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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
+3.81%
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
$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
EVH icon
1601
Evolent Health
EVH
$471M
$954K ﹤0.01%
238,582
+117,109
+96% +$651K
NWN icon
1602
Northwest Natural Holdings
NWN
$2.12B
$953K ﹤0.01%
20,398
-1,521
-7% -$70.9K
CWAN
1603
DELISTED
Clearwater Analytics
CWAN
$953K ﹤0.01%
39,495
-4,104
-9% -$82.2K
DSP icon
1604
Viant Technology
DSP
$264M
$947K ﹤0.01%
78,695
-16,000
-17% -$160K
TNDM icon
1605
Tandem Diabetes Care
TNDM
$1.63B
$947K ﹤0.01%
43,090
-21,591
-33% -$390K
ACHC icon
1606
Acadia Healthcare
ACHC
$2.95B
$945K ﹤0.01%
66,617
-84,851
-56% -$1.61M
PGY icon
1607
Pagaya Technologies
PGY
$1.79B
$944K ﹤0.01%
45,187
+29,844
+195% +$760K
AGIO icon
1608
Agios Pharmaceuticals
AGIO
$2.04B
$943K ﹤0.01%
34,637
-936
-3% -$32.8K
QTRX icon
1609
Quanterix
QTRX
$139M
$940K ﹤0.01%
147,824
-47,935
-24% -$298K
GLDD
1610
DELISTED
Great Lakes Dredge & Dock
GLDD
$938K ﹤0.01%
71,469
-10,375
-13% -$128K
PRVA icon
1611
Privia Health
PRVA
$2.75B
$936K ﹤0.01%
39,464
+12,092
+44% +$294K
LOVE
1612
LoveSac
LOVE
$253M
$932K ﹤0.01%
+63,210
New +$893K
CLW icon
1613
Clearwater Paper
CLW
$356M
$931K ﹤0.01%
53,496
+16,300
+44% +$301K
MNKD icon
1614
MannKind Corp
MNKD
$1.24B
$918K ﹤0.01%
161,951
-9,840
-6% -$54.2K
HUN icon
1615
Huntsman Corp
HUN
$1.78B
$916K ﹤0.01%
91,638
+73,789
+413% +$676K
CAKE icon
1616
Cheesecake Factory
CAKE
$5.84B
$915K ﹤0.01%
18,117
+1,870
+12% +$93.8K
SPT icon
1617
Sprout Social
SPT
$579M
$907K ﹤0.01%
80,460
-91,435
-53% -$987K
SOUN icon
1618
SoundHound AI
SOUN
$3.32B
$906K ﹤0.01%
90,831
-41,390
-31% -$596K
HI
1619
DELISTED
Hillenbrand
HI
$900K ﹤0.01%
28,359
-14,038
-33% -$433K
ANDE icon
1620
Andersons Inc
ANDE
$2.21B
$897K ﹤0.01%
16,874
-2,983
-15% -$146K
RBBN icon
1621
Ribbon Communications
RBBN
$372M
$894K ﹤0.01%
310,366
+31,877
+11% +$103K
SYRE icon
1622
Spyre Therapeutics
SYRE
$8.98B
$893K ﹤0.01%
27,252
-6,294
-19% -$164K
PGEN icon
1623
Precigen
PGEN
$2.45B
$886K ﹤0.01%
211,904
+106,304
+101% +$411K
UWMC icon
1624
UWM Holdings
UWMC
$2.42B
$883K ﹤0.01%
201,614
+186,042
+1,195% +$1M
BKU icon
1625
Bankunited
BKU
$3.38B
$880K ﹤0.01%
19,753
-6,203
-24% -$257K
63 64
65
66 67

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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.