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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
NI icon
451
NiSource
NI
$20.2B
$14.8M 0.04%
365,993
+11,578
+3% +$454K
PFGC icon
452
Performance Food Group
PFGC
$16.4B
$14.7M 0.04%
168,106
-19,263
-10% -$1.6M
EMF
453
Templeton Emerging Markets Fund
EMF
$332M
$14.7M 0.04%
1,006,525
– –
EQR icon
454
Equity Residential
EQR
$24.7B
$14.6M 0.04%
217,032
-9,323
-4% -$641K
SPXC icon
455
SPX Corp
SPXC
$10.6B
$14.6M 0.04%
87,140
-2,334
-3% -$342K
THC icon
456
Tenet Healthcare
THC
$21.5B
$14.6M 0.04%
83,007
+830
+1% +$125K
FFIV icon
457
F5
FFIV
$23.6B
$14.6M 0.04%
49,609
-3,690
-7% -$1.02M
CPT icon
458
Camden Property Trust
CPT
$11.1B
$14.5M 0.04%
129,054
+19,399
+18% +$2.24M
ES icon
459
Eversource Energy
ES
$27.2B
$14.5M 0.04%
228,569
-40,242
-15% -$2.48M
MKL icon
460
Markel Group
MKL
$22.8B
$14.5M 0.04%
7,264
-614
-8% -$1.15M
VTRS icon
461
Viatris
VTRS
$18.4B
$14.5M 0.04%
1,624,088
+50,189
+3% +$424K
AR icon
462
Antero Resources
AR
$11.3B
$14.5M 0.04%
360,010
-13,064
-4% -$495K
TSN icon
463
Tyson Foods
TSN
$19.8B
$14.5M 0.04%
259,208
+35,257
+16% +$2.03M
HPE icon
464
Hewlett Packard
HPE
$79.2B
$14.5M 0.04%
707,520
-36,851
-5% -$618K
AFRM icon
465
Affirm
AFRM
$26.2B
$14.4M 0.04%
208,856
+74,151
+55% +$3.84M
AEE icon
466
Ameren
AEE
$30.2B
$14.4M 0.04%
149,675
-6,670
-4% -$648K
AWK icon
467
American Water Works
AWK
$27.1B
$14.4M 0.04%
103,330
-6,837
-6% -$980K
CPAY icon
468
Corpay
CPAY
$27.9B
$14.4M 0.04%
43,265
-846
-2% -$276K
CNP icon
469
CenterPoint Energy
CNP
$26.7B
$14.3M 0.04%
390,141
-13,894
-3% -$515K
PLMR icon
470
Palomar
PLMR
$3.37B
$14.3M 0.03%
92,727
-31,593
-25% -$4.89M
IP icon
471
International Paper
IP
$21.8B
$14.3M 0.03%
304,827
-62,846
-17% -$2.97M
FANG icon
472
Diamondback Energy
FANG
$55.9B
$14.2M 0.03%
103,635
-3,397
-3% -$471K
BCO icon
473
Brink's
BCO
$4.72B
$14.2M 0.03%
159,425
+13,666
+9% +$1.19M
SKWD icon
474
Skyward Specialty Insurance
SKWD
$2.39B
$14.2M 0.03%
246,226
-36,477
-13% -$2.1M
ULTA icon
475
Ulta Beauty
ULTA
$22.2B
$14.1M 0.03%
30,205
+3,985
+15% +$1.65M
17 18
19
20 21

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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.