Treasurer of the State of North Carolina
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Treasurer of the State of North Carolina reported 1,015 stock positions worth $31.2 billion. Its top holding was Nvidia (NVDA) at 6.0% of the portfolio, followed by Microsoft (MSFT, 6.0%) and Apple (AAPL, 5.0%). Compared with Q1 2025, it opened 37 new positions, sold out of 30, added to 792 and reduced 185. The biggest buy was Nvidia (NVDA, shares +7%) and the biggest sale Abbvie (ABBV, shares −3%).
- Most Recent 13F
- Q2 2026
- Location
- RALEIGH, NC
- CIK
- 0001761054
- Portfolio Value
- $31.2B (Q2 2025)
- SEC Filing
- 0001761054-25-000007 ↗ filed Aug 14, 2025
Holdings Value
Holdings 1,015 stocks · $31.2B
| NVDA Nvidia Corp. | 6.01% | 11,866,293 | $1.9B | Add +7.1% |
| MSFT Microsoft Corp. | 5.97% | 3,740,981 | $1.9B | Add +6.3% |
| AAPL Apple Inc. | 4.97% | 7,559,755 | $1.6B | Add +8.7% |
| AMZN Amazon.com Inc. | 3.59% | 5,098,001 | $1.1B | Add +12.8% |
| META Meta Platforms Inc. Class A | 2.78% | 1,176,119 | $868.1M | Add +10.8% |
| AVGO Broadcom Inc. | 2.28% | 2,584,554 | $712.4M | Add +15.9% |
| GOOGL Alphabet Inc. Class A | 1.76% | 3,118,411 | $549.6M | Add +10.1% |
| TSLA Tesla Inc. | 1.52% | 1,495,462 | $475.0M | Add +11.9% |
| GOOG Alphabet Inc. Class C | 1.45% | 2,542,637 | $451.0M | Add +8.7% |
| IWM iShares Russell 2000 ETF | 1.40% | 2,015,990 | $435.0M | Add +38.3% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.34% | 861,606 | $418.5M | Add +2.8% |
| JPM JPMorgan Chase & Co. | 1.21% | 1,297,377 | $376.1M | Add +0.3% |
| V Visa Inc. Class A | 1.09% | 960,140 | $340.9M | Add +13.3% |
| LLY Eli Lilly & Co. | 1.06% | 424,729 | $331.1M | Add +10.5% |
| NFLX Netflix Inc. | 0.97% | 226,645 | $303.5M | Add +9.6% |
| PG The Procter & Gamble Co. | 0.83% | 1,618,790 | $257.9M | Add +34.2% |
| MA Mastercard Inc. Class A | 0.78% | 432,156 | $242.8M | Add +10.3% |
| ORCL Oracle Corp. | 0.74% | 1,061,510 | $232.1M | Add +27.4% |
| XOM Exxon Mobil Corp. | 0.70% | 2,024,259 | $218.2M | Add +0.6% |
| COST Costco Wholesale Corp. | 0.66% | 207,346 | $205.3M | Add +2.1% |
| CSCO Cisco Systems Inc. | 0.66% | 2,954,823 | $205.0M | Add +39.6% |
| WMT Walmart Inc. | 0.64% | 2,032,400 | $198.7M | Reduce -2.3% |
| JNJ Johnson & Johnson | 0.60% | 1,234,945 | $188.6M | Add +8.3% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.58% | 616,139 | $181.6M | Add +25.8% |
| HD Home Depot Inc. | 0.55% | 465,115 | $170.5M | Reduce -1.6% |
| PLTR Palantir Technologies Inc. Class A | 0.52% | 1,178,259 | $160.6M | Add +18.6% |
| UNH Unitedhealth Group Inc. | 0.50% | 497,757 | $155.3M | Add +14.4% |
| PM Philip Morris International | 0.50% | 848,630 | $154.6M | Add +12.5% |
| ABBV Abbvie Inc. | 0.49% | 827,581 | $153.6M | Reduce -3.2% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.49% | 3,203,893 | $151.6M | Add +5.1% |
| INTU Intuit Inc. | 0.44% | 172,607 | $135.9M | Add +26.4% |
| ABT Abbott Laboratories | 0.42% | 963,555 | $131.1M | Add +13.8% |
| KO The Coca-Cola Co. | 0.41% | 1,816,664 | $128.5M | Add +2.2% |
| GE General Electric filed as GE AEROSPACE | 0.41% | 491,233 | $126.4M | Reduce -0.3% |
| QCOM Qualcomm Inc. | 0.40% | 785,784 | $125.1M | Add +32.2% |
| TXN Texas Instruments Inc. | 0.39% | 587,752 | $122.0M | Add +24.0% |
| WFC Wells Fargo & Co. | 0.39% | 1,522,313 | $122.0M | Add +1.0% |
| CRM Salesforce Inc. | 0.38% | 436,143 | $118.9M | Reduce -1.5% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.37% | 933,106 | $115.7M | Add +10.2% |
| NOW ServiceNow Inc. | 0.36% | 110,627 | $113.7M | Add +11.8% |
| BKNG Booking Holdings Inc. | 0.36% | 19,547 | $113.2M | Add +17.1% |
| CVX Chevron Corp. | 0.35% | 761,948 | $109.1M | Add +1.7% |
| AMD Advanced Micro Devices | 0.34% | 752,304 | $106.8M | Add +2.1% |
| AXP American Express Co. | 0.34% | 328,973 | $104.9M | Add +17.9% |
| LIN Linde PLC | 0.33% | 219,374 | $102.9M | Reduce -0.3% |
| KLAC KLA Corp. | 0.32% | 112,414 | $100.7M | Add +47.9% |
| GS Goldman Sachs Group Inc. | 0.32% | 142,237 | $100.7M | Add +3.0% |
| MCD McDonald's Corp. | 0.31% | 333,936 | $97.6M | Add +1.2% |
| ADP Automatic Data Processing | 0.31% | 312,473 | $96.4M | Add +35.2% |
| T AT&T Inc. | 0.30% | 3,276,899 | $94.8M | Reduce -7.1% |
| MRK Merck & Co. Inc. | 0.30% | 1,177,028 | $93.2M | Reduce -0.7% |
| BLK BlackRock Inc. | 0.30% | 88,443 | $92.8M | Add +20.1% |
| ADI Analog Devices Inc. | 0.29% | 384,515 | $91.5M | Add +44.9% |
| ADBE Adobe Inc. | 0.29% | 236,077 | $91.3M | Add +11.2% |
| RTX RTX Corp. | 0.29% | 624,991 | $91.3M | Add +2.7% |
| ISRG Intuitive Surgical Inc. | 0.29% | 166,713 | $90.6M | Add +3.1% |
| CMCSA Comcast Corp. Class A | 0.29% | 2,537,850 | $90.6M | Add +25.2% |
| COF Capital One Financial Corp. | 0.29% | 423,255 | $90.1M | Add +79.1% |
| UBER Uber Technologies Inc. | 0.28% | 940,503 | $87.7M | Add +1.1% |
| ACN Accenture PLC Class A | 0.28% | 292,424 | $87.4M | Add +1.8% |
| MDT Medtronic PLC | 0.28% | 1,001,922 | $87.3M | Add +37.4% |
| MU Micron Technology Inc. | 0.28% | 701,469 | $86.5M | Add +21.6% |
| GILD Gilead Sciences Inc. | 0.27% | 771,282 | $85.5M | Add +20.9% |
| VZ Verizon Communications Inc. | 0.27% | 1,972,968 | $85.4M | Add +2.3% |
| PEP Pepsico Inc. | 0.27% | 640,136 | $84.5M | Add +1.7% |
| CAT Caterpillar Inc. | 0.27% | 216,302 | $84.0M | Reduce -11.9% |
| PFE Pfizer Inc. | 0.25% | 3,157,484 | $76.5M | Add +19.7% |
| MS Morgan Stanley | 0.24% | 538,006 | $75.8M | Add +2.5% |
| SPGI S&P Global Inc. | 0.24% | 143,442 | $75.6M | Add +0.1% |
| BSX Boston Scientific Corp. | 0.24% | 689,534 | $74.1M | Add +2.5% |
| C Citigroup Inc. | 0.24% | 865,361 | $73.7M | Reduce -0.1% |
| PANW Palo Alto Networks Inc. | 0.23% | 358,151 | $73.3M | Add +14.0% |
| PGR Progressive Corp. | 0.23% | 273,741 | $73.1M | Add +2.3% |
| CME Cme Group Inc. | 0.23% | 263,952 | $72.8M | Add +33.1% |
| SCHW Schwab (charles) Corp. | 0.23% | 797,239 | $72.7M | Add +5.1% |
| TMO Thermo Fisher Scientific Inc. | 0.23% | 176,412 | $71.5M | Reduce -5.7% |
| BA The Boeing Co. | 0.23% | 338,523 | $70.9M | Reduce -1.2% |
| AMGN Amgen Inc. | 0.23% | 251,264 | $70.2M | Add +2.3% |
| HON Honeywell International Inc. | 0.22% | 300,715 | $70.0M | Add +0.8% |
| AMAT Applied Materials Inc. | 0.22% | 379,324 | $69.4M | Reduce -12.2% |
| LRCX Lam Research Corp. | 0.22% | 698,631 | $68.0M | Add +14.1% |
| GEV GE Vernova Inc. | 0.22% | 127,715 | $67.6M | Add +2.4% |
| NEE Nextera Energy Inc. | 0.21% | 963,336 | $66.9M | Add +2.3% |
| ROP Roper Technologies Inc. | 0.21% | 117,162 | $66.4M | Add +70.3% |
| ETN Eaton Corp. PLC | 0.21% | 183,068 | $65.4M | Add +1.3% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.21% | 522,515 | $64.5M | Add +0.7% |
| UNP Union Pacific Corp. | 0.21% | 279,374 | $64.3M | Add +0.0% |
| COP Conocophillips | 0.21% | 713,010 | $64.0M | Add +12.2% |
| SYK Stryker Corp. | 0.20% | 160,789 | $63.6M | Reduce -3.0% |
| RCL Royal Caribbean Cruises Ltd. | 0.20% | 195,165 | $61.1M | Add +44.0% |
| DHR Danaher Corp. | 0.19% | 298,025 | $58.9M | Reduce -7.5% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.19% | 114,088 | $58.1M | Add +8.3% |
| LOW Lowe's Cos Inc. | 0.19% | 261,820 | $58.1M | Add +1.2% |
| DE Deere & Co. | 0.19% | 114,136 | $58.0M | Reduce -0.6% |
| AMP Ameriprise Financial Inc. | 0.18% | 107,146 | $57.2M | Add +62.3% |
| APH Amphenol Corp. Class A | 0.18% | 563,266 | $55.6M | Add +4.2% |
| FTNT Fortinet Inc. | 0.18% | 524,053 | $55.4M | Add +44.4% |
| SPG Simon Property Group Inc. | 0.18% | 343,488 | $55.2M | Add +59.3% |
| SPOT Spotify Technology SA | 0.18% | 71,855 | $55.1M | Add +6.8% |
| ORLY O'reilly Automotive Inc. | 0.17% | 600,960 | $54.2M | Add +51.4% |
Portfolio Sells Q1 2025 → Q2 2025
| ABBV Abbvie Inc. | Reduce -3.2% | 0.49% | −0.22 |
| HD Home Depot Inc. | Reduce -1.6% | 0.55% | −0.14 |
| TMO Thermo Fisher Scientific Inc. | Reduce -5.7% | 0.23% | −0.14 |
| MRK Merck & Co. Inc. | Reduce -0.7% | 0.30% | −0.12 |
| DFS Discover Financial Services | Sold out | 0.00% | −0.11 |
| T AT&T Inc. | Reduce -7.1% | 0.30% | −0.09 |
| CRM Salesforce Inc. | Reduce -1.5% | 0.38% | −0.09 |
| WMT Walmart Inc. | Reduce -2.3% | 0.64% | −0.09 |
| FISV Fiserv Inc. | Reduce -0.6% | 0.14% | −0.09 |
| LIN Linde PLC | Reduce -0.3% | 0.33% | −0.08 |
| IVV iShares Core S&P 500 ETF | Reduce -54.4% | 0.05% | −0.08 |
| DHR Danaher Corp. | Reduce -7.5% | 0.19% | −0.07 |
| TMUS T-Mobile US Inc. | Reduce -1.6% | 0.16% | −0.07 |
| CB Chubb Ltd. | Reduce -6.2% | 0.16% | −0.06 |
| CAT Caterpillar Inc. | Reduce -11.9% | 0.27% | −0.05 |
| ELV Elevance Health Inc. | Reduce -0.8% | 0.13% | −0.05 |
| APO Apollo Global Management Inc. | Reduce -19.4% | 0.09% | −0.04 |
| WM Waste Management Inc. | Reduce -5.9% | 0.13% | −0.04 |
| SYK Stryker Corp. | Reduce -3.0% | 0.20% | −0.04 |
| EOG EOG Resources Inc. | Reduce -4.5% | 0.10% | −0.04 |
| SLB SLB Ltd. | Reduce -1.7% | 0.07% | −0.04 |
| AEE Ameren Corporation | Reduce -34.0% | 0.04% | −0.04 |
| MSI Motorola Solutions Inc. | Reduce -4.5% | 0.10% | −0.04 |
| EMR Emerson Electric Co. | Reduce -23.1% | 0.11% | −0.04 |
| AFL Aflac Inc. | Reduce -10.0% | 0.08% | −0.03 |
| MDLZ Mondelez International Inc. Class A | Reduce -1.3% | 0.13% | −0.03 |
| DE Deere & Co. | Reduce -0.6% | 0.19% | −0.03 |
| AMAT Applied Materials Inc. | Reduce -12.2% | 0.22% | −0.03 |
| CSL Carlisle Cos Inc. | Reduce -45.5% | 0.02% | −0.03 |
| ITCI Intra-Cellular Therapies Inc. | Sold out | 0.00% | −0.02 |
| AIG American International Group | Reduce -4.5% | 0.07% | −0.02 |
| LULU Lululemon Athletica Inc. | Reduce -7.5% | 0.04% | −0.02 |
| HOLX Hologic Inc. | Reduce -40.9% | 0.02% | −0.02 |
| STZ Constellation Brands Inc. Class A | Reduce -15.3% | 0.03% | −0.02 |
| FTV Fortive Corp. | Reduce -0.1% | 0.03% | −0.02 |
| CPAY Corpay Inc. | Reduce -16.7% | 0.03% | −0.02 |
| X United States Steel Corp. | Sold out | 0.00% | −0.02 |
| RMD Resmed Inc. | Reduce -17.4% | 0.06% | −0.02 |
| MET Metlife Inc. | Reduce -0.8% | 0.07% | −0.02 |
| BERY Berry Global Group Inc. | Sold out | 0.00% | −0.02 |
| IQV Iqvia Holdings Inc. | Reduce -0.8% | 0.04% | −0.02 |
| KHC The Kraft Heinz Co. | Reduce -1.9% | 0.03% | −0.02 |
| GPN Global Payments Inc. | Reduce -2.1% | 0.03% | −0.02 |
| TXRH Texas Roadhouse Inc. | Reduce -39.8% | 0.02% | −0.02 |
| FHN First Horizon Corp. | Reduce -40.7% | 0.02% | −0.01 |
| HAL Halliburton Co. | Reduce -0.7% | 0.03% | −0.01 |
| PTC PTC Inc. | Reduce -24.3% | 0.03% | −0.01 |
| NKE Nike Inc. Class B | Reduce -0.1% | 0.12% | −0.01 |
| ODFL Old Dominion Freight Line | Reduce -1.7% | 0.05% | −0.01 |
| DHI D.R. Horton Inc. | Reduce -1.3% | 0.05% | −0.01 |
Portfolio Buys Q1 2025 → Q2 2025
| NVDA Nvidia Corp. | Add +7.1% | 6.01% | +1.24 |
| AVGO Broadcom Inc. | Add +15.9% | 2.28% | +0.80 |
| MSFT Microsoft Corp. | Add +6.3% | 5.97% | +0.71 |
| META Meta Platforms Inc. Class A | Add +10.8% | 2.78% | +0.35 |
| ORCL Oracle Corp. | Add +27.4% | 0.74% | +0.28 |
| IWM iShares Russell 2000 ETF | Add +38.3% | 1.40% | +0.24 |
| NFLX Netflix Inc. | Add +9.6% | 0.97% | +0.21 |
| PLTR Palantir Technologies Inc. Class A | Add +18.6% | 0.52% | +0.18 |
| AMZN Amazon.com Inc. | Add +12.8% | 3.59% | +0.17 |
| TSLA Tesla Inc. | Add +11.9% | 1.52% | +0.15 |
| CSCO Cisco Systems Inc. | Add +39.6% | 0.66% | +0.14 |
| COF Capital One Financial Corp. | Add +79.1% | 0.29% | +0.12 |
| KLAC KLA Corp. | Add +47.9% | 0.32% | +0.12 |
| INTU Intuit Inc. | Add +26.4% | 0.44% | +0.10 |
| HOOD Robinhood Markets Inc. Class A | Add +63.2% | 0.15% | +0.10 |
| IBM Intl Business Machines Corp. | Add +25.8% | 0.58% | +0.10 |
| FITB Fifth Third Bancorp | Add +250.9% | 0.14% | +0.09 |
| FFIV F5 Inc. | Add +223.2% | 0.13% | +0.09 |
| RCL Royal Caribbean Cruises Ltd. | Add +44.0% | 0.20% | +0.09 |
| ADI Analog Devices Inc. | Add +44.9% | 0.29% | +0.08 |
| IBKR Interactive Brokers Gro Class A | Add +187.6% | 0.12% | +0.08 |
| MU Micron Technology Inc. | Add +21.6% | 0.28% | +0.08 |
| FLUT Flutter Entertainment PLC-Di | New | 0.07% | +0.07 |
| AME Ametek Inc. | Add +111.3% | 0.15% | +0.07 |
| GEV GE Vernova Inc. | Add +2.4% | 0.22% | +0.07 |
| EVRG Evergy Inc. | Add +122.2% | 0.14% | +0.06 |
| R Ryder System Inc. | Add +294.4% | 0.08% | +0.06 |
| BKNG Booking Holdings Inc. | Add +17.1% | 0.36% | +0.06 |
| AMP Ameriprise Financial Inc. | Add +62.3% | 0.18% | +0.06 |
| SSNC Ss&c Technologies Holdings | Add +118.0% | 0.13% | +0.05 |
| SNA Snap-on Inc. | Add +117.3% | 0.14% | +0.05 |
| PNR Pentair PLC | Add +101.8% | 0.11% | +0.05 |
| TXN Texas Instruments Inc. | Add +24.0% | 0.39% | +0.05 |
| SYF Synchrony Financial | Add +77.4% | 0.12% | +0.05 |
| ROP Roper Technologies Inc. | Add +70.3% | 0.21% | +0.05 |
| NOW ServiceNow Inc. | Add +11.8% | 0.36% | +0.05 |
| AOS Smith (a.o.) Corp. | Add +448.8% | 0.06% | +0.05 |
| PNW Pinnacle West Capital | Add +129.4% | 0.11% | +0.05 |
| FAST Fastenal Co. | Add +75.3% | 0.13% | +0.04 |
| COIN Coinbase Global Inc. Class A | Add +3.9% | 0.11% | +0.04 |
| DOX Amdocs Ltd. | Add +207.3% | 0.07% | +0.04 |
| MSTR Strategy Inc. | Add +19.9% | 0.17% | +0.04 |
| EHC Encompass Health Corp. | Add +106.7% | 0.09% | +0.04 |
| INGR Ingredion Inc. | Add +139.5% | 0.09% | +0.04 |
| AMD Advanced Micro Devices | Add +2.1% | 0.34% | +0.04 |
| LRCX Lam Research Corp. | Add +14.1% | 0.22% | +0.04 |
| PYPL PayPal Holdings Inc. | Add +43.8% | 0.16% | +0.04 |
| FTNT Fortinet Inc. | Add +44.4% | 0.18% | +0.04 |
| DIS The Walt Disney Co. | Add +10.2% | 0.37% | +0.04 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +8.3% | 0.19% | +0.04 |
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 |