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Treasurer of the State of North Carolina 13F Filings Tracker & Latest Positions (Q2 2026)
Treasurer of the State of North CarolinaCIK: 0001761054
Diversified strategyMomentum follower
Total reported value
$38.8B
Reporting period: 2026-06-30 · Number of holdings: 1096
Treasurer of the State of North Carolina disclosed 1096 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $38.8B and a quarterly turnover rate of 28.1%.
Browse other institutions with $10B to $100B AUMBrowse other institutions starting with "T"
Personality snowflake
- Concentration
- 5.75
- Portfolio Stability
- 28.05
- Momentum
- 100
- Sector conviction
- 57.06
- Diversification
- 100
- Sizing Uniformity
- 61.58
Treasurer of the State of North Carolina's disclosed holdings carry a Herfindahl concentration index of 0.014 — mathematically equivalent to about 70 equally-sized positions, well below its 1096 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 3.84), 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.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govAdd MU
-12.2% $449.6M
New buy VRP
Add AMD
+0.5% $262.2M
Trim MSFT
+3.5% $56.4M
Add INTC
-2.0% $212.4M
Trim NVDA
-1.7% $244.1M
Holdings Map
New buyAddUnchangedTrim
Institutional Game-State Analysis
Core Intent
The Treasurer of the State of North Carolina's Q2 2026 13F depicts an index-like pension book — 1,096 holdings, an HHI of roughly 0.014 — executing a measured internal rotation within technology. The fund actively trimmed its two flagship momentum names, NVIDIA (weight 6.03%→5.57%) and Apple (5.41%→5.05%), while scaling AMD up by more than double (0.44%→1.04%), initiating a ~0.9% position in the VRP floating-rate preferred ETF, and adding shares of IWM even as its weight held essentially flat. Notably, Micron and Intel register as share-count trims whose weights nonetheless expanded sharply (0.71%→1.74% and 0.32%→0.81%), which appears to reflect profit-taking into strength rather than a directional exit.
Macro & Fundamentals
Read strictly as inference from limited data, these flows line up with observable market patterns: capital broadening from mega-cap AI leaders toward second-tier semiconductors, demand for floating-rate income instruments amid an uncertain rate path, and maintained small-cap exposure. It is worth noting the portfolio's aggregate momentum tilt is nearly neutral (+0.06 percentage points), so the contrarian character resides in the specific swaps rather than wholesale de-risking. A quarterly 13F snapshot cannot establish timing or causality, so this alignment should be treated as suggestive, not confirmed.
Blind Spots / Risks
The structural blind spot is that headline diversification conceals sector-level crowding: Information Technology sits at 37.3% of the book, and the quarter's 'rotation' never left the AI-semiconductor complex — capital shed from NVIDIA largely re-emerged in AMD, Micron, and Intel, which together now approach 3.6% of assets in highly correlated exposures. Because Micron's and Intel's weight expansion was primarily price-driven, a reversal in the group would strike an enlarged residual position, amplifying drawdown well beyond what the trim activity alone suggests.
Generated by AI directly from this institution's Form 13F disclosures on SEC EDGAR. Reflects historical positioning only and should not be treated as investment advice — the original filing is linked below for verification. View the original 2026-06-30 Form 13F filing on SEC.gov
Top 10 holdings by weight
Full holdings list this quarter
Showing top 200 holdings (of 1096 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 5.57% | -0.46% | -1.74% | |
| 2 | AAPL | Apple Inc | Stock-Tech | 5.05% | -0.36% | -0.09% | |
| 3 | IWM | Ishares Russell 2000 ETF | ETF-Small Cap | 4.59% | -0.02% | +0.25% | |
| 4 | MSFT | Microsoft CORP | Stock-Tech | 3.51% | -0.60% | +3.52% | |
| 5 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 2.98% | -0.17% | +0.75% | |
| 6 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 2.56% | +0.02% | -1.08% | |
| 7 | AVGO | Broadcom Inc | Stock-Tech | 2.33% | — | -0.06% | |
| 8 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 2.03% | -0.01% | -1.13% | |
| 9 | MU | Micron Technology Inc | Stock-Tech | 1.74% | +1.03% | -12.24% | |
| 10 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.69% | -0.37% | +1.27% | |
| 11 | TSLA | Tesla Inc | Stock-Consumer Disc | 1.57% | -0.09% | +2.57% | |
| 12 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.22% | +0.07% | -1.29% | |
| 13 | AMD | Advanced Micro Devices | Stock-Tech | 1.04% | +0.60% | +0.49% | |
| 14 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 1.02% | -0.17% | +0.46% | |
| 15 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.96% | -0.12% | -2.07% | |
| 16 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.94% | -0.17% | -0.02% | |
| 17 | VRP | Invesco Variable Rate Prefer | ETF-Other | 0.90% | +0.90% | NEW | |
| 18 | LRCX | Lam Research CORP | Stock-Tech | 0.87% | +0.25% | -15.88% | |
| 19 | AMAT | Applied Materials Inc | Stock-Tech | 0.85% | +0.31% | -9.58% | |
| 20 | CSCO | Cisco Systems Inc | Stock-Tech | 0.82% | +0.16% | -0.46% | |
| 21 | INTC | Intel CORP | Stock-Tech | 0.81% | +0.49% | -1.95% | |
| 22 | V | Visa Inc-class A Shares | Stock-Financials | 0.78% | -0.15% | -9.35% | |
| 23 | KLAC | Kla CORP | Stock-Tech | 0.71% | +0.20% | +730.10% | |
| 24 | XOM | Exxon Mobil CORP | Stock-Energy | 0.62% | -0.35% | -1.99% | |
| 25 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.62% | -0.13% | -0.41% | |
| 26 | BAC | Bank Of America CORP | Stock-Financials | 0.55% | -0.03% | -0.80% | |
| 27 | CAT | Caterpillar Inc | Stock-Industrials | 0.55% | +0.11% | +0.57% | |
| 28 | WMT | Walmart Inc | Stock-Consumer Staples | 0.55% | -0.18% | +0.38% | |
| 29 | ABBV | Abbvie Inc | Stock-Healthcare | 0.49% | -0.05% | -4.05% | |
| 30 | TXN | Texas Instruments Inc | Stock-Tech | 0.47% | +0.12% | +7.41% | |
| 31 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.46% | -0.14% | -0.52% | |
| 32 | MA | Mastercard Inc - A | Stock-Financials | 0.46% | -0.22% | -20.60% | |
| 33 | MRK | Merck & Co. Inc. | Stock-Healthcare | 0.44% | +0.01% | +15.52% | |
| 34 | PFXF | Vaneck Pref Sec X-financials | ETF-Other | 0.43% | +0.43% | NEW | |
| 35 | SNDK | Sandisk CORP | Stock-Tech | 0.43% | +0.28% | -2.50% | |
| 36 | GE | General Electric | Stock-Industrials | 0.42% | +0.01% | -3.92% | |
| 37 | UNH | Unitedhealth Group Inc | Stock-Healthcare | 0.41% | +0.01% | -17.97% | |
| 38 | IFRA | Ishares US Infrastructure | ETF-Other | 0.41% | +0.41% | NEW | |
| 39 | MLPX | Global X Mlp & Energy Infras | ETF-Other | 0.41% | +0.41% | NEW | |
| 40 | NFLX | Netflix Inc | Stock-Comm Services | 0.39% | -0.27% | -1.90% | |
| 41 | HD | Home Depot Inc | Stock-Consumer Disc | 0.39% | -0.05% | -0.32% | |
| 42 | GEV | GE Vernova Inc | Stock-Industrials | 0.38% | +0.06% | +7.71% | |
| 43 | IBM | Intl Business Machines CORP | Stock-Tech | 0.38% | -0.05% | -8.07% | |
| 44 | ADI | Analog Devices Inc | Stock-Tech | 0.38% | +0.01% | +0.22% | |
| 45 | ORCL | Oracle CORP | Stock-Tech | 0.37% | -0.08% | +1.18% | |
| 46 | PLTR | Palantir Technologies Inc-a | Stock-Tech | 0.35% | -0.18% | +1.32% | |
| 47 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.35% | -0.05% | -0.56% | |
| 48 | CVX | Chevron CORP | Stock-Energy | 0.34% | -0.18% | -1.47% | |
| 49 | APH | Amphenol Corp-cl A | Stock-Tech | 0.33% | +0.12% | +38.28% | |
| 50 | QCOM | Qualcomm Inc | Stock-Tech | 0.32% | +0.01% | -10.09% |
1–50 of 200
Portfolio Performance
Performance for Q3 2026
+2.3%
Performance Last 4 Quarters
+21.3%
- Stdev
- +13%
- Beta
- +1
- Alpha
- -1%
- Max Drawdown
- -8.5%
- Annualized Perf
- +19.8%
- Batting Avg vs S&P
- +47.2%
- Sortino
- +3.03
- Stutzer
- +0.43
- Treynor
- +0.19
- Sterling
- +1.22
- Calmar
- +2.31
- Information Ratio
- -0.65
- Tracking Error
- +1.6%
- Stdev Down
- +6.3%
- Winning Months %
- +66.7%
- Losing Months %
- +33.3%
- Best 12 Months
- +32.7%
- Worst 12 Months
- +5.9%
- Efficiency Ratio
- +0.61
- Sharpe
- +1.46
- Stdev Sectors
- +9.5%
- Skewness
- +0.07
- Kurtosis
- -0.15
- Upside Potential
- +4.62
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 1096 | $38.8B | 28 | ||
| 2026 Q1 | 1006 | $31.8B | 16 | ||
| 2025 Q4 | 1010 | $31.2B | 13 | ||
| 2025 Q3 | 1010 | $32.5B | 29 | ||
| 2025 Q2 | 1015 | $31.2B | 0 | ||
| 2025 Q1 | 1007 | $25.1B | 100 | ||
| 2024 Q4 | 1013 | $25.7B | 0 | ||
| 2024 Q3 | 1021 | $25.0B | 0 | ||
| 2024 Q2 | 1020 | $23.6B | 0 | ||
| 2024 Q1 | 1011 | $22.8B | 0 | ||
| 2023 Q4 | 1016 | $20.7B | 0 | ||
| 2023 Q3 | 1015 | $18.5B | 0 | ||
| 2023 Q2 | 1014 | $19.1B | 0 | ||
| 2023 Q1 | 1014 | $17.6B | 0 | ||
| 2022 Q4 | 1016 | $16.4B | 0 | ||
| 2022 Q3 | 1027 | $15.1B | 0 | ||
| 2022 Q2 | 1030 | $15.8B | 0 | ||
| 2022 Q1 | 1029 | $18.1B | 0 | ||
| 2021 Q4 | 1038 | $18.9B | 0 | ||
| 2021 Q3 | 1033 | $17.3B | 0 | ||
| 2021 Q2 | 1033 | $17.2B | 96 | ||
| 2021 Q1 | 1034 | $15.9B | 10 | ||
| 2020 Q4 | 1030 | $15.0B | 15 | ||
| 2020 Q3 | 1020 | $13.2B | 13 | ||
| 2020 Q2 | 1009 | $12.1B | 16 | ||
| 2020 Q1 | 1001 | $11.3B | 20 | ||
| 2019 Q4 | 1001 | $12.1B | 12 | ||
| 2019 Q3 | 1000 | $11.1B | 39 | ||
| 2019 Q2 | 1008 | $16.3B | 11 | ||
| 2019 Q1 | 982 | $15.6B | 15 | ||
| 2018 Q4 | 985 | $13.7B | 18 | ||
| 2018 Q3 | 990 | $15.9B | 49 | ||
| 2018 Q2 | 982 | $9.7B | 88 | ||
| 2018 Q1 | 955 | $3.8B | 100 | ||
| 2017 Q4 | 90 | $40.8M | 0 |
💡
Data Source Notice: AlphaSMO is the web's most authoritative 13F / Inside Trader database. Institutional holdings and insider trades presented here are precisely computed to deliver accurate portfolio reporting.
Holding changes this quarter
Treasurer of the State of North Carolina's most significant position changes for 2026-06-30: New buy: Invesco Variable Rate Prefer (VRP); New buy: Vaneck Pref Sec X-financials (PFXF); New buy: Ishares US Infrastructure (IFRA); New buy: Global X Mlp & Energy Infras (MLPX); New buy: Ishares US Power Infrastruct (POWR).
Showing top 200 changes by size (of 1143 total)
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | MU | Micron Technology Inc | +1% | -12.24% | Trim |
| 2 | VRP | Invesco Variable Rate Prefer | +0.9% | NEW | New buy |
| 3 | AMD | Advanced Micro Devices | +0.6% | +0.49% | Add |
| 4 | INTC | Intel CORP | +0.5% | -1.95% | Trim |
| 5 | PFXF | Vaneck Pref Sec X-financials | +0.4% | NEW | New buy |
| 6 | IFRA | Ishares US Infrastructure | +0.4% | NEW | New buy |
| 7 | MLPX | Global X Mlp & Energy Infras | +0.4% | NEW | New buy |
| 8 | AMAT | Applied Materials Inc | +0.3% | -9.58% | Trim |
| 9 | SNDK | Sandisk CORP | +0.3% | -2.50% | Trim |
| 10 | POWR | Ishares US Power Infrastruct | +0.3% | NEW | New buy |
| 11 | VGLT | Vanguard Long-term Treasury | +0.3% | NEW | New buy |
| 12 | LRCX | Lam Research CORP | +0.3% | -15.88% | Trim |
| 13 | COMT | Ishares Gsci Commodity Dynam | +0.2% | NEW | New buy |
| 14 | KLAC | Kla CORP | +0.2% | +730.10% | Add |
| 15 | EXI | Ishares Global Industrials E | +0.2% | NEW | New buy |
| 16 | MRVL | Marvell Technology Inc | +0.2% | +2.52% | Add |
| 17 | CSCO | Cisco Systems Inc | +0.2% | -0.46% | Trim |
| 18 | PAVE | Global X US Infrastructure | +0.1% | NEW | New buy |
| 19 | TDY | Teledyne Technologies Inc | +0.1% | +383.50% | Add |
| 20 | UTES | Virtus Reaves Utilities ETF | +0.1% | NEW | New buy |
| 21 | GRID | First Trst Nasd Cl Edg Sgiif | +0.1% | NEW | New buy |
| 22 | TXN | Texas Instruments Inc | +0.1% | +7.41% | Add |
| 23 | APH | Amphenol Corp-cl A | +0.1% | +38.28% | Add |
| 24 | WDC | Western Digital CORP | +0.1% | -6.52% | Trim |
| 25 | AEE | Ameren Corporation | +0.1% | +331.86% | Add |
| 26 | DOV | Dover CORP | +0.1% | +363.86% | Add |
| 27 | XOP | Ss Spdr S&p Og Exp & Prod | +0.1% | NEW | New buy |
| 28 | CAT | Caterpillar Inc | +0.1% | +0.57% | Add |
| 29 | KEYS | Keysight Technologies In | +0.1% | +156.02% | Add |
| 30 | ✓ | +0.1% | NEW | New buy | |
| 31 | BE | Bloom Energy Corp- A | +0.1% | NEW | New buy |
| 32 | PANW | Palo Alto Networks Inc | +0.1% | -20.75% | Trim |
| 33 | ANET | Arista Networks Inc | +0.1% | +17.91% | Add |
| 34 | GLW | Corning Inc | +0.1% | +0.75% | Add |
| 35 | JHG | Janus Henderson Group plc | +0.1% | +1223.28% | Add |
| 36 | ✓ | +0.1% | NEW | New buy | |
| 37 | ✓ | +0.1% | NEW | New buy | |
| 38 | LLY | Eli Lilly & Co | +0.1% | -1.29% | Trim |
| 39 | CRWD | Crowdstrike Holdings Inc - A | +0.1% | -8.75% | Trim |
| 40 | NNN | Nnn Reit Inc | +0.1% | +260.47% | Add |
| 41 | GEV | GE Vernova Inc | +0.1% | +7.71% | Add |
| 42 | RJF | Raymond James Financial Inc | +0.1% | +163.99% | Add |
| 43 | IGF | Ishares Global Infrastructur | +0.1% | NEW | New buy |
| 44 | ✓ | Carnival CORP LTD F | +0.1% | NEW | New buy |
| 45 | IXC | Ishares Global Energy ETF | +0.1% | NEW | New buy |
| 46 | ACGL | Arch Capital Group Ltd. | +0.1% | +79.56% | Add |
| 47 | URI | United Rentals Inc | +0.1% | +8.05% | Add |
| 48 | DELL | Dell Technologies -c | +0.1% | -26.48% | Trim |
| 49 | ALAB | Astera Labs Inc | +0.1% | -14.56% | Trim |
| 50 | SCI | Service CORP International | +0.1% | +508.99% | Add |
1–50 of 200
Filing History
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 an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $38.8B, spread across 1096 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) — $2.2B (5.6%)
2. Apple Inc (AAPL) — $2.0B (5.0%)
3. Ishares Russell 2000 ETF (IWM) — $1.8B (4.6%)
4. Microsoft CORP (MSFT) — $1.4B (3.5%)
5. Amazon.com Inc (AMZN) — $1.2B (3.0%)
What changes did Treasurer of the State of North Carolina make in its most recent portfolio filing?
In the latest reported quarter, Treasurer of the State of North Carolina made 200 notable position adjustments: 30 new positions were initiated, 89 existing holdings were added to, 78 positions were partially reduced, and 3 were completely exited. The largest of these moves: New buy: Invesco Variable Rate Prefer (VRP); New buy: Vaneck Pref Sec X-financials (PFXF); New buy: Ishares US Infrastructure (IFRA); New buy: Global X Mlp & Energy Infras (MLPX); New buy: Ishares US Power Infrastruct (POWR)
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: 37.3%
• Financials: 10.6%
• Industrials: 9.8%
• Consumer Discretionary: 9.8%
• Health Care: 9.1%
• Communication Services: 9.1%
Investment Profile
Treasurer of the State of North Carolina returned an annualized 19.8% over the trailing 36 months — underperforming the S&P 500 by 1.0 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.00 (roughly in line with the market) and a 47% quarterly batting average against the index.
Its portfolio is broadly diversified and moderately active, with 37.3% of the portfolio concentrated in Information Technology.
Its turnover score has risen from 0 to 28 over the past 4 quarters — a shift toward more active trading.
It has added to its IWM position over the past two quarters (+$1.3B, now $1.8B), while trimming META over the same stretch (-$76.1M, still holding $654.1M).
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PS
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FA
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JC
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Developer Access
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