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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
MTH icon
1176
Meritage Homes
MTH
$4.8B
$2.6M 0.01%
35,903
-4,849
-12% -$360K
INBK icon
1177
First Internet Bancorp
INBK
$256M
$2.59M 0.01%
115,394
+5,500
+5% +$136K
AEO icon
1178
American Eagle Outfitters
AEO
$2.73B
$2.58M 0.01%
150,934
+134,029
+793% +$1.83M
COOP
1179
DELISTED
Mr. Cooper
COOP
$2.58M 0.01%
12,250
+1,308
+12% +$241K
VFC icon
1180
VF Corp
VFC
$5.79B
$2.58M 0.01%
178,908
-150,839
-46% -$2.03M
BLFS icon
1181
BioLife Solutions
BLFS
$1.72B
$2.57M 0.01%
100,888
+200
+0.2% +$4.74K
WWW icon
1182
Wolverine World Wide
WWW
$1.63B
$2.57M 0.01%
93,595
+61,166
+189% +$1.61M
RAL
1183
Ralliant Corp
RAL
$8.03B
$2.54M 0.01%
58,134
+31,152
+115% +$1.39M
AVDL
1184
DELISTED
Avadel Pharmaceuticals
AVDL
$2.53M 0.01%
165,712
-57,326
-26% -$746K
SKYW icon
1185
Skywest
SKYW
$4.16B
$2.53M 0.01%
25,120
-74
-0.3% -$8.27K
DVAX
1186
DELISTED
Dynavax Technologies
DVAX
$2.53M 0.01%
254,381
-56,808
-18% -$591K
ZETA icon
1187
Zeta Global
ZETA
$7.44B
$2.51M 0.01%
126,488
-4,703
-4% -$84.5K
MGEE icon
1188
MGE Energy Inc
MGEE
$3.06B
$2.51M 0.01%
29,824
-1,371
-4% -$117K
SAIC icon
1189
Saic
SAIC
$5.35B
$2.49M 0.01%
25,106
-1,016
-4% -$114K
CAVA icon
1190
CAVA Group
CAVA
$8.43B
$2.49M 0.01%
41,275
-10,242
-20% -$776K
ESGE icon
1191
iShares ESG Aware MSCI EM ETF
ESGE
$6.86B
$2.48M 0.01%
57,159
– –
NUVL
1192
DELISTED
Nuvalent
NUVL
$2.47M 0.01%
28,581
+1,025
+4% +$81K
ASIC
1193
Ategrity Specialty Insurance
ASIC
$1.18B
$2.47M 0.01%
125,000
– –
SRRK icon
1194
Scholar Rock
SRRK
$6.46B
$2.47M 0.01%
66,353
+16,389
+33% +$573K
HLF icon
1195
Herbalife
HLF
$1.23B
$2.46M 0.01%
292,024
+77,324
+36% +$729K
RNAM
1196
DELISTED
Avidity Biosciences
RNAM
$2.46M 0.01%
56,350
-8,668
-13% -$350K
CDNA icon
1197
CareDx
CDNA
$2.45B
$2.45M 0.01%
168,721
+58,457
+53% +$833K
ENVX icon
1198
Enovix
ENVX
$966M
$2.45M 0.01%
245,719
-50,447
-17% -$558K
ATRO icon
1199
Astronics
ATRO
$4.57B
$2.44M 0.01%
64,225
+27,317
+74% +$831K
RARE icon
1200
Ultragenyx Pharmaceutical
RARE
$2.6B
$2.43M 0.01%
80,938
+3,437
+4% +$103K
46 47
48
49 50

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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.