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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
BIRK icon
1251
Birkenstock
BIRK
$7.54B
$2.1M ﹤0.01%
46,358
-22,500
-33% -$1.1M
JBI icon
1252
Janus International
JBI
$664M
$2.1M ﹤0.01%
212,525
-80,746
-28% -$779K
FTDR icon
1253
Frontdoor
FTDR
$5.83B
$2.09M ﹤0.01%
31,114
+14
+0% +$852
STRL icon
1254
Sterling Infrastructure
STRL
$16.9B
$2.09M ﹤0.01%
6,157
+3,272
+113% +$929K
DIOD icon
1255
Diodes
DIOD
$4.48B
$2.09M ﹤0.01%
39,271
+20,907
+114% +$1.12M
TLTE icon
1256
FlexShares Morningstar Emerging Markets Factor Tilt Index Fund
TLTE
$352M
$2.09M ﹤0.01%
33,057
– –
CABO icon
1257
Cable One
CABO
$191M
$2.09M ﹤0.01%
+11,781
New +$1.77M
ORI icon
1258
Old Republic International
ORI
$10.3B
$2.08M ﹤0.01%
49,064
+57
+0.1% +$2.2K
OEC icon
1259
Orion
OEC
$364M
$2.08M ﹤0.01%
273,895
-44,875
-14% -$454K
HLIO icon
1260
Helios Technologies
HLIO
$2.66B
$2.07M ﹤0.01%
39,725
-28,082
-41% -$1.31M
INVA icon
1261
Innoviva
INVA
$1.5B
$2.07M ﹤0.01%
113,423
-3,062
-3% -$59.7K
TRS icon
1262
TriMas Corp
TRS
$1.41B
$2.07M ﹤0.01%
+53,521
New +$1.9M
FRT icon
1263
Federal Realty Investment Trust
FRT
$10.3B
$2.06M ﹤0.01%
20,349
-3,992
-16% -$386K
URBN icon
1264
Urban Outfitters
URBN
$6.63B
$2.06M ﹤0.01%
28,834
+2,759
+11% +$203K
HRMY icon
1265
Harmony Biosciences
HRMY
$2.24B
$2.06M ﹤0.01%
74,573
-1,975
-3% -$68K
GCT icon
1266
GigaCloud Technology
GCT
$1.9B
$2.05M ﹤0.01%
72,334
-33,770
-32% -$881K
CXW icon
1267
CoreCivic
CXW
$3.32B
$2.05M ﹤0.01%
100,781
+32,223
+47% +$667K
ASTH icon
1268
Astrana Health
ASTH
$1.78B
$2.03M ﹤0.01%
71,749
+7,032
+11% +$191K
CLF icon
1269
Cleveland-Cliffs
CLF
$6.93B
$2.03M ﹤0.01%
166,520
-85,987
-34% -$904K
CMP icon
1270
Compass Minerals
CMP
$1.12B
$2.03M ﹤0.01%
105,513
+11,537
+12% +$229K
SBRA icon
1271
Sabra Healthcare REIT
SBRA
$5.15B
$2.02M ﹤0.01%
108,488
+34,439
+47% +$643K
LGND icon
1272
Ligand Pharmaceuticals
LGND
$5.76B
$2.02M ﹤0.01%
11,383
+295
+3% +$43.9K
CNR
1273
Core Natural Resources Inc
CNR
$4.71B
$2M ﹤0.01%
23,912
+990
+4% +$74.2K
ADEA icon
1274
Adeia
ADEA
$3.16B
$1.99M ﹤0.01%
118,458
+107,684
+999% +$1.6M
ENPH icon
1275
Enphase Energy
ENPH
$5.39B
$1.98M ﹤0.01%
56,057
-5,519
-9% -$205K
49 50
51
52 53

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HF
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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.