SCIENCES INChistory →COM0.28%$71M638.0K
62ADPAUTOMATIC DATA PROCESSING INhistory →COM0.28%$71M231.2K
63BLKBLACKROCK INChistory →COM0.28%$70M73.6K
64BSXBOSTON SCIENTIFIC CORPhistory →COM0.27%$68M672.5K
65UBERUBER TECHNOLOGIES INChistory →COM0.27%$68M930.6K
66PFEPFIZER INChistory →COM0.27%$67M2.64M
67NEENEXTERA ENERGY INChistory →COM0.27%$67M941.4K
68COPCONOCOPHILLIPShistory →COM0.27%$67M635.3K
69DHRDANAHER CORPORATIONhistory →COM0.26%$66M322.4K
70UNPUNION PAC CORPhistory →COM0.26%$66M279.3K
71MDTMEDTRONIC PLChistory →SHS0.26%$66M729.4K
72TJXTJX COS INC NEWhistory →COM0.25%$63M518.8K
73HONHONEYWELL INTL INChistory →COM0.25%$63M298.3K
74AMATAPPLIED MATLS INChistory →COM0.25%$63M432.0K
75SYKSTRYKER CORPORATIONhistory →COM0.25%$62M165.7K
76CCITIGROUP INChistory →COM NEW0.24%$62M866.5K
77MSMORGAN STANLEYhistory →COM NEW0.24%$61M525.1K
78LOWLOWES COS INChistory →COM0.24%$60M258.7K
79SCHWSCHWAB CHARLES CORPhistory →COM0.24%$59M758.5K
80BABOEING COhistory →COM0.23%$58M342.5K
81TMUST-MOBILE US INChistory →COM0.23%$58M215.6K
82VRTXVERTEX PHARMACEUTICALS INChistory →COM0.23%$57M118.4K
83FISVFISERV INChistory →COM0.23%$57M259.3K
84BMYBRISTOL-MYERS SQUIBB COhistory →COM0.23%$57M928.6K
85CBCHUBB LIMITEDhistory →COM0.22%$56M185.2K
86MRSHMARSH & MCLENNAN COS INChistory →COM0.22%$55M225.7K
87DEDEERE & COhistory →COM0.21%$54M114.8K
88PANWPALO ALTO NETWORKS INChistory →COM0.21%$54M314.2K
89ADIANALOG DEVICES INChistory →COM0.21%$54M265.3K
90CMECME GROUP INChistory →COM0.21%$53M198.3K
91KLACKLA CORPhistory →COM NEW0.21%$52M76.0K
92SBUXSTARBUCKS CORPhistory →COM0.20%$51M518.8K
93MUMICRON TECHNOLOGY INChistory →COM0.20%$50M577.0K
94MOALTRIA GROUP INChistory →COM0.20%$49M821.9K
95ETNEATON CORP PLChistory →SHS0.20%$49M180.7K
96PLDPROLOGIS INC.history →COM0.19%$47M423.0K
97AMTAMERICAN TOWER CORP NEWhistory →COM0.18%$47M213.7K
98ELVELEVANCE HEALTH INChistory →COM0.18%$46M106.5K
99BXBLACKSTONE INChistory →COM0.18%$46M330.3K
100SOSOUTHERN COhistory →COM0.18%$46M501.3K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$31.8B1,006May 14, 202613F-HRchanges · EDGAR ↗
Q4 2025$31.2B1,010Feb 13, 202613F-HRchanges · EDGAR ↗
Q3 2025$32.5B1,010Nov 13, 202513F-HRchanges · EDGAR ↗
Q2 2025$31.2B1,015Aug 14, 202513F-HRchanges · EDGAR ↗
Q1 2025$25.1B1,007May 15, 202513F-HRchanges · EDGAR ↗
Q4 2024$25.7B1,013Feb 13, 202513F-HRchanges · EDGAR ↗
Q3 2024$25.0B1,021Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$23.6B1,020Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$22.8B1,011May 9, 202413F-HRchanges · EDGAR ↗
Q4 2023$20.7B1,016May 9, 2024RESTATEMENTchanges · EDGAR ↗
Q3 2023$18.5B1,015Nov 13, 202313F-HRchanges · EDGAR ↗
Q2 2023$19.1B1,014Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$17.6B1,014May 4, 202313F-HRchanges · EDGAR ↗
Q4 2022$16.4B1,016Feb 9, 202313F-HRchanges · EDGAR ↗
Q3 2022$15.1B1,027Nov 8, 202213F-HRchanges · EDGAR ↗
Q2 2022$15.8B1,030Aug 2, 202213F-HRchanges · EDGAR ↗
Q1 2022$18.1B1,029May 10, 202213F-HRchanges · EDGAR ↗
Q4 2021$18.9B1,038Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$17.3B1,033Nov 3, 202113F-HRchanges · EDGAR ↗
Q2 2021$17.2B1,033Aug 13, 202113F-HRchanges · EDGAR ↗
Q1 2021$15.9B1,034May 3, 202113F-HRchanges · EDGAR ↗
Q4 2020$15.0B1,030Feb 2, 202113F-HRchanges · EDGAR ↗
Q3 2020$13.2B1,020Nov 4, 202013F-HRchanges · EDGAR ↗
Q2 2020$12.1B1,009Aug 7, 202013F-HRchanges · EDGAR ↗
Q1 2020$11.3B1,001May 13, 202013F-HRchanges · EDGAR ↗
Q4 2019$12.1B1,001Feb 12, 202013F-HRchanges · EDGAR ↗
Q3 2019$11.1B1,000Nov 7, 201913F-HRchanges · EDGAR ↗
Q2 2019Under review1,008Aug 23, 201913F-HRchanges · EDGAR ↗
Q1 2019$41M90May 6, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.