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State of Wisconsin Investment Board

State of Wisconsin Investment Board Portfolio holdings

AUM $49.6B
1-Year Est. Return 39.59%
This Fund
S&P 500
This Quarter Est. Return
+3.81%
1 Year Est. Return
+39.59%
3 Year Est. Return
+122.45%
5 Year Est. Return
+154.82%
10 Year Est. Return
+603.46%
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
BLBD icon
1276
Blue Bird Corp
BLBD
$2.08B
$2.22M 0.01%
47,231
-9,678
-17% -$506K
UNFI icon
1277
United Natural Foods
UNFI
$2.9B
$2.21M ﹤0.01%
65,586
-6,614
-9% -$246K
RLI icon
1278
RLI Corp
RLI
$5.85B
$2.2M ﹤0.01%
34,452
-6,257
-15% -$393K
CSR
1279
Centerspace
CSR
$944M
$2.2M ﹤0.01%
32,953
+1,205
+4% +$75.7K
ETSY icon
1280
Etsy
ETSY
$7.36B
$2.18M ﹤0.01%
39,321
-7,707
-16% -$470K
XPRO icon
1281
Expro Ltd
XPRO
$2.13B
$2.18M ﹤0.01%
163,054
+4,561
+3% +$61.5K
NWE icon
1282
NorthWestern Energy
NWE
$4.41B
$2.17M ﹤0.01%
33,621
-2,673
-7% -$169K
DMC
1283
Del Monte Corp
DMC
$1.44B
$2.15M ﹤0.01%
60,218
+25,069
+71% +$895K
LQDA icon
1284
Liquidia Corp
LQDA
$6.65B
$2.15M ﹤0.01%
62,195
-11,934
-16% -$340K
ONDS icon
1285
Ondas Inc
ONDS
$5.29B
$2.14M ﹤0.01%
+219,582
New +$1.76M
CVLT icon
1286
Commault Systems
CVLT
$6.09B
$2.14M ﹤0.01%
17,062
-2,699
-14% -$380K
AZTA icon
1287
Azenta
AZTA
$1.46B
$2.13M ﹤0.01%
63,903
-2,330
-4% -$76.1K
AMRX icon
1288
Amneal Pharmaceuticals
AMRX
$6.03B
$2.12M ﹤0.01%
168,490
+68,374
+68% +$782K
SPHR icon
1289
Sphere Entertainment
SPHR
$6.4B
$2.11M ﹤0.01%
22,216
-618
-3% -$47.1K
TLTE icon
1290
FlexShares Morningstar Emerging Markets Factor Tilt Index Fund
TLTE
$352M
$2.11M ﹤0.01%
33,057
– –
GTN icon
1291
Gray Television
GTN
$531M
$2.11M ﹤0.01%
435,999
+18,500
+4% +$90.5K
VRDN icon
1292
Viridian Therapeutics
VRDN
$2.46B
$2.11M ﹤0.01%
67,794
+10,889
+19% +$299K
LGND icon
1293
Ligand Pharmaceuticals
LGND
$5.74B
$2.11M ﹤0.01%
11,155
-228
-2% -$43.8K
CLF icon
1294
Cleveland-Cliffs
CLF
$6.96B
$2.11M ﹤0.01%
158,699
-7,821
-5% -$98.8K
CORT icon
1295
Corcept Therapeutics
CORT
$12.2B
$2.1M ﹤0.01%
60,411
+1,812
+3% +$142K
CAVA icon
1296
CAVA Group
CAVA
$8.75B
$2.1M ﹤0.01%
35,742
-5,533
-13% -$309K
AAL icon
1297
American Airlines Group
AAL
$9.98B
$2.1M ﹤0.01%
136,786
-3,520
-3% -$47.5K
MTH icon
1298
Meritage Homes
MTH
$4.79B
$2.1M ﹤0.01%
31,857
-4,046
-11% -$280K
IESC icon
1299
IES Holdings
IESC
$15.1B
$2.09M ﹤0.01%
5,382
-393
-7% -$158K
IBP icon
1300
Installed Building Products
IBP
$6.5B
$2.09M ﹤0.01%
8,062
+2,111
+35% +$546K
50 51
52
53 54

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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.