TO
Treasurer of the State of North Carolina's SEC 13F Portfolio ($31.8B)
Treasurer of the State of North CarolinaCIK: 0001761054
Diversified strategyMomentum followerLong-term holder
Total reported value
$31.8B
Reporting period: 2026-03-31 · Number of holdings: 1006
Treasurer of the State of North Carolina disclosed 1006 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $31.8B and a quarterly turnover rate of 16.0%.
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Personality snowflake
- Concentration
- 6.29
- Portfolio Stability
- 16.01
- Momentum/Contrarian
- 100
- Sector conviction
- 49.59
- Diversification
- 100
- Sizing Uniformity
- 61.47
Treasurer of the State of North Carolina's disclosed holdings carry a Herfindahl concentration index of 0.016 — mathematically equivalent to about 64 equally-sized positions, well below its 1006 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 3.85), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Recent moves
Add IWM
+191.5% $967.2M
Trim MSFT
+3.0% -$351.2M
Trim AAPL
+1.8% -$90.2M
Trim NVDA
+2.9% -$75.5M
Trim TSLA
+3.4% -$89.7M
Add XOM
+2.2% $93.8M
Holdings Map
New buyAddUnchangedTrim
Institutional Game-State Analysis
Core Intent
The Treasurer isn't hunting Alpha — it's executing a deliberate capital rotation away from a passive mega-cap tech proxy. The massive IWM scale-up from 1.6% to 4.61% weight, combined with pro-rata adds to XOM and relative compression in MSFT, AAPL, NVDA, telegraphs a macro bet on market broadening and factor rebalancing.
Macro & Fundamentals
This filing prices in a regime shift: small caps outperform mega-cap growth as the AI narrative matures and rate cuts deliver liquidity to laggards. The opposing thesis — that mega-cap earnings multiples hold because they are secular compounders — is being implicitly shorted by this rotation. The bet is on a reflation cycle that lifts energy and small-caps while capping tech's relative alpha.
Blind Spots / Risks
The IWM explosion is a crowded trade. Consensus is already long small caps in anticipation of rate cuts. If the cutting cycle is delayed or the economy re-accelerates, that position becomes a liquidity trap: heavy beta, low institutional depth, no pricing power edge. Meanwhile, the 32.5% IT weight is still a residual mega-cap bias that leaves the portfolio exposed to multiple compression in the very names it tries to underweight.
Generated by AI based on public SEC filings. Reflects past holdings only and should not be treated as investment advice.
Top 10 holdings by weight
Full holdings list this quarter
Showing top 200 holdings (of 1006 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 6.03% | -0.36% | +2.89% | |
| 2 | AAPL | Apple INC | Stock-Tech | 5.41% | -0.39% | +1.78% | |
| 3 | IWM | Ishares Russell 2000 ETF | ETF-Small Cap | 4.61% | +3.01% | +191.53% | |
| 4 | MSFT | Microsoft CORP | Stock-Tech | 4.11% | -1.20% | +2.98% | |
| 5 | AMZN | Amazon.com INC | Stock-Consumer Disc | 3.15% | -0.29% | +3.35% | |
| 6 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 2.54% | -0.19% | +3.08% | |
| 7 | AVGO | Broadcom INC | Stock-Tech | 2.33% | -0.23% | +3.58% | |
| 8 | META | Meta Platforms Inc-class A | Stock-Comm Services | 2.06% | -0.28% | +3.67% | |
| 9 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 2.04% | -0.17% | +3.00% | |
| 10 | TSLA | Tesla INC | Stock-Consumer Disc | 1.66% | -0.31% | +3.36% | |
| 11 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 1.19% | — | +2.18% | |
| 12 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.15% | -0.18% | +3.30% | |
| 13 | JNJ | Johnson & Johnson | Stock-Healthcare | 1.11% | +0.19% | +4.50% | |
| 14 | JPM | Jpmorgan Chase & Co | Stock-Financials | 1.08% | -0.10% | +2.18% | |
| 15 | XOM | Exxon Mobil CORP | Stock-Energy | 0.97% | +0.29% | +2.18% | |
| 16 | V | Visa Inc-class A Shares | Stock-Financials | 0.93% | -0.12% | +4.32% | |
| 17 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.75% | — | +5.37% | |
| 18 | WMT | Walmart INC | Stock-Consumer Staples | 0.73% | +0.08% | +2.18% | |
| 19 | MU | Micron Technology INC | Stock-Tech | 0.71% | +0.13% | +4.46% | |
| 20 | MA | Mastercard INC - A | Stock-Financials | 0.68% | -0.08% | +3.83% | |
| 21 | CSCO | Cisco Systems INC | Stock-Tech | 0.66% | — | +5.21% | |
| 22 | NFLX | Netflix INC | Stock-Comm Services | 0.66% | — | +3.51% | |
| 23 | LRCX | Lam Research CORP | Stock-Tech | 0.62% | +0.14% | +5.63% | |
| 24 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.60% | +0.09% | +2.18% | |
| 25 | BAC | Bank Of America CORP | Stock-Financials | 0.58% | -0.07% | +3.27% | |
| 26 | AMAT | Applied Materials INC | Stock-Tech | 0.54% | +0.14% | +4.07% | |
| 27 | ABBV | Abbvie INC | Stock-Healthcare | 0.54% | — | +2.46% | |
| 28 | PLTR | Palantir Technologies Inc-a | Stock-Tech | 0.53% | -0.10% | +3.68% | |
| 29 | CVX | Chevron CORP | Stock-Energy | 0.52% | +0.14% | +2.18% | |
| 30 | KLAC | Kla CORP | Stock-Tech | 0.51% | +0.11% | +6.19% | |
| 31 | ORCL | Oracle CORP | Stock-Tech | 0.45% | -0.14% | +4.33% | |
| 32 | CAT | Caterpillar INC | Stock-Industrials | 0.44% | +0.08% | +2.18% | |
| 33 | AMD | Advanced Micro Devices | Stock-Tech | 0.44% | — | +2.18% | |
| 34 | HD | Home Depot INC | Stock-Consumer Disc | 0.44% | — | +2.18% | |
| 35 | MRK | Merck & Co. INC. | Stock-Healthcare | 0.43% | +0.05% | +1.45% | |
| 36 | IBM | Intl Business Machines CORP | Stock-Tech | 0.43% | -0.08% | +4.57% | |
| 37 | GE | General Electric | Stock-Industrials | 0.41% | — | +2.40% | |
| 38 | UNH | Unitedhealth Group INC | Stock-Healthcare | 0.40% | -0.08% | +3.54% | |
| 39 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.40% | — | +2.18% | |
| 40 | MCD | Mcdonald's CORP | Stock-Consumer Disc | 0.38% | — | +3.84% | |
| 41 | PM | Philip Morris International | Stock-Consumer Staples | 0.38% | — | +2.78% | |
| 42 | ADI | Analog Devices INC | Stock-Tech | 0.37% | +0.07% | +4.77% | |
| 43 | TXN | Texas Instruments INC | Stock-Tech | 0.35% | — | +4.80% | |
| 44 | RTX | Rtx CORP | Stock-Industrials | 0.35% | — | +2.18% | |
| 45 | GILD | Gilead Sciences INC | Stock-Healthcare | 0.34% | +0.05% | +4.70% | |
| 46 | GS | Goldman Sachs Group INC | Stock-Financials | 0.33% | — | +2.18% | |
| 47 | WFC | Wells Fargo & Co | Stock-Financials | 0.33% | -0.06% | +0.66% | |
| 48 | DIS | Walt Disney Co/the | Stock-Comm Services | 0.33% | — | +3.17% | |
| 49 | INTC | Intel CORP | Stock-Tech | 0.32% | +0.06% | +3.58% | |
| 50 | GEV | GE Vernova INC | Stock-Industrials | 0.32% | +0.08% | +0.90% |
1–50 of 200
Portfolio Performance
Performance for Q3 2026
+3.6%
Performance Last 4 Quarters
+22.4%
Based on 77% of reported portfolio value with available pricing
- Stdev
- +13.6%
- Beta
- +1.03
- Alpha
- -0.8%
- Max Drawdown
- -9.2%
- Annualized Perf
- +18.7%
- Batting Avg vs S&P
- +47.2%
- Sortino
- +2.8
- Stutzer
- +0.4
- Treynor
- +0.18
- Sterling
- +1.08
- Calmar
- +2.02
- Information Ratio
- -0.15
- Tracking Error
- +2.2%
- Stdev Down
- +6.5%
- Winning Months %
- +63.9%
- Losing Months %
- +36.1%
- Best 12 Months
- +36.3%
- Worst 12 Months
- +7.1%
- Efficiency Ratio
- +0.56
- Sharpe
- +1.34
- Stdev Sectors
- +8.2%
- Skewness
- +0.25
- Kurtosis
- +0.07
- Upside Potential
- +4.49
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 1006 | $31.8B | 16 | |
| 2025-12-31 | 1010 | $31.2B | 13 | |
| 2025-09-30 | 1010 | $32.5B | 29 | |
| 2025-06-30 | 1015 | $31.2B | 0 | |
| 2025-03-31 | 1007 | $25.1B | 100 | |
| 2024-12-31 | 1013 | $25.7B | 0 | |
| 2024-09-30 | 1021 | $25.0B | 0 | |
| 2024-06-30 | 1020 | $23.6B | 0 | |
| 2024-03-31 | 1011 | $22.8B | 0 | |
| 2023-12-31 | 1016 | $20.7B | 0 | |
| 2023-09-30 | 1015 | $18.5B | 0 | |
| 2023-06-30 | 1014 | $19.1B | 0 | |
| 2023-03-31 | 1014 | $17.6B | 0 | |
| 2022-12-31 | 1016 | $16.4B | 0 | |
| 2022-09-30 | 1027 | $15.1B | 0 | |
| 2022-06-30 | 1030 | $15.8B | 0 | |
| 2022-03-31 | 1029 | $18.1B | 0 | |
| 2021-12-31 | 1038 | $18.9B | 0 | |
| 2021-09-30 | 1033 | $17.3B | 0 | |
| 2021-06-30 | 1033 | $17.2B | 96 | |
| 2021-03-31 | 1034 | $15.9B | 10 | |
| 2020-12-31 | 1030 | $15.0B | 15 | |
| 2020-09-30 | 1020 | $13.2B | 13 | |
| 2020-06-30 | 1009 | $12.1B | 16 | |
| 2020-03-31 | 1001 | $11.3B | 20 | |
| 2019-12-31 | 1001 | $12.1B | 12 | |
| 2019-09-30 | 1000 | $11.1B | 39 | |
| 2019-06-30 | 1008 | $16.3B | 11 | |
| 2019-03-31 | 982 | $15.6B | 15 | |
| 2018-12-31 | 985 | $13.7B | 18 | |
| 2018-09-30 | 990 | $15.9B | 49 | |
| 2018-06-30 | 982 | $9.7B | 88 | |
| 2018-03-31 | 955 | $3.8B | 100 | |
| 2017-12-31 | 90 | $40.8M | 0 |
Holding changes this quarter
Treasurer of the State of North Carolina's most significant position changes for 2026-03-31: Add: Ishares Russell 2000 ETF (IWM) — shares +191.53%; Add: Microsoft CORP (MSFT) — shares +2.98%; Add: Apple INC (AAPL) — shares +1.78%; Add: Nvidia CORP (NVDA) — shares +2.89%; Add: Tesla INC (TSLA) — shares +3.36%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | IWM | Ishares Russell 2000 ETF | +3% | +191.53% | Add |
| 2 | XOM | Exxon Mobil CORP | +0.3% | +2.18% | Add |
| 3 | JNJ | Johnson & Johnson | +0.2% | +4.50% | Add |
| 4 | AMAT | Applied Materials INC | +0.1% | +4.07% | Add |
| 5 | LRCX | Lam Research CORP | +0.1% | +5.63% | Add |
| 6 | CVX | Chevron CORP | +0.1% | +2.18% | Add |
| 7 | MU | Micron Technology INC | +0.1% | +4.46% | Add |
| 8 | KLAC | Kla CORP | +0.1% | +6.19% | Add |
| 9 | SNDK | Sandisk CORP | +0.1% | +8.79% | Add |
| 10 | COST | Costco Wholesale CORP | +0.1% | +2.18% | Add |
| 11 | COP | Conocophillips | +0.1% | +2.92% | Add |
| 12 | CAT | Caterpillar INC | +0.1% | +2.18% | Add |
| 13 | WMT | Walmart INC | +0.1% | +2.18% | Add |
| 14 | GEV | GE Vernova INC | +0.1% | +0.90% | Add |
| 15 | ETR | Entergy CORP | +0.1% | +8.74% | Add |
| 16 | ADI | Analog Devices INC | +0.1% | +4.77% | Add |
| 17 | INTC | Intel CORP | +0.1% | +3.58% | Add |
| 18 | WDC | Western Digital CORP | +0.1% | +3.82% | Add |
| 19 | VZ | Verizon Communications INC | +0.1% | +2.18% | Add |
| 20 | MRK | Merck & Co. INC. | +0.1% | +1.45% | Add |
| 21 | GILD | Gilead Sciences INC | +0.1% | +4.70% | Add |
| 22 | GLW | Corning INC | +0.1% | +2.18% | Add |
| 23 | NOW | Servicenow INC | -0.1% | +3.26% | Add |
| 24 | WFC | Wells Fargo & Co | -0.1% | +0.66% | Add |
| 25 | COF | Capital One Financial CORP | -0.1% | +3.32% | Add |
| 26 | BSX | Boston Scientific CORP | -0.1% | +2.18% | Add |
| 27 | BAC | Bank Of America CORP | -0.1% | +3.27% | Add |
| 28 | ADBE | Adobe INC | -0.1% | +3.05% | Add |
| 29 | IBM | Intl Business Machines CORP | -0.1% | +4.57% | Add |
| 30 | UNH | Unitedhealth Group INC | -0.1% | +3.54% | Add |
| 31 | MA | Mastercard INC - A | -0.1% | +3.83% | Add |
| 32 | ACN | Accenture plc | -0.1% | +2.67% | Add |
| 33 | QCOM | Qualcomm INC | -0.1% | +4.75% | Add |
| 34 | PLTR | Palantir Technologies Inc-a | -0.1% | +3.68% | Add |
| 35 | JPM | Jpmorgan Chase & Co | -0.1% | +2.18% | Add |
| 36 | CRM | Salesforce INC | -0.1% | +0.64% | Add |
| 37 | APP | Applovin Corp-class A | -0.1% | +3.82% | Add |
| 38 | INTU | Intuit INC | -0.1% | +5.09% | Add |
| 39 | V | Visa Inc-class A Shares | -0.1% | +4.32% | Add |
| 40 | ORCL | Oracle CORP | -0.1% | +4.33% | Add |
| 41 | GOOG | Alphabet Inc-cl C | -0.2% | +3.00% | Add |
| 42 | LLY | Eli Lilly & Co | -0.2% | +3.30% | Add |
| 43 | GOOGL | Alphabet Inc-cl A | -0.2% | +3.08% | Add |
| 44 | AVGO | Broadcom INC | -0.2% | +3.58% | Add |
| 45 | META | Meta Platforms Inc-class A | -0.3% | +3.67% | Add |
| 46 | AMZN | Amazon.com INC | -0.3% | +3.35% | Add |
| 47 | TSLA | Tesla INC | -0.3% | +3.36% | Add |
| 48 | NVDA | Nvidia CORP | -0.4% | +2.89% | Add |
| 49 | AAPL | Apple INC | -0.4% | +1.78% | Add |
| 50 | MSFT | Microsoft CORP | -1.2% | +2.98% | Add |
Filing History
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-14 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-13 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-13 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-13 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-09 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-05-09 | Amendment | View on EDGAR |
| 2023-12-31 | 2024-02-12 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-13 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-04 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-09 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-08 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-02 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-10 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-14 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-03 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-13 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-03 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-02 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-04 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-07 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-13 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-12 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-07 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-23 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-08-07 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-08-07 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2019-08-07 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2019-08-07 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2019-07-24 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2019-05-06 | 13F-HR | View on EDGAR |
FAQ
What is Treasurer of the State of North Carolina and what type of investor is it?
Treasurer of the State of North Carolina is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $31.8B, spread across 1006 disclosed positions.
What are Treasurer of the State of North Carolina's largest equity positions?
Based on the latest 13F filing, Treasurer of the State of North Carolina's top holdings by market value are:
1. Nvidia CORP (NVDA) — $1.9B (6.0%)
2. Apple INC (AAPL) — $1.7B (5.4%)
3. Ishares Russell 2000 ETF (IWM) — $1.5B (4.6%)
4. Microsoft CORP (MSFT) — $1.3B (4.1%)
5. Amazon.com INC (AMZN) — $1.0B (3.1%)
What changes did Treasurer of the State of North Carolina make in its most recent portfolio filing?
In the latest quarter, Treasurer of the State of North Carolina was primarily adding exposure — initiating 0 new positions and adding to 50 existing holdings. The largest of these moves: Add: Ishares Russell 2000 ETF (IWM) — shares +191.53%; Add: Microsoft CORP (MSFT) — shares +2.98%; Add: Apple INC (AAPL) — shares +1.78%; Add: Nvidia CORP (NVDA) — shares +2.89%; Add: Tesla INC (TSLA) — shares +3.36%
What sectors does Treasurer of the State of North Carolina focus on?
Treasurer of the State of North Carolina is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 32.5%
• Financials: 12.5%
• Consumer Discretionary: 10.2%
• Communication Services: 9.9%
• Health Care: 9.8%
• Industrials: 9.2%
Peer Institutions
Institutions with a similar AUM
Gates Foundation Trust
CIK 0001166559
Total reported value
$31.7B
22 stks
2026-03-31
Concentration65.5
Portfolio Stability21.6
Sector conviction100.0
AUM within 0.4% of this institution
View detail
EC
Eurizon Capital SGR S.p.A.
CIK 0002107286
Total reported value
$32.0B
1,193 stks
2026-03-31
Concentration7.0
Portfolio Stability33.5
Sector conviction51.5
AUM within 0.7% of this institution
View detail
AA
APG Asset Management N.V.
CIK 0001434819
Total reported value
$31.6B
513 stks
2026-03-31
Concentration7.1
Portfolio Stability21.4
Sector conviction59.3
AUM within 0.7% of this institution
View detail
Similar Holdings Style
Institutions with overlapping top holdings
EC
Eisler Capital (UK) Ltd.
CIK 0001849486
Total reported value
$21.7B
823 stks
2024-09-30
Stale — no recent filing
Concentration10.5
Portfolio Stability0.0
Sector conviction60.3
5 of the top 5 holdings overlap, including Ishares Russell 2000 ETF
View detail
AD
Adams Diversified Equity Fund, INC.
CIK 0000002230
Total reported value
$2.8B
99 stks
2026-03-31
Concentration10.3
Portfolio Stability36.4
Sector conviction68.6
4 of the top 5 holdings overlap, including Nvidia CORP
View detail
FA
Fred Alger Management, LLC
CIK 0000003520
Total reported value
$22.8B
525 stks
2026-03-31
Concentration16.8
Portfolio Stability32.2
Sector conviction81.0
4 of the top 5 holdings overlap, including Nvidia CORP
View detail