# Treasurer of the State of North Carolina

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1761054. Source: https://holderbook.com/funds/1761054-treasurer-of-the-state-of-north-carolina/

- Reported value: $38.8B
- Positions: 1,096
- Weight of the ten largest: 32.0%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $2.2B | 10,803,573 | 5.6% | 35 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $2.0B | 6,775,147 | 5.1% | 35 |
| ISHARES TR | [IWM](https://holderbook.com/stocks/IWM/) | $1.8B | 5,928,226 | 4.6% | 6 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $1.4B | 3,656,121 | 3.5% | 35 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $1.2B | 4,847,545 | 3.0% | 35 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $991.9M | 2,775,443 | 2.6% | 35 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $903.8M | 2,392,600 | 2.3% | 33 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $789.5M | 2,234,573 | 2.0% | 35 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $674.6M | 584,404 | 1.7% | 34 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $654.1M | 1,161,273 | 1.7% | 35 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $611.0M | 1,452,800 | 1.6% | 34 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $472.1M | 393,599 | 1.2% | 35 |
| ADVANCED MICRO DEVICES INC | [AMD](https://holderbook.com/stocks/AMD/) | $402.5M | 692,875 | 1.0% | 34 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $396.9M | 793,258 | 1.0% | 35 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $372.8M | 1,138,956 | 1.0% | 35 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $366.3M | 1,442,314 | 0.9% | 35 |
| INVESCO EXCH TRADED FD TR II | [VRP](https://holderbook.com/stocks/VRP/) | $349.6M | 14,378,855 | 0.9% | 1 |
| LAM RESEARCH CORP | [LRCX](https://holderbook.com/stocks/LRCX/) | $338.4M | 780,871 | 0.9% | 7 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $331.2M | 458,159 | 0.9% | 34 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $316.6M | 2,695,652 | 0.8% | 35 |
| INTEL CORP | [INTC](https://holderbook.com/stocks/INTC/) | $313.5M | 2,244,943 | 0.8% | 35 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $304.5M | 887,627 | 0.8% | 35 |
| KLA CORP | [KLAC](https://holderbook.com/stocks/KLAC/) | $274.3M | 909,230 | 0.7% | 34 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $242.4M | 1,772,742 | 0.6% | 35 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $240.7M | 1,641,626 | 0.6% | 35 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $213.7M | 3,750,692 | 0.6% | 35 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $212.3M | 199,374 | 0.5% | 35 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $211.8M | 1,869,761 | 0.5% | 35 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $189.8M | 754,175 | 0.5% | 35 |
| TEXAS INSTRS INC | [TXN](https://holderbook.com/stocks/TXN/) | $183.7M | 616,404 | 0.5% | 35 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $176.8M | 189,040 | 0.5% | 35 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $176.7M | 344,094 | 0.5% | 35 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $170.4M | 1,326,149 | 0.4% | 35 |
| VANECK ETF TRUST | [PFXF](https://holderbook.com/stocks/PFXF/) | $166.8M | 9,351,150 | 0.4% | 1 |
| SANDISK CORP | [SNDK](https://holderbook.com/stocks/SNDK/) | $165.1M | 72,631 | 0.4% | 6 |
| GE AEROSPACE | [GE](https://holderbook.com/stocks/GE/) | $164.4M | 439,973 | 0.4% | 20 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $159.9M | 384,640 | 0.4% | 35 |
| ISHARES TR | [IFRA](https://holderbook.com/stocks/IFRA/) | $158.9M | 2,520,711 | 0.4% | 1 |
| GLOBAL X FDS | [MLPX](https://holderbook.com/stocks/MLPX/) | $157.6M | 2,139,399 | 0.4% | 1 |
| NETFLIX INC | [NFLX](https://holderbook.com/stocks/NFLX/) | $152.4M | 2,134,636 | 0.4% | 35 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $149.9M | 424,903 | 0.4% | 35 |
| GE VERNOVA INC | [GEV](https://holderbook.com/stocks/GEV/) | $146.3M | 124,495 | 0.4% | 9 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $146.1M | 519,545 | 0.4% | 35 |
| ANALOG DEVICES INC | [ADI](https://holderbook.com/stocks/ADI/) | $145.8M | 367,029 | 0.4% | 35 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $145.4M | 992,264 | 0.4% | 35 |
| PALANTIR TECHNOLOGIES INC | [PLTR](https://holderbook.com/stocks/PLTR/) | $135.9M | 1,164,554 | 0.4% | 21 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $134.6M | 1,655,588 | 0.3% | 35 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $131.0M | 790,306 | 0.3% | 35 |
| AMPHENOL CORP | [APH](https://holderbook.com/stocks/APH/) | $127.4M | 722,366 | 0.3% | 34 |
| QUALCOMM INC | [QCOM](https://holderbook.com/stocks/QCOM/) | $126.0M | 682,042 | 0.3% | 35 |
| GOLDMAN SACHS GROUP INC | [GS](https://holderbook.com/stocks/GS/) | $124.2M | 122,832 | 0.3% | 35 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $120.2M | 664,288 | 0.3% | 35 |
| PALO ALTO NETWORKS INC | [PANW](https://holderbook.com/stocks/PANW/) | $117.1M | 343,493 | 0.3% | 34 |
| AMERICAN EXPRESS CO | [AXP](https://holderbook.com/stocks/AXP/) | $115.0M | 339,839 | 0.3% | 35 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $112.7M | 416,981 | 0.3% | 35 |
| ARISTA NETWORKS INC | [ANET](https://holderbook.com/stocks/ANET/) | $111.0M | 653,412 | 0.3% | 7 |
| MARVELL TECHNOLOGY INC | [MRVL](https://holderbook.com/stocks/MRVL/) | $110.7M | 371,557 | 0.3% | 21 |
| WESTERN DIGITAL CORP | [WDC](https://holderbook.com/stocks/WDC/) | $109.2M | 170,974 | 0.3% | 34 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $109.0M | 574,583 | 0.3% | 25 |
| WELLS FARGO & CO | [WFC](https://holderbook.com/stocks/WFC/) | $107.8M | 1,304,887 | 0.3% | 35 |
| GENERAL DYNAMICS CORP | [GD](https://holderbook.com/stocks/GD/) | $105.1M | 296,787 | 0.3% | 34 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $104.2M | 1,082,241 | 0.3% | 35 |
| ISHARES INC | [POWR](https://holderbook.com/stocks/POWR/) | $104.2M | 3,725,393 | 0.3% | 1 |
| DUKE ENERGY CORP NEW | [DUK](https://holderbook.com/stocks/DUK/) | $102.6M | 810,189 | 0.3% | 34 |
| LINDE PLC | [LIN](https://holderbook.com/stocks/LIN/) | $101.9M | 196,419 | 0.3% | 14 |
| CITIGROUP INC | [C](https://holderbook.com/stocks/C/) | $101.6M | 725,714 | 0.3% | 35 |
| VANGUARD SCOTTSDALE FDS | [VGLT](https://holderbook.com/stocks/VGLT/) | $100.6M | 1,823,145 | 0.3% | 1 |
| MORGAN STANLEY | [MS](https://holderbook.com/stocks/MS/) | $99.8M | 477,403 | 0.3% | 34 |
| THERMO FISHER SCIENTIFIC INC | [TMO](https://holderbook.com/stocks/TMO/) | $99.4M | 198,288 | 0.3% | 35 |
| GILEAD SCIENCES INC | [GILD](https://holderbook.com/stocks/GILD/) | $97.5M | 771,363 | 0.3% | 35 |
| SCHWAB CHARLES CORP | [SCHW](https://holderbook.com/stocks/SCHW/) | $96.2M | 1,042,577 | 0.2% | 34 |
| NEXTERA ENERGY INC | [NEE](https://holderbook.com/stocks/NEE/) | $92.8M | 1,057,682 | 0.2% | 35 |
| ISHARES U S ETF TR | [COMT](https://holderbook.com/stocks/COMT/) | $89.5M | 2,946,685 | 0.2% | 1 |
| CORNING INC | [GLW](https://holderbook.com/stocks/GLW/) | $86.0M | 336,777 | 0.2% | 34 |
| CUMMINS INC | [CMI](https://holderbook.com/stocks/CMI/) | $84.2M | 118,118 | 0.2% | 35 |
| CAPITAL ONE FINL CORP | [COF](https://holderbook.com/stocks/COF/) | $83.5M | 416,293 | 0.2% | 34 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $83.3M | 229,917 | 0.2% | 35 |
| SALESFORCE INC | [CRM](https://holderbook.com/stocks/CRM/) | $82.3M | 525,036 | 0.2% | 34 |
| CROWDSTRIKE HLDGS INC | [CRWD](https://holderbook.com/stocks/CRWD/) | $81.6M | 106,892 | 0.2% | 25 |
| CONOCOPHILLIPS | [COP](https://holderbook.com/stocks/COP/) | $81.5M | 783,781 | 0.2% | 34 |
| EATON CORP PLC | [ETN](https://holderbook.com/stocks/ETN/) | $81.2M | 190,640 | 0.2% | 34 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $78.7M | 581,395 | 0.2% | 35 |
| SIMON PPTY GROUP INC NEW | [SPG](https://holderbook.com/stocks/SPG/) | $78.3M | 350,233 | 0.2% | 34 |
| ISHARES TR | [EXI](https://holderbook.com/stocks/EXI/) | $78.0M | 388,830 | 0.2% | 1 |
| MEDTRONIC PLC | [MDT](https://holderbook.com/stocks/MDT/) | $77.9M | 995,253 | 0.2% | 35 |
| AMETEK INC | [AME](https://holderbook.com/stocks/AME/) | $76.8M | 317,353 | 0.2% | 34 |
| UNION PAC CORP | [UNP](https://holderbook.com/stocks/UNP/) | $76.1M | 279,644 | 0.2% | 35 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $75.5M | 1,783,466 | 0.2% | 35 |
| ENTERGY CORP NEW | [ETR](https://holderbook.com/stocks/ETR/) | $73.7M | 641,821 | 0.2% | 34 |
| TJX COS INC NEW | [TJX](https://holderbook.com/stocks/TJX/) | $71.4M | 471,265 | 0.2% | 34 |
| DEERE & CO | [DE](https://holderbook.com/stocks/DE/) | $70.2M | 110,627 | 0.2% | 34 |
| BOEING CO | [BA](https://holderbook.com/stocks/BA/) | $70.1M | 323,799 | 0.2% | 35 |
| AUTOMATIC DATA PROCESSING IN | [ADP](https://holderbook.com/stocks/ADP/) | $68.7M | 306,832 | 0.2% | 34 |
| WELLTOWER INC | [WELL](https://holderbook.com/stocks/WELL/) | $68.4M | 301,179 | 0.2% | 34 |
| AMEREN CORP | [AEE](https://holderbook.com/stocks/AEE/) | $67.8M | 600,117 | 0.2% | 34 |
| ABBOTT LABORATORIES | [ABT](https://holderbook.com/stocks/ABT/) | $67.0M | 738,139 | 0.2% | 35 |
| APPLOVIN CORP | [APP](https://holderbook.com/stocks/APP/) | $66.8M | 129,579 | 0.2% | 17 |
| UNITED RENTALS INC | [URI](https://holderbook.com/stocks/URI/) | $66.2M | 58,427 | 0.2% | 34 |
| KEYSIGHT TECHNOLOGIES INC | [KEYS](https://holderbook.com/stocks/KEYS/) | $66.0M | 188,593 | 0.2% | 34 |
| FREEPORT-MCMORAN INC | [FCX](https://holderbook.com/stocks/FCX/) | $64.4M | 1,024,794 | 0.2% | 34 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +15.7% | +14.8% | +0.9% | 100% |
| Q1 2026 | -4.3% | -4.6% | +0.3% | 100% |
| Q4 2025 | +2.1% | +2.4% | -0.3% | 100% |
| Q3 2025 | +7.8% | +7.8% | -0.1% | 100% |
| Q2 2025 | +10.7% | +10.5% | +0.2% | 100% |
| Q1 2025 | -4.7% | -4.6% | -0.2% | 100% |
| Q4 2024 | +2.2% | +2.1% | +0.0% | 100% |
| Q3 2024 | +5.7% | +5.4% | +0.3% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $38.8B | 1,096 |
| Q1 2026 | $31.8B | 1,006 |
| Q4 2025 | $31.2B | 1,010 |
| Q3 2025 | $32.5B | 1,010 |
| Q2 2025 | $31.2B | 1,015 |
| Q1 2025 | $25.1B | 1,007 |
| Q4 2024 | $25.7B | 1,013 |
| Q3 2024 | $25.0B | 1,021 |
| Q2 2024 | $23.6B | 1,020 |
| Q1 2024 | $22.8B | 1,011 |
| Q4 2023 | $20.7B | 1,016 |
| Q3 2023 | $18.5B | 1,015 |