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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
JBTM
1176
JBT Marel
JBTM
$6.15B
$2.95M 0.01%
19,561
-3,332
-15% -$470K
HRB icon
1177
H&R Block
HRB
$6.76B
$2.95M 0.01%
67,607
-9,649
-12% -$451K
ADMA icon
1178
ADMA Biologics
ADMA
$2.11B
$2.94M 0.01%
161,108
+10,595
+7% +$179K
TDAY
1179
USA Today Co
TDAY
$1.01B
$2.91M 0.01%
565,836
+163,017
+40% +$766K
INSP icon
1180
Inspire Medical Systems
INSP
$1.68B
$2.9M 0.01%
31,469
-41,635
-57% -$3.98M
ARQT icon
1181
Arcutis Biotherapeutics
ARQT
$3.3B
$2.88M 0.01%
99,247
-24,714
-20% -$633K
MTN icon
1182
Vail Resorts
MTN
$5.29B
$2.85M 0.01%
21,487
+3,885
+22% +$572K
SLVM icon
1183
Sylvamo
SLVM
$1.53B
$2.85M 0.01%
59,234
+5,715
+11% +$260K
CZR icon
1184
Caesars Entertainment
CZR
$6.04B
$2.85M 0.01%
121,844
+19,060
+19% +$428K
KRMN
1185
Karman Holdings
KRMN
$8.02B
$2.85M 0.01%
38,948
+15,638
+67% +$1.13M
CPRX
1186
DELISTED
Catalyst Pharmaceutical
CPRX
$2.83M 0.01%
121,419
+49,391
+69% +$1.1M
SR icon
1187
Spire
SR
$4.89B
$2.82M 0.01%
34,095
-9,263
-21% -$790K
EYE icon
1188
National Vision
EYE
$1.54B
$2.82M 0.01%
109,054
+14,503
+15% +$390K
XERS icon
1189
Xeris Biopharma Holdings
XERS
$1.52B
$2.81M 0.01%
357,453
+6,924
+2% +$54.5K
INBK icon
1190
First Internet Bancorp
INBK
$256M
$2.79M 0.01%
133,584
+18,190
+16% +$366K
OS
1191
DELISTED
OneStream Inc
OS
$2.79M 0.01%
151,604
-9,392
-6% -$179K
MMS icon
1192
Maximus
MMS
$2.94B
$2.78M 0.01%
32,232
-2,604
-7% -$223K
FCN icon
1193
FTI Consulting
FCN
$4.24B
$2.78M 0.01%
16,284
-1,823
-10% -$301K
NJR icon
1194
New Jersey Resources
NJR
$5.64B
$2.77M 0.01%
60,147
-3,985
-6% -$184K
AGX icon
1195
Argan
AGX
$7.84B
$2.76M 0.01%
8,804
+5,953
+209% +$1.89M
ALH
1196
Alliance Laundry Holdings
ALH
$5.12B
$2.75M 0.01%
+135,062
New +$3.25M
KMX icon
1197
CarMax
KMX
$8.52B
$2.75M 0.01%
71,088
-133,133
-65% -$5.32M
THO icon
1198
Thor Industries
THO
$4.11B
$2.74M 0.01%
26,667
-6,138
-19% -$638K
ENSG icon
1199
The Ensign Group
ENSG
$10.6B
$2.73M 0.01%
15,646
-1,528
-9% -$275K
AMG icon
1200
Affiliated Managers Group
AMG
$9.57B
$2.72M 0.01%
9,434
-1,826
-16% -$472K
46 47
48
49 50

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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.