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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
UMH
926
UMH Properties
UMH
$1.42B
$5.26M 0.01%
354,263
-11,225
-3% -$180K
AGCO icon
927
AGCO
AGCO
$6.96B
$5.26M 0.01%
49,126
+12,873
+36% +$1.42M
BANR icon
928
Banner Corp
BANR
$2.5B
$5.25M 0.01%
80,220
+46
+0.1% +$3.03K
WDAF
929
WisdomTree Asia Defense Fund
WDAF
$23.6M
$5.25M 0.01%
+168,000
New +$5.24M
NPB
930
Northpointe Bancshares
NPB
$603M
$5.24M 0.01%
306,818
+200
+0.1% +$3.27K
WHD icon
931
Cactus
WHD
$5.78B
$5.2M 0.01%
131,825
-16
-0% -$673
OLED icon
932
Universal Display
OLED
$4.18B
$5.2M 0.01%
36,213
+8
+0% +$1.16K
QBTS icon
933
D-Wave Quantum Inc. Common Stock
QBTS
$7.78B
$5.2M 0.01%
210,455
+18,007
+9% +$328K
AFG icon
934
American Financial Group
AFG
$12.1B
$5.19M 0.01%
35,628
-1,160
-3% -$154K
GPOR icon
935
Gulfport Energy Corp
GPOR
$3.01B
$5.18M 0.01%
28,623
+3,721
+15% +$648K
KRYS icon
936
Krystal Biotech
KRYS
$9.72B
$5.18M 0.01%
29,340
-6,749
-19% -$1.01M
KNTK icon
937
Kinetik
KNTK
$4.16B
$5.17M 0.01%
121,066
+2,419
+2% +$102K
RVMD icon
938
Revolution Medicines
RVMD
$43.3B
$5.16M 0.01%
110,597
+12,061
+12% +$472K
CELH icon
939
Celsius Holdings
CELH
$7.28B
$5.16M 0.01%
89,676
+15,981
+22% +$836K
MKSI icon
940
MKS Inc
MKSI
$20.7B
$5.15M 0.01%
41,572
-4,640
-10% -$495K
CARG icon
941
CarGurus
CARG
$3.38B
$5.13M 0.01%
137,716
+3,036
+2% +$104K
QQQ icon
942
Invesco QQQ Trust
QQQ
$487B
$5.12M 0.01%
8,525
+2,665
+45% +$1.53M
DRS icon
943
Leonardo DRS
DRS
$11.9B
$5.09M 0.01%
112,174
-6,326
-5% -$276K
NFG icon
944
National Fuel Gas
NFG
$7.75B
$5.09M 0.01%
55,089
+38
+0.1% +$3.31K
SLAB icon
945
Silicon Laboratories
SLAB
$7.28B
$5.04M 0.01%
38,426
+1,511
+4% +$206K
BRZE icon
946
Braze
BRZE
$3.36B
$5.03M 0.01%
176,991
-269
-0.2% -$7.63K
VYX icon
947
NCR Voyix
VYX
$1.17B
$5.01M 0.01%
399,204
+84,852
+27% +$1.12M
TEM
948
Tempus AI
TEM
$9.8B
$5M 0.01%
61,963
+11,478
+23% +$804K
MRCY icon
949
Mercury Systems
MRCY
$6.59B
$5M 0.01%
64,562
+3,447
+6% +$214K
BRBR icon
950
BellRing Brands
BRBR
$1.28B
$4.99M 0.01%
137,221
+41,167
+43% +$1.86M
36 37
38
39 40

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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.