Treasurer of the State of North Carolina
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Treasurer of the State of North Carolina reported 1,007 stock positions worth $25.1 billion. Its top holding was Apple (AAPL) at 6.1% of the portfolio, followed by Microsoft (MSFT, 5.3%) and Nvidia (NVDA, 4.8%). Compared with Q4 2024, it opened 2 new positions, sold out of 10, added to 829 and reduced 175. The biggest buy was a new position in iShares Russell 2000 ETF (IWM) and the biggest sale Oracle (ORCL, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- RALEIGH, NC
- CIK
- 0001761054
- Portfolio Value
- $25.1B (Q1 2025)
- SEC Filing
- 0001761054-25-000004 ↗ filed May 15, 2025
Holdings Value
Holdings 1,007 stocks · $25.1B
| AAPL Apple Inc. | 6.14% | 6,953,728 | $1.5B | Add +6.4% |
| MSFT Microsoft Corp. | 5.25% | 3,519,109 | $1.3B | Add +3.4% |
| NVDA Nvidia Corp. | 4.78% | 11,078,910 | $1.2B | Add +2.7% |
| AMZN Amazon.com Inc. | 3.42% | 4,521,332 | $860.2M | Add +4.1% |
| META Meta Platforms Inc. Class A | 2.43% | 1,061,190 | $611.6M | Add +2.0% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.77% | 838,073 | $446.3M | Add +1.3% |
| GOOGL Alphabet Inc. Class A | 1.74% | 2,833,021 | $438.1M | Add +3.1% |
| AVGO Broadcom Inc. | 1.48% | 2,229,096 | $373.2M | Add +2.7% |
| GOOG Alphabet Inc. Class C | 1.45% | 2,338,481 | $365.3M | Add +2.8% |
| TSLA Tesla Inc. | 1.38% | 1,336,276 | $346.3M | Add +3.4% |
| LLY Eli Lilly & Co. | 1.26% | 384,310 | $317.4M | Reduce -0.5% |
| JPM JPMorgan Chase & Co. | 1.26% | 1,292,790 | $317.1M | Add +2.6% |
| V Visa Inc. Class A | 1.18% | 847,707 | $297.1M | Add +18.0% |
| IWM iShares Russell 2000 ETF | 1.16% | 1,458,235 | $290.9M | New |
| XOM Exxon Mobil Corp. | 0.95% | 2,013,233 | $239.4M | Add +1.9% |
| UNH Unitedhealth Group Inc. | 0.91% | 435,006 | $227.8M | Add +1.7% |
| MA Mastercard Inc. Class A | 0.85% | 391,680 | $214.7M | Add +1.7% |
| PG The Procter & Gamble Co. | 0.82% | 1,206,256 | $205.6M | Add +7.1% |
| NFLX Netflix Inc. | 0.77% | 206,754 | $192.8M | Add +1.7% |
| COST Costco Wholesale Corp. | 0.76% | 202,986 | $192.0M | Add +4.1% |
| JNJ Johnson & Johnson | 0.75% | 1,139,988 | $189.1M | Reduce -1.4% |
| WMT Walmart Inc. | 0.73% | 2,081,131 | $182.7M | Add +1.2% |
| ABBV Abbvie Inc. | 0.71% | 855,226 | $179.2M | Reduce -4.0% |
| HD Home Depot Inc. | 0.69% | 472,509 | $173.2M | Reduce -2.5% |
| CSCO Cisco Systems Inc. | 0.52% | 2,116,744 | $130.6M | Add +0.4% |
| KO The Coca-Cola Co. | 0.51% | 1,777,426 | $127.3M | Add +1.6% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.51% | 3,048,775 | $127.2M | Add +1.3% |
| CVX Chevron Corp. | 0.50% | 749,431 | $125.4M | Reduce -1.1% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.48% | 489,806 | $121.8M | Reduce -1.2% |
| PM Philip Morris International | 0.48% | 754,233 | $119.7M | Add +5.3% |
| CRM Salesforce Inc. | 0.47% | 442,620 | $118.8M | Add +1.9% |
| ORCL Oracle Corp. | 0.46% | 833,105 | $116.5M | Reduce -0.7% |
| ABT Abbott Laboratories | 0.45% | 846,328 | $112.3M | Add +3.2% |
| WFC Wells Fargo & Co. | 0.43% | 1,506,853 | $108.2M | Add +0.1% |
| MRK Merck & Co. Inc. | 0.42% | 1,185,782 | $106.4M | Reduce -3.2% |
| MCD McDonald's Corp. | 0.41% | 329,899 | $103.1M | Add +1.4% |
| LIN Linde PLC | 0.41% | 219,985 | $102.4M | Add +4.1% |
| T AT&T Inc. | 0.40% | 3,526,554 | $99.7M | Reduce -7.0% |
| GE General Electric filed as GE AEROSPACE | 0.39% | 492,785 | $98.6M | Add +4.1% |
| PEP Pepsico Inc. | 0.38% | 629,467 | $94.4M | Add +1.0% |
| TMO Thermo Fisher Scientific Inc. | 0.37% | 186,994 | $93.0M | Add +7.1% |
| QCOM Qualcomm Inc. | 0.36% | 594,264 | $91.3M | Add +1.2% |
| ACN Accenture PLC Class A | 0.36% | 287,287 | $89.6M | Add +1.3% |
| VZ Verizon Communications Inc. | 0.35% | 1,929,425 | $87.5M | Reduce -7.0% |
| TXN Texas Instruments Inc. | 0.34% | 474,120 | $85.2M | Reduce -1.7% |
| PLTR Palantir Technologies Inc. Class A | 0.33% | 993,589 | $83.9M | Add +6.6% |
| INTU Intuit Inc. | 0.33% | 136,549 | $83.8M | Reduce -3.0% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.33% | 846,787 | $83.6M | Add +0.1% |
| ADBE Adobe Inc. | 0.32% | 212,390 | $81.5M | Reduce -0.4% |
| CAT Caterpillar Inc. | 0.32% | 245,394 | $80.9M | Add +7.0% |
| RTX RTX Corp. | 0.32% | 608,798 | $80.6M | Add +4.1% |
| ISRG Intuitive Surgical Inc. | 0.32% | 161,747 | $80.1M | Add +0.8% |
| NOW ServiceNow Inc. | 0.31% | 98,960 | $78.8M | Add +1.3% |
| BKNG Booking Holdings Inc. | 0.31% | 16,685 | $76.9M | Add +6.1% |
| AMGN Amgen Inc. | 0.30% | 245,529 | $76.5M | Reduce -6.0% |
| PGR Progressive Corp. | 0.30% | 267,628 | $75.7M | Reduce -8.8% |
| AMD Advanced Micro Devices | 0.30% | 737,040 | $75.7M | Add +1.6% |
| GS Goldman Sachs Group Inc. | 0.30% | 138,116 | $75.5M | Reduce -0.4% |
| AXP American Express Co. | 0.30% | 279,140 | $75.1M | Reduce -8.3% |
| CMCSA Comcast Corp. Class A | 0.30% | 2,026,935 | $74.8M | Reduce -1.6% |
| SPGI S&P Global Inc. | 0.29% | 143,282 | $72.8M | Add +3.8% |
| GILD Gilead Sciences Inc. | 0.28% | 638,042 | $71.5M | Reduce -0.1% |
| ADP Automatic Data Processing | 0.28% | 231,150 | $70.6M | Add +1.2% |
| BLK BlackRock Inc. | 0.28% | 73,623 | $69.7M | Add +3.0% |
| BSX Boston Scientific Corp. | 0.27% | 672,465 | $67.8M | Add +1.1% |
| UBER Uber Technologies Inc. | 0.27% | 930,586 | $67.8M | Add +1.4% |
| PFE Pfizer Inc. | 0.27% | 2,636,904 | $66.8M | Reduce -7.5% |
| NEE Nextera Energy Inc. | 0.27% | 941,424 | $66.7M | Add +4.1% |
| COP Conocophillips | 0.27% | 635,257 | $66.7M | Add +3.8% |
| DHR Danaher Corp. | 0.26% | 322,355 | $66.1M | Reduce -4.8% |
| UNP Union Pacific Corp. | 0.26% | 279,307 | $66.0M | Add +4.1% |
| MDT Medtronic PLC | 0.26% | 729,386 | $65.5M | Add +1.1% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.25% | 518,791 | $63.2M | Add +1.4% |
| HON Honeywell International Inc. | 0.25% | 298,348 | $63.2M | Add +4.1% |
| AMAT Applied Materials Inc. | 0.25% | 431,954 | $62.7M | Add +0.7% |
| SYK Stryker Corp. | 0.25% | 165,674 | $61.7M | Add +0.8% |
| C Citigroup Inc. | 0.24% | 866,478 | $61.5M | Add +1.4% |
| MS Morgan Stanley | 0.24% | 525,072 | $61.3M | Add +0.4% |
| LOW Lowe's Cos Inc. | 0.24% | 258,697 | $60.3M | Add +2.7% |
| SCHW Schwab (charles) Corp. | 0.24% | 758,538 | $59.4M | Add +12.5% |
| BA The Boeing Co. | 0.23% | 342,504 | $58.4M | Add +10.0% |
| TMUS T-Mobile US Inc. | 0.23% | 215,646 | $57.5M | Reduce -4.4% |
| VRTX Vertex Pharmaceuticals Inc. | 0.23% | 118,375 | $57.4M | Add +1.4% |
| FISV Fiserv Inc. | 0.23% | 259,261 | $57.3M | Add +4.1% |
| BMY Bristol-Myers Squibb Co. | 0.23% | 928,649 | $56.6M | Reduce -11.6% |
| CB Chubb Ltd. | 0.22% | 185,231 | $55.9M | Reduce -7.7% |
| MRSH Marsh & McLennan Cos | 0.22% | 225,729 | $55.1M | Add +1.4% |
| DE Deere & Co. | 0.21% | 114,827 | $53.9M | Add +0.8% |
| PANW Palo Alto Networks Inc. | 0.21% | 314,247 | $53.6M | Reduce -5.7% |
| ADI Analog Devices Inc. | 0.21% | 265,284 | $53.5M | Add +1.6% |
| CME Cme Group Inc. | 0.21% | 198,314 | $52.6M | Add +8.5% |
| KLAC KLA Corp. | 0.21% | 76,024 | $51.7M | Add +5.3% |
| SBUX Starbucks Corp. | 0.20% | 518,751 | $50.9M | Add +4.1% |
| MU Micron Technology Inc. | 0.20% | 577,050 | $50.1M | Add +1.2% |
| MO Altria Group Inc. | 0.20% | 821,894 | $49.3M | Add +3.8% |
| ETN Eaton Corp. PLC | 0.20% | 180,675 | $49.1M | Add +4.1% |
| PLD Prologis Inc. | 0.19% | 423,046 | $47.3M | Add +4.1% |
| AMT American Tower Corp. | 0.18% | 213,733 | $46.5M | Reduce -1.8% |
| ELV Elevance Health Inc. | 0.18% | 106,453 | $46.3M | Add +1.4% |
| BX Blackstone Inc. | 0.18% | 330,335 | $46.2M | Add +4.1% |
Portfolio Sells Q4 2024 → Q1 2025
| ORCL Oracle Corp. | Reduce -0.7% | 0.46% | −0.08 |
| ANET Arista Networks Inc. | Reduce -4.3% | 0.15% | −0.07 |
| AXP American Express Co. | Reduce -8.3% | 0.30% | −0.05 |
| MRK Merck & Co. Inc. | Reduce -3.2% | 0.42% | −0.05 |
| HD Home Depot Inc. | Reduce -2.5% | 0.69% | −0.05 |
| ADBE Adobe Inc. | Reduce -0.4% | 0.32% | −0.05 |
| DHR Danaher Corp. | Reduce -4.8% | 0.26% | −0.04 |
| DECK Deckers Outdoor Corp. | Reduce -22.3% | 0.03% | −0.04 |
| REGN Regeneron Pharmaceuticals | Reduce -16.1% | 0.12% | −0.04 |
| GIS General Mills Inc. | Reduce -32.9% | 0.06% | −0.03 |
| DXCM Dexcom Inc. | Reduce -32.2% | 0.05% | −0.03 |
| PFE Pfizer Inc. | Reduce -7.5% | 0.27% | −0.03 |
| TGT Target Corp. | Reduce -0.8% | 0.10% | −0.03 |
| NTAP Netapp Inc. | Reduce -30.6% | 0.03% | −0.03 |
| CMG Chipotle Mexican Grill Inc. | Reduce -3.0% | 0.12% | −0.03 |
| DOX Amdocs Ltd. | Reduce -50.4% | 0.03% | −0.03 |
| CDNS Cadence Design SYS Inc. | Reduce -3.5% | 0.13% | −0.03 |
| GM General Motors Co. | Reduce -9.7% | 0.11% | −0.02 |
| PANW Palo Alto Networks Inc. | Reduce -5.7% | 0.21% | −0.02 |
| LMT Lockheed Martin Corp. | Reduce -6.0% | 0.17% | −0.02 |
| FSLR First Solar Inc. | Reduce -27.2% | 0.03% | −0.02 |
| LVS Las Vegas Sands Corp. | Reduce -31.7% | 0.02% | −0.02 |
| SYF Synchrony Financial | Reduce -9.0% | 0.06% | −0.02 |
| HUM Humana Inc. | Reduce -30.6% | 0.06% | −0.02 |
| CLX Clorox Company | Reduce -32.1% | 0.03% | −0.02 |
| HSY The Hershey Co. | Reduce -32.3% | 0.05% | −0.02 |
| LPLA LPL Financial Holdings Inc. | Reduce -32.2% | 0.04% | −0.02 |
| CHD Church & Dwight Co. Inc. | Reduce -32.4% | 0.05% | −0.02 |
| SRPT Sarepta Therapeutics Inc. | Reduce -31.7% | 0.01% | −0.02 |
| DELL Dell Technologies -C | Reduce -11.3% | 0.05% | −0.02 |
| FIS Fidelity National Info Serv | Reduce -14.9% | 0.07% | −0.02 |
| WST West Pharmaceutical Services | Reduce -10.8% | 0.03% | −0.02 |
| UTHR United Therapeutics Corp. | Reduce -23.2% | 0.04% | −0.02 |
| MRNA Moderna Inc. | Reduce -28.5% | 0.02% | −0.02 |
| BIIB Biogen Inc. | Reduce -24.8% | 0.04% | −0.02 |
| ALNY Alnylam Pharmaceuticals Inc. | Reduce -32.2% | 0.06% | −0.02 |
| EW Edwards Lifesciences Corp. | Reduce -17.4% | 0.08% | −0.02 |
| YUMC Yum China Holdings Inc. | Sold out | 0.00% | −0.02 |
| NBIX Neurocrine Biosciences Inc. | Reduce -32.4% | 0.02% | −0.02 |
| TYL Tyler Technologies Inc. | Reduce -27.2% | 0.04% | −0.01 |
| SCI Service Corp. International | Reduce -31.9% | 0.03% | −0.01 |
| AKAM Akamai Technologies Inc. | Reduce -14.2% | 0.04% | −0.01 |
| DKS Dick's Sporting Goods Inc. | Reduce -21.6% | 0.03% | −0.01 |
| JLL Jones Lang Lasalle Inc. | Reduce -39.4% | 0.02% | −0.01 |
| FDX FedEx Corp. | Reduce -0.8% | 0.10% | −0.01 |
| TXN Texas Instruments Inc. | Reduce -1.7% | 0.34% | −0.01 |
| DG Dollar General Corp. | Reduce -38.9% | 0.04% | −0.01 |
| SMAR Smartsheet Inc. Class A | Sold out | 0.00% | −0.01 |
| MKC McCormick & Co.-Non VTG SHRS | Reduce -32.3% | 0.04% | −0.01 |
| CBOE Cboe Global Markets Inc. | Reduce -34.5% | 0.04% | −0.01 |
Portfolio Buys Q4 2024 → Q1 2025
| IWM iShares Russell 2000 ETF | New | 1.16% | +1.16 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +1.3% | 1.77% | +0.31 |
| V Visa Inc. Class A | Add +18.0% | 1.18% | +0.30 |
| PM Philip Morris International | Add +5.3% | 0.48% | +0.14 |
| XOM Exxon Mobil Corp. | Add +1.9% | 0.95% | +0.12 |
| ABT Abbott Laboratories | Add +3.2% | 0.45% | +0.08 |
| JPM JPMorgan Chase & Co. | Add +2.6% | 1.26% | +0.08 |
| GE General Electric | Add +4.1% | 0.39% | +0.08 |
| KO The Coca-Cola Co. | Add +1.6% | 0.51% | +0.08 |
| PG The Procter & Gamble Co. | Add +7.1% | 0.82% | +0.08 |
| IVV iShares Core S&P 500 ETF | Add +176.2% | 0.13% | +0.08 |
| COST Costco Wholesale Corp. | Add +4.1% | 0.76% | +0.07 |
| MA Mastercard Inc. Class A | Add +1.7% | 0.85% | +0.06 |
| UNH Unitedhealth Group Inc. | Add +1.7% | 0.91% | +0.06 |
| LIN Linde PLC | Add +4.1% | 0.41% | +0.06 |
| NFLX Netflix Inc. | Add +1.7% | 0.77% | +0.06 |
| PLTR Palantir Technologies Inc. Class A | Add +6.6% | 0.33% | +0.06 |
| META Meta Platforms Inc. Class A | Add +2.0% | 2.43% | +0.06 |
| RTX RTX Corp. | Add +4.1% | 0.32% | +0.06 |
| UBER Uber Technologies Inc. | Add +1.4% | 0.27% | +0.05 |
| PNW Pinnacle West Capital | Add +217.5% | 0.06% | +0.05 |
| VRTX Vertex Pharmaceuticals Inc. | Add +1.4% | 0.23% | +0.04 |
| CME Cme Group Inc. | Add +8.5% | 0.21% | +0.04 |
| MCD McDonald's Corp. | Add +1.4% | 0.41% | +0.04 |
| SCHW Schwab (charles) Corp. | Add +12.5% | 0.24% | +0.04 |
| BSX Boston Scientific Corp. | Add +1.1% | 0.27% | +0.04 |
| MSTR Strategy Inc. | Add +40.8% | 0.12% | +0.04 |
| MDT Medtronic PLC | Add +1.1% | 0.26% | +0.04 |
| AEE Ameren Corporation | Add +63.3% | 0.08% | +0.04 |
| MO Altria Group Inc. | Add +3.8% | 0.20% | +0.03 |
| MRSH Marsh & McLennan Cos | Add +1.4% | 0.22% | +0.03 |
| AJG Arthur J Gallagher & Co. | Add +3.5% | 0.15% | +0.03 |
| ELV Elevance Health Inc. | Add +1.4% | 0.18% | +0.03 |
| CSCO Cisco Systems Inc. | Add +0.4% | 0.52% | +0.03 |
| SPOT Spotify Technology SA | Add +0.6% | 0.15% | +0.03 |
| ORLY O'reilly Automotive Inc. | Add +1.4% | 0.15% | +0.03 |
| INTC Intel Corp. | Add +3.3% | 0.18% | +0.03 |
| COP Conocophillips | Add +3.8% | 0.27% | +0.03 |
| DUK Duke Energy Corp. | Add +4.1% | 0.17% | +0.03 |
| SO The Southern Co. | Add +4.1% | 0.18% | +0.03 |
| ICE Intercontinental Exchange Inc. | Add +0.6% | 0.18% | +0.03 |
| FISV Fiserv Inc. | Add +4.1% | 0.23% | +0.03 |
| KLAC KLA Corp. | Add +5.3% | 0.21% | +0.03 |
| EMR Emerson Electric Co. | Add +36.2% | 0.15% | +0.03 |
| AEP American Electric Power | Add +4.2% | 0.13% | +0.03 |
| DE Deere & Co. | Add +0.8% | 0.21% | +0.03 |
| SBUX Starbucks Corp. | Add +4.1% | 0.20% | +0.03 |
| CTVA Corteva Inc. | Add +19.9% | 0.09% | +0.02 |
| UNP Union Pacific Corp. | Add +4.1% | 0.26% | +0.02 |
| MDLZ Mondelez International Inc. Class A | Add +0.6% | 0.17% | +0.02 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 1,096 | $38.8B | NVDA, AAPL, IWM, MSFT, AMZN |
| Q1 2026 | 1,006 | $31.8B | NVDA, AAPL, IWM, MSFT, AMZN |
| Q4 2025 | 1,010 | $31.2B | NVDA, AAPL, MSFT, AMZN, GOOGL |
| Q3 2025 | 1,010 | $32.5B | NVDA, MSFT, AAPL, AMZN, META |
| Q2 2025 | 1,015 | $31.2B | NVDA, MSFT, AAPL, AMZN, META |
| Q1 2025 | 1,007 | $25.1B | AAPL, MSFT, NVDA, AMZN, META |
| Q4 2024 | 1,013 | $25.7B | AAPL, NVDA, MSFT, AMZN, META |
| Q3 2024 | 1,021 | $25.0B | AAPL, MSFT, NVDA, AMZN, META |
| Q2 2024 | 1,020 | $23.6B | MSFT, AAPL, NVDA, AMZN, META |
| Q1 2024 | 1,011 | $22.8B | MSFT, AAPL, NVDA, AMZN, META |