Treasurer of the State of North Carolina
Long book
$31.79B
Q1 2026
Positions
1006
Top-10 weight
34%
concentration
Last quarter
+15.6%
SPY +14.8%
Turnover
2%
of book per quarter
Strategy in plain words
auto-generated from filingsTreasurer of the State of North Carolina is a mechanically diversified allocator, running a $31.79B US long book across 1006 positions.
The portfolio is moderately concentrated (top 10 ≈ 34% of the book). The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: NVIDIA CORP, APPLE INC, ISHARES RUSSELL 2000 ETF, MICROSOFT CORP, AMAZON.COM INC.
Over the last 9 quarters its long book ran on average 0.1pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+3.6%
Q2 2024
+6.1%
Q3 2024
+2.6%
Q4 2024
-4.4%
Q1 2025
+11.1%
Q2 2025
+8.1%
Q3 2025
+2.4%
Q4 2025
-4.0%
Q1 2026
+15.6%
Sector allocation
Technology 39%
Financials 11%
Industrials 11%
Consumer discretionary 9%
Healthcare 8%
Services media 6%
Utilities 4%
Other 3%
Long book by quarter
What does Treasurer of own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NVDA NVIDIA CORP | Technology | 11.0M | $1.92B | 6.0% | +2.9% |
| AAPL APPLE INC | Technology | 6.8M | $1.72B | 5.4% | +1.8% |
| MSFT MICROSOFT CORP | Technology | 3.5M | $1.31B | 4.1% | +3.0% |
| AMZN AMAZON.COM INC | Consumer discretionary | 4.8M | $1.00B | 3.2% | +3.4% |
| GOOGL ALPHABET INC-CL A | Technology | 2.8M | $806.8M | 2.5% | +3.1% |
| AVGO BROADCOM INC | Technology | 2.4M | $741.0M | 2.3% | +3.6% |
| META META PLATFORMS INC-CLASS A | Technology | 1.1M | $656.1M | 2.1% | +3.7% |
| GOOG ALPHABET INC-CL C | Technology | 2.3M | $648.3M | 2.0% | +3.0% |
| TSLA TESLA INC | Industrials | 1.4M | $526.6M | 1.7% | +3.4% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 789.6K | $378.4M | 1.2% | +2.2% |
| LLY ELI LILLY & CO | Healthcare | 398.8K | $366.8M | 1.2% | +3.3% |
| JNJ JOHNSON & JOHNSON | Healthcare | 1.4M | $352.6M | 1.1% | +4.5% |
| JPM JPMORGAN CHASE & CO | Financials | 1.2M | $342.1M | 1.1% | +2.2% |
| XOM EXXON MOBIL CORP | Energy | 1.8M | $306.9M | 1.0% | +2.2% |
| V VISA INC-CLASS A SHARES | Services media | 979.1K | $295.9M | 0.9% | +4.3% |
| PG PROCTER & GAMBLE CO/THE | Other | 1.6M | $238.1M | 0.7% | +5.4% |
| WMT WALMART INC | Consumer discretionary | 1.9M | $231.5M | 0.7% | +2.2% |
| MU MICRON TECHNOLOGY INC | Technology | 665.9K | $225.0M | 0.7% | +4.5% |
| MA MASTERCARD INC - A | Services media | 433.4K | $216.5M | 0.7% | +3.8% |
| CSCO CISCO SYSTEMS INC | Technology | 2.7M | $210.1M | 0.7% | +5.2% |
| NFLX NETFLIX INC | Services media | 2.2M | $209.2M | 0.7% | +3.5% |
| LRCX LAM RESEARCH CORP | Industrials | 928.3K | $198.3M | 0.6% | +5.6% |
| COST COSTCO WHOLESALE CORP | Consumer discretionary | 190.0K | $189.4M | 0.6% | +2.2% |
| BAC BANK OF AMERICA CORP | Financials | 3.8M | $184.3M | 0.6% | +3.3% |
| AMAT APPLIED MATERIALS INC | Technology | 506.7K | $173.2M | 0.5% | +4.1% |
| ABBV ABBVIE INC | Healthcare | 786.0K | $170.9M | 0.5% | +2.5% |
| PLTR PALANTIR TECHNOLOGIES INC-A | Technology | 1.1M | $168.1M | 0.5% | +3.7% |
| CVX CHEVRON CORP | Energy | 802.1K | $166.0M | 0.5% | +2.2% |
| KLAC KLA CORP | Other | 109.5K | $161.3M | 0.5% | +6.2% |
| ORCL ORACLE CORP | Technology | 980.7K | $144.3M | 0.5% | +4.3% |
| CAT CATERPILLAR INC | Industrials | 198.2K | $140.4M | 0.4% | +2.2% |
| AMD ADVANCED MICRO DEVICES | Technology | 689.5K | $140.3M | 0.4% | +2.2% |
| HD HOME DEPOT INC | Consumer discretionary | 426.3K | $140.2M | 0.4% | +2.2% |
| MRK MERCK & CO. INC. | Healthcare | 1.1M | $138.1M | 0.4% | +1.5% |
| IBM INTL BUSINESS MACHINES CORP | Technology | 565.2K | $137.0M | 0.4% | +4.6% |
| GE GENERAL ELECTRIC | Industrials | 457.9K | $129.9M | 0.4% | +2.4% |
| UNH UNITEDHEALTH GROUP INC | Financials | 468.9K | $126.9M | 0.4% | +3.5% |
| KO COCA-COLA CO/THE | Consumer staples | 1.7M | $126.6M | 0.4% | +2.2% |
| MCD MCDONALD'S CORP | Consumer discretionary | 385.7K | $119.9M | 0.4% | +3.8% |
| PM PHILIP MORRIS INTERNATIONAL | Consumer staples | 721.1K | $119.2M | 0.4% | +2.8% |
| ADI ANALOG DEVICES INC | Technology | 366.2K | $116.5M | 0.4% | +4.8% |
| TXN TEXAS INSTRUMENTS INC | Technology | 573.9K | $111.4M | 0.4% | +4.8% |
| RTX RTX CORP | Industrials | 572.8K | $110.5M | 0.3% | +2.2% |
| GILD GILEAD SCIENCES INC | Healthcare | 773.3K | $107.8M | 0.3% | +4.7% |
| GS GOLDMAN SACHS GROUP INC | Financials | 125.8K | $106.4M | 0.3% | +2.2% |
| WFC WELLS FARGO & CO | Financials | 1.3M | $105.6M | 0.3% | +0.7% |
| DIS WALT DISNEY CO/THE | Services media | 1.1M | $104.5M | 0.3% | +3.2% |
| INTC INTEL CORP | Technology | 2.3M | $101.0M | 0.3% | +3.6% |
| GEV GE VERNOVA INC | Industrials | 115.6K | $100.9M | 0.3% | +0.9% |
| LIN LINDE PLC | Materials | 201.0K | $99.7M | 0.3% | +2.2% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 14, 2026 | 1006 | $31.79B | $K fixed canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 1010 | $31.21B | $K fixed canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 13, 2025 | 1010 | $32.48B | $K fixed canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 1015 | $31.18B | $K fixed canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 1007 | $25.15B | $K fixed canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 13, 2025 | 1013 | $25.66B | $K fixed canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 1021 | $25.02B | $K fixed canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 1020 | $23.58B | $K fixed canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 9, 2024 | 1011 | $22.79B | $K fixed canonical | SEC ↗ |
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