State of Wisconsin Investment Board’s Frontier Group Holdings ULCC Stock Holding History

State of Wisconsin Investment Board’s Portfolio ULCC Stock Details ULCC Fund Activity

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2025 Q4	–	Sell	-160,550	Closed	-$709K	–	2564
2025 Q3	$709K	Buy	160,550 +22,954	+17%	+$104K	﹤0.01%	1734
2025 Q2	$499K	Buy	+137,596	New	+$504K	﹤0.01%	1863
2024 Q1	–	Sell	-234,935	Closed	-$1.28M	–	2425
2023 Q4	$1.28M	Buy	234,935 +178,807	+319%	+$782K	﹤0.01%	1329
2023 Q3	$272K	Buy	+56,128	New	+$420K	﹤0.01%	2103
2022 Q3	–	Sell	-10,492	Closed	-$98K	–	2788
2022 Q2	$98K	Buy	+10,492	New	+$106K	﹤0.01%	2630

Other funds holding ULCC

Indigo Partners Phoenix, Arizona $267M AUM 9% 1-Year Est. Return

WCM

Wildcat Capital Management New York $229M AUM 132.65% 1-Year Est. Return

Vanguard Group Malvern, Pennsylvania $6.9T AUM 27.45% 1-Year Est. Return

BlackRock New York $6.73T AUM 46.02% 1-Year Est. Return

SPC

Silver Point Capital Greenwich, Connecticut $1.3B AUM 18.3% 1-Year Est. Return

USGIU

U.S. Global Investors (USGI) San Antonio, Texas $1.04B AUM 73.31% 1-Year Est. Return

Ancient Art Austin, Texas $459M AUM 52.34% 1-Year Est. Return

Dimensional Fund Advisors Austin, Texas $481B AUM 30.42% 1-Year Est. Return

Millennium Management New York $240B AUM 35.51% 1-Year Est. Return

Geode Capital Management Boston, Massachusetts $1.61T AUM 30.72% 1-Year Est. Return

State of Wisconsin Investment Board's ULCC Position: Q4 2025 in Review

State of Wisconsin Investment Board sold out of Frontier Group Holdings (ULCC) in Q4 2025, closing a stake of 160,550 shares — an estimated $709K sold.

State of Wisconsin Investment Board first reported a position in ULCC in Q2 2022 and held it in 5 quarters. The position peaked at $1.28M in Q4 2023. 156 funds tracked by Wall St. Rank hold ULCC as of Q4 2025.

State of Wisconsin Investment Board reported no remaining Frontier Group Holdings position as of Q4 2025 after selling out during the quarter.
State of Wisconsin Investment Board sold 160,550 Frontier Group Holdings shares in Q4 2025, an estimated $709K.
State of Wisconsin Investment Board first reported a position in Frontier Group Holdings in Q2 2022 and held it in 5 quarters.
State of Wisconsin Investment Board's Frontier Group Holdings position peaked at $1.28M in Q4 2023.
156 funds tracked by Wall St. Rank held Frontier Group Holdings as of Q4 2025.

Based on State of Wisconsin Investment Board's 13F filing for Q4 2025, filed 17 Feb 2026.