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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
GOGO icon
1051
Gogo Inc
GOGO
$383M
$3.6M 0.01%
245,110
-17,161
-7% -$175K
AMN icon
1052
AMN Healthcare
AMN
$1.34B
$3.6M 0.01%
173,965
+88,808
+104% +$1.85M
KTOS icon
1053
Kratos Defense & Security Solutions
KTOS
$11.8B
$3.56M 0.01%
76,671
-85,832
-53% -$3.11M
LILA icon
1054
Liberty Latin America Class A
LILA
$1.69B
$3.55M 0.01%
856,074
+652,382
+320% +$2.36M
CAR icon
1055
Avis
CAR
$4.93B
$3.53M 0.01%
20,876
-11,630
-36% -$1.25M
UAL icon
1056
United Airlines
UAL
$40.6B
$3.52M 0.01%
44,266
-102,030
-70% -$7.52M
FIVE icon
1057
Five Below
FIVE
$13.2B
$3.51M 0.01%
26,740
-5,162
-16% -$503K
GMS
1058
DELISTED
GMS Inc
GMS
$3.5M 0.01%
32,199
+18,035
+127% +$1.4M
AGO icon
1059
Assured Guaranty
AGO
$3.29B
$3.5M 0.01%
40,196
-2,483
-6% -$212K
LAMR icon
1060
Lamar Advertising Co
LAMR
$15.6B
$3.5M 0.01%
28,844
-5,237
-15% -$608K
FORM icon
1061
FormFactor
FORM
$10.1B
$3.49M 0.01%
101,522
+14,815
+17% +$450K
MAN icon
1062
ManpowerGroup
MAN
$2.61B
$3.49M 0.01%
86,370
-3,974
-4% -$174K
RDNT icon
1063
RadNet
RDNT
$6.06B
$3.48M 0.01%
61,176
-3,662
-6% -$201K
POWI icon
1064
Power Integrations
POWI
$3.57B
$3.48M 0.01%
62,270
+8,062
+15% +$414K
ADNT icon
1065
Adient
ADNT
$1.44B
$3.47M 0.01%
178,528
-3,270
-2% -$48.3K
INDB icon
1066
Independent Bank
INDB
$4.05B
$3.45M 0.01%
54,847
-1,853
-3% -$113K
ECPG icon
1067
Encore Capital Group
ECPG
$2.07B
$3.44M 0.01%
88,947
+7,443
+9% +$270K
BOX icon
1068
Box
BOX
$4.48B
$3.44M 0.01%
100,635
+7,140
+8% +$234K
WHR icon
1069
Whirlpool
WHR
$2.79B
$3.43M 0.01%
33,845
-3,894
-10% -$324K
CVLT icon
1070
Commault Systems
CVLT
$6.26B
$3.43M 0.01%
19,654
-1,976
-9% -$337K
CELH icon
1071
Celsius Holdings
CELH
$7.28B
$3.42M 0.01%
73,695
-12,801
-15% -$493K
DVA icon
1072
DaVita
DVA
$11.6B
$3.4M 0.01%
23,871
-3,238
-12% -$459K
LIF
1073
Life360
LIF
$4B
$3.4M 0.01%
52,086
+15,858
+44% +$815K
BIRK icon
1074
Birkenstock
BIRK
$7.54B
$3.39M 0.01%
+68,858
New +$3.54M
BBWI icon
1075
Bath & Body Works
BBWI
$3.65B
$3.38M 0.01%
112,724
-20,316
-15% -$595K
41 42
43
44 45

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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.