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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
CCOI icon
876
Cogent Communications
CCOI
$530M
$5.83M 0.01%
120,837
-2,895
-2% -$147K
CHDN icon
877
Churchill Downs
CHDN
$6.2B
$5.82M 0.01%
57,583
-983
-2% -$96.2K
STNE icon
878
StoneCo
STNE
$2.49B
$5.81M 0.01%
362,071
+342,044
+1,708% +$4.56M
EVER icon
879
EverQuote
EVER
$864M
$5.8M 0.01%
239,670
+37,497
+19% +$888K
MOD icon
880
Modine Manufacturing
MOD
$10.8B
$5.79M 0.01%
58,773
-17,910
-23% -$1.6M
OGE icon
881
OGE Energy
OGE
$9.71B
$5.79M 0.01%
130,363
-2,659
-2% -$118K
LECO icon
882
Lincoln Electric
LECO
$15.5B
$5.78M 0.01%
27,861
-2,796
-9% -$535K
WHD icon
883
Cactus
WHD
$5.78B
$5.76M 0.01%
131,841
-1,427
-1% -$59.6K
HAE icon
884
Haemonetics
HAE
$4.11B
$5.76M 0.01%
77,215
+3,418
+5% +$226K
BRKR icon
885
Bruker
BRKR
$8.83B
$5.76M 0.01%
139,780
-19,626
-12% -$758K
VSEC icon
886
VSE Corp
VSEC
$6.48B
$5.74M 0.01%
43,805
-1,611
-4% -$201K
FCFS icon
887
FirstCash
FCFS
$9.14B
$5.73M 0.01%
42,404
+6,506
+18% +$832K
DCI icon
888
Donaldson
DCI
$11.1B
$5.72M 0.01%
82,429
+16,338
+25% +$1.1M
TGTX icon
889
TG Therapeutics
TGTX
$7.34B
$5.63M 0.01%
156,319
-22,987
-13% -$856K
FUN icon
890
Cedar Fair
FUN
$1.71B
$5.59M 0.01%
183,804
-4,131
-2% -$138K
OLED icon
891
Universal Display
OLED
$4.18B
$5.59M 0.01%
36,205
-2,782
-7% -$390K
LNW
892
DELISTED
Light & Wonder
LNW
$5.57M 0.01%
57,825
-4,699
-8% -$402K
BRBR icon
893
BellRing Brands
BRBR
$1.28B
$5.56M 0.01%
96,054
-10,419
-10% -$695K
FIX icon
894
Comfort Systems
FIX
$60.8B
$5.56M 0.01%
10,365
-2,835
-21% -$1.24M
DRS icon
895
Leonardo DRS
DRS
$11.9B
$5.51M 0.01%
118,500
-10,536
-8% -$423K
ASO icon
896
Academy Sports + Outdoors
ASO
$3.03B
$5.5M 0.01%
122,845
+9,359
+8% +$388K
XENE icon
897
Xenon Pharmaceuticals
XENE
$6.21B
$5.47M 0.01%
174,850
+77,701
+80% +$2.53M
PRI icon
898
Primerica
PRI
$9.62B
$5.46M 0.01%
19,956
-1,673
-8% -$443K
MGM icon
899
MGM Resorts International
MGM
$11.1B
$5.46M 0.01%
158,756
-69,882
-31% -$2.22M
SLAB icon
900
Silicon Laboratories
SLAB
$7.28B
$5.44M 0.01%
36,915
-1,423
-4% -$168K
34 35
36
37 38

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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.