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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
(+5.8%)
Cap. Flow
-$1.49B
Cap. Flow
% of AUM
-3.63%
Top 10 Holdings %
Top 10 Hldgs %
27.58%
Holding
2,442
New
201
Increased
735
Reduced
1,331
Closed
129
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Invesco S&P 500 Equal Weight ETF
RSP
|
+$390M |
| 2 |
Berkshire Hathaway Class A
BRK.A
|
+$107M |
| 3 |
State Street SPDR S&P Homebuilders ETF
XHB
|
+$38M |
| 4 |
Capital One
COF
|
+$29.9M |
| 5 |
Liberty Broadband Class A
LBRDA
|
+$28.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alphabet (Google) Class A
GOOGL
|
+$398M |
| 2 |
NVIDIA
NVDA
|
+$120M |
| 3 |
Microsoft
MSFT
|
+$107M |
| 4 |
Apple
AAPL
|
+$94.7M |
| 5 |
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 | |
|---|---|---|---|---|---|---|
1601
Coupang
CPNG
$29.3B
| $833K | ﹤0.01% |
27,807
-13,526
| -33% | -$347K |
|
1602
Donnelley Financial Solutions
DFIN
$1.17B
| $831K | ﹤0.01% |
13,486
+4,916
| +57% | +$253K |
|
|
KALV
1603
DELISTED
KalVista Pharmaceuticals
KALV
| $829K | ﹤0.01% |
73,343
+12,300
| +20% | +$150K |
|
|
AIOT
1604
PowerFleet Inc
AIOT
$421M
| $829K | ﹤0.01% |
192,335
+63,682
| +49% | +$315K |
|
|
SNBR
1605
DELISTED
Sleep Number
SNBR
| $828K | ﹤0.01% |
122,578
+69,699
| +132% | +$532K |
|
1606
Novanta
NOVT
$6.32B
| $826K | ﹤0.01% |
6,404
+2,562
| +67% | +$312K |
|
1607
Northeast Bank
NBN
$1.15B
| $825K | ﹤0.01% |
9,273
-1,885
| -17% | -$161K |
|
1608
Moelis & Co
MC
$4.91B
| $823K | ﹤0.01% |
13,207
-975
| -7% | -$54.7K |
|
1609
Xerox
XRX
$412M
| $822K | ﹤0.01% |
155,991
+109,019
| +232% | +$532K |
|
1610
Xperi
XPER
$321M
| $821K | ﹤0.01% |
103,838
+63,394
| +157% | +$478K |
|
1611
Marcus & Millichap
MMI
$1.18B
| $821K | ﹤0.01% |
26,731
+19,002
| +246% | +$577K |
|
1612
First Mid Bancshares
FMBH
$1.38B
| $816K | ﹤0.01% |
21,753
+6,416
| +42% | +$225K |
|
1613
Arbor Realty Trust
ABR
$974M
| $814K | ﹤0.01% |
76,110
+56,544
| +289% | +$595K |
|
|
HDSN
1614
Hudson Technologies
HDSN
$236M
| $814K | ﹤0.01% |
100,197
+12,700
| +15% | +$87.1K |
|
1615
Tiptree Inc
TIPT
$668M
| $810K | ﹤0.01% |
34,362
-2,426
| -7% | -$54.2K |
|
1616
Innospec
IOSP
$2.31B
| $807K | ﹤0.01% |
9,592
+6,937
| +261% | +$607K |
|
1617
Beam Therapeutics
BEAM
$2.74B
| $804K | ﹤0.01% |
47,272
-108
| -0.2% | -$1.88K |
|
1618
Dime Commercial Bancshares
DCOM
$1.81B
| $803K | ﹤0.01% |
29,825
-10,565
| -26% | -$276K |
|
|
WBA
1619
DELISTED
Walgreens Boots Alliance
WBA
| $803K | ﹤0.01% |
69,933
-415,880
| -86% | -$4.63M |
|
1620
Kura Oncology
KURA
$882M
| $801K | ﹤0.01% |
+138,846
| New | +$851K |
|
1621
Sierra Bancorp
BSRR
$532M
| $796K | ﹤0.01% |
26,800
-1,000
| -4% | -$27.2K |
|
|
AVNS
1622
DELISTED
Avanos Medical
AVNS
| $795K | ﹤0.01% |
+64,940
| New | +$817K |
|
1623
Paysafe
PSFE
$352M
| $794K | ﹤0.01% |
62,882
-36,927
| -37% | -$505K |
|
|
TWFG
1624
TWFG Inc
TWFG
$1.46B
| $791K | ﹤0.01% |
22,610
| – | – |
|
|
VRNT
1625
DELISTED
Verint Systems
VRNT
| $787K | ﹤0.01% |
+40,011
| New | +$699K |
|
Similar funds
LP
HF
RIM
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.