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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
RMBS icon
551
Rambus
RMBS
$10.8B
$12M 0.03%
114,994
+13,999
+14% +$1.08M
ESNT icon
552
Essent Group
ESNT
$6.23B
$12M 0.03%
188,230
-3,191
-2% -$194K
RNR icon
553
RenaissanceRe
RNR
$13.3B
$12M 0.03%
47,112
-5,539
-11% -$1.34M
BJ icon
554
BJs Wholesale Club
BJ
$11.9B
$12M 0.03%
128,256
+2,953
+2% +$302K
TROW icon
555
T. Rowe Price
TROW
$23.7B
$11.9M 0.03%
116,176
-1,031
-0.9% -$108K
TLN
556
Talen Energy Corp
TLN
$17.2B
$11.9M 0.03%
27,945
+4,238
+18% +$1.53M
STEP icon
557
StepStone Group
STEP
$4.28B
$11.9M 0.03%
181,877
+390
+0.2% +$23.8K
MEDP icon
558
Medpace
MEDP
$16.2B
$11.9M 0.03%
23,089
-791
-3% -$345K
CNC icon
559
Centene
CNC
$32.6B
$11.9M 0.03%
332,517
-30,169
-8% -$911K
NXT icon
560
Nextpower Inc
NXT
$15.9B
$11.8M 0.03%
159,797
-2,422
-1% -$156K
FSLR icon
561
First Solar
FSLR
$24B
$11.8M 0.03%
53,572
-1,662
-3% -$319K
EEMS icon
562
iShares MSCI Emerging Markets Small-Cap ETF
EEMS
$378M
$11.8M 0.03%
173,813
– –
PWP icon
563
Perella Weinberg Partners
PWP
$1.33B
$11.7M 0.03%
550,701
-384
-0.1% -$8.21K
PXH icon
564
Invesco FTSE RAFI Emerging Markets ETF
PXH
$1.96B
$11.7M 0.03%
460,425
– –
XPO icon
565
XPO
XPO
$24.7B
$11.7M 0.03%
90,370
+28,423
+46% +$3.69M
DECK icon
566
Deckers Outdoor
DECK
$12.7B
$11.7M 0.03%
115,194
+9,772
+9% +$1.07M
INVH icon
567
Invitation Homes
INVH
$18B
$11.7M 0.03%
397,994
+7,788
+2% +$240K
SW
568
Smurfit Westrock
SW
$26.2B
$11.7M 0.03%
274,159
-2,833
-1% -$128K
CPT icon
569
Camden Property Trust
CPT
$11.1B
$11.7M 0.03%
109,171
-19,883
-15% -$2.19M
PEN icon
570
Penumbra
PEN
$12.9B
$11.6M 0.03%
45,982
-1,973
-4% -$498K
MOG.A icon
571
Moog Inc Class A
MOG.A
$13.5B
$11.6M 0.03%
56,039
-3,010
-5% -$581K
FWONK icon
572
Liberty Media Series C
FWONK
$26B
$11.6M 0.03%
111,218
-1,440
-1% -$146K
USFD icon
573
US Foods
USFD
$23.8B
$11.6M 0.03%
151,609
+82
+0.1% +$6.52K
HOMB icon
574
Home BancShares
HOMB
$6.27B
$11.6M 0.03%
409,142
+134
+0% +$3.89K
TTD icon
575
Trade Desk
TTD
$6.84B
$11.5M 0.03%
234,927
-6,238
-3% -$396K
21 22
23
24 25

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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.