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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
+3.81%
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
$44.7B
AUM Growth
+$1.12B
Cap. Flow
+$282M
Cap. Flow %
0.63%
Top 10 Hldgs %
28.98%
Holding
2,613
New
247
Increased
776
Reduced
1,214
Closed
248

Top Buys

Rank Stock Value
1
RSP icon
Invesco S&P 500 Equal Weight ETF
RSP
+$201M
2
RY icon
Royal Bank of Canada
RY
+$78.9M
3
BEP icon
Brookfield Renewable
BEP
+$77.7M
4
SHOP icon
Shopify
SHOP
+$70.6M
5
BKLN icon
Invesco Senior Loan ETF
BKLN
+$66.7M

Top Sells

Rank Stock Value
1
AAPL icon
Apple
AAPL
+$112M
2
NVDA icon
NVIDIA
NVDA
+$101M
3
ZG icon
Zillow
ZG
+$101M
4
MSFT icon
Microsoft
MSFT
+$80.8M
5
AMZN icon
Amazon
AMZN
+$39.8M

Sector Composition

Rank Sector Weight
1 Technology 26.6%
2 Financials 13.19%
3 Communication Services 10.23%
4 Consumer Discretionary 9.12%
5 Healthcare 8.62%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
DRS icon
1101
Leonardo DRS
DRS
$11.9B
$3.83M 0.01%
112,284
+110
+0.1% +$4.06K
CMA
1102
DELISTED
Comerica
CMA
$3.82M 0.01%
43,992
-42,350
-49% -$3.41M
CALX icon
1103
Calix
CALX
$2.51B
$3.8M 0.01%
71,777
-2,328
-3% -$136K
ALHC icon
1104
Alignment Healthcare
ALHC
$2.8B
$3.79M 0.01%
192,029
+64,229
+50% +$1.15M
ICUI icon
1105
ICU Medical
ICUI
$4.58B
$3.79M 0.01%
26,537
+20,059
+310% +$2.69M
STN icon
1106
Stantec
STN
$8.47B
$3.77M 0.01%
+39,900
New +$4.11M
ORA icon
1107
Ormat Technologies
ORA
$6.97B
$3.77M 0.01%
34,097
-2,352
-6% -$257K
DAR icon
1108
Darling Ingredients
DAR
$10B
$3.76M 0.01%
104,432
-11,967
-10% -$405K
RNST icon
1109
Renasant Corp
RNST
$4B
$3.75M 0.01%
106,586
+80,241
+305% +$2.84M
XPOF icon
1110
Xponential Fitness
XPOF
$208M
$3.75M 0.01%
455,904
+34,301
+8% +$244K
ATEC icon
1111
Alphatec Holdings
ATEC
$1.49B
$3.74M 0.01%
177,921
+143,025
+410% +$2.65M
CVSA
1112
Covista Inc
CVSA
$4.36B
$3.73M 0.01%
36,023
-16,436
-31% -$1.88M
PTEN icon
1113
Patterson-UTI
PTEN
$4.2B
$3.67M 0.01%
601,290
+54,036
+10% +$323K
MIRM icon
1114
Mirum Pharmaceuticals
MIRM
$6.02B
$3.65M 0.01%
46,206
-18,793
-29% -$1.35M
VIAV icon
1115
Viavi Solutions
VIAV
$10.6B
$3.64M 0.01%
204,316
+136,558
+202% +$2.21M
HUT
1116
Hut 8
HUT
$10.2B
$3.62M 0.01%
78,848
-7,919
-9% -$349K
CE icon
1117
Celanese
CE
$4.75B
$3.59M 0.01%
84,857
+14,895
+21% +$608K
INGR icon
1118
Ingredion
INGR
$6.54B
$3.58M 0.01%
32,478
-3,128
-9% -$353K
KRYS icon
1119
Krystal Biotech
KRYS
$9.72B
$3.57M 0.01%
14,466
-14,874
-51% -$3.13M
MGNI icon
1120
Magnite
MGNI
$3.49B
$3.56M 0.01%
219,559
+12,654
+6% +$210K
GTLS
1121
DELISTED
Chart Industries
GTLS
$3.56M 0.01%
17,262
-6,584
-28% -$1.33M
PTCT icon
1122
PTC Therapeutics
PTCT
$6.06B
$3.55M 0.01%
46,775
-12,010
-20% -$873K
POR icon
1123
Portland General Electric
POR
$5.74B
$3.53M 0.01%
73,609
-1,062
-1% -$50.2K
BL icon
1124
BlackLine
BL
$1.82B
$3.53M 0.01%
63,801
-21,441
-25% -$1.18M
NHI icon
1125
National Health Investors
NHI
$3.47B
$3.53M 0.01%
46,161
+446
+1% +$34.2K
43 44
45
46 47

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State of Wisconsin Investment Board's Q4 2025 Portfolio in Review

As of Q4 2025, State of Wisconsin Investment Board held 2,613 positions worth $44.7B, up 2.6% from $43.6B the previous quarter. Its ten largest holdings account for 29% of the portfolio.

State of Wisconsin Investment Board's Q4 2025 filing shows 247 new, 776 increased, 1,214 reduced and 248 closed positions. Its largest new stake was Royal Bank of Canada: 513,881 shares worth $87.7M. The largest sale was Apple, an estimated $112M.

By sector, the portfolio is most concentrated in Technology at 27% of assets, down from 28% a quarter earlier, followed by Financials and Communication Services.

  • State of Wisconsin Investment Board's largest Q4 2025 buy was Royal Bank of Canada: 513,881 shares worth $87.7M.
  • State of Wisconsin Investment Board added most to Invesco S&P 500 Equal Weight ETF in Q4 2025, an estimated $201M increase.
  • State of Wisconsin Investment Board's biggest Q4 2025 reduction was Apple, cutting an estimated $112M.
  • State of Wisconsin Investment Board fully exited Xtrackers Harvest CSI 300 China A-Shares ETF in Q4 2025, selling an estimated $24.9M.
  • State of Wisconsin Investment Board's ten largest holdings make up 29% of its $44.7B portfolio in Q4 2025.
  • State of Wisconsin Investment Board opened 247 new positions and closed 248 in Q4 2025.
  • State of Wisconsin Investment Board's portfolio value rose 2.6% quarter-over-quarter to $44.7B.

Based on State of Wisconsin Investment Board's 13F filing for Q4 2025, filed 17 Feb 2026.