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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
CG icon
826
Carlyle Group
CG
$18.3B
$6.54M 0.02%
127,288
-4,324
-3% -$186K
COLD icon
827
Americold
COLD
$4.32B
$6.53M 0.02%
392,793
-9,738
-2% -$177K
SKT icon
828
Tanger
SKT
$4.42B
$6.53M 0.02%
213,382
-21,796
-9% -$668K
ARE icon
829
Alexandria Real Estate Equities
ARE
$8.33B
$6.51M 0.02%
89,658
-3,277
-4% -$243K
EEFT icon
830
Euronet Worldwide
EEFT
$2.78B
$6.49M 0.02%
64,017
-6,397
-9% -$661K
GRAB icon
831
Grab
GRAB
$15.1B
$6.49M 0.02%
1,290,000
+18,336
+1% +$85.5K
GXO icon
832
GXO Logistics
GXO
$5.56B
$6.48M 0.02%
133,153
-11,127
-8% -$443K
RMBS icon
833
Rambus
RMBS
$10.8B
$6.47M 0.02%
100,995
-1,876
-2% -$101K
ERIE icon
834
Erie Indemnity
ERIE
$13.4B
$6.46M 0.02%
18,630
-3,817
-17% -$1.42M
JCAP
835
Jefferson Capital
JCAP
$1.33B
$6.46M 0.02%
+350,000
New +$6.53M
CVSA
836
Covista Inc
CVSA
$4.49B
$6.45M 0.02%
50,692
-269
-0.5% -$31.8K
AHR icon
837
American Healthcare REIT
AHR
$10.3B
$6.44M 0.02%
175,402
-2,705
-2% -$89.9K
EXAS
838
DELISTED
Exact Sciences
EXAS
$6.44M 0.02%
121,128
+12,563
+12% +$638K
TXNM
839
TXNM Energy Inc
TXNM
$5.91B
$6.43M 0.02%
114,124
+38,073
+50% +$2.07M
UEC icon
840
Uranium Energy
UEC
$5.54B
$6.41M 0.02%
942,164
+180,601
+24% +$1.01M
IPAR icon
841
Interparfums
IPAR
$3.7B
$6.41M 0.02%
48,781
+6,201
+15% +$758K
GTES icon
842
Gates Industrial Corporation Ltd.
GTES
$7B
$6.39M 0.02%
277,329
-10,385
-4% -$209K
OC icon
843
Owens Corning
OC
$12.3B
$6.38M 0.02%
46,375
-1,889
-4% -$261K
APG icon
844
APi Group
APG
$18.8B
$6.36M 0.02%
187,007
-24,510
-12% -$702K
RITM icon
845
Rithm Capital
RITM
$5.79B
$6.36M 0.02%
563,052
-8,612
-2% -$94.9K
SJM icon
846
J.M. Smucker
SJM
$12.9B
$6.35M 0.02%
64,701
-4,105
-6% -$451K
HRL icon
847
Hormel Foods
HRL
$13.4B
$6.34M 0.02%
209,670
+11,824
+6% +$357K
PAGP icon
848
Plains GP Holdings
PAGP
$5.04B
$6.33M 0.02%
325,885
-8,182
-2% -$152K
REVG
849
DELISTED
REV Group
REVG
$6.33M 0.02%
133,026
-48,194
-27% -$1.79M
ACLS icon
850
Axcelis
ACLS
$4.42B
$6.31M 0.02%
90,573
+12,106
+15% +$691K
32 33
34
35 36

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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.