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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
TBI
1926
Trueblue
TBI
$309M
$426K ﹤0.01%
93,662
-88,887
-49% -$456K
CAAP icon
1927
Corporacion America
CAAP
$6.42B
$426K ﹤0.01%
+16,370
New +$367K
PAM icon
1928
Pampa Energía
PAM
$4.24B
$425K ﹤0.01%
+4,799
New +$387K
IRS
1929
IRSA Inversiones y Representaciones
IRS
$1.25B
$424K ﹤0.01%
+25,662
New +$369K
IHD
1930
Voya Emerging Markets High Income Dividend Equity Fund
IHD
$134M
$423K ﹤0.01%
67,425
– –
ENVX icon
1931
Enovix
ENVX
$966M
$423K ﹤0.01%
57,823
-187,896
-76% -$1.82M
ORRF icon
1932
Orrstown Financial Services
ORRF
$855M
$422K ﹤0.01%
11,909
-7,828
-40% -$273K
ALDX icon
1933
Aldeyra Therapeutics
ALDX
$86.9M
$421K ﹤0.01%
81,366
+20,472
+34% +$105K
GRBK icon
1934
Green Brick Partners
GRBK
$3.04B
$421K ﹤0.01%
6,714
-418
-6% -$27.6K
MSEX icon
1935
Middlesex Water
MSEX
$1.11B
$419K ﹤0.01%
8,304
-518
-6% -$27.9K
VERX icon
1936
Vertex
VERX
$2.15B
$417K ﹤0.01%
20,877
+2,949
+16% +$63.8K
ETON icon
1937
Eton Pharmaceutcials
ETON
$1.12B
$416K ﹤0.01%
+24,615
New +$433K
APPN icon
1938
Appian
APPN
$2.65B
$416K ﹤0.01%
11,734
-7,637
-39% -$272K
CIM
1939
Chimera Investment
CIM
$993M
$415K ﹤0.01%
33,426
-3,568
-10% -$45.3K
MTRX icon
1940
Matrix Service
MTRX
$328M
$415K ﹤0.01%
35,500
-6,992
-16% -$87.9K
MBWM icon
1941
Mercantile Bank Corp
MBWM
$1.06B
$415K ﹤0.01%
8,620
+2,047
+31% +$94.4K
ARX
1942
Accelerant Holdings
ARX
$4.26B
$413K ﹤0.01%
+25,269
New +$356K
NVAX icon
1943
Novavax
NVAX
$1.34B
$406K ﹤0.01%
60,406
-6,126
-9% -$46.2K
KROS icon
1944
Keros Therapeutics
KROS
$211M
$404K ﹤0.01%
19,835
-2,389
-11% -$41.9K
RMNI icon
1945
Rimini Street
RMNI
$470M
$404K ﹤0.01%
104,056
+46,947
+82% +$195K
RNAM
1946
DELISTED
Avidity Biosciences
RNAM
$403K ﹤0.01%
5,588
-50,762
-90% -$3.28M
WOOF icon
1947
Petco
WOOF
$817M
$403K ﹤0.01%
143,301
-18,577
-11% -$60.1K
ATEX icon
1948
Anterix
ATEX
$1.79B
$402K ﹤0.01%
+18,432
New +$383K
TPH
1949
DELISTED
Tri Pointe Homes
TPH
$402K ﹤0.01%
12,780
-18,222
-59% -$592K
REPL icon
1950
Replimune Group
REPL
$1.42B
$400K ﹤0.01%
41,181
-217,779
-84% -$1.85M
76 77
78
79 80

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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.