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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
WWD icon
526
Woodward
WWD
$21.2B
$12.8M 0.03%
50,809
-705
-1% -$175K
GWRE icon
527
Guidewire Software
GWRE
$15.2B
$12.8M 0.03%
55,767
+65
+0.1% +$14.8K
OVV icon
528
Ovintiv
OVV
$17.2B
$12.8M 0.03%
317,166
-9,607
-3% -$392K
SMCI icon
529
Super Micro Computer
SMCI
$25.3B
$12.8M 0.03%
266,625
-2,445
-0.9% -$117K
RGA icon
530
Reinsurance Group of America
RGA
$16.4B
$12.8M 0.03%
66,458
-697
-1% -$133K
DRI icon
531
Darden Restaurants
DRI
$25.4B
$12.8M 0.03%
67,003
-12,882
-16% -$2.65M
RBC icon
532
RBC Bearings
RBC
$17.5B
$12.7M 0.03%
32,655
+4
+0% +$1.56K
FLEX icon
533
Flex
FLEX
$45.9B
$12.7M 0.03%
218,649
-826
-0.4% -$43.9K
GDDY icon
534
GoDaddy
GDDY
$12.7B
$12.7M 0.03%
92,616
-5,374
-5% -$827K
TER icon
535
Teradyne
TER
$64.2B
$12.6M 0.03%
91,891
-11,988
-12% -$1.31M
ROKU icon
536
Roku
ROKU
$22.9B
$12.6M 0.03%
125,905
+19,831
+19% +$1.83M
NCLH icon
537
Norwegian Cruise Line
NCLH
$8.98B
$12.5M 0.03%
507,942
+570
+0.1% +$13.8K
TSN icon
538
Tyson Foods
TSN
$19.8B
$12.5M 0.03%
230,313
-28,895
-11% -$1.6M
AX icon
539
Axos Financial
AX
$5.72B
$12.4M 0.03%
146,561
-17,722
-11% -$1.54M
WAT icon
540
Waters Corp
WAT
$40.6B
$12.3M 0.03%
41,130
+4,859
+13% +$1.47M
HAL icon
541
Halliburton
HAL
$27.4B
$12.3M 0.03%
500,913
-248,766
-33% -$5.5M
NPO icon
542
Enpro
NPO
$7.12B
$12.3M 0.03%
54,318
-6,754
-11% -$1.46M
TCBI icon
543
Texas Capital Bancshares
TCBI
$4.38B
$12.3M 0.03%
145,055
+9,953
+7% +$851K
RRX icon
544
Regal Rexnord
RRX
$11.4B
$12.2M 0.03%
85,105
-5,645
-6% -$832K
FNF icon
545
Fidelity National Financial
FNF
$13.1B
$12.2M 0.03%
201,730
-2,978
-1% -$173K
BRX icon
546
Brixmor Property Group
BRX
$9.21B
$12.1M 0.03%
438,404
+10
+0% +$268
AR icon
547
Antero Resources
AR
$11.3B
$12.1M 0.03%
360,739
+729
+0.2% +$24.3K
SKWD icon
548
Skyward Specialty Insurance
SKWD
$2.39B
$12.1M 0.03%
254,067
+7,841
+3% +$392K
AFRM icon
549
Affirm
AFRM
$26.2B
$12.1M 0.03%
165,322
-43,534
-21% -$3.31M
SMTC icon
550
Semtech
SMTC
$12.4B
$12.1M 0.03%
169,091
+10,902
+7% +$592K
20 21
22
23 24

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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.