SEC 13F Intelligence

Managers / Q1 2026

Treasurer of the State of North Carolina

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

Reported Value
$31.8B
Q1 2026
Positions
1,006
Filings on Record
35
2019–present window
Filed
May 14, 2026
original filing

Summary

Treasurer Of The State Of North Carolina reported $31.8B in U.S.-listed holdings across 1,006 positions for Q1 2026.

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

Compared with Q4 2025, the fund opened 7 new positions and exited 11.

Portfolio Metrics

Turnover
+7.1%
vs prior filed quarter
Top-10 Concentration
+35.3%
share of reported value
Largest Position
+6.0%
Nvidia Corporation
New / Exited
7 / 11
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: 93.1%ETP: 4.8%REIT: 2.0%Other: 0.1%Tracking Stk: 0.0%
  • Common Stock · 93.1% · $29.6B
  • ETP · 4.8% · $1.5B
  • REIT · 2.0% · $632M
  • Other · 0.1% · $37M
  • Tracking Stk · 0.0% · $8M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
QGENQIAGEN NVNEW+200.9K200.9K+$8M$8M
AMCRAMCOR PLCNEW+197.3K197.3K+$8M$8M
MDLNMEDLINE INCNEW+138.8K138.8K+$6M$6M
PNFPPINNACLE FINL PARTNERS INCNEW+63.8K63.8K+$5M$5M
VSNTVERSANT MEDIA GROUP INCNEW+70.2K70.2K+$3M$3M
INGMINGRAM MICRO HLDG CORPNEW+8.8K8.8K+$205,000$205,000
CBCCENTRAL BANCOMPANYNEW+8.4K8.4K+$201,000$201,000
CAICARIS LIFE SCIENCES INCADDED+29.5K39.0K+$441,000$697,000

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

Holdings — Q1 2026

497 positions (from 500 filing rows — )
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1NVDANVIDIA CORPORATIONhistory →COM6.03%$1.9B11.00M
2AAPLAPPLE INChistory →COM5.41%$1.7B6.78M
3IWMISHARES TRRUSSELL 2000 ETF · CORE S&P500 ETF4.79%$1.5B6.00M
4GOOGLALPHABET INCCAP STK CL A · CAP STK CL C4.58%$1.5B5.07M
5MSFTMICROSOFT CORPhistory →COM4.11%$1.3B3.53M
6AMZNAMAZON COM INChistory →COM3.15%$1.0B4.81M
7AVGOBROADCOM INChistory →COM2.33%$741M2.39M
8METAMETA PLATFORMS INChistory →CL A2.06%$656M1.15M
9TSLATESLA INChistory →COM1.66%$527M1.42M
10BRK/BBERKSHIRE HATHAWAY INC DELhistory →CL B NEW1.19%$378M789.6K
11LLYELI LILLY & COhistory →COM1.15%$367M398.8K
12JNJJOHNSON & JOHNSONhistory →COM1.11%$353M1.44M
13JPMJPMORGAN CHASE & COhistory →COM1.08%$342M1.16M
14EXMOCEXXON MOBIL CORPhistory →COM0.97%$307M1.81M
15VVISA INChistory →COM CL A0.93%$296M979.1K
16PGPROCTER & GAMBLE COhistory →COM0.75%$238M1.65M
17WMTWALMART INChistory →COM0.73%$231M1.86M
18MUMICRON TECHNOLOGY INChistory →COM0.71%$225M665.9K
19MAMASTERCARD INCORPORATEDhistory →CL A0.68%$217M433.4K
20CSCOCISCO SYS INChistory →COM0.66%$210M2.71M
21NFLXNETFLIX INC.history →COM0.66%$209M2.18M
22LRCXLAM RESEARCH CORPhistory →COM NEW0.62%$198M928.3K
23COSTCOSTCO WHOLESALE CORPORATIONhistory →COM0.60%$189M190.0K
24BACBANK AMERICA CORPhistory →COM0.58%$184M3.78M
25AMATAPPLIED MATLS INChistory →COM0.54%$173M506.7K
26ABBVABBVIE INChistory →COM0.54%$171M786.0K
27PLTRPALANTIR TECHNOLOGIES INChistory →CL A0.53%$168M1.15M
28CVXCHEVRON CORPORATIONhistory →COM0.52%$166M802.1K
29KLACKLA CORPhistory →COM NEW0.51%$161M109.5K
30ORCLORACLE CORPhistory →COM0.45%$144M980.7K
31CATCATERPILLAR INChistory →COM0.44%$140M198.2K
32AMDADVANCED MICRO DEVICES INChistory →COM0.44%$140M689.5K
33HDHOME DEPOT INChistory →COM0.44%$140M426.3K
34MRKMERCK & CO INChistory →COM0.43%$138M1.15M
35IBMINTERNATIONAL BUSINESS MACHShistory →COM0.43%$137M565.2K
36GE AEROSPACECOM NEW0.41%$130M457.9K
37UNHUNITEDHEALTH GROUP INChistory →COM0.40%$127M468.9K
38KOCOCA COLA COhistory →COM0.40%$127M1.66M
39MCDMCDONALDS CORPhistory →COM0.38%$120M385.7K
40PMPHILIP MORRIS INTL INChistory →COM0.38%$119M721.1K
41ADIANALOG DEVICES INChistory →COM0.37%$117M366.2K
42TXNTEXAS INSTRS INChistory →COM0.35%$111M573.9K
43RTXRTX CORPORATIONhistory →COM0.35%$110M572.8K
44GILDGILEAD SCIENCES INChistory →COM0.34%$108M773.3K
45GSGOLDMAN SACHS GROUP INChistory →COM0.33%$106M125.8K
46WFCWELLS FARGO & COhistory →COM0.33%$106M1.33M
47DISDISNEY WALT COhistory →COM0.33%$105M1.08M
48INTCINTEL CORPhistory →COM0.32%$101M2.29M
49GEVGE VERNOVA INChistory →COM0.32%$101M115.6K
50LINLINDE PLChistory →SHS0.31%$100M201.0K
51GDGENERAL DYNAMICS CORPhistory →COM0.31%$99M289.4K
52AXPAMERICAN EXPRESS COhistory →COM0.31%$98M325.0K
53QCOMQUALCOMM INChistory →COM0.31%$98M758.6K
54ETRENTERGY CORP NEWhistory →COM0.30%$96M854.9K
55TMOTHERMO FISHER SCIENTIFIC INChistory →COM0.30%$95M194.1K
56ABTABBOTT LABORATORIEShistory →COM0.30%$94M919.2K
57PEPPEPSICO INChistory →COM0.29%$91M586.7K
58VZVERIZON COMMUNICATIONS INChistory →COM0.29%$91M1.81M
59COPCONOCOPHILLIPShistory →COM0.28%$88M664.2K
60CMECME GROUP INChistory →COM0.27%$87M294.1K
61MDTMEDTRONIC PLChistory →SHS0.27%$86M994.1K
62TAT&T INChistory →COM0.27%$86M2.96M
63CCITIGROUP INChistory →COM NEW0.26%$84M742.1K
64PFEPFIZER INChistory →COM0.26%$84M2.99M
65NEENEXTERA ENERGY INChistory →COM0.26%$83M893.2K
66DUKDUKE ENERGY CORP NEWhistory →COM NEW0.26%$82M626.2K
67BLKBLACKROCK INChistory →COM0.26%$82M85.2K
68AMGNAMGEN INChistory →COM0.25%$81M230.3K
69MSMORGAN STANLEYhistory →COM NEW0.25%$80M485.7K
70CRMSALESFORCE INChistory →COM0.25%$80M426.9K
71INTUINTUIThistory →COM0.25%$79M181.7K
72TJXTJX COS INC NEWhistory →COM0.24%$76M478.9K
73UBERUBER TECHNOLOGIES INChistory →COM0.24%$76M1.05M
74COFCAPITAL ONE FINL CORPhistory →COM0.23%$72M397.3K
75ISRGINTUITIVE SURGICAL INChistory →COM NEW0.22%$70M151.1K
76PANWPALO ALTO NETWORKS INChistory →COM0.22%$69M433.4K
77ACNACCENTURE PLC IRELANDhistory →SHS CLASS A0.21%$68M343.7K
78ANETARISTA NETWORKS INChistory →COM SHS0.21%$68M554.2K
79SCHWSCHWAB CHARLES CORPhistory →COM0.21%$67M715.0K
80APHAMPHENOL CORPhistory →CL A0.21%$66M522.4K
81SPGSIMON PPTY GROUP INC NEWhistory →COM0.21%$65M351.0K
82FCXFREEPORT MCMORAN INChistory →CL B0.20%$65M1.10M
83BABOEING COhistory →COM0.20%$64M323.5K
84NEMNEWMONT CORPhistory →COM0.20%$64M591.3K
85CMICUMMINS INChistory →COM0.20%$63M117.7K
86ADPAUTOMATIC DATA PROCESSING INhistory →COM0.20%$62M307.6K
87UNPUNION PAC CORPhistory →COM0.20%$62M256.0K
88HONHONEYWELL INTL INChistory →COM0.19%$62M272.3K
89BKNGBOOKING HOLDINGS INChistory →COM0.19%$61M14.5K
90HCAHCA HEALTHCARE INChistory →COM0.19%$60M127.0K
91ADBEADOBE INChistory →COM0.19%$60M246.9K
92ETNEATON CORP PLChistory →SHS0.19%$60M167.8K
93DEDEERE & COhistory →COM0.19%$59M104.6K
94AMEAMETEK INChistory →COM0.18%$58M272.6K
95WELLWELLTOWER INChistory →COM0.18%$58M294.4K
96EVRGEVERGY INChistory →COM0.18%$57M699.2K
97MOALTRIA GROUP INChistory →COM0.18%$57M861.5K
98LOWLOWES COS INChistory →COM0.18%$57M240.0K
99SPGIS&P GLOBAL INChistory →COM0.17%$55M129.8K
100XELXCEL ENERGY INChistory →COM0.17%$55M689.1K

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 ↗.