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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
TTE icon
151
TotalEnergies
TTE
$191B
$45.5M 0.1%
+696,536
New +$44M
GEM icon
152
Goldman Sachs ActiveBeta Emerging Markets Equity ETF
GEM
$1.74B
$45.4M 0.1%
1,091,863
– –
HWM icon
153
Howmet Aerospace
HWM
$110B
$45.4M 0.1%
221,462
+6,074
+3% +$1.21M
SNPS icon
154
Synopsys
SNPS
$79.8B
$45.2M 0.1%
96,230
-1,156
-1% -$514K
PNC icon
155
PNC Financial Services
PNC
$103B
$45.1M 0.1%
216,112
-16,364
-7% -$3.16M
MCO icon
156
Moody's
MCO
$83.7B
$44.7M 0.1%
87,440
-7,751
-8% -$3.78M
HCA icon
157
HCA Healthcare
HCA
$88.7B
$44.2M 0.1%
94,683
-212
-0.2% -$98.4K
MMM icon
158
3M
MMM
$94.1B
$44.2M 0.1%
275,966
-7,042
-2% -$1.15M
BNY
159
Bank of New York Mellon
BNY
$110B
$43.7M 0.1%
376,106
-42,409
-10% -$4.69M
CRH icon
160
CRH
CRH
$65.4B
$43.5M 0.1%
348,500
-6,920
-2% -$824K
HOOD icon
161
Robinhood
HOOD
$89.5B
$43.2M 0.1%
381,682
-1,511
-0.4% -$197K
ELV icon
162
Elevance Health
ELV
$87.8B
$43.1M 0.1%
123,005
-15,868
-11% -$5.36M
MDLZ icon
163
Mondelez International
MDLZ
$80.8B
$43M 0.1%
799,226
+2,434
+0.3% +$140K
ORLY icon
164
O'Reilly Automotive
ORLY
$75.8B
$43M 0.1%
471,061
-39,164
-8% -$3.83M
WMB icon
165
Williams Companies
WMB
$89.9B
$42.9M 0.1%
712,887
+40,648
+6% +$2.46M
SHW icon
166
Sherwin-Williams
SHW
$88B
$42.8M 0.1%
132,140
-11,953
-8% -$4M
JCI icon
167
Johnson Controls International
JCI
$91.7B
$42.7M 0.1%
356,873
-8,299
-2% -$953K
AMT icon
168
American Tower
AMT
$80.4B
$42.6M 0.1%
242,575
-9,214
-4% -$1.68M
KKR icon
169
KKR & Co
KKR
$102B
$42M 0.09%
329,167
-15,038
-4% -$1.87M
BATRK icon
170
Atlanta Braves Holdings Series B
BATRK
$3.44B
$41.8M 0.09%
1,060,550
+31,692
+3% +$1.25M
KDP icon
171
Keurig Dr Pepper
KDP
$41.9B
$41.7M 0.09%
1,488,007
+103,265
+7% +$2.84M
NOC icon
172
Northrop Grumman
NOC
$81.7B
$40.9M 0.09%
71,659
-320
-0.4% -$186K
ZG icon
173
Zillow
ZG
$7.81B
$40.6M 0.09%
595,214
-1,433,241
-71% -$101M
NKE icon
174
Nike
NKE
$60.7B
$40.5M 0.09%
635,956
+682
+0.1% +$44.5K
SPY icon
175
State Street SPDR S&P 500 ETF Trust
SPY
$816B
$40.5M 0.09%
59,350
-3,125
-5% -$2.11M
5 6
7
8 9

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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.