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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
T icon
51
AT&T
T
$166B
$121M 0.29%
4,172,029
-80,017
-2% -$2.21M
LIN icon
52
Linde
LIN
$221B
$120M 0.29%
255,790
-58,782
-19% -$26.8M
NOW icon
53
ServiceNow
NOW
$129B
$118M 0.29%
575,135
-31,110
-5% -$5.87M
GS icon
54
Goldman Sachs
GS
$302B
$118M 0.29%
166,615
-16,021
-9% -$9.28M
MRK icon
55
Merck
MRK
$328B
$117M 0.29%
1,484,036
-69,719
-4% -$5.54M
EFFE
56
Harbor Osmosis Emerging Markets Resource Efficient ETF
EFFE
$145M
$117M 0.28%
5,140,000
– –
MCD icon
57
McDonald's
MCD
$195B
$112M 0.27%
382,243
-20,365
-5% -$6.28M
TXN icon
58
Texas Instruments
TXN
$253B
$110M 0.27%
529,850
+1,751
+0.3% +$311K
ISRG icon
59
Intuitive Surgical
ISRG
$142B
$110M 0.27%
201,750
-21,166
-9% -$11.1M
RTX icon
60
RTX Corp
RTX
$300B
$106M 0.26%
722,657
-52,724
-7% -$7.03M
AXP icon
61
American Express
AXP
$232B
$103M 0.25%
322,414
-29,247
-8% -$8.23M
ACN icon
62
Accenture
ACN
$110B
$103M 0.25%
343,012
-16,567
-5% -$5.05M
BKNG icon
63
Booking.com
BKNG
$159B
$101M 0.25%
438,300
-26,725
-6% -$5.47M
CAT icon
64
Caterpillar
CAT
$393B
$101M 0.25%
261,027
-17,621
-6% -$5.87M
VZ icon
65
Verizon
VZ
$195B
$99.9M 0.24%
2,308,838
-148,043
-6% -$6.41M
UBER icon
66
Uber
UBER
$154B
$97.1M 0.24%
1,041,093
-168,869
-14% -$13.9M
PEP icon
67
PepsiCo
PEP
$189B
$96.7M 0.24%
732,695
-66,401
-8% -$8.94M
SPGI icon
68
S&P Global
SPGI
$121B
$96.6M 0.24%
183,276
-12,219
-6% -$6.1M
LBRDA icon
69
Liberty Broadband Class A
LBRDA
$5.07B
$96.2M 0.23%
982,934
+322,368
+49% +$28.6M
MS icon
70
Morgan Stanley
MS
$342B
$96M 0.23%
681,622
-76,640
-10% -$9.41M
QCOM icon
71
Qualcomm
QCOM
$171B
$95.1M 0.23%
597,198
-42,750
-7% -$6.29M
SCHW
72
Charles Schwab
SCHW
$189B
$90.3M 0.22%
989,628
-2,954
-0.3% -$247K
ADBE icon
73
Adobe
ADBE
$103B
$90.1M 0.22%
232,789
-11,878
-5% -$4.58M
PGR icon
74
Progressive
PGR
$121B
$89M 0.22%
333,650
-49,937
-13% -$13.7M
ZG icon
75
Zillow
ZG
$7.53B
$88.7M 0.22%
1,295,090
-872,413
-40% -$57.8M
1 2
3
4 5

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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.