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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
CEG icon
126
Constellation Energy
CEG
$99.2B
$54M 0.13%
167,365
-14,978
-8% -$3.96M
SO icon
127
Southern Company
SO
$107B
$53.9M 0.13%
587,445
-27,738
-5% -$2.49M
EMB icon
128
iShares JPMorgan USD Emerging Markets Bond ETF
EMB
$15B
$53.7M 0.13%
580,000
– –
MSTR icon
129
Strategy Inc
MSTR
$38.3B
$53.4M 0.13%
132,202
+4,674
+4% +$1.7M
LMT icon
130
Lockheed Martin
LMT
$139B
$53.2M 0.13%
114,773
-7,134
-6% -$3.34M
FISV
131
Fiserv Inc
FISV
$28.1B
$53.1M 0.13%
308,100
-37,315
-11% -$6.77M
INTC icon
132
Intel
INTC
$527B
$53M 0.13%
2,365,597
-309,449
-12% -$6.41M
DASH icon
133
DoorDash
DASH
$92.8B
$52.6M 0.13%
213,433
-32,085
-13% -$6.44M
WM icon
134
Waste Management
WM
$90.8B
$52.4M 0.13%
228,794
+3,250
+1% +$754K
PLD icon
135
Prologis
PLD
$135B
$52M 0.13%
494,906
-25,523
-5% -$2.68M
BMY icon
136
Bristol-Myers Squibb
BMY
$131B
$51.8M 0.13%
1,118,734
-22,133
-2% -$1.09M
SHW icon
137
Sherwin-Williams
SHW
$87.6B
$51M 0.12%
148,589
-1,858
-1% -$644K
CVS icon
138
CVS Health
CVS
$122B
$50.8M 0.12%
736,209
-20,364
-3% -$1.34M
ORLY icon
139
O'Reilly Automotive
ORLY
$75.5B
$50.1M 0.12%
555,472
+44,767
+9% +$4.08M
PH icon
140
Parker-Hannifin
PH
$133B
$49.1M 0.12%
70,326
-3,313
-4% -$2.09M
DUK icon
141
Duke Energy
DUK
$96.8B
$49.1M 0.12%
416,143
-17,330
-4% -$2.04M
ELV icon
142
Elevance Health
ELV
$87.6B
$48.6M 0.12%
124,957
-7,818
-6% -$3.14M
XSOE icon
143
WisdomTree Emerging Markets ex-State-Owned Enterprises Fund
XSOE
$2.13B
$48.6M 0.12%
1,408,892
– –
EQIX icon
144
Equinix
EQIX
$106B
$48.5M 0.12%
60,924
-2,304
-4% -$1.95M
CI icon
145
Cigna
CI
$73.8B
$48M 0.12%
145,065
-13,729
-9% -$4.43M
MCO icon
146
Moody's
MCO
$83.4B
$47.6M 0.12%
94,919
-4,404
-4% -$2.04M
TDG icon
147
TransDigm Group
TDG
$67.4B
$47.6M 0.12%
31,273
-1,629
-5% -$2.29M
EMXC icon
148
iShares MSCI Emerging Markets ex China ETF
EMXC
$24.7B
$47.2M 0.12%
746,842
+8,900
+1% +$518K
APP icon
149
Applovin
APP
$105B
$46.2M 0.11%
131,959
-515
-0.4% -$167K
AJG icon
150
Arthur J. Gallagher & Co
AJG
$65.6B
$46.1M 0.11%
144,112
+1,957
+1% +$645K
4 5
6
7 8

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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.