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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
NAGE
1301
Niagen Bioscience
NAGE
$241M
$2.09M ﹤0.01%
327,865
+98,902
+43% +$688K
SAH icon
1302
Sonic Automotive
SAH
$2.53B
$2.08M ﹤0.01%
+33,586
New +$2.22M
GEO icon
1303
The GEO Group
GEO
$4.07B
$2.08M ﹤0.01%
128,755
+62,817
+95% +$1.05M
BIRK icon
1304
Birkenstock
BIRK
$7.41B
$2.07M ﹤0.01%
50,683
+4,325
+9% +$183K
KYMR icon
1305
Kymera Therapeutics
KYMR
$9.44B
$2.06M ﹤0.01%
26,513
-1,259
-5% -$85K
ICHR icon
1306
Ichor Holdings
ICHR
$2.65B
$2.06M ﹤0.01%
111,669
+18,717
+20% +$347K
NVO
1307
Novo Nordisk
NVO
$203B
$2.04M ﹤0.01%
+40,000
New +$2.05M
YPF icon
1308
YPF Sociedad Anonima American Depositary Shares (Each representing ten (10) Class D shares of Capital Stock)
YPF
$19.6B
$2.03M ﹤0.01%
+56,276
New +$1.87M
CVLG icon
1309
Covenant Logistics
CVLG
$892M
$2.03M ﹤0.01%
92,073
+5,794
+7% +$121K
MGEE icon
1310
MGE Energy Inc
MGEE
$3.09B
$2.03M ﹤0.01%
25,826
-3,998
-13% -$329K
HLIO icon
1311
Helios Technologies
HLIO
$2.72B
$2.02M ﹤0.01%
37,687
-2,038
-5% -$110K
WW
1312
WW International
WW
$144M
$2.02M ﹤0.01%
+69,000
New +$1.93M
WIX icon
1313
WIX.com
WIX
$3.13B
$2.01M ﹤0.01%
19,378
-42,889
-69% -$5.19M
GATX icon
1314
GATX Corp
GATX
$6.34B
$2.01M ﹤0.01%
11,846
-2,056
-15% -$339K
NHC icon
1315
National Healthcare
NHC
$3.47B
$2M ﹤0.01%
14,570
-3,322
-19% -$429K
ZYME icon
1316
Zymeworks
ZYME
$1.79B
$1.99M ﹤0.01%
75,566
+19,292
+34% +$421K
CVI icon
1317
CVR Energy
CVI
$3.55B
$1.99M ﹤0.01%
78,039
+68,819
+746% +$2.34M
GNL icon
1318
Global Net Lease
GNL
$1.9B
$1.98M ﹤0.01%
230,751
+135,026
+141% +$1.08M
BFH icon
1319
Bread Financial
BFH
$4.56B
$1.98M ﹤0.01%
26,722
-40,367
-60% -$2.65M
OCUL icon
1320
Ocular Therapeutix
OCUL
$2.17B
$1.98M ﹤0.01%
162,810
+37,616
+30% +$457K
SHO icon
1321
Sunstone Hotel Investors
SHO
$2.04B
$1.97M ﹤0.01%
220,287
+45,773
+26% +$420K
GRAL
1322
GRAIL Inc
GRAL
$3.02B
$1.97M ﹤0.01%
23,002
+5,047
+28% +$436K
GCT icon
1323
GigaCloud Technology
GCT
$1.88B
$1.96M ﹤0.01%
49,779
-22,555
-31% -$746K
VCYT icon
1324
Veracyte
VCYT
$3.34B
$1.95M ﹤0.01%
46,204
-3,343
-7% -$135K
COLL icon
1325
Collegium Pharmaceutical
COLL
$888M
$1.94M ﹤0.01%
41,994
+840
+2% +$35.1K
51 52
53
54 55

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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.