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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
+13.3%
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
$41B
AUM Growth
+$2.26B
Cap. Flow
-$1.49B
Cap. Flow %
-3.63%
Top 10 Hldgs %
27.58%
Holding
2,442
New
201
Increased
735
Reduced
1,331
Closed
129

Top Buys

Rank Stock Value
1
RSP icon
Invesco S&P 500 Equal Weight ETF
RSP
+$390M
2
BRK.A icon
Berkshire Hathaway Class A
BRK.A
+$107M
3
XHB icon
State Street SPDR S&P Homebuilders ETF
XHB
+$38M
4
COF icon
Capital One
COF
+$29.9M
5
LBRDA icon
Liberty Broadband Class A
LBRDA
+$28.6M

Top Sells

Rank Stock Value
1
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$398M
2
NVDA icon
NVIDIA
NVDA
+$120M
3
MSFT icon
Microsoft
MSFT
+$107M
4
AAPL icon
Apple
AAPL
+$94.7M
5
ZG icon
Zillow
ZG
+$57.8M

Sector Composition

Rank Sector Weight
1 Technology 27.25%
2 Financials 12.9%
3 Communication Services 10.11%
4 Consumer Discretionary 9.5%
5 Industrials 8.88%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ALRM icon
1376
Alarm.com
ALRM
$2.74B
$1.5M ﹤0.01%
26,489
-1,656
-6% -$91.9K
MATV icon
1377
Mativ Holdings
MATV
$690M
$1.5M ﹤0.01%
219,703
+92,433
+73% +$533K
RHI icon
1378
Robert Half
RHI
$4.25B
$1.5M ﹤0.01%
36,433
-34,431
-49% -$1.57M
SAM icon
1379
Boston Beer
SAM
$1.89B
$1.49M ﹤0.01%
7,814
+3,905
+100% +$899K
JJSF icon
1380
J&J Snack Foods
JJSF
$1.7B
$1.49M ﹤0.01%
13,138
-7,876
-37% -$957K
NFE icon
1381
New Fortress Energy
NFE
$93M
$1.48M ﹤0.01%
445,730
+247,882
+125% +$1.08M
THS
1382
DELISTED
Treehouse Foods
THS
$1.48M ﹤0.01%
75,986
+33,042
+77% +$740K
PAG icon
1383
Penske Automotive Group
PAG
$14.3B
$1.47M ﹤0.01%
8,583
-825
-9% -$132K
KNF icon
1384
Knife River
KNF
$3.74B
$1.47M ﹤0.01%
18,010
-3,090
-15% -$281K
ETNB
1385
DELISTED
89bio
ETNB
$1.45M ﹤0.01%
148,001
+29,296
+25% +$243K
COGT icon
1386
Cogent Biosciences
COGT
$6.47B
$1.45M ﹤0.01%
201,989
+37,776
+23% +$209K
SLG icon
1387
SL Green Realty
SLG
$4.08B
$1.45M ﹤0.01%
23,368
-12,806
-35% -$733K
AA icon
1388
Alcoa
AA
$13.1B
$1.45M ﹤0.01%
48,987
-12,308
-20% -$332K
CXW icon
1389
CoreCivic
CXW
$3.32B
$1.44M ﹤0.01%
68,558
-28,378
-29% -$612K
HR icon
1390
Healthcare Realty
HR
$6.58B
$1.44M ﹤0.01%
90,944
-121
-0.1% -$1.84K
FIVN icon
1391
FIVE9
FIVN
$2.53B
$1.44M ﹤0.01%
54,290
-35,329
-39% -$919K
DORM icon
1392
Dorman Products
DORM
$3.95B
$1.44M ﹤0.01%
11,710
-4,069
-26% -$495K
CCC
1393
CCC Intelligent Solutions
CCC
$4.19B
$1.43M ﹤0.01%
152,345
+2,732
+2% +$24.4K
KYMR icon
1394
Kymera Therapeutics
KYMR
$9.51B
$1.43M ﹤0.01%
32,772
-24,448
-43% -$842K
DSP icon
1395
Viant Technology
DSP
$264M
$1.42M ﹤0.01%
107,495
-60,826
-36% -$833K
BASE
1396
DELISTED
Couchbase
BASE
$1.42M ﹤0.01%
+58,320
New +$1.06M
IBOC icon
1397
International Bancshares
IBOC
$4.52B
$1.42M ﹤0.01%
21,262
+8,112
+62% +$506K
MNKD icon
1398
MannKind Corp
MNKD
$1.2B
$1.41M ﹤0.01%
378,185
-163,718
-30% -$721K
ARDX icon
1399
Ardelyx
ARDX
$1.01B
$1.41M ﹤0.01%
360,219
+201,988
+128% +$833K
WDFC icon
1400
WD-40
WDFC
$3.09B
$1.41M ﹤0.01%
6,169
-587
-9% -$138K
54 55
56
57 58

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State of Wisconsin Investment Board's Q2 2025 Portfolio in Review

As of Q2 2025, State of Wisconsin Investment Board held 2,442 positions worth $41B, up 5.8% from $38.7B the previous quarter. Its ten largest holdings account for 28% of the portfolio.

State of Wisconsin Investment Board withdrew a net $1.49B in Q2 2025, closing 129 positions and reducing 1,331 holdings. Its most notable exit was Discover Financial Services, an estimated $25.4M position sold in full.

By sector, the portfolio is most concentrated in Technology at 27% of assets, up from 25% a quarter earlier, followed by Financials and Communication Services.

Against the trend, State of Wisconsin Investment Board opened a new position in State Street SPDR S&P Homebuilders ETF worth $39.4M.

  • State of Wisconsin Investment Board's largest Q2 2025 buy was State Street SPDR S&P Homebuilders ETF: 400,000 shares worth $39.4M.
  • State of Wisconsin Investment Board added most to Invesco S&P 500 Equal Weight ETF in Q2 2025, an estimated $390M increase.
  • State of Wisconsin Investment Board's biggest Q2 2025 reduction was Alphabet (Google) Class A, cutting an estimated $398M.
  • State of Wisconsin Investment Board fully exited Discover Financial Services in Q2 2025, selling an estimated $25.4M.
  • State of Wisconsin Investment Board's ten largest holdings make up 28% of its $41B portfolio in Q2 2025.
  • State of Wisconsin Investment Board opened 201 new positions and closed 129 in Q2 2025.
  • State of Wisconsin Investment Board's portfolio value rose 5.8% quarter-over-quarter to $41B.

Based on State of Wisconsin Investment Board's 13F filing for Q2 2025, filed 14 Aug 2025.