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State of Wisconsin Investment Board

State of Wisconsin Investment Board Portfolio holdings

AUM $43.7B
1-Year Est. Return 27.76%
This Fund
S&P 500
This Quarter Est. Return
+9.63%
1 Year Est. Return
+27.76%
3 Year Est. Return
+95.56%
5 Year Est. Return
+123.77%
10 Year Est. Return
+486.44%
AUM
$43.6B
AUM Growth
+$2.64B
Cap. Flow
-$296M
Cap. Flow %
-0.68%
Top 10 Hldgs %
29.38%
Holding
2,561
New
248
Increased
889
Reduced
1,164
Closed
195

Top Buys

Rank Stock Value
1
RSP icon
Invesco S&P 500 Equal Weight ETF
RSP
+$108M
2
BRK.A icon
Berkshire Hathaway Class A
BRK.A
+$88M
3
ZG icon
Zillow
ZG
+$57.7M
4
BEP icon
Brookfield Renewable
BEP
+$55M
5
FOX icon
Fox Class B
FOX
+$45.1M

Top Sells

Rank Stock Value
1
AAPL icon
Apple
AAPL
+$53.8M
2
NVDA icon
NVIDIA
NVDA
+$52.1M
3
HES
Hess
HES
+$43.8M
4
MSFT icon
Microsoft
MSFT
+$41.6M
5
XHB icon
State Street SPDR S&P Homebuilders ETF
XHB
+$39.4M

Sector Composition

Rank Sector Weight
1 Technology 27.91%
2 Financials 12.67%
3 Communication Services 10.52%
4 Consumer Discretionary 9.45%
5 Industrials 8.62%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
EHC icon
401
Encompass Health
EHC
$12.2B
$17.1M 0.04%
134,255
-4,992
-4% -$594K
PFG icon
402
Principal Financial Group
PFG
$24.6B
$17M 0.04%
205,344
-5,735
-3% -$458K
NTNX icon
403
Nutanix
NTNX
$18.4B
$17M 0.04%
228,845
-12,652
-5% -$929K
CCL icon
404
Carnival Corporation Ltd
CCL
$38.9B
$17M 0.04%
588,574
-2,665
-0.5% -$80.5K
KVUE icon
405
Kenvue
KVUE
$36.9B
$17M 0.04%
1,047,208
-21,659
-2% -$442K
IP icon
406
International Paper
IP
$21.8B
$17M 0.04%
366,021
+61,194
+20% +$2.99M
HPQ icon
407
HP
HPQ
$28.6B
$17M 0.04%
623,180
-32,783
-5% -$874K
CINF icon
408
Cincinnati Financial
CINF
$26.5B
$16.9M 0.04%
106,655
-4,716
-4% -$716K
EMF
409
Templeton Emerging Markets Fund
EMF
$332M
$16.8M 0.04%
1,006,525
– –
FITB
410
Fifth Third Bancorp
FITB
$52.5B
$16.8M 0.04%
376,384
-4,910
-1% -$215K
HSY icon
411
Hershey
HSY
$37.4B
$16.7M 0.04%
89,249
-1,312
-1% -$238K
STE icon
412
Steris
STE
$23B
$16.7M 0.04%
67,342
-578
-0.9% -$138K
THC icon
413
Tenet Healthcare
THC
$21.5B
$16.6M 0.04%
81,631
-1,376
-2% -$244K
VTRS icon
414
Viatris
VTRS
$18.4B
$16.5M 0.04%
1,668,434
+44,346
+3% +$432K
IBKR icon
415
Interactive Brokers
IBKR
$41.4B
$16.5M 0.04%
239,703
-14,885
-6% -$937K
CFG icon
416
Citizens Financial Group
CFG
$31.2B
$16.5M 0.04%
309,523
+4,260
+1% +$212K
TOL icon
417
Toll Brothers
TOL
$14B
$16.5M 0.04%
119,104
+4,867
+4% +$635K
J icon
418
Jacobs Solutions
J
$16.8B
$16.5M 0.04%
109,779
-6,408
-6% -$921K
NUE icon
419
Nucor
NUE
$61.8B
$16.4M 0.04%
121,334
-1,452
-1% -$206K
CBOE icon
420
Cboe Global Markets
CBOE
$30.6B
$16.4M 0.04%
66,860
-10,675
-14% -$2.56M
VLTO icon
421
Veralto
VLTO
$23.8B
$16.4M 0.04%
153,537
+4,551
+3% +$480K
TKO icon
422
TKO Group
TKO
$14.6B
$16.3M 0.04%
80,828
-7,647
-9% -$1.4M
LNT icon
423
Alliant Energy
LNT
$18.2B
$16.3M 0.04%
241,986
-5,259
-2% -$339K
PTC icon
424
PTC
PTC
$16.7B
$16.2M 0.04%
79,933
+8,866
+12% +$1.81M
NTRS icon
425
Northern Trust
NTRS
$34.8B
$16.2M 0.04%
120,425
+17,313
+17% +$2.23M
15 16
17
18 19

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State of Wisconsin Investment Board's Q3 2025 Portfolio in Review

As of Q3 2025, State of Wisconsin Investment Board held 2,561 positions worth $43.6B, up 6.5% from $41B the previous quarter. Its ten largest holdings account for 29% of the portfolio.

State of Wisconsin Investment Board's Q3 2025 filing shows 248 new, 889 increased, 1,164 reduced and 195 closed positions. Its largest new stake was Brookfield Renewable: 2,134,542 shares worth $55M. The largest sale was Apple, an estimated $53.8M.

By sector, the portfolio is most concentrated in Technology at 28% of assets, up from 27% a quarter earlier, followed by Financials and Communication Services.

  • State of Wisconsin Investment Board's largest Q3 2025 buy was Brookfield Renewable: 2,134,542 shares worth $55M.
  • State of Wisconsin Investment Board added most to Invesco S&P 500 Equal Weight ETF in Q3 2025, an estimated $108M increase.
  • State of Wisconsin Investment Board's biggest Q3 2025 reduction was Apple, cutting an estimated $53.8M.
  • State of Wisconsin Investment Board fully exited Hess in Q3 2025, selling an estimated $43.8M.
  • State of Wisconsin Investment Board's ten largest holdings make up 29% of its $43.6B portfolio in Q3 2025.
  • State of Wisconsin Investment Board opened 248 new positions and closed 195 in Q3 2025.
  • State of Wisconsin Investment Board's portfolio value rose 6.5% quarter-over-quarter to $43.6B.

Based on State of Wisconsin Investment Board's 13F filing for Q3 2025, filed 14 Nov 2025.