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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
ZION icon
1101
Zions Bancorporation
ZION
$10.5B
$3.2M 0.01%
61,660
-6,055
-9% -$284K
PCRX icon
1102
Pacira BioSciences
PCRX
$924M
$3.2M 0.01%
133,730
+17,706
+15% +$446K
BC icon
1103
Brunswick
BC
$5.21B
$3.16M 0.01%
57,135
-13,931
-20% -$704K
BBIO icon
1104
BridgeBio Pharma
BBIO
$16.4B
$3.09M 0.01%
71,651
-5,048
-7% -$184K
SNX icon
1105
TD Synnex
SNX
$20.4B
$3.09M 0.01%
22,794
-5,996
-21% -$704K
RPD icon
1106
Rapid7
RPD
$929M
$3.09M 0.01%
133,674
+28,807
+27% +$683K
DVAX
1107
DELISTED
Dynavax Technologies
DVAX
$3.09M 0.01%
311,189
+40,334
+15% +$425K
MCY icon
1108
Mercury Insurance
MCY
$5.84B
$3.08M 0.01%
45,811
+37,092
+425% +$2.21M
YELP icon
1109
Yelp
YELP
$1.28B
$3.07M 0.01%
89,458
+7,591
+9% +$274K
BKH icon
1110
Black Hills Corp
BKH
$5.58B
$3.05M 0.01%
54,405
-1,174
-2% -$68.8K
ORA icon
1111
Ormat Technologies
ORA
$6.97B
$3.05M 0.01%
36,419
-428
-1% -$32K
BYD icon
1112
Boyd Gaming
BYD
$6.03B
$3.04M 0.01%
38,886
-8,246
-17% -$589K
POR icon
1113
Portland General Electric
POR
$5.74B
$3.03M 0.01%
74,685
+1,340
+2% +$56.2K
CWK icon
1114
Cushman & Wakefield Ltd
CWK
$3.24B
$3.03M 0.01%
273,977
+58,021
+27% +$569K
LEA icon
1115
Lear
LEA
$8.16B
$3.03M 0.01%
31,912
+214
+0.7% +$18.8K
AIP icon
1116
Arteris
AIP
$1.36B
$3.03M 0.01%
317,697
– –
RELY icon
1117
Remitly
RELY
$5.39B
$3.02M 0.01%
161,036
+6,659
+4% +$139K
HRI icon
1118
Herc Holdings
HRI
$5.64B
$3.01M 0.01%
22,886
+3,600
+19% +$437K
SUPN icon
1119
Supernus Pharmaceuticals
SUPN
$2.78B
$3M 0.01%
95,214
+5,019
+6% +$161K
SLVM icon
1120
Sylvamo
SLVM
$1.53B
$3M 0.01%
59,837
+33,860
+130% +$1.91M
FCN icon
1121
FTI Consulting
FCN
$4.24B
$2.99M 0.01%
18,543
-1,308
-7% -$214K
TNDM icon
1122
Tandem Diabetes Care
TNDM
$1.63B
$2.99M 0.01%
160,619
+4,407
+3% +$87.3K
LUV icon
1123
Southwest Airlines
LUV
$22B
$2.99M 0.01%
92,274
-73,721
-44% -$2.22M
BF.A icon
1124
Brown-Forman Class A
BF.A
$13B
$2.98M 0.01%
108,382
-161,204
-60% -$5.17M
LITE icon
1125
Lumentum
LITE
$78B
$2.96M 0.01%
31,147
-3,215
-9% -$228K
43 44
45
46 47

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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.