SEC 13F Intelligence

Managers / Q2 2025 · view latest →

Treasurer of the State of North Carolina

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

Reported Value
$31.2B
Q2 2025
Positions
1,015
Filings on Record
35
2019–present window
Filed
Aug 14, 2025
original filing

Summary

Treasurer Of The State Of North Carolina reported $31.2B in U.S.-listed holdings across 1,015 positions for Q2 2025.

Its largest position, NVDA, represents 6.0% of the portfolio.

Compared with Q1 2025, the fund opened 38 new positions and exited 30.

Portfolio Metrics

Turnover
+2.1%
vs prior filed quarter
Top-10 Concentration
+33.1%
share of reported value
Largest Position
+6.0%
Nvidia Corporation
New / Exited
38 / 30
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: 2.2%ETP: 1.4%Other: 0.1%Tracking Stk: 0.0%
  • Common Stock · 96.2% · $30.0B
  • REIT · 2.2% · $688M
  • ETP · 1.4% · $451M
  • Other · 0.1% · $29M
  • Tracking Stk · 0.0% · $15M

Quarter-over-Quarter Changes full breakdown →

vs Q1 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
FLUTFLUTTER ENTMT PLCNEW+81.8K81.8K+$23M$23M
AUANGLOGOLD ASHANTI PLCNEW+235.3K235.3K+$11M$11M
QSRRESTAURANT BRANDS INTL INCNEW+151.1K151.1K+$10M$10M
BAMBROOKFIELD ASSET MANAGMT LTDNEW+178.6K178.6K+$10M$10M
FLEX LTDNEW+178.1K178.1K+$9M$9M
INSMINSMED INCNEW+83.4K83.4K+$8M$8M
RDDTREDDIT INCNEW+54.5K54.5K+$8M$8M
SFMSPROUTS FMRS MKT INCNEW+45.7K45.7K+$8M$8M

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

Holdings — Q2 2025

497 positions (from 500 filing rows — )
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1NVDANVIDIA CORPORATIONhistory →COM6.01%$1.9B11.87M
2MSFTMICROSOFT CORPhistory →COM5.97%$1.9B3.74M
3AAPLAPPLE INChistory →COM4.97%$1.6B7.56M
4AMZNAMAZON COM INChistory →COM3.59%$1.1B5.10M
5GOOGLALPHABET INCCAP STK CL A · CAP STK CL C3.21%$1.0B5.66M
6METAMETA PLATFORMS INChistory →CL A2.78%$868M1.18M
7AVGOBROADCOM INChistory →COM2.28%$712M2.58M
8TSLATESLA INChistory →COM1.52%$475M1.50M
9IWMISHARES TRRUSSELL 2000 ETF · CORE S&P500 ETF1.45%$451M2.04M
10BRK/BBERKSHIRE HATHAWAY INC DELhistory →CL B NEW1.34%$419M861.6K
11JPMJPMORGAN CHASE & CO.history →COM1.21%$376M1.30M
12VVISA INChistory →COM CL A1.09%$341M960.1K
13LLYELI LILLY & COhistory →COM1.06%$331M424.7K
14NFLXNETFLIX INChistory →COM0.97%$304M226.6K
15PGPROCTER AND GAMBLE COhistory →COM0.83%$258M1.62M
16MAMASTERCARD INCORPORATEDhistory →CL A0.78%$243M432.2K
17ORCLORACLE CORPhistory →COM0.74%$232M1.06M
18EXMOCEXXON MOBIL CORPhistory →COM0.70%$218M2.02M
19COSTCOSTCO WHSL CORP NEWhistory →COM0.66%$205M207.3K
20CSCOCISCO SYS INChistory →COM0.66%$205M2.95M
21WMTWALMART INChistory →COM0.64%$199M2.03M
22JNJJOHNSON & JOHNSONhistory →COM0.60%$189M1.23M
23IBMINTERNATIONAL BUSINESS MACHShistory →COM0.58%$182M616.1K
24HDHOME DEPOT INChistory →COM0.55%$171M465.1K
25PLTRPALANTIR TECHNOLOGIES INChistory →CL A0.52%$161M1.18M
26UNHUNITEDHEALTH GROUP INChistory →COM0.50%$155M497.8K
27PMPHILIP MORRIS INTL INChistory →COM0.50%$155M848.6K
28ABBVABBVIE INChistory →COM0.49%$154M827.6K
29BACBANK AMERICA CORPhistory →COM0.49%$152M3.20M
30INTUINTUIThistory →COM0.44%$136M172.6K
31ABTABBOTT LABShistory →COM0.42%$131M963.6K
32KOCOCA COLA COhistory →COM0.41%$129M1.82M
33GE AEROSPACECOM NEW0.41%$126M491.2K
34QCOMQUALCOMM INChistory →COM0.40%$125M785.8K
35TXNTEXAS INSTRS INChistory →COM0.39%$122M587.8K
36WFCWELLS FARGO CO NEWhistory →COM0.39%$122M1.52M
37CRMSALESFORCE INChistory →COM0.38%$119M436.1K
38DISDISNEY WALT COhistory →COM0.37%$116M933.1K
39NOWSERVICENOW INChistory →COM0.36%$114M110.6K
40BKNGBOOKING HOLDINGS INChistory →COM0.36%$113M19.5K
41CVXCHEVRON CORP NEWhistory →COM0.35%$109M761.9K
42AMDADVANCED MICRO DEVICES INChistory →COM0.34%$107M752.3K
43AXPAMERICAN EXPRESS COhistory →COM0.34%$105M329.0K
44LINLINDE PLChistory →SHS0.33%$103M219.4K
45KLACKLA CORPhistory →COM NEW0.32%$101M112.4K
46GSGOLDMAN SACHS GROUP INChistory →COM0.32%$101M142.2K
47MCDMCDONALDS CORPhistory →COM0.31%$98M333.9K
48ADPAUTOMATIC DATA PROCESSING INhistory →COM0.31%$96M312.5K
49TAT&T INChistory →COM0.30%$95M3.28M
50MRKMERCK & CO INChistory →COM0.30%$93M1.18M
51BLKBLACKROCK INChistory →COM0.30%$93M88.4K
52ADIANALOG DEVICES INChistory →COM0.29%$92M384.5K
53ADBEADOBE INChistory →COM0.29%$91M236.1K
54RTXRTX CORPORATIONhistory →COM0.29%$91M625.0K
55ISRGINTUITIVE SURGICAL INChistory →COM NEW0.29%$91M166.7K
56CMCSACOMCAST CORP NEWhistory →CL A0.29%$91M2.54M
57COFCAPITAL ONE FINL CORPhistory →COM0.29%$90M423.3K
58UBERUBER TECHNOLOGIES INChistory →COM0.28%$88M940.5K
59ACNACCENTURE PLC IRELANDhistory →SHS CLASS A0.28%$87M292.4K
60MDTMEDTRONIC PLChistory →SHS0.28%$87M1.00M
61MUMICRON TECHNOLOGY INChistory →COM0.28%$86M701.5K
62GILDGILEAD SCIENCES INChistory →COM0.27%$86M771.3K
63VZVERIZON COMMUNICATIONS INChistory →COM0.27%$85M1.97M
64PEPPEPSICO INChistory →COM0.27%$85M640.1K
65CATCATERPILLAR INChistory →COM0.27%$84M216.3K
66PFEPFIZER INChistory →COM0.25%$77M3.16M
67MSMORGAN STANLEYhistory →COM NEW0.24%$76M538.0K
68SPGIS&P GLOBAL INChistory →COM0.24%$76M143.4K
69BSXBOSTON SCIENTIFIC CORPhistory →COM0.24%$74M689.5K
70CCITIGROUP INChistory →COM NEW0.24%$74M865.4K
71PANWPALO ALTO NETWORKS INChistory →COM0.24%$73M358.2K
72PGRPROGRESSIVE CORPhistory →COM0.23%$73M273.7K
73CMECME GROUP INChistory →COM0.23%$73M264.0K
74SCHWSCHWAB CHARLES CORPhistory →COM0.23%$73M797.2K
75TMOTHERMO FISHER SCIENTIFIC INChistory →COM0.23%$72M176.4K
76BABOEING COhistory →COM0.23%$71M338.5K
77AMGNAMGEN INChistory →COM0.22%$70M251.3K
78HONHONEYWELL INTL INChistory →COM0.22%$70M300.7K
79AMATAPPLIED MATLS INChistory →COM0.22%$69M379.3K
80LRCXLAM RESEARCH CORPhistory →COM NEW0.22%$68M698.6K
81GEVGE VERNOVA INChistory →COM0.22%$68M127.7K
82NEENEXTERA ENERGY INChistory →COM0.21%$67M963.3K
83ROPROPER TECHNOLOGIES INChistory →COM0.21%$66M117.2K
84ETNEATON CORP PLChistory →SHS0.21%$65M183.1K
85TJXTJX COS INC NEWhistory →COM0.21%$65M522.5K
86UNPUNION PAC CORPhistory →COM0.21%$64M279.4K
87COPCONOCOPHILLIPShistory →COM0.21%$64M713.0K
88SYKSTRYKER CORPORATIONhistory →COM0.20%$64M160.8K
89RCLROYAL CARIBBEAN GROUPhistory →COM0.20%$61M195.2K
90DHRDANAHER CORPORATIONhistory →COM0.19%$59M298.0K
91CRWDCROWDSTRIKE HLDGS INChistory →CL A0.19%$58M114.1K
92LOWLOWES COS INChistory →COM0.19%$58M261.8K
93DEDEERE & COhistory →COM0.19%$58M114.1K
94AMPAMERIPRISE FINL INChistory →COM0.18%$57M107.1K
95APHAMPHENOL CORP NEWhistory →CL A0.18%$56M563.3K
96FTNTFORTINET INChistory →COM0.18%$55M524.1K
97SPGSIMON PPTY GROUP INC NEWhistory →COM0.18%$55M343.5K
98SPOTSPOTIFY TECHNOLOGY S Ahistory →SHS0.18%$55M71.9K
99ORLYOREILLY AUTOMOTIVE INChistory →COM0.17%$54M601.0K
100MOALTRIA GROUP INChistory →COM0.17%$54M917.3K

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 ↗.