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Treasurer of the State of North Carolina
The Treasurer of the State of North Carolina, also known as the North Carolina Department of State Treasurer, is a public asset owner headquartered in Raleigh, North Carolina. It manages North Carolina's public pension funds—including the North Carolina Retirement Systems—which serve over 900,000 state employees, retirees, and beneficiaries. The office oversees a broad portfolio of public equity, fixed income, real estate, and alternative investments. Founded in 1971, it is a governmental entity led by the elected State Treasurer, currently Brad Briner. The Investment Management Division handles investments, reporting, and strategic allocation for multiple funds under its authority, including the Escheat Fund, Ancillary Programs, and the Short-Term Investment Fund. The department employs roughly 400 staff across its operations.
Investment Strategy
The North Carolina State Treasurer's investment strategy emphasizes disciplined, long-term strategic allocation with diversified exposure to public equities, fixed income, real estate, private equity, and alternative assets. The approach aims to balance risk and return to meet target benchmarks, such as a 6.5–7% annual return, while maintaining prudent control through oversight and governance reform. Recent efforts are focused on increasing portfolio risk moderately by reducing excess cash holdings, rebalancing allocations—including greater investment in infrastructure, core real estate, and non-investment-grade fixed income—and modernizing asset allocation authority through an independent investment board. The strategy seeks to ensure stable, consistent returns to support the pension obligations of North Carolina's public employees, while navigating changing market conditions and regulatory requirements.
Latest 13F Filing Activity
Treasurer of the State of North Carolina filed their most recent 13F report on Jun 30, 2025 disclosing 1,005 equity positions with a total 13F market value of $31B. The fund increased holdings in Nvidia Corporation, Microsoft Corp., Broadcom Inc. among other positions. Treasurer of the State of North Carolina reduced exposure to Unitedhealth Group Inc., Berkshire Hathaway Inc. Del, Discover Finl SVCS among others.
Top Holdings
Equity Positions (1,005)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
N NVDA | NVIDIA CORPORATION | 6.01% | $1.87B | 11,866,293 | $22.46 | $157.99 | +$674.0M |
M MSFT | MICROSOFT CORP | 5.97% | $1.86B | 3,740,981 | $156.38 | $497.41 | +$539.8M |
A AAPL | APPLE INC | 4.97% | $1.55B | 7,559,755 | $73.75 | $205.17 | +$6.4M |
A AMZN | AMAZON COM INC | 3.59% | $1.12B | 5,098,001 | $115.96 | $219.39 | +$258.2M |
M META | META PLATFORMS INC | 2.78% | $868.1M | 1,176,119 | $241.11 | $738.09 | +$256.5M |
Industry Allocation
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