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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
+13.3%
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
$41B
AUM Growth
+$2.26B
Cap. Flow
-$1.49B
Cap. Flow %
-3.63%
Top 10 Hldgs %
27.58%
Holding
2,442
New
201
Increased
735
Reduced
1,331
Closed
129

Top Buys

Rank Stock Value
1
RSP icon
Invesco S&P 500 Equal Weight ETF
RSP
+$390M
2
BRK.A icon
Berkshire Hathaway Class A
BRK.A
+$107M
3
XHB icon
State Street SPDR S&P Homebuilders ETF
XHB
+$38M
4
COF icon
Capital One
COF
+$29.9M
5
LBRDA icon
Liberty Broadband Class A
LBRDA
+$28.6M

Top Sells

Rank Stock Value
1
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$398M
2
NVDA icon
NVIDIA
NVDA
+$120M
3
MSFT icon
Microsoft
MSFT
+$107M
4
AAPL icon
Apple
AAPL
+$94.7M
5
ZG icon
Zillow
ZG
+$57.8M

Sector Composition

Rank Sector Weight
1 Technology 27.25%
2 Financials 12.9%
3 Communication Services 10.11%
4 Consumer Discretionary 9.5%
5 Industrials 8.88%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
FITB
426
Fifth Third Bancorp
FITB
$52.5B
$15.7M 0.04%
381,294
-18,944
-5% -$711K
TOST icon
427
Toast
TOST
$20.4B
$15.7M 0.04%
354,037
+26,952
+8% +$1.06M
ITT icon
428
ITT
ITT
$19.4B
$15.6M 0.04%
99,184
-1,722
-2% -$245K
SBAC icon
429
SBA Communications
SBAC
$19.8B
$15.5M 0.04%
65,814
-11,649
-15% -$2.67M
NVR icon
430
NVR
NVR
$17B
$15.3M 0.04%
2,078
+161
+8% +$1.15M
DD icon
431
DuPont de Nemours
DD
$19.5B
$15.3M 0.04%
178,068
-9,961
-5% -$828K
TAP icon
432
Molson Coors Class B
TAP
$7.85B
$15.3M 0.04%
318,055
+105,755
+50% +$5.82M
HAL icon
433
Halliburton
HAL
$27.4B
$15.3M 0.04%
749,679
+189,443
+34% +$3.97M
J icon
434
Jacobs Solutions
J
$16.8B
$15.3M 0.04%
116,187
+880
+0.8% +$109K
FOUR icon
435
Shift4
FOUR
$3.79B
$15.3M 0.04%
154,052
-8,690
-5% -$758K
ON icon
436
ON Semiconductor
ON
$31.8B
$15.2M 0.04%
290,417
+7,163
+3% +$311K
UDR icon
437
UDR
UDR
$12.2B
$15.2M 0.04%
372,157
+27,345
+8% +$1.13M
VTEB icon
438
Vanguard Tax-Exempt Bond Index Fund
VTEB
$46.1B
$15.2M 0.04%
309,000
– –
TRMB icon
439
Trimble
TRMB
$13.4B
$15.1M 0.04%
199,105
+6,340
+3% +$426K
PRIM icon
440
Primoris Services
PRIM
$4.35B
$15.1M 0.04%
193,388
-42,778
-18% -$2.9M
KEYS icon
441
Keysight
KEYS
$60.5B
$15M 0.04%
91,819
-4,618
-5% -$704K
VLTO icon
442
Veralto
VLTO
$23.8B
$15M 0.04%
148,986
+3,225
+2% +$311K
HSY icon
443
Hershey
HSY
$37.4B
$15M 0.04%
90,561
-4,957
-5% -$817K
IQV icon
444
IQVIA
IQV
$39.8B
$15M 0.04%
95,115
-7,583
-7% -$1.14M
DOW icon
445
Dow Inc
DOW
$21.9B
$15M 0.04%
566,029
+74,944
+15% +$2.18M
LNT icon
446
Alliant Energy
LNT
$18.2B
$15M 0.04%
247,245
+30,191
+14% +$1.85M
CACI icon
447
CACI
CACI
$14.8B
$14.8M 0.04%
31,129
-2,809
-8% -$1.24M
OWL icon
448
Blue Owl Capital
OWL
$19.7B
$14.8M 0.04%
770,795
+3,721
+0.5% +$68.8K
REG icon
449
Regency Centers
REG
$14.1B
$14.8M 0.04%
207,766
+17,680
+9% +$1.26M
KMX icon
450
CarMax
KMX
$8.52B
$14.8M 0.04%
219,908
+125,759
+134% +$8.46M
16 17
18
19 20

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State of Wisconsin Investment Board's Q2 2025 Portfolio in Review

As of Q2 2025, State of Wisconsin Investment Board held 2,442 positions worth $41B, up 5.8% from $38.7B the previous quarter. Its ten largest holdings account for 28% of the portfolio.

State of Wisconsin Investment Board withdrew a net $1.49B in Q2 2025, closing 129 positions and reducing 1,331 holdings. Its most notable exit was Discover Financial Services, an estimated $25.4M position sold in full.

By sector, the portfolio is most concentrated in Technology at 27% of assets, up from 25% a quarter earlier, followed by Financials and Communication Services.

Against the trend, State of Wisconsin Investment Board opened a new position in State Street SPDR S&P Homebuilders ETF worth $39.4M.

  • State of Wisconsin Investment Board's largest Q2 2025 buy was State Street SPDR S&P Homebuilders ETF: 400,000 shares worth $39.4M.
  • State of Wisconsin Investment Board added most to Invesco S&P 500 Equal Weight ETF in Q2 2025, an estimated $390M increase.
  • State of Wisconsin Investment Board's biggest Q2 2025 reduction was Alphabet (Google) Class A, cutting an estimated $398M.
  • State of Wisconsin Investment Board fully exited Discover Financial Services in Q2 2025, selling an estimated $25.4M.
  • State of Wisconsin Investment Board's ten largest holdings make up 28% of its $41B portfolio in Q2 2025.
  • State of Wisconsin Investment Board opened 201 new positions and closed 129 in Q2 2025.
  • State of Wisconsin Investment Board's portfolio value rose 5.8% quarter-over-quarter to $41B.

Based on State of Wisconsin Investment Board's 13F filing for Q2 2025, filed 14 Aug 2025.