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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
BCE icon
1751
BCE
BCE
$21.7B
$627K ﹤0.01%
+26,239
New +$611K
NLOP
1752
Net Lease Office Properties
NLOP
$173M
$624K ﹤0.01%
24,211
+13,860
+134% +$392K
TSHA icon
1753
Taysha Gene Therapies
TSHA
$1.92B
$622K ﹤0.01%
113,178
+70,229
+164% +$341K
BWMN icon
1754
Bowman Consulting
BWMN
$731M
$622K ﹤0.01%
18,837
+10,112
+116% +$383K
ASLE icon
1755
AerSale
ASLE
$273M
$619K ﹤0.01%
87,100
+51,177
+142% +$359K
KE
1756
Kimball Electronics
KE
$626M
$619K ﹤0.01%
22,244
+3,974
+22% +$115K
ADAM
1757
Adamas Trust
ADAM
$907M
$618K ﹤0.01%
84,602
+10,130
+14% +$71.9K
ALCO icon
1758
Alico
ALCO
$304M
$617K ﹤0.01%
16,950
-899
-5% -$31.3K
CMP icon
1759
Compass Minerals
CMP
$1.1B
$613K ﹤0.01%
31,207
-74,306
-70% -$1.37M
IRWD icon
1760
Ironwood Pharmaceuticals
IRWD
$674M
$607K ﹤0.01%
+180,040
New +$468K
MAX icon
1761
MediaAlpha
MAX
$813M
$607K ﹤0.01%
46,842
+15,651
+50% +$191K
CNXN icon
1762
PC Connection
CNXN
$2.04B
$607K ﹤0.01%
10,502
-5,637
-35% -$336K
NVTS icon
1763
Navitas Semiconductor
NVTS
$3.57B
$606K ﹤0.01%
84,826
-21,984
-21% -$212K
GOLF icon
1764
Acushnet Holdings
GOLF
$5.25B
$605K ﹤0.01%
7,581
-1,758
-19% -$143K
ROG icon
1765
Rogers Corp
ROG
$2.46B
$604K ﹤0.01%
+6,594
New +$566K
CWCO icon
1766
Consolidated Water Co
CWCO
$502M
$604K ﹤0.01%
17,104
+11,300
+195% +$394K
FMBH icon
1767
First Mid Bancshares
FMBH
$1.39B
$604K ﹤0.01%
15,475
+4,673
+43% +$178K
ONIT
1768
Onity Group
ONIT
$330M
$603K ﹤0.01%
13,168
+5,872
+80% +$241K
CBT icon
1769
Cabot Corp
CBT
$4.45B
$602K ﹤0.01%
9,076
-11,280
-55% -$751K
EOSE icon
1770
Eos Energy Enterprises
EOSE
$1.51B
$602K ﹤0.01%
52,490
+29,689
+130% +$427K
HLLY icon
1771
Holley
HLLY
$362M
$601K ﹤0.01%
145,638
+87,338
+150% +$315K
FIVN icon
1772
FIVE9
FIVN
$2.53B
$601K ﹤0.01%
29,992
-17,093
-36% -$363K
PL icon
1773
Planet Labs
PL
$8.82B
$601K ﹤0.01%
30,474
-4,251
-12% -$60.9K
NNI icon
1774
Nelnet
NNI
$4.55B
$599K ﹤0.01%
4,506
-388
-8% -$50.8K
ORI icon
1775
Old Republic International
ORI
$10.3B
$599K ﹤0.01%
13,127
-35,937
-73% -$1.56M
69 70
71
72 73

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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.