Q2 2026 13F · SEC CIK 1761054

Treasurer of the State of North Carolina

Investment managerFiled 2026-08-14 for Q2 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $38.8B
Reported positions: 1,096
Top holdings a year, 3 yrs: +25.2%
Average holding period: 6.1 yrs

Treasurer of the State of North Carolina is an investment manager that reported 1,096 positions worth $38.8B in its Q2 2026 13F, filed 2026-08-14. Its largest holdings were Nvidia Corporation (NVDA, 5.6%), Apple Inc (AAPL, 5.1%), Ishares Tr (IWM, 4.6%). A portfolio copying its top holdings returned 25.2% a year over the last 3 years, against 20.4% for the S&P 500.

Treasurer of the State of North Carolina holdings largest 50 of 1,096 positions.

Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

Treasurer of the State of North Carolina 13F holdings
Stock	% of 13F value	Q1 2026	Shares	Share change	Reported value
NVDANvidia Corporation	5.6%	6.0%	10,803,573	-1.7%	$2.2B
AAPLApple Inc	5.1%	5.4%	6,775,147	-0.1%	$2.0B
IWMIshares Tr	4.6%	4.6%	5,928,226	+0.3%	$1.8B
MSFTMicrosoft Corp	3.5%	4.1%	3,656,121	+3.5%	$1.4B
AMZNAmazon Com Inc	3.0%	3.2%	4,847,545	+0.8%	$1.2B
GOOGLAlphabet Inc	2.6%	2.5%	2,775,443	-1.1%	$991.9M
AVGOBroadcom Inc	2.3%	2.3%	2,392,600	-0.1%	$903.8M
GOOGAlphabet Inc	2.0%	2.0%	2,234,573	-1.1%	$789.5M
MUMicron Technology Inc	1.7%	0.7%	584,404	-12.2%	$674.6M
METAMeta Platforms Inc	1.7%	2.1%	1,161,273	+1.3%	$654.1M
TSLATesla Inc	1.6%	1.7%	1,452,800	+2.6%	$611.0M
LLYEli Lilly & Co	1.2%	1.2%	393,599	-1.3%	$472.1M
AMDAdvanced Micro Devices Inc	1.0%	0.4%	692,875	+0.5%	$402.5M
BRK-BBerkshire Hathaway Inc Del	1.0%	1.2%	793,258	+0.5%	$396.9M
JPMJpmorgan Chase & Co	1.0%	1.1%	1,138,956	-2.1%	$372.8M
JNJJohnson & Johnson	0.9%	1.1%	1,442,314	-0.0%	$366.3M
VRPInvesco Exch Traded Fd Tr II	0.9%	—	14,378,855	—	$349.6M
LRCXLam Research Corp	0.9%	0.6%	780,871	-15.9%	$338.4M
AMATApplied Matls Inc	0.9%	0.5%	458,159	-9.6%	$331.2M
CSCOCisco Sys Inc	0.8%	0.7%	2,695,652	-0.5%	$316.6M
INTCIntel Corp	0.8%	0.3%	2,244,943	-2.0%	$313.5M
VVisa Inc	0.8%	0.9%	887,627	-9.3%	$304.5M
KLACKla Corp	0.7%	0.5%	909,230	+730.1%	$274.3M
XOMExxon Mobil Corp	0.6%	1.0%	1,772,742	-2.0%	$242.4M
PGProcter & Gamble Co	0.6%	0.7%	1,641,626	-0.4%	$240.7M
BACBank of Amer Corp	0.6%	0.6%	3,750,692	-0.8%	$213.7M
CATCaterpillar Inc	0.5%	0.4%	199,374	+0.6%	$212.3M
WMTWalmart Inc	0.5%	0.7%	1,869,761	+0.4%	$211.8M
ABBVAbbvie Inc	0.5%	0.5%	754,175	-4.0%	$189.8M
TXNTexas Instrs Inc	0.5%	0.3%	616,404	+7.4%	$183.7M
COSTCostco Wholesale Corporation	0.5%	0.6%	189,040	-0.5%	$176.8M
MAMastercard Incorporated	0.5%	0.7%	344,094	-20.6%	$176.7M
MRKMerck & Co Inc	0.4%	0.4%	1,326,149	+15.5%	$170.4M
PFXFVaneck ETF Trust	0.4%	—	9,351,150	—	$166.8M
SNDKSandisk Corp	0.4%	—	72,631	—	$165.1M
GEGe Aerospace	0.4%	0.4%	439,973	-3.9%	$164.4M
UNHUnitedhealth Group Inc	0.4%	0.4%	384,640	-18.0%	$159.9M
IFRAIshares Tr	0.4%	—	2,520,711	—	$158.9M
MLPXGlobal X Fds	0.4%	—	2,139,399	—	$157.6M
NFLXNetflix Inc.	0.4%	0.7%	2,134,636	-1.9%	$152.4M
HDHome Depot Inc	0.4%	0.4%	424,903	-0.3%	$149.9M
GEVGe Vernova Inc	0.4%	0.3%	124,495	+7.7%	$146.3M
IBMInternational Business Machs	0.4%	0.4%	519,545	-8.1%	$146.1M
ADIAnalog Devices Inc	0.4%	0.4%	367,029	+0.2%	$145.8M
ORCLOracle Corp	0.4%	0.5%	992,264	+1.2%	$145.4M
PLTRPalantir Technologies Inc	0.3%	0.5%	1,164,554	+1.3%	$135.9M
KOCoca Cola Co	0.3%	0.4%	1,655,588	-0.6%	$134.6M
CVXChevron Corporation	0.3%	0.5%	790,306	-1.5%	$131.0M
APHAmphenol Corp	0.3%	—	722,366	—	$127.4M
QCOMQualcomm Inc	0.3%	—	682,042	—	$126.0M

What Treasurer of the State of North Carolina bought and sold in Q2 2026, against Q1 2026.

New positions

Q1 2026's filing was too long to tell new positions apart.

Added to

KLAC Kla Corp+730.1% shares
MRK Merck & Co Inc+15.5% shares
GEV Ge Vernova Inc+7.7% shares
TXN Texas Instrs Inc+7.4% shares

Reduced

MA Mastercard Incorporated-20.6% shares
UNH Unitedhealth Group Inc-18.0% shares
LRCX Lam Research Corp-15.9% shares
MU Micron Technology Inc-12.2% shares
AMAT Applied Matls Inc-9.6% shares
V Visa Inc-9.3% shares
IBM International Business Machs-8.1% shares

Left the top 50

Share counts compared with the Q1 2026 13F; a split also changes share counts. The latest filing lists more than 50 positions, so a position that left the top 50 may still be held.

How the holdings did against the S&P 500.

1 year: +18.1% /yr; S&P 500 +20.1%
3 years: +25.2% /yr; S&P 500 +20.4%
5 years: +15.3% /yr; S&P 500 +11.6%

A portfolio of the filer's 20 largest 13F positions, weighted by value, bought the trading day after each 13F was filed and held until the next one was: what copying this filer could have earned. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F 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

Questions about Treasurer of the State of North Carolina's portfolio

What stocks does Treasurer of the State of North Carolina own?

Treasurer of the State of North Carolina's latest 13F, for Q2 2026 and filed Aug 14, 2026, lists 1,096 positions worth $38.8B. The largest are Nvidia Corporation (NVDA) at 5.6%, Apple Inc (AAPL) at 5.1%, Ishares Tr (IWM) at 4.6%, Microsoft Corp (MSFT) at 3.5% and Amazon Com Inc (AMZN) at 3.0%.

What did Treasurer of the State of North Carolina buy last quarter?

In Q2 2026, Treasurer of the State of North Carolina added Kla Corp (KLAC) (+730.1% shares), Merck & Co Inc (MRK) (+15.5% shares) and Ge Vernova Inc (GEV) (+7.7% shares), compared with its Q1 2026 filing.

What did Treasurer of the State of North Carolina sell last quarter?

In Q2 2026, Treasurer of the State of North Carolina cut from its top 50 Mcdonalds Corp (MCD), cut from its top 50 Philip Morris Intl Inc (PM), cut from its top 50 Rtx Corporation (RTX), cut from its top 50 Gilead Sciences Inc (GILD), cut from its top 50 Goldman Sachs Group Inc (GS), Mastercard Incorporated (MA) (-20.6% shares), Unitedhealth Group Inc (UNH) (-18.0% shares) and Lam Research Corp (LRCX) (-15.9% shares), compared with its Q1 2026 filing.

How has Treasurer of the State of North Carolina's portfolio performed?

A portfolio copying Treasurer of the State of North Carolina's 20 largest 13F holdings each quarter, from the day each filing was public, returned +25.2% a year over the last 3 years, against +20.4% for the S&P 500. Over 1 year: +18.1% against +20.1%. Over 5 years: +15.3% a year against +11.6%.

When is Treasurer of the State of North Carolina's next 13F filing due?

13F filings are due 45 days after each quarter ends. Treasurer of the State of North Carolina's filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.